Professional Service Firms

Commercial Insurance & Risk Management

Some key risks facing Professional Services firms:

Insurable

  • Directors & Officers liability risks: Oppression & Unfairly Prejudicial Conduct with partners; unpaid wages or taxes; breach of contract; LP partners acting in GP capacity; failure to carry insurance; punitive damages
  • Employment practices, including: sexual or workplace harassment; workplace violence; wrongful termination
  • Fiduciary liability, including negligence or mismanagement of pension funds and benefits plans
  • Employers liability, not insured under WSIB
  • Errors & Omissions, audit failure, improper advice
  • Cyber liability, theft and/or destruction of client and corporate data including personal data
  • Reputation risk from errors, cyber risk, theft of trade secrets
  • Extra Expense from fire, flood, sprinkler release- cost to carry on business at existing or alternative premises

Some common Enterprise Wide Risk Management mistakes

  • Failure to follow best practices, and not adopting an accepted ERM standard such as ISO 31000 or COSO
  • Failure to formally identify, assess and prioritize key enterprise risks
  • Lack of clear roles for board & management in risk oversight
  • Improper or lacking controls on key risks, and improper allocation of resources thereto

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