A textile consultant, such as yourself, is responsible for providing advice and formulating strategies to give your client flexibility and a competitive advantage. The nature of your practice makes you potentially vulnerable to claims arising from allegations of breach of a professional duty. To protect yourself from such events, you need both professional indemnity and public liability insurance policies.
Textile consultants have to make site visits to be able to provide their clients with the best possible recommendations. From an insurance perspective you potentially may be exposed to the following risks:
A consultant in the textile industry will need somewhere between $500,000 and $5,0000,0000 of PI cover. The exact amount is dependent on a variety of factors, including the size of your consultancy business and your contractual requirements. In respect to how much Public & Products Liability you require you can also check how much public liability insurance you need by watching this video.
It is not a legal requirement for textile consultants to have a PI insurance policy. Regulatory bodies make insurance mandatory for some professionals offering consultation for a fee, but not textile consultants. Some companies you deal with may make insurance a requirement before entering into a contract with a consultant. Regardless of the legal or contractual requirements, you will need PI insurance to keep your business protected and have peace of mind at work. This video, Is professional Indemnity insurance compulsory or a legal requirement, talks more about this topic in greater detail.
Yes, you can discuss your requirements with our insurance brokers, who will gladly set you up with an insurance solution tailored to your needs.
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