About Business Insurance For Teachers & Consultants
They are both roles that require your expertise, experience and knowledge but working in this way does pose a number of risks. As a teacher you are in a position of authority and responsibility and as a consultant your clients rely on you to provide the right advice. However, if you act negligently or provide incorrect advice then your client could experience financial loss or even injury and this is where a claim could be made. If a claim is made the costs can be extremely high as there are costs to defend the claim as well as compensation and court costs involved. As with any claim, if you do not have the right cover in place then your business could be at risk because you will have to pay for these costs but there is business insurance available to help remove these costs.
Business Insurance For Teachers & Consultants
Business insurance is designed to protect your business and its finances. Therefore, any claim made against your business whether it is for negligence or incorrect advice that leads to financial loss or injury you can be sure that you are covered. Mistakes and negligence can occur at any time but it is how you deal with them that is important and that is why business insurance is a crucial addition to your business.
How Does It Work?
Even as a teacher or consultant you are at risk and this means that you should ensure that you have adequate protection.
Professional indemnity insurance has been specifically designed for your occupation and it is in place to help you defend and cover any costs associated with a claim. It is all too easy to offer incorrect advice but the implications that come with this could be huge because your pupil or client could experience financial loss or injury. As a teacher you may provide incorrect information that could lead to exam failure. This can cause stress and illness which could also lead to financial loss. Working as a consultant you could act negligently and fail to take notice of a client’s requirements which could lead to a missed deadline and a loss of earnings. There are many possible risks but ensuring that you are protected by the right insurance is the best business practice.
There are also a number of risks associated with causing injury or damaging the property of an individual. Therefore, public liability insurance is the right insurance to protect you. You could drop equipment onto a pupil and cause injury or a client could visit your office for a consultation and injure themselves on damaged furniture. While you may believe that the risk is low, the fact that there is a risk proves that you should put this insurance in place.
Business insurance provides the following features:
- All claims are covered by this insurance
- Full assessment of claims before payments are released
- Your business is protected
- All costs including those associated with defending claims and compensation are included
- Business needs fully understood to determine the correct cover
- Court attendance costs are included
- Flexible payment options for all budgets
What Are the Benefits?
The following benefits are available to you with business insurance:
- Ensures that you meet all legal obligations as well as regulations
- Focus more on your business and not claims
- Complete financial protection
- Professional advice and representation is there if you need it
- Re-assurance and peace of mind that cover is there for you.