Due to the unique nature of the consulting industry, professional consultants experience high risk levels for being sued for error, omission, or negligent acts. Consultants Professional Liability Insurance, also known as Errors and Omissions Insurance, can protect you from financial setbacks when something goes wrong. Although there are many reasons why you need Consultants Professional Liability Insurance, three of the top reasons are listed below.
- Poor Execution
If you poorly execute a consulting task, there is a chance that your client may pursue a claim against you. Poor execution may include improper documentation or fact verification, misrepresentation of facts, and missed deadlines.
- Violations of State and Federal Law
Legal violations may include deliberately disseminating false information, theft or sale of client’s trade secrets, and violation of the right to privacy.
- Cyber Liability or Data Breaches
This type of insurance also protects against the inadvertent theft or disclosure of confidential content through breaches in company software or cyberspace. It can also be designed to protect against destruction of computer software and systems from hacking, computer viruses, or criminal activity.
Contact a Consultants Professional Liability Insurance Wholesaler Today
A Consultants Professional Liability insurance wholesaler can help you find the right insurance coverage to meet your individual needs as a consultant. Contact a wholesaler today to learn more about proper insurance coverage can protect your consulting business.