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An office, regardless of your profession; be it lawyer, doctor, engineer, accountant or other profession, is a reflection of your knowledge and expertise.
The immediate concern of protecting the physical property in case of loss is fairly straight forward. But there are hidden concerns. Where will you temporarily work from if your building is lost? Computers are integral in most business but most insurance policies do not address the computers themselves failing and losing all your company’s information. Even if you are repaid for a loss, the loss income from not having your facility can ruin a business.
Every office has unique liability exposures. General liability policies address common exposures but not professional exposures. Doctors, lawyers and engineers are commonly known as professionals thus require professional liability coverage. However, what constitutes a professional act is very broad: holding yourself forward as having special knowledge or skills, having additional training or degree in a field of study or providing a service that is not common in nature are all conditions that make your operations a professional act. An appraiser fails to provide a report in time, a travel agent fails to book a reservation or a timber cruiser identifies the wrong track of land are example of professional acts not covered under a standard general liability policy.
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