SWG PL - Protecting Management and Business Consultancies

February 5, 2020

The consulting industry in Canada has steadily grown over the last decade. Industry studies project steady growth with stable competition and demand over the next three years. (1)

Many consultants and freelancers in any industry aren’t covered by the right type of insurance and could face accusations of negligence from their services. Even if they aren’t found liable, the resulting court proceedings could cost their reputation along with their livelihood.

In most cases, these professionals need more coverage than just general liability. This is why SWG PL offers a combined CGL and E&O package to cover a wide range of business and management consultants. This tailored coverage protects freelancers and small to large sized businesses from a range of miscellaneous risks.

Protection Where Consultants Need it Most

What are the most common exposures for management and business consultants? Here are some of the major liability risks for this industry:

Consultants could be accused of negligence for administrative errors, such as documentation errors or verification errors, that results in their client taking financial loss

Consultants may be accused of offering bad advice; for example, HR consultants could be held responsible by a client for hiring a person who ends up being incompetent

Consultants could be liable for personal injury, such as accusations of defamation and slander resulting from their services or advice

Depending on the industry, consultants may incur expenses from disciplinary proceedings by regulatory bodies or associations

Consultants may be held responsible for misusing, exposing, or failing to protect sensitive client data

Consultants in marketing or advertising might be accused of misrepresenting a client’s products or services

The Advantage of SWG PL

SWG PL - Miscellaneous Professional Liability insurance offers a packaged E&O and CGL policy that covers a wide range of classes of business and allows brokers to offer their clients coverage specific to their profession and industry.

We offer a Miscellaneous PL policy at competitive rates, backed by SWG’s extensive knowledge and underwriting experience in professional liability.

More details are available on our website.

Content is current as of the date of broadcast and is subject to change without notice.


Source:

1. https://sba.ubc.ca/blog/industry-overview-management-consulting-canada