Insurance Policies for Food Industry Consultants
Even the most experienced food industry consultants can make mistakes that can lead to a claim against them. The cost of defending a claim can be hefty, but you can get protection with suitable insurance products.
Professional Indemnity Insurance
When it comes to alleged negligence and errors in your work, professional indemnity insurance can help manage the consequences. PI insurance covers legal defence costs and other claims for compensation necessary to settle the matter.
For instance, while handling a food production project, the client alleged that you submitted recommendations in your report that once implemented caused the them to lose money. As a result the client is demanding compensation for their loss. This situation can be handled with Professional Indemnity insurance coverage.
Public Liability Insurance
Unlike professional indemnity (PI) insurance, public liability insurance indemnifies the third party for claims of property damage or personal injury. It covers both the legal cost and other payouts required by the third party in their claim against a food industry consultant.
An example would be a legal situation where a customer filed a products liability claim against alleged allergens in their food. As the food consultant, you are held liable for negligence to review the ingredients before the sales of the product. Thus, you can deal with the claim with public liability insurance.
Common Risks Faced by Food Industry Consultants
Upon managing your responsibilities as a food industry consultant, these circumstances may become a problem for you and your reputation.
Get solutions that lessen the impact of claims.
1. How to calculate the right professional indemnity insurance cover for food industry consultants?
Please consider factors, including your business size, nature of risks, and industry requirements in the calculation. If you’re a consultant, you may be under a contractual requirement from your client to hold a minimum level of cover. For more information, watch this short video about “How much professional indemnity do I need as a consultant or freelance professional?“
2. Does a freelance food consultant need professional indemnity insurance for every project?
Yes, you will need the financial support offered by a professional indemnity insurance policy. In the event that claims against your work arise in the future, you can benefit from your insurance policy.
3. Is there a way to customise a policy according to my needs and budget?
Yes, we can give you customised coverages that tailor to your budget, risk exposures, and other requirements. Please discuss the details of your policy with one of our insurance broker to receive additional information. Check out this video on examples that might be covered on your professional indemnity policy.
4. Where can I get quotes for an insurance policy?
FD Beck has a free online tool for a quote. Please fill out the necessary details in the form to get an estimate and other suggested insurance for consultants in minutes.