Going into business for yourself can be quite tricky these days. The allure is great and the prospect to make money is there, especially in Canadian agriculture, but that doesn’t mean that doing so doesn’t come without a lot of risks. Even the consultant can be exposed to a lot of potential dangers these days. As an agricultural consultant, it is your job to provide industry experts with expert information and data that will help farming and farming-related tasks. With your keen eye and expert analysis, you will be able to help certain businesses not only get ahead but thrive. Sounds pretty amazing, right? It is, but the only problem is, things don’t always work out the way they were intended. This is probably, even so, more true in the farming industry.
Whatever the situation is, it pays to be backed with the right consultant insurance policies. The right insurance policies will not only protect you and your business in certain situations, but they’ll protect your livelihood as well as that of your family. What types of insurance do agricultural consultants need and how can it help?
General Liability Insurance
General liability insurance is going to be a must-have for any agricultural consultant, as it will cover you in the event of customer injury, customer property damage, or advertising injury. If you or an employee at your firm go over to a customer’s property and damage it while performing analysis, you’ll be responsible for those damages. Without general liability insurance, this is something that you’d have to pay for out of pocket. Most people aren’t financially backed for this kind of undertaking. The same can be said when you injure a customer. Imagine you are on a farm, working on a ladder, trying to conduct an analysis, and drop something on the customer.
If it knocks them out and sends them to the hospital, you’ll be deemed responsible for those medical bills. The healthcare system in Canada might be a good one, but can you afford to pay for these costs out of pocket? Not likely and this is where general liability insurance provides the protection and relief that you need. As you just learned above, GLI will also protect you from advertising mishaps or slander. What does this mean? It means that if you accidentally harm another business’s name when advertising, the insurance will cover any lawsuits that follow. This happens more than you’d imagine and it is a must-have coverage for small consulting businesses today.
Professional Liability Insurance
Professional liability insurance is a big one for any business today. However, it is probably even more so important for those businesses that are in the business of giving input and advice. As an agricultural consultant, this is what you do above all else. You’ll be providing your customers with what is supposed to be industry expertise and insight to help them get ahead. The only problem is that any market can be volatile. It doesn’t matter how many studies, how much research, or how long you’ve looked at something, any market can change at the drop of a hat.
When this happens, the customer might blame it on you for the loss of their finances. Not only this, but there are times when you can make oversights. No one is perfect and mistakes do happen in business. Whatever the situation is, professional liability insurance is there in these specific times to provide the relief that you need. This insurance will cover the costs of any lawsuits that are made to claims of negligence, work mistakes, or oversights. It’ll pay for your lawyer, any deposition fees, court costs, and it might even cover a good portion of the settlement if you lose in court.
Workers’ Compensation Insurance
Going into business for yourself is a majestic thing. It affords you the ability to be your own boss, setting your own schedule, and working with the clients that you want to work with. The only problem is, that no matter how hard you may try, no man is an island. What does this mean? It means that you simply cannot stand alone. If you get big enough, there will come a point when you’ll need to bring in outside help. And, that’s more than okay because that’s what employees are for. The only problem is, you have to make sure those employees are properly compensated and cared for. This is extremely important in Canada, as there are tons of employee’s rights, rules, and regulations.
In fact, one of the laws is that as an employer, you must provide your employees with adequate protection in the event that they are injured on the job. That’s exactly what workers’ compensation insurance will do. Say, you have an employee that is injured on the job and has to be out of work for the next two to three month. Have you thought about the expenses that come along with this? Not only are there medical expenses, but there are wages, rehab, and mental expenses. Who do you think the employee is going to turn to for compensation for these expenses? If you guessed you then you guessed right.
As an employer, it is your job to provide your employees with these kinds of protections. Doing so out of pocket would be unfathomable, even for the wealthiest of businessmen. Luckily, this is where workers’ comp comes in. Such policies will cover everything that was mentioned here.
Business Owner’s Insurance
As a business consultant, it is likely that you’ll also have a physical site where customers will come in to discuss projects, upcoming jobs, and future plans. This is what is known as a physical storefront and it is something that most consultants will have, even though you’ll be spending a good portion of your time in the field. Nonetheless, you’ll likely have customers, mailmen, employees, and other passersby in your business. This means there is always the risk of slips and falls. Maybe your customer’s property gets damaged while on sight. Whatever the situation is, you’re going to be responsible for any financial compensation related to such charges.
This is what business owners insurance covers. It’ll also cover lawyers in the event that customers want to go as far as to sue you for the incident. Such policies will cover court costs, lawyer fees, deposition fees, as well as a portion of the settlement. Depending on the insurance provider and the claim you take it, it is entirely possible that it will cover the entirety of the settlement.
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Other Types of Consulting Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of consulting businesses.
- Business Management Consultants Insurance
- Environmental Consultants Insurance
- Education Consultants Insurance
- Executive Consultants Insurance
- Healthcare Consultants Insurance
- HR Consultants Insurance
- Marketing Consultants Insurance
- Market Research Analyst Insurance
- Personal Consultants Insurance
- Risk Management Consultants Insurance
- Research Consultants Insurance
- Safety Consultants Insurance
- Technical Consultants Insurance