Professional Indemnity Insurance

Professional Indemnity Insurance
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Management Consultants Professional Indemnity Insurance

Management consultants work in a wide and varied sector, this is why your policy should be able to react to your specific business activities. The future is unpredictable, but there are people who can offer yo help and advice to get your business the boost that it may need.

As management consultants you will probably be aware of some, if not all, of your regulatory bodies such as:

  • Chartered Management Institute (ACMI / MCMI / FCMI / CMgr)
  • Institute of Management Consultancy (MIMC / FIMC)
  • Institute of Business Consulting (MIBC / FIBC)
  • Various degrees and masters qualifications are available to management consultants.

Your regulating body will be able to give you guidelines with respect to the cover your professional indemnity policy should offer (if you speak with a specialist PI broker they will also be able to help you purchase the correct cover)

What am I covered against?

There are many different reasons why someone may issue a claim against you, but whatever this reason may be, it's not going to be good. It only takes one unhappy customer to make a complaint and you could find yourself in hot water. As a management consultant you can be found liable for many different claims such as:

  • Neglect
  • Error or Emission
  • Infringement of intellectual property rights
  • Lost, damaged or stolen documents

As a management consultant it is highly likely that you will be giving advice, sometimes this advice may be inaccurate or fall short to your clients high expectations. This dissatisfied customer is within their rights to make a claim against you as you have provided inaccurate advice and if this client was to suffer a financial loss due to this advice then you will be liable for those costs, legal fees and any compensation awarded.

If you would like any additional advice on management consultants professional indemnity insurance, please do not hesitate to contact one of our brokers who will be more than happy to help.