Insurance cover in many people’s minds may simply mean protection against theft and damage. But there is another risk which is important to bear in mind, particularly if you are a business offering professional advice. Being sued might be associated with car accidents and trips up at work, but it is a real risk for anyone who provides advice for a living. Although disputes are relatively rare, and can often be resolved amicably, sometimes a client may be minded to take legal action if they feel what you have told them has not benefited them or has even impacted badly on their business. Fire protection consultants, as professionals in the field, face considerable responsibility and therefore the chance they will face legal action if they make a mistake. One way of guarding against this is fire protection consultant professional indemnity cover.
This is a kind of insurance which pays out towards your legal costs if you have to defend a claim. Normally it applies to allegations you made a mistake, omission, or simply committed an act of negligence in your general work. Circumstances like this can lead to a company which was a client seeking compensation for what is seen as a ‘financial injury’.
Legal cases can be long, complicated, and can cost a considerable amount of money to defend. Some smaller businesses might be completely wiped out by the financial burden of fighting action. So indemnity cover takes away this concern, even if it does not simply take away the claim itself. It will even cover the cost of compensation awarded against you, should this apply.
Besides mistakes, fire protection consultant professional indemnity cover will pay out on the legal bills of a fire protection consultant if they are accused of breach of confidence, defamation, breach of copyright, or the loss or damage of a client’s important data or documents. As such it is designed to cover against many of the common legal risks.
How much you pay for fire protection consultant professional indemnity cover depends on the limit you want on the policy, as they will not pay out indefinitely. You can often make a sensible judgement as to how much you need by looking at the size of your business and your clients.
With health and safety at the top of many business agendas, fire protection has become a broader field. It is no longer about making sure a basic alarm system is in place and protecting property. Companies now have a greater duty of care towards their employees and so many choose to use outside experts to minimise fire risks. Fire protection consultants therefore have a very valuable role to play, and their advice is relied on by many companies. But with offering advice for a living comes not only job satisfaction and rewards, but also some risks. Fire protection consultant professional indemnity cover is a policy which will kick in and help protect you if you are ever accused of making an unfortunate error.
Do not be put off by the name, indemnity cover simply refers to a type of insurance which pays your law-related bills if you ever have to defend to an allegation, i.e. you are sued. This could happen if a fire protection consultant is accused of making an error which lead to a building belonging to a client being damaged to a greater extent than had been expected. Even when the materials themselves rather than the advice are to blame, a fire protection consultant could end up on the wrong end of a claim.
Even invalid allegations have to be defended, and this will normally mean hiring expensive legal advice. Fire protection consultant professional indemnity cover kicks in and pays your legal bills in the event you are accused of making a mistake, omission, or even committing an act of negligence in your general business dealings.
Of course legal complaints can often be long and complicated, but you can at least take off some of the financial pressure with an indemnity cover policy. In exchange for a premium the insurance company will simply pick up the tab for your legal bills, and will even pay compensation to a successful complainant. You will need to decide a Fire protection consultant professional indemnity cover limit with your insurance provider we take out the policy, and you will need to make a sound judgement as to how much you need.
Most businesses are now heavily focused on how to reduce safety risks to their premises and employees, not just because of changes in the law but also due to an increased general awareness. This has led to a greater call for fire protection consultants and their expertise, which in turn means more business for them. Your business may be growing and entering new territory, but with more business comes more responsibility. Fire protection consultant professional indemnity cover is a form of insurance which many professionals therefore take out as a precaution.
Relevant to just about anyone who provides advice on a professional basis, this type of product will pay for the policyholder’s legal bills if they face a legal challenge alleging they have made a mistake or omission in the general conduct of their business.
Of course, the job involves making judgements and recommendations, and if these turn out to be wrong, they can end in a client being in breach of health and safety law and even with someone getting hurt or property being damaged. In such circumstances, the risk of being sued becomes more significant.
Fire protection consultant professional indemnity cover will pay your legal costs when hiring help to defend the accusation, and it will even pay out compensation if it happens to be awarded to the claimant by the court.
This can potentially save a fire protection consultant a vast sum of money, particularly as some cases can go on for long periods and can be quite complicated. Normally this type of policy will also protect you against allegations of breach of copyright or confidence, a claim that you have lost or damaged a client’s valuable documents or data, and will even sometimes include public liability insurance.
Due to the detail involved, claims can sometimes be slow to arrive, and this means that some people choose to take out retroactive cover, which covers someone for any subsequent claims which relate to something which happened before the policy was even bought. ‘Run off’ fire protection consultant professional indemnity cover can also be arranged for someone who is changing insurer or simply winding down their business.
Making sure a company and its employees are as safe as possible can be an interesting and rewarding career route. Fire protection consultants therefore provide a valuable specialist service and in most cases provide indispensable advice. But occasionally they can make mistakes, and due to the nature of their work, commercial clients might be minded to take legal action. The prospect of getting sued is not something anyone likes to dwell on, but there are straightforward ways of protecting yourself against this outcome, such as fire protection consultant professional indemnity cover.
This rather complicated-sounding name is really just a term for insurance which will help you to pay legal costs if you ever face a court case because of something a client thinks you have done wrong. It covers you in the event of a mistake, act of negligence, or an omission, whether any of these are real or perceived.
For example, a consultant might be hired to train a group of employees on the use of different fire extinguishers for different situations. It might turn out that the wrong advice was given, and then all these employees will need to be retrained. The client may then sue you to recover the financial cost of having to retrain its staff. Even a straightforward case can lead to mountains of paperwork and a big legal bill. Indemnity will pick up the cost of defending the action, whether the allegation is valid or not.
The consultant will have to choose what level of fire protection consultant professional indemnity cover they want, as policies do not pay out indefinitely. This will be decided depending on the nature of the business and what type of client you deal worth. But once your cover is in place, it will pay out not just for your legal bills, but for the cost of any compensation there might be awarded to the side in the event of a case.
Fire protection consultant professional indemnity cover will also protect you if you are accused of losing or damaging someone’s documents or data, or breaching confidentiality or copyright. If you ever decide to retire or simply take up another profession, ‘over run’ or ‘run off’ cover can be arranged to make sure you’re still guarded against legal pitfalls even though you’re no longer working in your old position.