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One of the biggest challenges for any professional services firm is to navigate today’s complex risk environment and protect against claims that can erode its professional credentials.
Given increasing litigation trends and the rampant “blame and claim” culture that often pervades, no professional services firm can assume its practice to be immune from claims of malpractice or negligence.
The “duty of care” that a professional services firm owes its clients is heightened on account of specialised skills and knowledge that individuals bring to the services rendered by them. This is reflected in the consideration that clients are often prepared to pay for the same.
Risk of litigation comes from many sources, including:
Traditional general, public or product liability policies are not designed to cover claims alleging professional negligence and will generally be limited to only cover for bodily injury or property damage claims arising out of events or occurrences. Specialised Professional Indemnity or Errors and Omissions Insurance is designed to indemnify the insured against claims from clients or customers that allege financial losses arising out of deficient or erroneous professional services, or even claims alleging non-compliance of contractual obligations.
Aon represents more large professional service firms than any other broker in the world, placing coverage for:
Aon has collected over USD 6B in professional indemnity claims on behalf of clients, more than all other insurance brokers combined.
Harness the power of the world’s largest broker to provide you the insurance solutions you have always been seeking for your firms’ liability insurance!
Name: Mike Ang
Tel: +65 6221 8222