As an education consultant, you above all else should understand the importance of a good education. Not just a good education, but an effective education. This is why it is important to take the time to learn how to protect yourself and the business you’ve built or are in the process of building. Knowing the risk that your Canadian business faces is just as important as knowing how to mitigate those risks. Thankfully, having the adequate consultant insurance policies in place will ensure that you don’t have to discover this information the hard way. The only problem now is knowing which insurance policies you need in place and how they can protect you and your business in specific situations. That’s exactly what you are going to learn here.
Understanding Your Threats And Why You Need Insurance
Right from the start, you are probably thinking – I am nothing more than a glorified advice giver, why in the world would I need protection? Well, just think about what you said there for a minute. You are an advice giver. When could anyone ever guarantee that the advice they give will work out specifically for certain individuals because they intend? No one could. Sure, you might use in-depth analysis, research, and studies to back your claims, but just because one thing worked for a specific student, it doesn’t necessarily mean that it’ll work for another student.
Students and families are individually unique with unique needs. Just because physically and mentally challenged students thrived in a specific program, it doesn’t mean that another will do the same. This is just one of the reasons that you’ll need coverage. Parents with gifted or challenged students oftentimes put a lot of money and effort into these students. When things don’t work out on the advice that you’ve given, they aren’t going to be happy.
It is even likely that things will go so bad that they’ll come after you and your business seeking financial repercussions. Certain insurance policies can protect you in these situations. Not only this, but your employees face the very same risks. Certain insurance policies will protect them as well. Heck, you are at risk of your employees. Even though your job is low-risk it is possible that they can get hurt on the job. If this is the case, you’ll need policies to protect in these situations. The only problem is, unfortunately, there is no one-solution-fits-all. You’re going to need multiple policies to protect you from each of these unique situations.
Why General Liability Insurance
General liability insurance is as basic as it gets when it comes to education consultant insurance. However, it is a policy that provides some of the most comprehensive coverage. As a consultant, you will likely be working in the customer’s home more often than not. During these visits, it is possible that you might end up damaging a customer or their property. What if you drop your clipboard and it chips a customer’s marble tile? What if you trip and knock a customer down, resulting in a broken nose, chipped tooth, or a broken arm? Sounds a little far-fetched, right?
It happens more often than you’d imagine. Could you cover the expenses for something like this out of pocket? Likely not! This is where general liability insurance helps. It’ll not only cover the medical expenses for the costs of incidents like this, but it’ll pay for a defense team if the customer wants to sue. This coverage will also cover damages to property.
Why Professional Liability Insurance
Advice giving is your business, but it is also your biggest threat. And, this is exactly why professional liability insurance is needed. It is the type of insurance that will protect you in the event that you give advice that turns out completely wrong. It’ll even provide the coverage that you need in the event that you do make an oversight or misjudge something. Yes, it’s been known to happen. No one is perfect and gives the right advice at all times. Maybe you misjudge something or overlook something. Maybe you put a student in a program where they’d be better off in another.
Whatever the situation is and whether or not you are to blame for the dissatisfied clients, this policy will cover you. It will cover your attorney’s fees, court costs, as well as a portion of the settlement if you are deemed guilty. Certain policies with specific providers might even cover the entirety of the settlement. The question you should be asking is, why not professional liability insurance?
Why Workers’ Compensation Insurance
Every risk that you are exposed to, your employees are as well. Have more than one employee? That means your risks have literally doubled. Not only are you at risk of your employees making mistakes on the job, but you are at risk of your employees getting injured on the job. This is where workers’ comp provides the relief you seek. In fact, in Canada, these are policies that are required by law. If you plan on having your own consultant team, you’ll need to make sure that they are adequately protected and covered. There is no better way to do that than with workers’ comp insurance.
It’ll not only cover the lost wages and medical expenses of your employees if they are injured on the job, but it’ll cover their rehab costs as well as any mental anguish they suffer along the way. If they want to sue, it’ll cover what you need to fight the case in court, whether you are to blame or not.
Why Business Owner’s Insurance
It is likely that you’ll be working mostly off-site, in customer’s homes, businesses, or in schools. However, if you plan on having a physical consulting outlet, you’ll need a business owner’s insurance. Not just for the customers that drop by for consultations, but for the vendors, mailmen, and other patrons. Anyone that is on your property poses a threat if they fall and get hurt or have their property damaged. That’s exactly what this insurance will cover. It’ll cover the medical expenses of anyone injured on your property as well as the expenses to their property. It’ll even cover the court costs as well as some of the settlement if the customer wants to take you to court over the incident.
You’d be surprised at how quick people are to sue these days. Having protection in place against such circumstances could be the difference between you staying open and closing your doors before you get your start.
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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.
- Agricultural Consultants Insurance
- Business Management Consultants Insurance
- Environmental 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