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Professional Liability Insurance For Consultants & Financial Advisers
Consultants and financial advisers are responsible for giving their customers expert advice on a wide variety of topics. Some customers may rely on your services to make them money while others simply want you to prevent them from losing too much. One day you may be tasked with helping a client pare down his work force and another day you may be expected to give expert tax advice. The services you provide come with a great deal of trust and responsibility. You cannot afford to make mistakes. That is why it’s important for you to protect yourself with consultants and financial advisers professional liability insurance.
A consultants and financial advisers professional liability insurance policy is another name for an errors and omissions (E&O) policy. This insurance is specifically designed to protect you from suffering the financial and legal impacts that can arise if a customer brings a lawsuit claim against you for professional mistakes. When the customer feels that you have caused them financial losses or harm, they may sue your company for the damages. These lawsuits can arise even when your company is not actually at fault, yet you will still have to spend time and money defending against them.
For example, a financial consulting client may sue your company if your firm fails to sign and date a financial contract properly and the failure causes your client to lose money. Likewise, a business consultant may make an error in profit calculations when preparing a proposal for their customer. If that customer loses business and income due to the mistake, they may sue your company for the damages. Consultants and financial advisers professional liability insurance is there to help you through trying times of this sort.
Depending upon how your consultants and financial advisers professional liability insurance policy is configured, it can pay for the cost of your legal defenses when lawsuits arise. It can also pay for awards, settlements or judgments when necessary.