With the fluctuation in today's marketplace, new challenges arise daily.
Professional liability is a unique area of risk. Professionals usually can’t insure every potential loss, and the amount and type of coverage needed varies by industry. When it comes to errors and omissions, wrongful acts, etc., sometimes a professional’s carelessness – not an accident – causes the loss. Insurance is mainly intended to cover accidents (not events that could have been prevented through good business practices). Unfortunately, human and technological errors will always exist, but the insurance industry has solutions to address many of these exposures.
Almost all professional liability is written on “claims-made” insurance policies, which is different from other forms of liability insurance that use “occurrence” coverage. All cyber liability is written on a claims-made basis. Not all insurance professionals understand these differences, so it’s important to find the right advisors who are familiar with these nuances. SilverStone Group has a specialized team that can work across many industries and handle varying complexities.
More mature industries (such as law, healthcare, accounting and professional consulting) have traditionally been able to enjoy broad professional liability coverage and can insure most errors. Newer industries (such as technology and media) do not have this same luxury. Our experts understand these differences and use this knowledge to help customers mitigate their exposures. Our proprietary process follows the concepts of enterprise risk management to identify and address risk.
As more companies engage technology to serve their customers, protecting information has become a serious professional risk. Cyber liability is now a concern for virtually every industry. Technology errors and omissions exposures usually require separate coverage and a more defined risk assessment process to properly manage.
We have a proven track record in the professional liability space. It is one of the least commoditized insurance products, so it’s crucial to work with professionals who understand the differences (as well as some of the pitfalls) associated with claims-made coverage. Insurance only covers so much, and sometimes it just pushes the primary exposure onto the insured through deductibles. A comprehensive review of all exposures is important (with a particular focus on those not insured).
Whether our experts are designing new coverage or evaluating existing policies, we begin every engagement by identifying the risks. We never assume that current coverage is correct or that it accurately matches our clients’ exposures. We utilize our long-standing relationships with experienced carriers to tailor programs that address our clients’ specific needs, ensuring that the coverage provided is adequate for the protection required.
We serve over 2,000 employer clients and more than 3,500 individual clients, located across the United States and in several countries. Our affiliation with Globex International enables us to work with clients throughout the world. The immediate advantage is that we can provide a foreign local broker presence that knows the language, customs and laws.
SilverStone Group provides professional liability solutions for these industries, among others:
- Healthcare & Biotechnology
- Accountants & Attorneys
- Architects & Engineers
- Media, Communications & Entertainment
- Banking, Investment Banking & Broker / Dealers
- Insurance Companies & Asset Managers
- Merchant Banking & Venture Capital
- Utilities, Marine & Energy
- Chemical & Pharmaceutical
SilverStone Group’s multi-dimensional approach to risk assessment means that our clients benefit from the knowledge of professional liability advisors, attorneys, actuaries, underwriters and other content resources – all on staff, and all of whom work together to provide workplace wisdom through the implementation of customized risk management solutions. Our service doesn’t end when coverage is placed; we’re always available for follow-up review, additional risk management consulting and to answer questions. We’re here to help provide solutions for your organization. It’s part of our promise to you. It’s the way we share Wisdom at Work.