Questions about professional adviser insurance
As a consulting business, it is essential to inform and guide the customers correctly. However, to make mistakes is human, a professional adviser insurance is ideal for minimising financial losses.
What coverages does the professional adviser insurance cover?
Professional adviser insurance provides three covers:
- Adviser liability provides coverage if you or an employee advises incorrectly and inflicts a financial loss on the customer.
- Professional personal liability provides coverage to pay for claims of bodily injury and property damage sustained by a third party for which you or employees are legally responsible.
- Product liability provides coverage to pay for lost expenses for the customer if you deliver a negligent service or your product is defective and causes an injury.
As a consultant or adviser, what should I bear in mind?
- You should always inform a customer/business partner if you are about to move outside your area of expertise.
- Professional adviser insurance provides both financial coverage and practical assistance in dealing with groundless claims. For example, if an unjustified allegation goes to trial. Here we help to reject this accusation, but also assist you during an imminent court case.
- Please be aware of your insured sum in the policy concerning the approval of contracts.