As a professional consultant, you are responsible for providing accurate and consistent guidance to your clients. Even a slight miscalculation or momentary lapse in attention could make you liable for substantial financial losses and the target of costly lawsuits. Given the potential consequences of even a single error, consultants across all industries should consider retaining adequate insurance coverage.
The agents at Atlantic International Company of Georgia can help you secure suitable professional liability insurance at an affordable rate.
What Is Professional Liability Insurance?
Any organization that provides professional services or guidance should consider professional liability insurance integral to their loss control practices. By purchasing and maintaining this coverage, also known as errors and omissions insurance, you can protect your consulting business financially in the face of incidents or allegations such as the following:
- Inaccurate professional advice
- Missed deadlines
- Breach of contract
Even if you are innocent of wrongdoing, allegations and lawsuits alone can significantly impact your organization’s finances. Professional liability insurance may help pay for the following legal costs:
Why Do Consultants Need Professional Liability Insurance?
Your consulting services can significantly impact your clients’ financial wellness and overall success. If you are late in providing essential guidance or hurriedly provide incorrect advice, the potential short- and long-term financial consequences could be dire, as clients may sue you to recoup their losses. Furthermore, these incidents could damage your reputation, leading to current clients taking their business elsewhere and hindering future prospects. Given these potential consequences, the financial security provided by an adequate professional liability insurance policy can be invaluable.
How Much Does Professional Liability Insurance Cost?
Like most types of insurance, the cost of adequate professional liability coverage may vary significantly even among consultants who operate in the same sector or appear to have similar circumstances. This is because insurance companies must thoroughly analyze many aspects of your business before being able to quote rates accurately. This process may include consideration of the following:
- Consulting services offered
- Workforce size
- Experience levels
- Company assets and revenue
- Prior claims history
- Policy details (e.g., deductibles, policy limits)
Get the Right Coverage
At Atlantic International Company of Georgia, our experienced insurance professionals are dedicated to helping businesses, families and individuals in the Atlanta area secure optimal coverage solutions. Our agents have the knowledge to assess your circumstances, explore potential options and craft ideal policies. Visit our website or call 770-452-6646 to get started today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.