Specialised consultants are hired by businesses all of the time to improve elements such as management and procedures. If you’re an independent business consultant or run your own business consultancy firm, you have plenty of opportunity to use your expertise and experience to help other companies succeed.
Numerous new businesses are founded every single day, but many don’t have the know-how to really progress and grow. This is when experts need to be brought on board. Even huge corporations count on business consultants to guide them through diversification or help roll-out innovative new training practices.
Earning a living helping other businesses can be both lucrative and personally satisfying. Seeing your input really pay off for clients is a great feeling, but there will always be times when projects don’t run smoothly. This is why top-quality business consultants insurance is so important. Read on to find out more about the most vital elements needed in your insurance package.
Professional Indemnity Insurance
From disputes with clients that get out of hand through to honest mistakes on your behalf, professional indemnity insurance for business consultants provides essential protection should somebody decide to take legal action against you for the likes of professional negligence, loss of data and breach of contract.
PI cover is an important part of business consultants insurance. Without this kind of protection, you’d be left with potentially huge legal bills along with loss of earnings and a damaged reputation. Professional indemnity insurance covers these costs so you can get the legal support needed. Even if the claim made is completely unfounded, you’ll still require resources to fight it.
If you know you’ve made a terrible mistake that has led to a client suing you for professional negligence or breach of contract, being adequately insured lets you invest in solid legal representatives to negotiate out of court. Coming to a mutual settlement minimises reputation-damaging public scrutiny.
Employer’s Liability Insurance
If you employ one of more members of staff then you’re required by law to have employer’s liability insurance as part of your business consultants’ insurance package.
This cover protects you if a member of staff decides to make a claim for compensation after they’re injured or become ill as a result of their work. The employer’s liability element featured in a bespoke business insurance plan from The Insurance Octopus covers you up to £10million.
There are no loop holes when it comes to employing people and it really isn’t worth risking the huge fines or even prosecution you’d face if it was discovered that you’re not adequately insured. Even if you only employ one part-time worker, this cover is still a compulsory legal requirement.
Public Liability Insurance
As a business consultant, your place of work changes regularly. While you might have an office base between jobs, this role requires you to take on contracts in different environments. This means you’re likely to be around people a lot of the time. If a client or member of the public is hurt or has their property damaged as a result of something you’ve done, they could lodge a claim for compensation.
This is where the public liability part of your business insurance comes into play. There are so many scenarios that could lead to such a situation. Somebody could trip over your loose computer wire and suffer a serious back injury or you could spill tea on an expensive piece of equipment leaving it damaged beyond repair. Accidents happen and you’ll want to be covered when they do.
Standard business consultants insurance from The Insurance Octopus can cover you from £1million up to £5million. This can be increased further if necessary with an add-on.
Business Interruption Insurance
While personal injury insurance covers financial and trade loss if you’re unable to work due to illness or injury, there are plenty of other scenarios that could throw a spanner in the works.
No matter how diligently you run your business consultancy company, there will always be times when events occur that are completely out of your control. Freak weather could leave your office premises flooded, resulting in the need for extensive repairs.
While the costs of construction work and replacing damaged equipment is covered by buildings and contents insurance, you’ll also need business interruption insurance to cover the loss of income and any other costs incurred as a result of unexpected circumstances.
Get in touch with The Insurance Octopus today for further information on getting properly insured as a business consultant.