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Posted on: December 11, 2015 by Huntersure
Consultants assist business professionals with a variety of decisions and pieces of advice. While they are exposed to a broad scope of risks, Liability Insurance for Miscellaneous Professionals can help to reduce litigation and financial liability for these professionals.
Some realities for consultants are displeased clients and high risk exposures, especially in the realm of technical consultants. The tech industry is at risk for claims as the law is still being defined and shaped, and there’s no clear standard on what constitutes acceptable and reasonable client expectations or even on what an IT consultant is, says TechRepublic. Further, if a client is dissatisfied with the consulting provided, they may file a claim insisting they lost money as a result of poor service. If an agreement cannot be worked out, the consultant is at risk for enduring a lawsuit.
In order to further reduce liability, it is important for consultants to have clearly written contracts that have been evaluated by a lawyer and an IT professional to ensure its validity.
In the case of a company suing an independent consultant, this insurance is especially critical. As these consultants are not part of a firm and don’t have the financial backing requires to combat these claims, professional liability insurance is an essential component of a successful business.
However, when a consultant firm carries professional liability insurance, protection is guaranteed. Insureon states that should a client sue your business for professional negligence or mistakes made while performing your services, your consulting firm will have the financial backing to combat the high cost of attorney’s fees, court costs, and even settlement or judgment fees related to initial charges.
At Huntersure, we specialize in protecting technical consultants of all types. Our unparalleled service and ethics strive to be the most trusted insurance solutions leader in the professional lines industry. For more information about our products, contact us today at (855) 585-6255.
Posted in: blog Professional Liability