Professional Indemnity Insurance for Consultants

Consultants provide advice to others. It does not matter what type of consultant you are, there is a risk with offering any sort of advice. If you make a mistake or do not provide the advice that is needed, you could be liable for any financial loss suffered by your client.

Being sued may seem unfair, but the fact is you are at risk for this happening if you are running your own business. The "buck stops" with you.

One way to make sure you are protected from such a loss impacting on your business is by purchasing Professional Indemnity Insurance.

This insurance protection can really help to offer a consultant peace of mind for both the professional and their clients. It will make your client much more reassured knowing that if any of your advice causes them a financial loss due to your negligence, that they will be reimbursed by your insurance company rather than getting very little from a bankrupt professional.

This form of cover is the most important insurance coverage you will need as a professional consultant. You may also want to add business insurance or public liability insurance for additional protection but your first priority should be adequate professional indemnity coverage.

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A mechanic was removing a cylinder head from the motor of a Harley motorcycle when he spotted a well-known heart surgeon in his shop.

The surgeon was there, waiting for the service manager to come and take a look at his bike.

The mechanic shouted across the garage, "Hey Doc, can I ask you a question?"

The surgeon a bit surprised, walked over to the mechanic working on the motorcycle.

The mechanic straightened up, wiped his hands on a rag and asked, "So Doc, look at this engine. I open its heart, take valves out, fix 'em, put 'em back in, and when I finish, it works just like new. So how come I get such a small salary and you get the really big bucks, when you and I are doing basically the same work?"

The surgeon paused, smiled and leaned over, and whispered to the mechanic, "Try doing it with the engine running."