Professional Services

The adoption of new technology will increase the threat of data breaches and cyberattacks creating new challenges for professional and business service firms.

While ongoing regulatory changes and rising compliance costs have added complexity. People are also a significant asset posing new risks in attracting and retaining talent.

Our Professional and Business Services Practice offers a holistic approach to this evolving risk landscape, driven by extensive industry experience and unique insight, helping you to firstly identify and measure your current and future risks. Then working alongside you to ensure that your risk protection is aligned to your current business exposure offering a broad range of risk management and insurance solutions to address them.

Drawing on our industry analytics and experience, our specialists provide you with clear insight into your risk profile, helping you reduce liability and improve resiliency and operational performance.

What types of business are considered professional and business services?

The sector covers a wide range of knowledge-intensive activities and specialised support to businesses and to the Government. Covering, but not limited to the following sectors:

Accountancy
Architectural and technical consulting
Charities
Facilities management / Business process outsourcing
Legal services
Management consultancy
Recruitment and human resource services

What emerging risks do professional and business services face?

Professional and Business Services face numerous emerging risks today – pandemics, climate change, technology, geopolitical, regulatory and people risk.

With specialists operating across all the various sub-sectors and backed by advanced data analytics tools, we can support you in your efforts to understand the impact of these risks on your organisation, make informed decisions about how to manage them, and optimise your total cost of risk.

What are the most common types of insurance for professional and business services companies?

The professional and business service sector is varied, as is their need for a diverse range of insurance coverages. Risks to be managed range from protecting employees, operations, and property – from natural hazards, cyberattacks, and other disruptions to mitigating exposures due to lapses in professional duties. As an evolving sector any M&A transaction also faces a range of exposures or complications with financial implications. A lack of due diligence and sophisticated risk and insurance planning can lead to surprises or incorrect valuations.

As a result of the constantly-evolving nature of this industry, risk management strategies, including appropriate insurance coverage, may vary over time. Having a trusted advisor at your side, such as Marsh, can help you navigate your dynamic risk landscape.

What specialty insurance products do professional and business services need?

Credit insurance can reduce one of the biggest risks for professional services firms, which is the failure of obligors fail to meet their contractual obligations. Known as credit risk, this includes consumers defaulting on loans or a bank failing to maintain regulatory liquidity levels.

Cyber risk is an increasing exposure for professional and business services, as the industry continues to be transformed by technology and given the sensitivity of the data held and the transactions executed. With specific cyber coverage and appropriate risk management plans in place, you can better understand, measure, and manage the threats posed by cyber breaches and business interruption.

Many PBS firms are often highly regulated, legal and compliance risks are also prevalent. This requires having appropriate financial and professional liability policies in place to protect boards, directors, and the business itself from mistakes and fraud committed by employees, bad employment practices, or sanctions for regulatory violations.

The adoption of new technology will increase the threat of data breaches and cyberattacks creating new challenges for professional and business service firms.

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FAQs

Our people

Rory Cobb

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Professional Services

The adoption of new technology will increase the threat of data breaches and cyberattacks creating new challenges for professional and business service firms.

The Global Risks Report

Featured insights

Commercial crime insurance: An “all risks” approach helps protect against emerging fraud risk

UK ECCTA 2023: Part 3

Combustible cladding: Key takeaways and implications for professional indemnity insurance

Professional and business services

FAQs

What types of business are considered professional and business services?

What emerging risks do professional and business services face?

What are the most common types of insurance for professional and business services companies?

What specialty insurance products do professional and business services need?

Our people

Rory Cobb

Talk to us