Management consultants insurance knowledge

March 30, 2010 · Filed Under Management Consultant Insurance 

If you are a management consultant, then your business typically involves, among many other things, giving advice to other your clients. These people rely on your expertise to help them make key business decisions. However, there may be times when your client may feel that you have mis-advised them or something that you have done impinges negatively on their business. Because of this, management consultants insurance – which is a profession-specific form of professional indemnity insurance – can be useful in helping protect you, your clients and your reputation.

Anyone who owns a business, whether they are the sole employee or they have several or even hundreds of staff – runs the risk of having a claim made against them. Things can happen, such as the loss of sensitive documents; negligence; defamation; incorrect advice; even third party injury – these are difficulties that any business could encounter at any time. This is where professional indemnity insurance (PI insurance) can step in and help.

Certainly, it doesn’t matter how well run your business is, sadly things can wrong. And that is why considering insurance for management consultants can make sense.

Getting suitable cover

There are a number of providers of PI insurance, so it may be good to shop around and compare PI insurance policies. Also, when looking for cover, it is important that you use a specialist provider of professional indemnity insurance rather than getting a management consultants insurance quote from a traditional insurer who may not have access to the specific cover you need to protect your business.

A specialist professional indemnity insurance provider can draw on their expertise within the PI sector, to help you access protection that meets your requirements. They will often be able to offer tailor made insurance so that you get exactly the level of protection you need (for example, they may include or add-on public liability insurance in order to widen your range of cover).

Always check that the cover will give you the right protection by looking at things such as the amount insured any policy excesses; exclusions; and any other relevant points of the management consultants insurance policy.

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