PROFESSIONAL SERVICES NEED AN EYE ON RISK

HEAD OF CORPORATE, ZURICH INSURANCE

THE UK is a world leader in professional services and the sector has grown rapidly on the back of corporate and property deals as well as private and public sector businesses outsourcing work. According to the Professional and Business Services Group, professional service firms such as accountants, actuaries, engineers, surveyors, market researchers, lawyers, management consultants and architects make up 8 per cent of the UK’s total output. However, the downturn in the UK and world economies has hit this sector very hard, very quickly, making it even more important to help customers guide their way through the turmoil.

Defined as any office-based organisation that gives advice, the Professional and Business Services (PBS) sector is a major UK employer, accounting for around 11 per cent of total employment, representing a significant part of the UK economy. With such a changing industry, it’s important to be aware of the changing associated risks. And what are those risks? Professional indemnity, property, casualty, fraud, environmental, disaster recovery, risk management; they are all factors PBS companies need to be able to cope with to address existing and emerging risks.

But it’s not just protection PBS businesses need. It’s also the support they need to identify and capitalise on the opportunities that do exist out there.

Naturally you’d expect a company of the calibre of Zurich to have expertise in this area, and naturally we always look to pass on the best value and our expertise across the risk spectrum to our brokers and professional and business services customers. If a business has a broader understanding of its own risk profile, then it’s easier for us all to work together to help create a sustainable business for the future. Can you, hand-on-heart, say that you’ve looked at that in the last 12 months? If not, we’d suggest a day spent doing so now could help you get through the next 12 months.

For more visit: www.zurich.co.uk/expertise or speak to your insurance broker.