Professional, Scientific and Technical Services Insurance

Professional, scientific and technical services are an extremely broad industry. If you’re a tax accountant, lawyer, architect, scientific researcher, or do work in any field related to these, your services fall under this title. This means that you are often tasked with important, sometimes difficult and sensitive assignments for clients in both the public and private sectors.

You will also find that doing business in this industry comes with great reward, but also a number of risks to your businesses, your employees or yourself. Depending on the nature of the services you offer, you may be liable for a myriad of different claims, many of which relate specifically to the handling of private information.

Thankfully, insurance policies exist and they will help protect you and your business from a majority of claims common in this industry.

Read on to understand what risks are associated with your industry and how insurance may help.

If your company does professional, scientific or technical services for other businesses, you will need various types of insurance. However, this category specifically excludes those who do business in the administrative and building maintenance service industry, to include remote administrative support companies and janitorial services.

Your primary concern as a professional, scientific or technical services company is the protection of yourself regarding the mishandling of client data. This may include employee negligence or even data breaches. These industries rarely perform hands-on work, and often are not concerned with common commercial insurance claims that deal with property or bodily damages. Typical types of Professional, Scientific and Technical Services Insurance include:

• Law Firms (~50,000 businesses in the U.S.)
• Architecture Firms (~20,000 businesses in the U.S.)
• Tax Preparation Firms (~110,000 businesses in the U.S.)
• Advertising Agencies (~1,000 businesses in the U.S.)
• Web Design (~100,000 businesses in the U.S.)

Every company within this industry will find that insurance costs depend on both the size and type of business. Insurance costs will vary greatly due to these factors. Determining the exact amount you pay in premiums for each type of insurance policy may also come down to the specific type of business that your run, whether you do business with public or private entities, your total number of clients and even your annual revenue.

Finding an accurate quote should help your business get a good idea of how much each insurance policy may cost.

• Accountants & Bookkeepers
• Advertising Agencies
• Architects
• Attorneys & Lawyers
• Certified Public Accountants - CPAs
• Computer Facilities Management Services
• Computer Systems Design Services
• Custom Computer Programming Services
• Drafting Services
• Engineers
• Graphic Design Services
• Home Inspectors
• Industrial Design Services
• Interior Design Services
• Landscape Architectural Services
• Mapping Services
• Marketing Research Services
• Media Buying Agencies
• Media Representatives
• Payroll Services
• Photographers
• Public Relations Agencies
• Research and Development Services
• Tax Preparers
• Testing Laboratories
• Translators
• Veterinarians
• Other Computer Related Services
• Other Legal Services
• Other Professional and Technical Services
• Other Services Related to Advertising
• Other Specialized Design Services