Why do Environmental Consultants Need Professional Indemnity Insurance Cover?
In the modern world, environmental consultants perform an increasingly important range of tasks across a variety of industries. They advise their clients on topics such as pollution, waste management, environmental impact and climate change. Whether a company is in the planning stage of a project or looking to do remediation work, they can look to an environmental consultant for expert advice.
However, if your client looks upon you as an expert in your field, they rely on your advice and services to be accurate and effective. No matter how good you are, you may make a mistake or an error that results in your client suffering a loss. In such cases, your client would be entirely within their rights to proceed with legal action and seek compensation.
There are a number of ways in that clients can allege you have breached your professional duty. These include breach of copyright, incorrect or inadequate advice or design, inadequate supervision and poor work documentation.
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Without professional indemnity cover, you would have to cover the cost of defending yourself against these claims. This could end up being expensive and bankrupt your company.
A professional indemnity policy helps to cover the costs involved in your defence, including inquiry costs and court costs. There’s also cover for the damages or compensation you are legally required to pay. The knowledge that you are protected against any claims of professional misconduct allows you to simply focus on the everyday needs of running your business.
- What does professional indemnity insurance cover?
- How to Compare Professional Indemnity Insurance for Environmental Consultants
- Public Liability Cover for Environmental Consultants?
- Frequently Asked Questions About Professional Indemnity Insurance
What does professional indemnity insurance cover?
Professional indemnity insurance is an essential form of insurance cover for many professionals, from real estate agents and architects to PR consultants and engineers. This form of insurance is designed for professionals whose work involves offering expert advice or services to their clients.
Unfortunately, doing this type of work exposes you to the risk of becoming the subject of a costly lawsuit. If an act, error or omission that causes a client to suffer a loss, that client may decide to sue you for breaching your professional duty.
Allegations of malpractice or professional misconduct can be expensive and time consuming to defend yourself against, but this is where professional indemnity insurance kicks in. It is designed to cover the legal and court costs involved in your defence, along with the cost of any damages or compensation you are legally required to pay.
This type of cover is mandatory in some professions, and it offers an essential form of financial protection for a wide range of businesses. A host of professionals can benefit from this form of insurance, including environmental consultants.Back to top
How to Compare Professional Indemnity Insurance for Environmental Consultants
Choosing the right insurance cover for your needs is vital, so it’s important that you shop around to find the best policy. The first step is to compare a number of insurance providers and find out what each one offers. Finder.com.au contains plenty of information about competing insurers, plus you can also see what sort of information a Google search turns up. Look for an insurance provider with a respected reputation and a history of meeting the insurance needs of businesses. Some companies even specialise in offering this type of cover to certain professionals, so see if there’s one available to suit your needs.
It’s also a good idea to compare the range and level of cover offered by competing policies. Questions you should ask when looking for a policy include:
- Does one policy offer a higher level of indemnity than another one?
- Are there exclusions on one policy that don’t apply to another one?
It’s also important to read the product disclosure statements to get a good idea of the benefits, limits and exclusions each policy offers. Obtain multiple quotes and factor cost into the equation when weighing up the pros and cons of each policy.
If you need further help, don’t hesitate to enlist the services of an insurance consultant.Back to top
Public Liability Cover for Environmental Consultants?
Another form of cover that environmental consultants can benefit from is public liability insurance. Though often confused with professional indemnity cover, public liability cover offers a different form of protection. While professional indemnity insurance covers breaches of your professional duty, public liability covers you when you breach your general duty of care to third parties.
This covers your business for activities that cause a third party to suffer an injury or property damage. For example, if a customer visits your business premises, slips on a wet floor and injures themselves, they may decide to sue you for damages.
This is where a public liability insurance policy provides protection. It offers cover for the cost of defending yourself against such claims, including any damages you may be required to pay. If your business is located in a public place, if clients visit your business premises or if you deal with members of the general public, public liability insurance is often an essential consideration.Back to top
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Q. Do I really need this type of cover?
- A. If you work as an environmental consultant you should definitely consider taking out professional indemnity insurance. It offers crucial protection against a wide range of common exposures for those in your profession.
Q. How much cover do I need?
- A. This depends on the type of business you run and the services you provide. Other factors such as the size of your contracts and the industry you work in, also need to be taken into account when determining the right level of cover.
Q. What does it mean when a professional indemnity insurance policy is offered on a claims made basis?
- A. This simply means that the policy that provides cover for any costs involved in defending yourself against a claim will be the policy that is in effect when a claim is actually made, not the policy that was in place when you completed the work in question.
Q. I need help finding a policy. What should I do?
- A. If you’ve weighed up your options and you’re unsure what sort of policy will best suit your needs, consider utilising the services of an insurance consultant. Consultants have a wealth of experience at matching business with the right insurance policies and will work in your best interests to help you find the cover you need.
Apply for Professional Indemnity Insurance for Environmental Consultants
Professional indemnity insurance offers a vital form of protection for many professionals, including those who ply their trade as environmental consultants. When you offer your professional services and advice to clients, they are relying on you as an expert in your field. And even if you think the chances of you letting your clients down are minimal, one simple mistake can result in a client suffering a substantial loss and deciding to sue you for compensation.
If this happens and you don’t have professional indemnity cover in place, you’ll find yourself having to cover the cost of fighting an expensive legal battle. However, if you do take out a professional indemnity insurance policy, you can rest assured that you will have the cover you need to deal with the expense involved in fighting any claims.
If your business needs professional indemnity cover, make sure to compare a range of options before deciding on the right policy for you.Back to top