Consultants

Professional Indemnity Insurance for Consultants

You have built up years of knowledge, working for other people. You may be looking for a new challenge in life. Perhaps you have been made redundant recently or been forced to retire. What about “going out on your own”?

You find many people are asking for your advice and expertise. Former competitors hear you are no longer employed, they ask if you would like to come in and consult on a special project. They offer you a short term contract with extremely attractive fees.

Starting your own consultancy business which offers an individual’s expertise to people who need it, is a growing area. Professional people build up huge amounts of skill, experience and knowledge. Why waste it? You are in control. Take the challenge.

However, there is a risk with offering advice as a consultant. If you make a mistake or do not provide the advice that is needed, you could be liable for the financial loss suffered by your client.

If an angry client who has suffered a financial loss based on your advice, may take legal action against you. The result is that you could have to pay for this loss. Not just this, but you may need to hire a lawyer to help defend you. Your client can also include their own legal costs and other investigation costs. If it ends up in Court, you may have these costs to pay too!

Being sued may seem unfair, but the fact is you are at risk for this happening if you are running your own business. The “buck stops” with you.

One way to make sure you are protected from such a loss impacting on your business is by purchasing something called Professional Indemnity Insurance.

This insurance protection can really help to offer a consultant like yourself, the peace of mind for both you and your client. It will make your client much more reassured and happier knowing that if any of your advice causes them a financial loss due to your negligence, that they will be reimbursed by your insurance company rather than getting very little from a bankrupt professional.

It will also help you of course, so that you can breathe easier knowing your Professional Indemnity Insurance will take care of any mistakes or even just allegations made by a disgruntled client. Your insurance company will be responsible for paying your client the amount they can prove you caused them to lose due to a breach of your duty of care. It will save you time and the additional expenses that you may have had to instead devote to defending the matter on your own.

This form of cover is the most important insurance coverage you will need as a professional consultant. You may also want to add business insurance or public liability insurance for additional protection but your first priority should be adequate professional indemnity coverage.

The cost of a Professional Indemnity insurance policy varies with different insurers, and so too does their cover. It is a good idea to consult an expert insurance broker to look around to find you the deal that suits your needs best. This will also save you time and money, and probably give you the best coverage in the long run because Insurance Brokers will compare not only Insurer’s rates but also their policy coverage.

Cooper Professional Risks Pty Ltd trading as CPR Insurance Services can do all this for you. They have access to over thirty different insurers including Lloyds of London so that any Profession can be catered for. Whether you are a small sole trader to a large consultancy business, we can find the right deal for you.

So call us for help. CPR are experts who will save you.

  

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Robert Cooper - Elite Broker again

We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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