The pace at which a business may develop means not all professionals have enough time to get everything in place administratively. With the amount of focus on the fuel efficiency industry developing and increasing almost on a daily basis, the sector is one which has developed particularly quickly. Not every expert offering their services to companies may have had the chance to get fuel efficiency consultant professional indemnity cover in place, but it is a potential lifesaver for some experts.
Indemnity cover is a type of protection which applies to any professional offering their advice to paying companies or customers. Although mistakes might be rare, and disputes often resolved amicably, anyone who offers their services in this manner is at potential risk if they make a mistake. One wrong move or innocent slip-up can lead to a client losing a considerable amount of money, and in some circumstances they may be minded to seek legal action and compensation.
This is what indemnity cover is designed for – it will pay your legal bills should you ever be formally accused of making a costly error in the general conduct of your business. Generally, fuel efficiency consultant professional indemnity cover will protect you should you be accused of making an error, omission, or even an act of negligence. All of these things could lead to legal challenges which will need to be defended formally. This usually means hiring a lawyer to fight your corner, an important but rarely cheap prospect.
Should you lose the case, the claimant may even be awarded compensation and again you could be faced with bills totalling thousands of pounds. A fuel efficiency consultant professional indemnity cover plan would kick in after a successful claim and pay all your legal expenses plus any compensation which might be awarded. Although there will be strict policy limits, it can make the difference for some firms between struggling or closing and being able to continue growing their business almost as normal.
In exchange for a regular premium, the insurance company simply picks up the cost of legal defence. With many insurance companies you can actually agree an excess as with other forms of insurance, and you can typically set what limits to the policy you think you need. Both of these things can help control the cost of your premium.
Fuel efficiency consultant professional indemnity cover can even be configured to include public liability insurance in some cases. You may also be able to negotiate useful time frames with your insurer, arranging for cover even after you have wound down a business or stopped trading, to protect against any unwanted but delayed legal claims. Likewise you can get ‘retroactive’ cover, protecting you against any claims which might arrive in future but which date back to before you even bought the cover.
How a business uses energy is now increasingly important for obvious reasons. Being kind to the environment is no longer the only motivation to use fuel in a more efficient manner. Oil prices and other concerns mean many companies are turning to new ways of thinking. This means the role of a fuel efficiency consultant is becoming more and more crucial to some businesses. While mistakes are rare, a fuel efficiency consultant professional indemnity cover policy can help an expert operate in complete peace of mind while delivering top notch advice.
Professional indemnity cover is often more associated with people like graphic artists and doctors. But it is relevant to anyone who provides advice for a living. In simple terms it will kick in and pay someone’s legal bills if they face a claim for negligence, an accusation that they have made a mistake or omission, plus some other helpful extras.
For example, a fuel efficiency consultant might be asked by a company to pick out a new make and model of car to be their fleet standard. The company could be asking the consultant to choose a vehicle to replace all their existing methods of transportation with a view to obtaining greater fuel savings. But if the recommendation turns out to be wrong and the company actually ends up paying just as much or more, they could sue.
This is just one example of how someone can end up in legal hot water. Of course, mistakes are rare but they do happen, and fuel efficiency consultant professional indemnity cover will help someone pay legal bills while they defend themselves in court. Hiring legal help in such circumstances is never cheap, and a policy will pay someone’s costs up to a set limit.
How much protection you need will depend on the size of your business and the size of the client’s you deal with. Some companies expect to have cover for up to £100,000, for example, while others need protection running into millions of pounds.
A typical policy will also protect someone if they are accused of breach of copyright or confidence, accidental defamation, losing someone’s important data or documents, and will even include public liability in some cases.
It will help someone defend a case from an initial court hearing all the way up to the High Court, and protection is not conditional on whether or not the claim itself is valid.
Fuel efficiency consultant professional indemnity cover will even pay out the cost of compensation to a successful complainant, again up to certain limits. Excesses can be arranged and negotiated, as with other types of insurance, and this can bring the cost of your premium up or down according to your requirements. Therefore it is possible to get a good value policy which suits your needs and resources, and could prove crucial if you ever have to defend a claim that you have made a mistake.