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.
While rendering professional services, you might inadvertently make mistakes when providing advice or errors when developing client strategies. In the course of your operation, such errors may end up causing significant losses to your client, and they may lodge a claim for compensation against you as a result.
You will need a Professional Indemnity insurance in Victoria if you are dealing with such claims. It provides cover for legal defence as well as financial compensation to the aggrieved party.
A public liability (PL) insurance for textile consultants provides protection from claims made against you by a third party alleging personal injury or damage arising during the course of your consultancy work. This may be due to negligence or unforeseen incidents while you are rendering your services.
You may be held legally liable for such personal injury or property damage. This sort of claim may be costly to deal with, but a public liability insurance policy may provide you with sufficient protection that covers the legal defence costs and compensation payment required to settle the matter. A PL insurance policy may also cover the cost of the claim for repair or replacement of the damaged third party property.
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.
Use our online insurance calculator to get a quick and FREE Professional Indemnity insurance quote.
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