Management Consultants

As a Management Consultant, the advice you give can significantly change the future direction of a business. This can present risks if things don’t go as your client planned. If a client should pursue you for compensation, Professional Indemnity Insurance covers your legal defence costs and damages awarded against you.

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What insurance do I need as a Management Consultant?

The core cover – Professional Indemnity insurance – relates to the advisory element of your work. A client might claim that you made errors in the advice you gave, or that you omitted certain, important information altogether. If this then leads to them making a financial loss, they could pursue you for compensation.

Our Professional Indemnity policies can cover you for up to £5m, and we increasingly recommend that our clients seriously consider this level. The policy is also arranged on a ‘claims made’ basis. This means that if a claim arises whilst your policy is in force, it will be covered – even if it relates to projects you worked on before you bought the policy.

As well as Professional Indemnity cover, you can add any of these additional covers to your policy:

  • Public Liability Insurance which covers any injury or property damage suffered by your clients or other third parties.
  • Business Equipment Insurance which protects your equipment at home and whilst travelling between locations.
  • Employers’ Liability Insurance is a legal requirement if you employ staff and covers your liability if they are injured in the course of their work.
  • Management Liability Insurance can protect you if you operate as a Limited Company and includes cover for IR35 Tax Investigations.

How common are claims against Management Consultants?

Claims against Management Consultants are rare, but they can and do happen. Although they are rare, the implications of such a claim can be significant. They can be costly, complex and time-consuming and even false claims need to be handled very carefully. Because compensation claims are a legal matter, it’s important that you get the right advice quickly should the worst happen.

Professional Indemnity cover provides this support through ourselves, the AXA claims team and where necessary, a solicitor to help you defend the claim. Rather than pay for any legal support upfront, you simply report the claim and we will guide you through the process.

Why should I deal with iPro for my Professional Indemnity Insurance?

As part of Bridge Insurance Brokers – one of the UK’s Top 50 brokers – we hold ‘Chartered Insurance Broker’ status. This is in recognition of our technical knowledge, capability and ethical business practices. We arrange cover for Management Consultants with AXA Insurance UK – an established insurer with a strong reputation for claims service. You can spread the cost of your insurance with us through interest-free instalments.

Get a quote today

As an Independent Professional, the cover you need to protect yourself from compensation claims needn’t be expensive. You can get an indicative quote very quickly, be covered within minutes and spread the cost through interest-free instalments. All of our policies include Professional Indemnity cover – with full retroactive cover – as standard, with cover provided by AXA Insurance plc.

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