It is often said that with great power comes great responsibility. As business owners navigate core constituencies such as customer satisfaction, social perception, company culture, and growing shareholder wealth, the quality of advice they receive from business consultants can serve as an accurate GPS system or a costly detour. However, regardless of the initial level of rapport with a client, relationships can deteriorate rapidly based on substantive facts that advice received lead to financial losses or even the simple perception that it did. In today's highly litigious society, lawsuits can happen in an instant which can disrupt cash flow, time, and potentially lead to financial ruin for any business owner, but especially a consultant.
Unfortunately, veterinary consultants are somewhat of an anomaly because many choose not to carry insurance protection and thus expose themselves to peril and endangered long-term viability. As a community of highly collegiate and caring individuals, Veterinarians spend considerable time pursuing their passion of medicine and far less time understanding many important business matters. For this reason, many will lend great trust to business relationships such as attorneys, accountants, consultants and insurance agents. And as professionals supporting the Veterinary industry we carry an even greater responsibility to their care compared with serving other industries.
Consulting Professional Liability Insurance, also referred to as Errors & Omissions (E&O) coverage or Miscellaneous Professional Liability is designed to protect if clients claim your advice caused them a financial loss. The key point to understand, is that you do not have to have erred, but if a client believes that you did, you can still be sued.
If you currently do not carry Professional Liability we want to ask you a simple question: “Do you have $50,000, $100,000 or more in liquid capital that you are willing to spend on hiring attorneys, wasting time and paying client damages?” Of course not; however, you could easily find yourself in this position if a client sued you and you failed to be insured properly.
Professional liability coverage pays for legal defense of your business and other expenses related to some lawsuits. If you become legally obligated to pay your client for financial loss or other damages, your policy may pay the award as well depending on the provisions of your policy.
You can apply for a quote online or speak to a Vetinsure agent today to discuss your business and help get you protected now!