If you don’t know about professional liability insurance for consultants, you are putting your very livelihood at stake. As a contractor, your name is very important and one disgruntled client can bring you down both financially and with your reputation. Even if your contract limits your liability, in this litigious society, you could be blamed for many damages if a client brings a complaint against your service. Here are two realities that indicate you need professional liability insurance for consultants.
Dishonest and dissatisfied clients bring unjustified claims to avoid paying their bills. However, you still have to defend your practices against those claims. Guess who pays the bill for your attorney and experts? You do, unless you have the insurance coverage that pays the costs.
No matter how hard you try for perfection, mistakes happen. You cannot control every contractor who works on the project, and you could be included in a blanket lawsuit when someone is trying to find someone to blame. Your client has expectations, and if you cannot deliver, even though it is not through any fault of your own, your client could sue you.
Protect your business with professional liability insurance for consultants and sleep at night with peace of mind knowing that one lawsuit won’t cripple you financially. Talk to an insurance specialist who understands your unique industry and ask them for the resources to minimize your risk.