Advice carries responsibility
Insurance that reflects your professional responsibilities
We recognize the complex risks and responsibilities that come with professional advice. A claim can start with nothing more than an allegation of a mistake or oversight, with legal costs potentially accumulating long before anyone decides who was right. Professional services insurance from Navacord is built around that reality, from the errors and omissions exposure in your advice to the sensitive client information held in your systems.
Your expertise is the product. Protect it.
Build coverage around the way you practise
Whether you work independently or lead an established practice, your coverage should reflect your services, clients, and contractual commitments. Navacord support doesn't stop at placing a policy. With deep industry experience and specialized market knowledge, our risk management team tailors coverage to your sector's exposures and helps you evaluate your operations to prevent losses before they happen.
Who we help
Professional services businesses have different responsibilities, but the common thread is that clients pay for what you know. Our insurance advisors support a wide range of businesses, from small consulting firms to large legal practices.
Allegations of flawed analysis or director mismanagement make professional liability and directors and officers coverage important for incorporated firms.
Law society programs typically address professional liability, while confidential client information brings cyber and other exposures worth considering.
Inaccurate financial statements or payroll miscalculations can lead to liability claims, while confidential client information adds cyber exposure.
A client loss from missed renewals or inadequate coverage advice makes errors and omissions protection essential.
Client financial information brings exposure to mistakes, employee theft, and fraud that crime, cyber, and professional liability help address.
Client disputes can arise over unfulfilled service agreements, breaches of trust, or even an injury claim on your premises.
Our professional services insurance expertise
Our in-house experts specialize in the professional services industry and tailor coverage designed around the specific liabilities and exposures of your practice.
We understand that insurance needs vary by profession, including how additional coverage works alongside mandatory professional liability arrangements.
Through national relationships with key insurance carriers, we negotiate tailored protection and deliver dedicated service.
Our dedicated risk management team helps you evaluate your operations and provides proactive advice to keep your business running smoothly.
We provide options including professional liability, cyber, property, crime, and other business coverages, including protection for management and employment exposures.
Coverage built around your practice
Essential coverages for professional services businesses
Professional services firms typically need several coverages working together. While professional liability addresses risks connected to your advice and services, your practice may also need protection for client data, premises, employees, and financial assets. We help you consider the following coverages.
Professional liability insurance
Also called errors and omissions insurance, this responds to claims alleging mistakes or oversights in the services you provide, including legal representation, court costs, settlements, and judgments.
Commercial general liability insurance
Responds to third-party bodily injury or property damage claims if a client or visitor is injured at your premises or because of your operations, and extends to personal and advertising injury, such as libel, slander, or copyright infringement.
- Commercial property insurance
Commercial property insurance
Protects your buildings, equipment, improvements, and inventory against insured perils such as fire, water damage, theft, and vandalism.
- Business interruption insurance
Business interruption insurance
Covers lost income and continuing expenses such as rent, utilities, and payroll after damage to insured property, along with extra costs such as temporary relocation.
- Cyber insurance
Cyber insurance
This can help address covered privacy breaches and cyberattacks involving your systems or client information. Depending on the policy, protection may include incident response, data restoration, cyber business interruption, and liability arising from a breach.
- Crime insurance
Crime insurance
Protects against losses from employee theft, robbery, burglary, forgery, computer fraud, and social engineering fraud.
- Directors’ and officers’ liability insurance
Directors’ and officers’ liability insurance
For incorporated practices, this helps address covered claims alleging wrongful acts in managing the business. Protection can extend to directors, officers, and the organization, depending on the policy.
- Employment practices liability insurance
Employment practices liability insurance
Sometimes included as part of a D&O policy or a standalone policy, EPLI covers employee claims against the company for various employment-related issues such as wrongful termination, discrimination, sexual harassment, and retaliation.
FAQs for professional services
An unsuccessful outcome does not automatically mean there is an insured claim. The allegations, your professional responsibilities, and the policy wording matter. Professional liability generally addresses covered claims involving negligence, errors, or omissions. It does not automatically reimburse fees, guarantee results, or cover liabilities you accept solely through a contract.
Speak to your advisor before signing. Review the requested limits, the types of insurance, and any additional insured requirements. Higher limits or different wording may be available, but not every contractual requirement can be met. A certificate of insurance summarizes coverage; it does not change the policy or expand what is insured.
Claims can arise after you stop working. Many professional liability policies operate on a claims-made basis, meaning coverage generally responds to claims first made while the policy is in force, not to when the work was done. Discuss continued coverage, any retroactive date, and extended reporting or run-off options before cancelling; requirements and options vary by profession.
Not automatically. A payment made after someone impersonates a client, supplier, or colleague may need specific social engineering fraud coverage under a crime or cyber policy. Limits, verification requirements, and exclusions vary. If you handle client funds, also confirm whether losses involving that money are insured.
Sometimes. Employment practices liability insurance covers employee claims such as wrongful termination, discrimination, sexual harassment, and retaliation, and it can be included in a directors and officers policy or purchased as a standalone policy. Your advisor can confirm which applies to yours.
