Perhaps you already have commercial vehicle insurance in place, and protection for your buildings and contents. So the question is, why would you pay from other insurance policy? As a growing industry, fuel efficiency is being more and more relied on by certain companies, which means more and more money is at stake. Fuel efficiency consultant indemnity cover could therefore prove invaluable if your firm is ever accused of making a costly error.
In the past this type of insurance has been more associated with the likes of doctors and architects. But it is a possibly vital tool for anyone who provides advice on a professional basis. Its main element is paying the legal costs of anyone who is accused of making an error during the general conduct of their business.
Also covering omissions and acts of negligence, this type of policy can also include public liability insurance thrown in as an extra, depending on the insurance company.
To give an example of when this type of protection might be needed, a fuel efficiency firm might be asked to recommend a new set of engines for a fleet of vehicles, giving better fuel economy. If the recommendation then turns out to be erroneous, and the company loses money, they may seek to sue to recover what they have lost.
This may seem unlikely but the risk of a legal case is arguably more prominent in a legally-aware society. Hiring lawyers to defend your case will be expensive, and a fuel efficiency consultant professional indemnity cover policy will pay your legal bills, possibly even helping to keep your firm afloat.
One of the main bonuses is that it does not matter whether or not the legal claim is valid, the cover will still apply, up to agreed limits. This means it is important to select the level of cover which is relevant to your business to avoid the risk of being under insured and having to foot any difference in the award of compensation or the legal costs.
You can normally also expect protection for breach of copyright or confidence, accidental defamation, loss of a client’s important data or documents, and policies can even be arranged which backdate to before you took out the policy, meaning if a letter later arrives referring to a past event, you will still get protection.
Fuel efficiency consultant professional indemnity cover can also be bought to protect you for what is known as a run-off period. Should you decide to wind down the business or retire. Just because the business has stopped trading does not mean you are immune from legal challenges, so it may be worthwhile arranging as an extra with your insurer to guard against any unwanted claims.