How training consultant professional indemnity cover works
Investing in training is seen as increasingly important by businesses big and small. Employees benefit and the firm itself can see a rise in productivity and efficiency. This means training consultants are in demand and their skills can sometimes command high prices. If something were ever to go wrong, the company may blame the professional and even take legal action to recover their costs. This is why training consultant professional indemnity cover is something for anyone in the business to seriously consider.
You may already have insurance for your buildings and contents and may have already taken out a form of public liability insurance. But legal protection is also a concern, and training consultant professional indemnity cover will pay any legal costs of defending a case if you were ever accused of making a costly mistake.
Court cases can be long, stressful, and expensive. Depending on what your business has in place as a contingency, it may even mean serious financial difficulty. In the worst scenario, it may even lead to the closure of your business. Provided you have sufficient cover in place, professional indemnity insurance will pay for your legal costs, meaning you may not even have to pay a penny past your excess.
This potentially means savings of thousands or even hundreds of thousands of pounds. This kind of policy will even pay out if the claimant is successful in court and awarded compensation. Normally this would have to be paid by you, but instead your insurance company would foot the bill.
To summarise exactly what this kind of policy covers, you will normally be entitled to claim if you are legally accused of making an omission, mistake, or committing an act of negligence. It will also normally cover things like breach of confidentiality, breach of copyright, or any case resulting from the loss or damage of a client’s data or documents.
This kind of policy is seen as essential by some professionals as certain types of organisation will not deal with the consultant if they do not have indemnity cover in place. A good example of this would be local councils.
Cover comes at different levels, as an insurance company will not pay out unlimited amounts of legal bills or compensation. So you may want £80,000 worth of protection, £100,000 of protection, or millions of pounds’ worth. It is up to you and is dependent on the size of your business.
Training consultant professional indemnity cover can therefore provide a vital safety net, and save not only stress but a large legal bill. Even if you don’t use it, you’re safe in the knowledge that you will be protected if an unpleasant legal claim was ever directed against you.
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