Trend | Range | |
---|---|---|
Large law firms | +5% to +10% | |
Mid-size law firms | +5% to +10% | |
Management consulting firms | +15% to +20% | |
Accountants | +10% to +25% |
Because consulting firms, accounting firms and smaller law firms can often buy combined professional liability and cyber policies, underwriters are putting significantly more weight on cyber exposure, particularly with regard to the risk of breach of confidential client information. This has led to increased premiums on the entire E&O-related package.
Errors and omissions (E&O), or professional liability, is arguably the most complex area of specialized insurance, with several distinct marketplaces:
The overlap of professional liability and cyber continues to be a focus in the E&O marketplace.
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed subsidiaries of Willis North America Inc., including Willis Towers Watson Northeast Inc. (in the United States) and Willis Canada, Inc.