Why Almost Every Business Needs Professional Liability
Understanding the complexities of small, medium and large companies and their Professional exposures from all types of businesses takes a high level of expertise. Many firms don’t fully understand their exposure and may even believe their business insurance will cover professional liability claims. For example, if a contractor modifies plans in any way, they could be at increased risk for a construction professional liability claim.
Our Professional Liability offering provides reliable protection to a broad range of professionals to help meet the challenges of today’s litigious environment. The experts at IRIS are ready to extend their services to help you analyze and secure the best possible coverage to fit your firm and protect your company.
A fast food franchisor was sued after the purchaser of three franchise locations failed to make revenues that exceeded their costs of operations. The plaintiff alleged the accounting information they were provided contained incomplete representations. The plaintiff demanded the franchise company rescind the agreement; return all purchase amounts, as well as all lost revenue and attorney’s fees.
A brewery hired a marketing business consultant to help them establish a new brand. The consultant was hired to deliver a marketing plan within 90 days. The contract was very specific regarding timing, as the brewery wanted to have their plan in place by a certain date. The consultant was 190 days late in delivering the plan. The brewery sued the firm and was awarded $300,000 in damages.
What Coverage is Available?
- Directors and Officers Liability
- Company Reimbursement
- Entity Securities Liability
- Investigation Costs
- Outside Directorship Liability
- Extradition and Appeal Costs
- Family Costs
- Corporate Liability
- Employment Practices Liability
- Benefit Plan Liability
- Cyber and Privacy
- Kidnap and Ransom
- Court Attendance Costs
- Loss Mitigation
- Reputation and Brand Protection