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Professional Liability Insurance Risks Affecting A Wide Range of Businesses

Source: Business Wire

Posted on 07 Feb 2011

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Professional liability insurance risks have expanded beyond attorneys and physicians, according to Best's Review, which has a feature article on the wide range of business news that is changing the future of the professional liability insurance market, mutuals and independent agents.

The February issue of Best's review has its cover story, “You’ve Been Served,” which reports that small-business owners, pension plan administrators and mortgage processors are among a wide array of professionals who face new liabilities as a result of business, technology and regulatory changes.

“Cyber liability is really the big trend,” said Rick Grimes, executive vice president at Professional Risk Services, a wholesale insurance broker based in Warren, N.J. “We see cyber liability as being where employment practices liability was about 10 or 15 years ago, when it was first starting out.”