Security is bigger business than it ever has been and firms big and small rely on the advice of professionals when it comes to effectively protecting people and property. Whether a company is installing locks and closed circuit cameras or a high-tech protection network for computer systems, they are expected to provide an expert level of service. In some cases they may be carrying out work which is expected to help safeguard the future of a business. Mistakes can, therefore, prove highly costly for clients which may be minded to sue immediately. This is where security consultant professional indemnity insurance can prove vital.
Should a client sue after suffering a financial loss as a result of security consultant’s mistake or negligent behaviour, a professional indemnity insurance policy will cover the legal cost of defending such a claim, which in some cases can run up bills totalling thousands of pounds or more. If a court finds in favour of a claimant and awards them damages to compensate them following a consultant’s mistake, these will usually also be covered, up to a certain limit agreed when a policy is taken out. Note excesses and limits which would be associated with more typical insurance policies also apply to professional indemnity insurance policies.
A security consultant professional indemnity insurance policy will also cover a firm or individual should they end up facing a claim relating to libel, slander or defamation or an accusation that they have breached a client’s confidentiality. Breach of copyright is also normally covered too. Employee dishonesty is an issue no business likes to dwell on, but should a worker steal from a client, for example, a professional indemnity insurance policy will also cover the cost of defending and compensating this too.
Legal challenges are often slow to arrive and a security consultant professional indemnity insurance policy can usually be arranged which will cover any claim made during the life of a policy which relates to an event which took place before the cover was ordered. Likewise ‘run off’ periods can be arranged and agreed which cover a firm or individual for a while even after they have stopped trading or gone into retirement.