Friday, June 17, 2011

Finding the Right Insurance for Your Consulting Practice

No matter what type of business you may own, you are going to need to have the right type of insurance. If you have a consulting practice, you will definitely need to have liability insurance, also known as errors and omissions insurance. This is going to cover you if you provide the wrong advice to your clients, and they decide to sue you as a result of something that may have happened after they took your advice. Liability insurance will protect you for a number of things, and will cover a variety of legal costs that may arise.

Wrongful Act
If you have a consulting practice, you of course liability insurance, also known as errors and omissions insurance will be required.Liability insurance will protect you for a number of things, and cover a variety of legal costs will be born.

Wrongful Act

Its liability insurance policy for your consulting practice "Wrongful Act", which "an act, error, omission, misstatement, misleading statement or neglect or breach of duty" will cover saves. It does not cover bodily injury or property damage, general liability and other insurance in place for these things, need, just in case.

Covered by liability insurance costs

This could result in personal or business bankruptcy, and everything would have worked for you. When you have liability insurance, there are many expenses defense costs, which can get very heavy and are covering it.should use the time.
Your liability insurance policy for your consulting practice will cover "wrongful act", which protects you from "an act, error, omission, misstatement, misleading statement or neglect or breach of duty". This does not cover bodily injury or property damage, and you will need to have other insurance, such as general liability, in place for these things, just in case. If you have a client who claims you have not done your job properly, professional liability insurance covers this under as a wrongful act.

Costs Covered by Liability Insurance

If a client sues you for a wrongful act, you are going to incur a number of costs, and without liability insurance, these are costs that you may not be able to afford to cover. This could result in personal or business bankruptcy, and everything you worked for will be gone. When you have liability insurance, there are many expenses that are covered, including defense costs, which can get pretty hefty. Your liability insurance will also cover accidents that may occur, such as auto accidents involving company vehicles, and every business owner should have this insurance to protect them in case employees or clients injure themselves while on your property or using company vehicles / equipment.


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