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In today’s complex business environment, no consultancy should go without professional and general liability coverage. Many professional firms are founded today out of necessity – the firm’s founder lost his or her job and in this difficult economy, can find no other employment. They apply their expertise and open a consultancy, often out of their homes or in an office suite. This means a tight budget. Insurance is one of the areas where an entrepreneur may try to cut costs.

Insuring professional firms poses challenges for insurance agents. To protect the business, an agent evaluates all the exposures the business faces. He or she then offers solid coverage solutions to close gaps between policies and avoid coverage issues should a claim arise. Read AA&B‘s Web exclusive “Place professional liability in tough times.”

The professional liability policy versus commercial general liability (CGL) coverage

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