Management Consultants Professional Indemnity Insurance
Professional Indemnity insurance is something that any individual or company providing advice, design or specification to their clients needs to have. Management Consultants are not simply faced with claims for breach of specific or implied contract terms, but are vulnerable to allegations and claims of negligence arising from failure to meet client expectations.
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Management Consultants professional indemnity insurance provides vital cover
Projects undertaken by Management Consultants may involve the identification of best practices, change management, technology implementations, and strategy development amongst many others areas. The degree of skill and care required remains that which should reasonably be expected of a competent person in that profession. Exposure to a potential professional indemnity claim exists in any situation where a client makes a business decision based on the perceived skill or expertise of the consultant.
Client demands place greater responsibilities on those providing professional services than ever before, and greater contractual responsibilities leave consultants more vulnerable to being sued.
Professional Indemnity insurance for Management Consultants is an essential part of protecting both your business and your reputation.
Scope of Cover
Policies may include the following:
- Cover in respect of claims for negligence and breach of duty of care.
- Infringement of intellectual property rights.
- Defamation – innocent libel and slander.
- Dishonesty by a director, employee or self-employed person contracted to you and under your supervision.
- Mitigation of Loss – reasonable costs and expenses incurred to prevent or reduce the cost of a potential loss.
- Loss of Documents – costs incurred replacing or restoring documents.
- Defence Costs – legal costs incurred in the investigation, defence or settlement of a claim.
- Compensation for court attendance in connection with a claim.
- Cover for costs incurred for representation at tribunals and hearings.