Posted on: March 2, 2015 by Huntersure LLC.
All technical consultants need professional liability insurance coverage.
Technical consulting is a fast growing service sector where experts in a specific field provided advisory services on a contracting basis. These consultants help companies streamline various processes and provide invaluable input on projects, designs, research and more. Many fields require the assistance of technical consultants, such as engineering, bio-tech, technology and information systems, and more. Through their role and job performance, these consultants put their reputation and professional standing on the line to offer their opinions, expertise and advisement. In doing so, technical consultants face a number of unique liability exposures, especially when it comes to making errors. As such, both consultants and consulting firms need strong and responsive Technical Consultants Professional Liability (Errors & Omissions), coverage to protect their assets against losses which may arise.
Independent consultants are often called in for smaller projects that require a great deal of expertise for a short period of time. Large projects, such as municipal construction or environmental testing, often routinely require the hiring of specialized consultant firms. During the contracted consulting period, these firms and individual consultant becomes accountable for their work preformed, the protection of sensitive and shared information, and countless other risk exposures. Professional liability coverage is designed to protect against professional negligence, failure to perform professional duties, or failure to preform contractual obligations. Whether you represent freelance technical consultants or a consulting firm, there are a number of factors which will contribute to their risk exposures.
Here are some common factors which can affect technical consultants and technical consulting firms professional liability insurance needs.
Firm size or freelance. Freelance consultants will have different needs than a business which employs many individuals to provide these services.
Specialty/ Industry. An engineer will have vastly different exposures than a biotech expert who will have very different needs from an IT technician. Your clients professional liability needs are directly linked to the services they offer and the area or field they consult in.
Average project size. Freelance consultants who work on smaller projects in the consumer or small business market could have lower liability exposures than firms who work on multi-billion dollar contracts and projects.
At Huntersure, we specialize in professional liability. Our staff understands the types of exposures that can result in errors and omission claims and can assist you in helping to mitigate your clients’ risks. By working with our staff, agents will benefit from the expertise needed to secure the appropriate policy coverage depending on the types of contracts and activities in which the insured is involved. To learn more about our operation and our miscellaneous professional liability insurance programs, contact us today.