You work hard for your clients, striving to provide services that will bring solid impact to their businesses. The cost impact to a small practice can be immense when a dissatisfied client brings in legal back up and sues. Even more troubling is a dishonest client, who may purely be seeking to force settlement.
Many types of businesses obtain liability insurance. We all are familiar with product liability exposure and malpractice exposure among doctors or lawyers. As consulting continues to grow, so too can the risks and the misconceptions among clients. The good news for professional advisors is that liability insurance is relatively inexpensive when viewed against other insurance costs small businesses may be buckling under like health care or auto.
Each small business is different, with its own risks to be assessed. Quotes can be obtained online, but we highly recommend you get in touch with your insurance broker to talk you through the various risk factors among practice types (ie. marketing consultants vs. IT, etc). Like many things involved in running a business, some times we don’t know what we don’t know when it comes to liability. Just that one quick call may give you peace of mind as you build your business.
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