Industry - Business and Management Business Insurance

FreelanceInsure offer a number of policies to suit the freelancer or consultant working in the Business and Management sector.

There are many sectors where professional indemnity is a legal requirement, however as a business or management consultant you will not be legally required to obtain this type of insurance. That being said, you should consider it seriously.

As a consultant working in the business and management sector, your role will be to advise  companies on their strategy and as such you will be gaining access to their systems and possibly working in their buildings. Both of these factors could leave you open to a claim being made against you because of negligence.

If through the course of your work you happen to break confidentiality or you give poor advice which results in a financial loss, you will be liable and professional indemnity insurance will cover you for this loss and the legal costs associated with any claim. Your client may even make a complaint to the Financial Services Authority which could be devastating for your business.

A management consultant has the unenviable role of promoting change within a business and this can often lead to the company taking risks they may have otherwise avoided. While you may be sure that you have advised them correctly, there is a reasonable chance that things could go wrong. It is at times like these when your professional indemnity cover will be invaluable. Even if it seems that the wrong advice was given, your policy will cover you.

In addition to these obvious benefits of getting indemnity insurance, you will also have the advantage of being more professional in the eyes of your potential clients. Many clients will actually ask that a minimum level of professional indemnity insurance is in place before they will work with a business and management consultant. If you already have this insurance, it may put you ahead of your competitors.

Making the choice not to get management and business indemnity cover may seem like a way to save money in the early days of your business, but you will soon realise that getting paid roles and feeling safe and secure in the functions of your work will make this type of insurance worth every penny.