Even companies which have been operating for years can sometimes be a unsure of themselves when it comes to safety legislation. In some cases firms hire safety consultants to ensure that they are up to date and fulfilling all the requirements. As such there is a heavy burden of responsibility on such consultants, and while mistakes are rare, they can be costly in this area. This is why some people take out safety consultant professional indemnity cover, which is a kind of safety net should they ever face a disagreement with a client, or an allegation they have made a mistake.
Indemnity insurance is a policy which can be applied to a wide number of professionals, as it simply pays out if they are on the receiving end of a legal claim. This normally applies if they are accused formerly of having made a mistake in the general conduct of their business. This can then lead to legal action, and in many cases, simply being sued.
Defending yourself against such an action can be a time consuming and costly prospect. Legal help will be needed, and a case can drag on for months or years depending on the circumstances, and if you lose, you may have to pay compensation.
Safety consultant professional indemnity cover would not only pay the cost of your legal defence, it will also cover the cost of compensation should it unfortunately be awarded against you. Normally this kind of cover guards against mistakes, omissions, and allegations of acts of negligence. But it also normally guards against allegations of defamation, claims you have breached confidentiality or copyright, and will even protect you if you face claims that an employee of yours has acted dishonestly, if this applies.
You simply pay a premium as you would do with any other kind of insurance policy, and in exchange an insurance company basically guarantees to cover your legal bills in the aforementioned circumstances, up to an agreed limit. This safety consultant professional indemnity cover limit can often be specified by the policy holder, who will need to choose a ceiling which is appropriate to the size of their business.
Legal pitfalls may not be on your every day list of concerns, but they are a real risk and can spell serious trouble for some businesses. If you lose a case you may have to pay compensation, and simply defending an action can involve a considerable bill for solicitor’s fees. Safety consultant professional indemnity cover will pick up these costs, meaning you potentially have little or nothing to pay.
Indemnity cover is also sometimes known simply as professional indemnity insurance. In simple terms it is a policy which will pay your legal costs if you are ever accused formally of making an omission or error in your day to day work. Normally, this will happen if a client feels they have lost money because of something you have done incorrectly.
Most safety consultant professional indemnity cover policies cover mistakes, omissions, and acts of negligence. A safety consultant has a considerable amount of responsibility when carrying out assessments for clients, and errors can be potentially costly in terms of finance and safety. The stress of any claim would be exacerbated by the fact you have to pay a large legal bill if you’re not covered.
This type of insurance will normally also protect you against other things, such as if you lost a client’s valuable documents or data. It normally also includes protection for breach of confidence or copyright, and the dishonesty of a company’s employees.
You will need to decide what limit you want on the policy, as insurance companies do not pay out for unlimited amount of legal bills. However, apart from the excess, provided any fees you claim for are within this limit, you are unlikely to be left out of pocket because of a legal case.
Even if compensation is awarded to a successful complainant, safety consultant professional indemnity cover will pay this, again subject to certain limits. This means you can go about your everyday business without having to worry if a distressing legal claim ever did land on your doorstep. Retroactive cover can even be arranged, guarding against any claim which later arrives which dates right back to something which happened before you even bought the policy.
Once you have learnt your trade, it can be rewarding to go off and make a career in advising people connected to the sector. Specialist advice is highly sought after by some companies looking for professionals to help them fulfil legal requirements and financial targets. The role of a safety consultant is also potentially valuable to some firms looking not only to keep up with the law, but to make sure their employees operate in as safe an environment as possible. However, as with any business, there are risks, and safety consultant professional indemnity cover can help professionals protect themselves against such risks.
Indemnity cover might be a phrase you are completely unfamiliar with, but its ins and outs are not as complex as you might first suspect. All the phrase relates to is insurance which kicks in if you face a claim from a client that you have made an error, omission or committed an act of negligence in your work.
If a consultant makes a straightforward mistake in their advice, a company could be in breach of safety regulations and choose to take legal action. As a professional adviser, you have a duty of care to provide a professional service. If a client feels they have not got this they may be minded to seek compensation for their financial injury.
Indemnity cover will pay for the legal costs of defending such an action. Few companies have enough in their coffers to simply pay out right for legal help to fight a case. Solicitors bills can run into hundreds of thousands of pounds, and the right cover will simply pick up the tab.
Even if the person who is issuing the complaint is successful, your policy will pay out the costs of any compensation that might be awarded, subject to the limits of the policy, normally agreed when it is taken out. Safety consultant professional indemnity cover will also cover you for things like loss of a client’s important documents or data, and even allegations of defamation, breach of copyright, and breach of confidence, meaning there is virtually no common legal scenario you will not get some protection for.