Every organization faces its own unique financial and professional liability risks, based on its industry type, size, workforce, and processes, but several are more common across the board.
An accelerating risk impacting the majority of industries, given the increasing reliance on rapidly evolving technology and digital data, is cybersecurity with destructive, high-profile breaches and attacks becoming a regular occurrence around the world. Many companies’ cybersecurity teams and business leaders are unable to keep ahead of emerging risks and must take a reactionary approach to dealing with crisis situations.
Other financial and professional liability risks range from white-collar crimes to everyday business and transactional errors, stock market volatility, failure to meet increasingly strict industry regulatory standards, and sexual harassment. Beyond these, there is also the very serious risk of employee kidnapping and ransom. The financial consequences of all of these risks can be addressed through a financial and professional liability insurance and risk management plan with the help of trusted advisors.