Running your own consulting business brings many rewards. You are your own boss, it is challenging, and you have a sense of achievement and making a big difference for the lives of your clients. However, it doesn’t matter how experienced you are or even how capable, when you are advising other professionals often, things do not go as you have planned them. This may leave you in financial distress unless you have the protection of consultant insurance.
Consultant insurance: Who is it for, and why might you need it?
So, what is this type of insurance for, and why might you need it? Well, let’s answer those questions right now.
As a consultant, you have clients relying on your advice. Clients rely on you getting things right when you advise them. However, mistakes can happen, no matter how careful you plan.
Additionally, there is a risk that a disagreement may crop up, even if it is unjustified. It could end up in court and costing you and your business dearly. This is where insurance comes into its own.
In short, anyone who advises others on a professional level can benefit from taking out cover.
There are many reasons why you might need to fall back on insurance for a financial helping hand.
- You could unintentionally give the wrong advice and be subject to a claim
- You might be the victim of a ransom cybercrime targeting sensitive client data
- A client might suffer an accident on your premises and claim for damages
- A client’s computer or other equipment could suffer damage because of your advice and take you to court.
Let Just Quote Me find your consultant insurance
We can help you find the perfect consultant insurance tailored to your business. A policy that provides financial support for legal fees and compensation that results from a claim made against your company. Call Just Quote Me on 0800 084 2325 or fill out our quick online form.
Every consultancy business is unique. Furthermore, every consultant operates differently. With this in mind, it is essential to have consultant insurance that is specifically tailored to the work you do. Content insurance not only protects you and your business, but it also protects your clients who rely on you. As you rely on your clients too, it is wise to protect both of you.
Content insurance can cover a range of policies. However, instead of having a range of different plans to keep track of, with consultant insurance you have one premium, one renewal date and one set of documents. You can be sure to have the specific coverage you need, with less of the hassle.
What’s Included In Consultant Insurance?
As each consultancy is different, policymakers will design consultant insurance to suit your individual needs. However common areas of coverage include;
Public liability insurance – This protects you if a client, supplier or member of the public suffers property damage or injury because of your business.
Professional indemnity insurance – This can protect you and your client if they suffer financial loss because of your work for them.
Business contents insurance – This covers your equipment and content should they be stolen or suffer damage. You can read more about business contents insurance here.
What To Check With Consultant Insurance
It is important to read your policy documents carefully and to amend any issues you see straight away. It is essential that your insurance provides adequate coverage, so make sure you know the full costs of items you are covering when you ask for a quote.
Finally, some businesses will ask that you have a specific level of professional indemnity insurance in place before you work with them. You are usually able to increase your cover throughout your policy for a small fee.
Do you have questions about Consultant Insurance?
Call Just Quote Me for FREE on 0800 084 2325 or get a quote online using our Quick Quote Form.