Lessons Learnt: Episode 9 – What insurance do I need?
As Consultants we need to make sure we’re covered for unforeseen mishaps. In this episode I share three possible insurance covers you may need. Please seek professional advice before deciding on your insurance requirements.
Hey, thanks for listening to the “Lessons Learnt” podcast No 9
I’m Robyn Simpson, founder of Consult Me Group, where it’s all about sharing what I’ve learned from almost 20 years in consulting so others can grow their businesses faster and more easily than I did.
Toady’s question comes from Trudy: What insurance do I need as a Marketing Consultant?
A very important question. As marketing advisors and consultants we all need insurance to protect ourselves and our families from mishaps – some of which may be out of our control. Although it’s not something we want to ever use, it’s best to have it in place, just in case.
Let me first say, I’m not a qualified insurance broker, so I will share what I know and I highly recommend you talk to a broker to clarify your needs to make sure you get the appropriate cover for your situation.
There are three types of insurance you may need. If you have a team (contractors or employees) you will need some extra insurances and its best you ask your contractors to provide details of their insurance before engaging.
1. Professional Indemnity insurance. All advisors and consultants need this insurance. We ask our team to have at least $2million worth of cover. This insurance will cover you for things such as:
- Failing to deliver a promised service – e.g. an increase in search rankings
- Providing shoddy or incomplete work
- Conflicts of interest
- Damaging your client’s brand – e.g. through Social Media
- Confidentiality and copyright breaches
2. Public Liability – this is needed if you work offsite for example as an event manager or if you run workshops or your own events. This insurance covers you for things that could go wrong such as someone tripping and hurting themselves while at your event or at an event you are organising.
The level of cover depends upon your level of exposure. When we were designing and building expo stands, we had minimum $10million public liability cover, which was required as a supplier to those events.
3. If you have employees or contractors working from your home or office, you may also need Workplace cover. The best place to get advice on this is business.gov.au under their finance / insurance section. If you’re not sure if you need it, give them a call – they are pretty helpful.
I had workplace cover to cover my nannies who worked from my home. And just a side note, if you have a nanny working from your home, you will need this cover whether or not you work from a home office. This insurance covers you for any accident that may occur at your place or work or your employees/contractors place of work, which could include a courier who is dropping off an item. This one isn’t very expensive, so it may be worth getting just for peace of mind.
I have heard of cases where Employers who allow their staff or contractors to work from home are responsible for any accidents that occur at the employees/contractors place of work, even when its not your place of work/home. So check out the latest laws and speak to a broker before making any decisions.
A great question and one that we all need to be aware of. I hope you don’t need to use it, but I recommend you have insurance just in case. We hope you found it useful.
If anyone has a question, head over to our Facebook Group – Consult Me Community and post your question, and we’ll do our best to answer it for you.
Thanks again… here’s to your success.