Professional services firms sell expertise. That means your biggest risks usually aren't physical. They come from advice, deadlines, deliverables and the client data you hold.
Use this checklist to review your insurance program, whether you run a consultancy, an accounting practice, a marketing or creative agency, or another advisory business.
1. Professional liability (E&O)
This is the core policy. It covers claims that your advice, work or omissions caused a client a financial loss, including defence costs.
- Is your limit high enough for your largest client engagement?
- Does your policy's description of professional services match what you actually do today?
- Is your retroactive date preserved from previous policies?
- Do your contracts require you to maintain coverage after the work ends?
Read CGL vs. professional liability for why a general liability policy isn't a substitute.
2. Cyber insurance
Accountants hold financial records, agencies hold client accounts and campaign data, and consultants often have access to confidential plans. A breach or a fraudulent payment instruction can be expensive.
- Does your policy include breach response, notification and regulatory defence?
- Does it cover social engineering and funds transfer fraud, and at what sublimit?
- Do you have MFA, backups and endpoint protection in place?
See what cyber insurance covers for more detail.
3. Commercial general liability (CGL)
Even if your work is mostly digital, you still need CGL for:
- Clients and visitors at your office
- Meetings and events at client sites
- Your lease, which almost certainly requires it
4. Office contents and equipment
- Are laptops, monitors and equipment covered at the office, at home and while travelling?
- Are leasehold improvements included at the right value?
- Do you have business interruption coverage if your office becomes unusable?
5. Crime and fidelity
Accountants and bookkeepers who handle client funds should consider crime coverage for employee dishonesty and third-party fraud.
6. Directors and officers (D&O) and employment practices
As your firm grows, consider D&O for partners and directors, and employment practices liability (EPL) for claims such as wrongful dismissal or harassment.
7. Key person and group benefits
If your firm depends on a few people, key person coverage helps protect the business if one of them can no longer work. Group benefits also help you attract and keep talent in a competitive market.
8. Contract review
Before each renewal, review your major client agreements:
- Required coverages and minimum limits
- Additional insured and waiver requirements
- Indemnity and limitation of liability clauses
- Certificate requirements and deadlines
How Summit can help
We work with Canadian professional services firms to build programs that match the work they do and the contracts they sign. See how we helped an engineering firm restructure its coverage as it grew.