JERSEY CITY, N.J., November 9, 2016 — ISO announced today a new Miscellaneous Professional Liability Program to help insurers cover one of the fastest-growing sectors of the U.S. economy: professional services. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The professional services industry in the United States rose by 542,000 jobs from a year ago, accounting for about 23 percent of the nonfarm job growth, according to the latest statistics from the U.S. Department of Labor.
“The growth and diversity in the professional services sector is driving demand for innovative and segment-relevant professional liability insurance offerings,” said Maroun Mourad, senior vice president of commercial lines, domestic and global, at ISO. “Our new Miscellaneous Professional Liability Program provides our client insurers with the tools they need to serve this expanding market and profitably grow their books of business in an operationally efficient manner.”
The program features rules, forms, and loss costs for 27 professional business classes experiencing growth, including career counselors, concierge professionals, staffing agencies, photographers, and salon operators. It also provides options to cover the defense of professional disciplinary and licensing proceedings because many professional services today face increased regulatory activity and oversight.
The program, which has been filed on a multistate basis, complements ISO’s current professional liability offerings, including forms tailored to lawyers and to agents and brokers in both the insurance and real estate professions.
For more information, please visit www.verisk.com/iso/specialtylines.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.