Professional risk is very broad area, sharing one common insurance theme at the heart of all professional service firms (PSFs): Professional Indemnity Insurance. Where traditional manufacturing and goods businesses rely on Product Liability, the service sector relies on Professional Indemnity cover.
Managing premium costs is largely a process of wide market access, the degree of self-insurance through excess levels a business is willing to bear, claims experience and any involvement in more esoteric risk areas. PSFs with a claims history will need help to control premiums.
A key service to seek out is a contract review service, particularly relevant to the Tech, Construction and Outsource Services sectors. Contract management help with Indemnity, Limitation, Warranty and Insurance clauses in supply contracts is a crucial part of risk mitigation and balance sheet protection for any firm.
Regardless, whether Accountants, Architects, Lawyers, Engineers, Software Developers, Website Designers, Consulting Firms, Research and Testing, Outsource Service Management, or Insurance Broking, the main insurable risk is PI.