The nonmedical professional liability market accounts for an impressive written premium total of nearly $15 billion, but newly formed service businesses and small technology companies still remain largely unprotected for professional liability exposures.
According to recently released statistics by MarketStance of Middletown, Conn., the fast-growing nonmedical professional liability market accounts for some $14.7 billion in premiums.
The drive for streamlining business processes and improving bottom-line results has spawned a myriad of professional service firms selling their expertise and analytical insights. While the entrepreneurial spirit that motivates individuals to create their own companies should be applauded, these firms often fail to recognize the liability exposure they face for the services they deliver.
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