Business Coach Insurance
Business coaches provide guidance and recommendations to businesses so that they may become more profitable and lucrative. They do this in many different ways. By increasing sales, improving management, training, and even creating tools to help your clients succeed. Your clients are putting their trust in your expertise, but the problem with the position is that it is still fallible. A client who starts to lose money after you leave could very well consider to sue you, even if there is ample evidence they did not take your advice to heart. Insurance is the best way to protect yourself from litigation and from other disasters that can occur to you and your business and should be considered a must for any business coach.
Why Do I Need It?
Carelessness and negligence are two legitimate reasons for your previous clients to start a compensation claim. Insurance policies that include professional indemnity insurance will help to cover and protect you from dissatisfied clients, even years after your work for them. If you need legal representation, coverage can also be provided.
Did You Know?
Professional liability insurance and greater coverage to protect you from litigation are necessary, as one real estate business coach can attest. In this case, the claim was due to defamation, but there have been cases where business coaches have been brought to court years after because their strategies did not work, as is the right of clients until the end of the statute of limitations.
This can easily be thrown out as a frivolous lawsuit, but you will need to have insurance that will cover the legal defence costs. With a well-rounded, tailored insurance plan that you should aim to audit at least every three years to ensure that it is still covering you adequately.
What Can It Cover?
It is up to you to tailor your insurance plan to cover your business properly. The insurance you take out will depend on what type of business you are operating, whether you have office customers and clients can visit, have employees, and so much more. Generally speaking, however, you will want to ensure that your insurance policy covers you for:
- Public liability – In case you get injured on-site or a customer gets injured in your office.
- Professional Indemnity – To cover you in case litigation is taken against you over your professional advice.
- Coverage of legal defence costs – In the event that you are sued, your insurance will provide the upfront fees to cover your defence.
- Health and Injury Cover – If you work as an individual consultant, be covered in the event of an injury or illness that prevents you from working for long periods of time.
- Retroactive Cover – To protect you for work done in the past.
- Employee coverage – To cover your employees in case of injury, accident, or in the event that they have caused an accident.
What Isn’t Covered?
You can have very comprehensive coverage, but you need to know what your insurance policy needs or else run the risk of not being fully covered. Review your policy regularly and every time you add a new employee or grow as a business to ensure your policy reflects your current needs.
So call us today on 1300 669 664 or click on the button above to get your quotes started.