Many companies now recognise the value of making sure their employees have the right skills in place. Highly trained staff are often efficient and if they have the right motivation and preparation, can deliver results for a company. Therefore firms may be minded to seek outside help to ensure that all their workers have the right knowledge. This would mean hiring a training consultant. Fulfilling this role can mean a profitable job and a rewarding lifestyle, meeting many new clients and professionals in different environments. But should one day something happen to go wrong, you could end up with a legal claim on your hands, which while unlikely, could be a serious challenge. This is why training consultant professional insurance is something for anyone operating in the sector to consider.
Professional insurance which includes an indemnity element will pay your legal costs if you are ever accused of making a mistake. You may feel that the allegation is completely unfounded, but if it is formally lodged, you will still have to defend it properly. This will mean hiring legal help and running up fees with solicitors. If a case goes on for a long period, considerable bills can be run up and if a claimant is awarded compensation the cost will be even higher.
Training consultant professional insurance with indemnity cover will even pay the cost of compensation, subject to its limits, meaning you potentially do not have to dip into your pocket at all if faced with a legal challenge. You can even agree an excess as with many insurance policies, paying an initial agreed fee before the policy payouts kick in. This can be used to alter your premium in many circumstances.
A range of eventualities will normally be covered, from accusations that you have breached someone’s copyright or confidence, all the way through to the allegation that you have defamed someone or lost or damaged their important data or documents. Beyond this, it protects against mistakes, acts of negligence, and general omissions in the day to day work of a freelance individual or company.
Training consultant professional insurance must be set at an individual policy holder’s suitable limit, as an insurance company will not pay out indefinitely on fees related to a legal case. It is important to avoid being under insured, but you also should avoid paying a large premium for a level of protection which a company of your size does not need. There are often some useful optional extras attached to policies, including public liability insurance and even the ability to insure against claims which arrive after a policy was bought but which refer to something which happened before you had the cover in place. This is often known as retroactive protection. Run off cover does a similar thing, protecting you after you have finished trading, or switched to a new job, or are simply between insurers.
The right skills for the right employees can be crucial to the success of any business. This is why some firms choose to invest in the specialist services provided by training consultants. Staff may need a few simple tips in order to improve their performance, or an entire workforce may need completely re-training in order to guarantee the future of a business. Consultancies big and small are available to help deal with these challenges, and most are a success. But occasionally mistakes are made or a client ends up unhappy and this risk means training consultant professional insurance may be necessary for those operating within the industry.
Many companies may not think beyond the usual buildings and contents cover, but the reality is that many firms run certain legal risks without even realising it. Greater public focus on a person’s or a company’s right to claim compensation means potential legal action is arguably more likely than ever in the event of a professional mistake. A firm which hires a training consultant as a last resort because its staff are underperforming and are a threat to the future of the business may not be too happy if the professional’s advice apparently fails to deliver results. Some companies may then rightly or wrongly seek financial compensation through the courts.
Defending such a case is never a cheap prospect, and training consultant professional insurance which includes indemnity cover aims to take away the cost. Subject to certain pre-agreed limits, a policy of this type will pay someone’s legal bills while they fight the action, allowing them to continue running the business and keeping other clients happy.
To qualify for cover the mistake will usually need to be entirely accidental. Note, however, that a policy will kick in regardless of how valid a disgruntled client’s claim is perceived to be. Protection will also normally be covered for things like allegations of breach of confidence or copyright, or the dishonesty of any employees should they attract a legal case by, for example, stealing from a client.
Premiums are usually available at different levels depending on what is appropriate for a company. Some firms may only want up to say, around £100,000 worth of cover, while others will need protection which runs into millions of pounds worth of legal bills. However, the risk of being under-insured is very real if a policyholder underestimates their needs. For example, if a company takes out £80,000 worth of protection, and ends up defending a case which costs £100,000 in legal fees, they will have to pick up the remaining £20,000 difference.
Provided cover is adequate, a training consultant professional insurance policy can therefore provide peace of mind even in the face of what would usually be highly damaging and time consuming legal headaches.