Small businesses that involve professional services are at greater risk than basic retailers because of the additional exposures they face. Consider the following lawsuits involving business classes such as:
Clients can claim fraud in the final product, misrepresentation or theft, and third parties can sue if they experience "economic damages" due to the actions of the professional. The cost of defending against such claims can be enough to close a business, even if it wins the case.
This exposure requires professional liability coverage, such as CNA's Connect® program. Policy highlights include limits of up to $5 million, worldwide coverage, pre-claims assistance and a broad definition of insured person, among others. CNA will defend against claims of alleged and intentional wrongdoing until final adjudication.
CNA Small Business currently offers a market for a variety of businesses in sectors such as health care, financial services, professional services, business services, technology, retail, real estate, wholesalers and manufacturing. Coverage options include BOPs, workers compensation, commercial auto, umbrella and miscellaneous professional liability.
For more information, log in to Big "I" Markets and select Small Commercial Standard Markets, or contact Big "I" Markets commercial underwriter Tom Spires at 800-221-7917, ext. 5470.
This market is available in all states except Alaska and Hawaii.