Liability Concerns for Consultants
Consultants offer services and advice to their clients, which makes them susceptible to lawsuits from unsatisfied customers. Comprehensive liability insurance is essential protection.
What Types of Liability Insurance Are Critical?
Professional liability insurance for consultants should be a critical component of the liability package. In the course of consulting clients, perceived bad advice could cost the client a heavy financial loss. The consultant could be liable for significant legal fees and settlement costs, even if they’ve done nothing wrong.
Also known as errors and omissions insurance, professional liability coverage also protects the consultant against any errors made, as well as negligence and violations of good faith. This package protects not only the business but also the personal assets of the insured.
Liability coverage should also include a commercial general liability plan. This insurance protects the business if a client is injured or their property is damaged on your premises.
What Consultants Require Liability Insurance?
All consultants should discuss liability insurance options with their insurance agent to ensure they select the right package for their unique needs. Those who are most at risk, however, are consultants who provide a service for a fee. When a client pays for the service, they are more likely to seek legal action if they are unsatisfied with the service.
Make sure you choose the best liability coverage to protect your investment against unwanted legal action.