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Business and Management Consultants professional indemnity insurance.

Business and Management Consultants professional indemnity insurance

The requirement for Business and Management Consultants Professional indemnity insurance has seen an increase in demand in recent years. As a Business and Management Consultant, clients rely on your advice in order for them to reach their business goals. In many cases, the advice that you offer can lay the foundations for your client’s business to either thrive or to fail.

With the stakes so high, it is not surprising that when things do go wrong for clients, they can be aggrieved. If they end up feeling the advice you have given them is negligent, they may choose to take legal action against you to recover the losses they’ve suffered.

Professional indemnity insurance can help to provide cover in the event that you are alleged to have been negligent in your professional service to your client, including giving poor advice.

The following example claim highlights why you may need to take out this cover.

A Management consultant was engaged by a company to help with a restructuring project. The client was advised by the consultant that the work should mean that the client could see immediate cost saving of £ 50,000 per annum. Unfortunately the company actually lost more money as a result of the restructure and began proceedings against the consultant, claiming that he had miscalculated the likely effect of the restructure. The consultant had professional indemnity insurance cover in place and was able to leave it to solicitors to defend his position. The claim eventually settled for £25,000 with a settlement of £15,000 to the client and £10,000 in solicitor’s costs.

It’s worth knowing that even if you’ve done nothing wrong, and your client’s allegations are entirely unfounded, you will need to defend these claims professionally. In doing so, you’ll have to engage specialist legal advice – and this costs serious money!

Get Business and Management Consultants Professional indemnity insurance for your own peace of mind

 

Hensure Business Insurance has an on line solution that allows you to quote and buy your PI insurance for business and management consultants in a matter of minutes. We can provide cover for public liability, employers liability and professional indemnity all from one simple to fill out on line procedure.

Please click on the link to our quote engine to obtain a competitive quotation. We also provide finance options at low rates of interest if you want to spread the cost of the insurance over a number of payments.

Once you become a Hensure Business Insurance customer you will be assigned to a dedicated account handler who will deal with you going forward and will be available to answer any queries that you may have with your policy.

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