Obtaining management consultant’s professional indemnity insurance quotes may be relatively easy once you understand why such cover may be required.
Your exposures and risks
Unfortunately, your relationship with your clients isn’t something that can be safely forecast. Things can and do go wrong in terms of professional engagements and when they do, you may find that your client resorts quickly to legal process.
The costs of such actions against you may run easily into very large sums. Even if you win, you may be left with large residual legal fees.
Professional indemnity insurance (PII) typically may help you with some of the potential costs involved.
Typically, the cover available may help cover occurrences such as:
- accidental loss of your clients data or unintentionally breaching their confidentiality;
- product liability claims against you or claims for professional negligence / lack of duty of care;
- an unintentional infringement of intellectual property rights;
It’s worth noting that typically such insurance only operates in circumstances when your infringement or errors (if applicable) arise from circumstances other than intentional criminal activity.
Management consultant’s professional indemnity insurance quotes may illustrate that the premium for such cover is relatively modest when seen against the potential risks you face and the costs you may incur if you are uninsured.
Some cover of this type may even include public liability injsurance protection – in case a member of the public that has suffered injury as a result of your activities, products or property, sues you.
Employers’ liability insurance
In many situations, if you have staff working for you, the law may oblige you to provide employers’ liability cover. This covers the costs arising from any accidents or injuries your staff may sustain in the course of their legitimate activities on your behalf.
Surprising as it may sound, the law does not define employees as being only those that have a contract of employment. In some cases, even people that are helping you on a voluntary basis may have the right to sue you for compensation.
Looking at what’s available by way of employers’ liability insurance cover when seeking management consultant’s professional indemnity insurance quotes, might be a sensible move. Some policies may ask that you buy this as an add-on, so never assume that it is automatically included within your PII cover.