Industries / Professional services
Insurance for professional services
The advice is the product. So is the liability.
Professional indemnity, cyber and management liability for consultancies, engineering firms, law firms and accountants.
New South Sea for professional services
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- Clients in this sector
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- Lines placed per client, median
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- Premium placed, HKD
01 Exposures
Named risks
Each risk, what it costs when it happens, and how the programme may respond.
Negligence claims
A single claim from a large engagement can exceed annual fee income.
Professional indemnity sized from the largest engagement, after contractual caps.
Client data and confidentiality
Client files are a target for ransomware and a source of liability if released.
Cyber with incident response and confidentiality liability.
Partners leaving
Claims often arise years after the work. Departing partners need run-off protection.
Run-off cover agreed for departing partners.
Payment fraud
Client money and supplier payments are targeted by impersonation emails.
Crime cover with verification conditions written into the firm's procedures.
02 The programme
Typical insurance programme
The final structure depends on your contracts, sites and balance sheet. This is where the review starts.
- Professional indemnityCover responds to the claim, not the mistake. The retroactive date decides the rest.Line detail
- CyberUnderwriters price the controls. The questionnaire is the submission.Line detail
- Crime and fidelityMost losses come from inside the company or from an email that looks like it did.Line detail
- Directors' and officers' liabilityThe policy belongs to the company. The protection belongs to the people.Line detail
03 How we work
How we work
- 01ReviewStart with the exposures, not last year's schedule.
- 02PrepareThe underwriting file is the submission.
- 03MarketSelected markets, not a circulated list.
- 04BindThe policy is checked against the quote.
- 05ClaimsA named claims contact from the first notice.
“[Client quote, two sentences at most, on a renewal or claim New South Sea handled.]”
Questions
What limit of indemnity should we buy?
Enough for the largest realistic claim, after the liability caps in your engagement terms. We model it from your contracts.
Is claims-made cover a risk when we change insurer?
Only if the retroactive date is lost or circumstances are not notified. We manage both at each switch.
Do we need cyber if IT is outsourced?
Yes. Outsourcing moves the work, not the liability for your clients' data.
Ready when you are
Send us the risk the last broker could not place.
Direct line[enquiries email]Monday to Friday, 9:00 to 18:00 HKT