As an energy conservation consultant in Canada, you will agree that you’re a unique individual. And, you’ve found yourself in a unique position. With your assistance, your clients will be able to save money while protecting the environment. Nevertheless, you have an uphill battle ahead of you. Energy conservation is a difficult subject and some of your clients might be new to conserving energy. You’ll need to lead them by the hand and teach them the basics and importance of saving energy. It isn’t easy but you’re diligently so your efforts will pay off in the long run.
However, you have to worry about potential problems in the future. All Canadian businesses need to be aware of the risks they face. Since you’re working with many Canadian clients, you have to worry about making mistakes, costing your clients, and getting sued. A lawsuit may not ruin your business but it could. You never know how far it will go or how much the case will cost. Energy conservation consultant insurance is an insurance product designed to protect people in your line of work. With this insurance, you can protect your company’s future and keep it afloat during difficult times.
More About Energy Conservation Consultant Insurance
Energy conservation consultants face many risks when working with Canadian clients. When you give someone advice, you risk your advice causing problems. It might seem like a good idea based on your past research. However, technology is constantly changing so your advice may no longer be viable. Or, it could change in the near future. Your advice could cost your client extra money and prevent them from conserving energy. Your client has spent unnecessarily on energy costs and they’ll probably blame your negligence. When a lawsuit is filed against your energy conservation consultancy, you’ll want to do what you can to defend your company and its good name.
Consultant insurance helps you do just that. Maintaining this policy ensures you can hire a lawyer to protect you during a lawsuit.
Energy Conservation Consultant Insurance & Professional Liability
To learn more about energy conservation consultant insurance, you should know that this insurance is actually professional liability insurance. Professional liability insurance is a must since it’ll shield your business from a handful of liability issues. When you’re working with clients, you risk giving them bad advice. It might be an error, oversight, omission, or mistake. Your client may argue that you were negligent. Either way, your mistake cost your client and they’re going to fight back by filing a lawsuit against you. When this happens, your company will be in peril.
To limit the risks involved, you need to defend your company using professional liability insurance. Add this insurance to your policy so you can receive assistance hiring a lawyer when you’re sued for neglect, oversight, or errors. You need to act hastily because waiting to get insurance could leave you vulnerable. Retroactive policies are available but they’ll pay more. It is best to do your due diligence and sign up for policy now.
Benefits Of Energy Conservation Consultant Insurance
You’ve already learned that professional liability insurance is essential for energy conservation consultants. Nevertheless, many professionals do not fully understand the benefits of owning a professional liability insurance policy. Well, you’ll find that this insurance offers several key benefits. First and foremost, it’ll help guarantee that you have access to world-class lawyers. In many cases, the insurance company will take over the lawsuit for their client. They’ll assign their lawyers to defend the client so the client will get the high-quality defense possible. Since you’re receiving monetary assistance and excellent attorneys, you will minimize your risk of going bankrupt and losing a lot of money.
Also, professional liability insurance helps you meet the liability insurance requirements of your clients. It’ll also give a good impression. Your clients will see that you have professional liability insurance so they’ll understand that you’re a legitimate company. You may also be protected against government fines if you breach any regulations. Professional liability insurance must be added to your policy.
Combining PLI With GLI
While you’ll want to sign up for professional liability insurance, you can’t afford to ignore the benefits of general liability insurance. Both insurance policies defend your company from numerous risks. However, they’re different in several ways. Professional liability does not protect you from claims of personal injury or property damage. General liability insurance or GLI does. A client visits your property so they can discuss the energy conservation needs of their business. During their visit, they trip over a doorstop and get seriously hurt. They want you to pay for their medical bills.
Can you afford to do so? Even if you can, you’ll want to use your general liability insurance policy to cover the costs. General liability insurance helps protect businesses from personal injuries and property damages. Neither insurance policy is enough on its own so you need to combine various products to ensure that your energy conservation consultancy continues to thrive.
The Cost Of Energy Conservation Consultant Insurance
Energy conservation consultant insurance might be expensive, but it’ll be worth it. You need all of the protection you can get. With that being said, you should sign up for a policy with sufficient coverage. So, how much will you pay for professional liability insurance? There is no universal price. Instead, the price will vary from one firm to the next. You have to remember that your price will depend on several characteristics including your province, your company’s history, and your company’s risk. The insurance provider will analyze your company before determining how much you’ll pay.
Again, this insurance is worth it either way.
How Can I Get Energy Conservation Consultant Insurance?
You’ll want to begin working to sign up for energy conservation consultant insurance as soon as possible. Thankfully, this won’t be too difficult. Your primary concern should be teaming up with a reliable insurance provider. Your options are plentiful and you cannot afford to pick a bad insurance agent or bad insurance provider. The effectiveness of your insurance policy will depend on your insurance company. With that being said, you should work diligently to pick a company you can trust and depend on.
Before deciding, you should contact ProfessionalsCoverage. The experts at ProfessionalsCoverage understand the Canadian insurance industry better than anyone so they can help you find a good agent in your province.
What Other Insurances Will You Need?
Ultimately, your energy conservation consultancy will need several insurance products. Never leave your company exposed to lawsuits since it would jeopardize your future. When signing for insurance, you want to get everything you need and a little more. Below, you’ll find out more about the insurance products that will prove to be beneficial for your business.
Business contents insurance for energy conservation consultants can help. Your office is full of equipment. You have printers, computers, tablets, routers, and fax machines. Without this equipment, you should need to use pens, pencils, and paper to get things done. This would be very difficult, if not impossible. When your computer network is damaged, you need to replace it immediately. Otherwise, your business will be hindered. Thankfully, you can minimize the costs by acquiring business contents insurance. Buy this insurance so you don’t have to pay out of pocket to buy new equipment.
Business interruption insurance is an insurance product that will help all Canadian businesses. You own or rent office space. What happens when a storm damages your office and makes it unusable? You’re right. You’ve found yourself in a perilous situation. Will you be able to fix this problem or will it end your business? To prevent such problems from bankrupting your business, you should obtain business interruption insurance. With this coverage, you’ll receive help paying for another rental property. The insurance can also help by covering the lost income.
Storing information online is beneficial but risky. Hackers are working constantly to find new ways to cripple companies and steal their information. You need cyber liability insurance because you never know when something bad is going to happen. You could click on a link in a phishing email. Or, you may not upgrade your database software quickly enough. These problems will lead to your database being broken into and the information being stolen.
This could hurt your clients and make them angry. Expect a lawsuit to be filed against your energy conservation consultancy. Having cyber liability insurance helps you get through this tough time.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?