Professional Services Business Insurance Coverage Checklist
The coverages a professional services business business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for professional service firms. Priorities reflect typical exposure; confirm against services and client contracts.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Professional Liability (E&O) | Covers claims that the firm's advice or work caused a client's loss — excluded from GL. | Core | |
| Extended Reporting Period (Tail) | Covers claims made after a policy ends, when a firm closes, merges, or changes carriers. | Situational | |
| Cyber Liability | Covers breaches of client data, notification costs, and regulatory response. | Core | |
| Crime / Social Engineering | Covers funds lost to fraud, fake instructions, or employee theft. | Prevalent | |
| Business Owners Policy / GL | Covers office premises and property. | Prevalent |
The coverage gap most often missed
The most commonly missed gap for this class is continuity of claims-made coverage. Professional liability responds only to claims made while a policy is in force and for work after its retroactive date, so a lapse, a carrier change that resets the retro date, or closing without tail coverage can leave years of work uninsured. Firms should keep coverage continuous, protect the retro date, and buy tail when they close or sell.
Send us the checklist and we'll review your professional services business coverage line by line, then market it across multiple carriers that compete for your account.
Related: Professional Services Business Insurance · Professional Services Business Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a professional services business business need?
The core coverages for a professional services business business are Professional Liability (E&O), Cyber Liability. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my professional services business coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.