Change Management Consultants Insurance
What Cover Do Change Management Consultants Need?
As FD Beck will assist you with arranging a consultant insurance policy, we would take into consideration the many factors that affect the level of cover you require. As part of the process this will include assessing the types of risks you face and your business rating factors such as size, experience, claims history etc.
Here’s the cover that may be included in your management consultants insurance:
1. Professional Indemnity Insurance
Professional Indemnity insurance cover protects you from claims because of unprofessional advice or negligence. As someone who mainly deals with consultation services, you are exposed to professional indemnity claims. This is why professional indemnity insurance is important to have in professions like yours.
2. Workers Compensation Insurance Cover
If you have one or more employees, this business insurance coverage is a requirement. It may cover a claim from an employee who got injured while in the performance of duties.
3. Public Liability Cover
Public Liability insurance policy may cover a claim made by a third party, customers, or clients who get injured within your business premises. Public liability insurance may also cover damage to third party property caused by an accident.
Other Business Insurance Covers You May Need
You may choose to add more consultants insurance coverage to your policy. Let us know of your requirements so we can arrange additional insurance for you.
1. Personal Accident Insurance
Expenses resulting from injury or damage to your personal property may be covered by this policy. These may be expenses that would not be covered by public liability or employer's liability.
2. Business Interruption Insurance
In the event that you or your employees would not be able to work because of some insured events that force your business to close, this business insurance may cover the losses or costs for income.
Risks Consultants Face in Change Management
As a management consultant, you are accountable and liable for the services you give to a big or small business. As they entrust their business to you, a small mistake on your part may lead to heavy losses or costs. Here are some key exposures that consultants in change management may face:
- Failure to give correct information
- Failure to meet client deadlines resulting in financial loss
- Providing subpar or substandard advice
- Breach of business information and confidentiality
Let FD Beck Assist You
FAQs
1. As a consultant for change management, how much professional indemnity cover do I need?
This would depend on several factors like if you have a big or small business consultancy, catering to a huge number of customers, and your financial status. Learn more about Professional Indemnity Insurance.
2. Would you be able to work on my budget and still provide consultants insurance?
Yes, we can work around it within your budget. We can recommend the type of policy suitable to your business, financial situation and the risks you face. For more information about the cost of insurance, please view our short video “How much does professional indemnity cost?“
3. Would I be able to get quotes online?
Yes. Please use our online calculator to be able to get insurance quotes.
