The potential to save on huge legal bills with immigration consultant professional indemnity cover
The right safety net is always a bonus in certain circumstances. We all take various precautions from the cover protecting our cars to the locks on doors and windows, but not everyone is aware of some of the legal risks facing certain businesses. For example, anyone who offers advice on a professional basis, including an immigration consultant, could be vulnerable to legal action if they ever made a mistake. This is because they are employed by clients to make recommendations and are considered experts in their fields. Therefore if anything ever goes wrong they can get the blame and face the prospect of a court case. This is why immigration consultant professional indemnity cover is a potentially valuable tool.
Immigration consultants may be employed by companies to make sure prospective employees fulfil all the legal requirements to work in the UK. One simple clerical mistake could mean that someone is given the all clear wrongly, and a company may later decide to take action if this is later realised. This means you have a legal case on your hands, which can be long, expensive, and time consuming.
In the worst case scenario you could find that you are ordered to pay compensation to the applicant, which could cost you thousands of pounds or more. Immigration consultant professional indemnity cover would kick in if you are ever accused of making a mistake in your role as an immigration professional, and would pay your legal bills for you.
Of course you have to pay a premium, but beyond this there is basically no catch. The money provided by the policy is not a loan, and is a simple payout as a result of a successful insurance claim. In the right circumstances this can save your immigration consultancy thousands of pounds or more, and can take away a considerable amount of stress too. Normally a policy like this will protect you if you’re accused of making an error, omission, or even committing what is known as an act of negligence in your day to day business. It won’t protect you in your own personal dealings, but it will protect you in relation to anything you do as a consultancy professional.
Of course, this type of insurance can’t make a legal claim go away, but it can take away some of the financial pressure. It will not pay out indefinitely and you will need to agree a policy limit with your insurer, and this will need to be a careful judgement based on how many clients you have and perhaps on their size.
Immigration consultant professional indemnity cover is also quite flexible. You can arrange a excesses, as with a common car insurance policy, and you can also make sure you are covered during vulnerable time periods. This applies to what is known as runoff cover, a period of extra protection which applies even after you have changed jobs or wound down your consultancy business.
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