There is great competition in the textile industry, and it is the job of textile consultants to help their clients get an edge in this market. To that end, they possess the experience and expertise that will help textile companies thrive.
Textile consultants, however, are potentially exposed to inadvertently committing errors or oversights. They may also fall victim to allegations of breach of a professional duty if third party financial losses are incurred as they perform their duties.
The cost of claims can be financially exhausting and resource-intensive. To mitigate the risks, a textile consultants liability insurance may be helpful.
FD Beck, an Australian insurance brokerage company, has insurance policies covering textile consultants for claims made against them. Keeping them financially stable as they work their way through the claim.
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.
We understand that choosing the right insurance cover can be complicated. But with the expertise of insurance brokers at FD Beck Australia, we’ll help you choose a policy tailored to your requirements.
Start protecting your business today. Get a quote from us.
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:
Any error or breach of a professional duty as you render your service may result in legal liability or significant losses to your client. They are well within their rights to bring a claim against you, and this can put your textile consultation business at risk of financial loss.
FD Beck Insurance Brokers understands this, so we aim to provide you with the appropriate insurance solution that’s just right within your needs and budget. Likewise, if you’re looking for other business insurance, we can recommend a specific policy to fit your needs.
Get a quick quote through our online insurance quote calculator today.
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.