Insurance for Consultants - Insurance Solutions from BIS
As a consulting business, your focus is to provide professional advice to your clients. As you have undertaken education and training to become a professional, you are holding yourself out as a professional. Professionals deliver advice in many areas including health, mining, strategy and IT. It is therefore reasonable to assume that your clients will consider you an expert in your field of endeavour. They will rely upon your professional expertise. This can be called your professional duty to clients.
Why have Consultancy insurance
If you breach your professional duty by providing negligent advice that causes financial loss to your client, you may be held responsible. In order to protect yourself from any damages awarded against you, or legal costs suffered, we recommend you have Professional Indemnity insurance, and also Liability insurance which is typically a contractual requirement.
There are also other insurances you may wish to consider also including Cyber, Business and Management Liability.
What types of consultants does Business Insurance Specialists arrange cover for?
Business Insurance Specialists arranges insurance for many different consultants, including, but not limited to:
- IT Consultants
- Education Consultants
- Business Consultant
- Environmental Consultants
- Human Resource Consultants
- Marketing Consultants
- Management Consulting
- Mining Consultant
- Public Relations Consultants
- Quality Consultants
As an insurance broker, we will work for you in obtaining competitive terms from the insurance market.
As a Consultant, what is the right level of insurance cover?
In trying to determine the correct level of cover, you need to take a top down approach.
Firstly, in some professions there are government regulatory requirements for cover, and hence, these should be taken as a minimum.
Furthermore, to be a member of some organisations or professions, you may be required to have a certain level of cover.
Contractually, you may be required to have a certain level of cover in order to meet the contract stipulations.
You may be providing advice, that if it was provided negligently could leave your client with a loss that leaves you at risk, and you may be able to quantify that risk to a dollar amount, and insure it.
And lastly, you may need to analyse what level of cover you are willing to take on a benefit/cost basis.
Do I need insurance after I finish my work, or after I retire?
Depending on your contract you may need coverage into the future after retirement, or you may wish to do this voluntarily in order to protect yourself and your assets. If you are nearing retirement, and this is a concern, there are options, and we are happy to discuss these with you.
I have employees and sub-contractors working for me. Am I covered, and are they covered?
Both you and your employees will be covered by your policy. In terms of contractors, only unique policies will include coverage for the contractor as an Insured. These are typically IT Liability policies.
For other professional indemnity policies, it is only you who are insured for the sub-contractor’s negligence. For the actual sub-contractor to be protected, they will need their own insurance policy.
To arrange an obligation free quote, please complete our on-line form, or if you would like to obtain a quote over the phone or require more information or have questions, call us on 07 3139 3900.