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You’ll fall into the industry of Professional, Scientific and Technical Services if you provide any of the following services:
General Liability insurance covers property damage if an employee causes property damage on the job. It also covers bodily injury if an employee’s actions lead to someone else’s injury.
Example... An employee knocks over and damages an expensive piece of equipment belonging to your client. General Liability Insurance will cover the repair or replacement costs.
Professional Liability Insurance is needed by accountants, lawyers, architects, engineers, researchers, and others in a technical field. It covers you for claims made against you caused by the provision of your professional service.
Example... An engineer miscalculates the parameters of a blueprint, causing loss for the client. Professional liability covers this loss and your legal fees.
Business Owners Policy is for professionals who want to package together general liability and commercial property cover in one package at a reduced rate.
Example… You provide accounting services at an office without a ramp. A disabled client trips climbing the stairs, crashing into a window. BOP covers the repairs, their medical costs and associated legal fees.
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.
This industry is so broad that there is a good chance that the type of risks a business or professional might incur will not be the same from one business to the next. Some common concerns do exist, including the risk of damaging the property of others while performing a service or having a customer receive an injury within your place of business.
These common concerns are typically aided by the purchase of a General Liability Insurance policy. However, there are more uncommon concerns that are sometimes either unique to a service, or more likely with certain services.
Those working in professional services are more likely to be the victims of cybercrimes. Hack attacks on major business servers are on the rise, with hackers specifically targeting businesses that house credit card data, social security numbers and personally-identifying information.
Nothing short of reverting to keeping all records only on paper can fully prevent such attacks from occurring. Even the federal government has suffered from cyber issues. Cyber Liability Insurance is designed to help with this kind of risk.
Scientific services can include careers such as chemical engineering and petroleum scientists; risks can sometimes involve dealing with chemicals or other materials that could be harmful. This can be a huge risk to those working with these materials. Technical services similarly can involve a lot of risk to personal injury.
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