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Posted on: August 2, 2018 by Huntersure
This blog was originally published on June 9, 2015. It was updated and re-published on August 2, 2018.
In today’s gig-driven economy, companies are happily looking for ways to bring in trusted independent voices to help out their operations. Consultants are hired as freelance or as-needed employees who can bring a fresh take and a third-party perspective to any office. This modern way to drive business and see results is also still finding its footing in the digital age and risks are still a factor. In this case, having professional liability insurance for consultants and firms is important to have in place.
Also, important are understanding the challenges that agents and consultants face in the evolving world of consultancy. The industry itself has grown so much that everything from finding new work to retaining clients is becoming harder. Let’s look at the ways in which the industry is being challenged, and the risks that these professionals face.
In order to stay in business, you need customers. This may seem like a no-brainer, but as mentioned, with a more competitive field comes the harsh reality that finding new clients may be more complicated today.
Agents and consultants are problem solvers, brought on to help in a relatively short period of time. When the job is done, they’re essentially on to the next. But there needs to be a next in the first place and some clients don’t have continuous projects for them to work on. Building a stable, reliable client portfolio is the key to keeping business going and project moving year round. There must be an active search to find new clients for the sake of stability and growth.
Consultancy contracts may be ripped up or put on hold if a company in need of extra hands sees a financial belt tightening. When an office is looking for ways to cut costs, consultants are typically the first thing to be thrown out the window. Consultants should be looking to create long-lasting relationships with current clients, first and foremost, even if the client gives out somewhat unrealistic turnaround timing expectations. If you can’t get things done on their time, then they will find someone else who can.
Consultants and agents mostly charge for time, expenses and work delivered. There must be attention to detail when it comes to time tracking and expenses, which are just as important as turning in dutifully-checked projects. While punching in time spent working on a project seems menial, consultants do sometimes find it hard or something to overlook.
Writing up expense reports or filling out timesheets is far from their tasks of analyzing situations or starting up projects. The task of documenting their time gives them the idea that they are being controlled. Instead, it should be made known that time tracking, when done properly, should give consultants a clear view of what exactly they did and why. The ultimate goal for this between consultant and client is to build transparency and a trusting relationship, which in turn can produce more regular work.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.
Posted in: blog Professional Liability Technical Consultants