A Short Guide To Professional Liability Insurance For Consultants
As a consultant, you work hard for your clients and help many different companies reach and exceed their business goals. However, no matter how hard you try to provide the best services you can, sometimes clients will become dissatisfied with your performance and decide to pursue legal action against you. This makes professional liability insurance for consultants a must-have.
What Is Professional Liability Insurance?
Professional liability insurance, also known as errors and omissions insurance is a type of insurance coverage that is designed to protect business owners from a variety of claims pertaining to alleged negligence or wrongdoing. Claims of this nature can be devastating to a business and can even force you to shut down if you don’t have the funds to deal with them. Professional liability insurance can help you stay afloat.
What Claims Does Professional Liability Insurance Cover?
Professional liability insurance can protect you from a variety of different claims that businesses commonly face. Some of these are:
- Inaccurate advice
What Types of Consultants Need Professional Liability Insurance?
Arguably, all consultants need professional liability insurance. When your job is providing professional advice to businesses, there is plenty of room for something to go wrong. Some of the types of consultants that need professional liability insurance are:
- Business and management
- Career coaching
- Expense savings
- Market research
Being a consultant can be risky. Professional liability insurance can help give you far more peace of mind.