The error occurred after a partner from of one the world’s big 4 accounting firms – PricewaterhouseCoopers (PWC) unknowingly gave actor Warren Beatty the wrong envelope which said the winner for best actress “La la Land” instead of best picture – “Moonlight”. Instantly, PWC issued an apology, took full responsibility for the oversight and even removed the two partners from all academy activities.
More importantly, PWC was held responsible for the mishap and industry lawyers say there are a number of potential liability issues that could occur.
Click here for an article detailing the liability issues from the mishap.
The International Risk Management Institute, Inc. (IRMI) – defines professional liability as “A type of liability coverage designed to protect traditional professionals (e.g., accountants, attorneys) and quasi-professionals (e.g., real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services.
It’s not just for doctors and lawyers. In fact, all business that provide professional services or advice to others should have it. It should be a necessity for all businesses not just here in Rhode Island and Massachusetts but all over to protect you from negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
According to the Insurance Information Institute, some states actually require a professional liability policy for attorneys and doctors. Other professions who should consider professional liability insurance to avoid lawsuits etc. are:
- Graphic designers
- Information technology (IT) consultants
- Insurance professionals
- Investment advisors
- Management consultants
- Real estate agents and brokers
- Software developers
A professional liability insurance policy from John Andrade Insurance Agency, Inc. will ensure your business is protected from expensive claims and other client related issues. If you feel this is something you need for your business, give us a call today at 401-253-6542. We will be with you every step of the way to help avoid costly professional errors!