The country of Canada has the third-largest forest area on the planet. It is estimated that the country has 350 million hectares of forests. Suffice to say, the country’s forestry industry is thriving. There is always work for forestry professionals. Forestry consultants likely won’t have much trouble finding work in Canada. When business is booming, there is a risk that you’ll become overzealous. You may not realize it but you might be tackling too much at once. This could be very risky because you’ll be much more likely to make mistakes when you’re overwhelmed.
Even if you’re the best and more reliable forestry consultant in Canada, you might find yourself on the wrong end of a professional liability lawsuit. Do you have insurance to protect yourself from these lawsuits? If not, your business might be forced into bankruptcy. This guide will explain the benefits of having forestry consultant insurance.
What Is Forestry Consultant Insurance?
Have you ever thought about protecting your business with insurance? If so, you should look no further than forestry consultant insurance. This insurance is specifically designed to cover the professional liability risks of offering forestry consultancy services. When serving clients, you have to do your best to live up to their expectations. Unfortunately, you may not be able to achieve this goal. Forestry consultant insurance is also known as professional liability insurance as well as errors and omissions insurance. This insurance can be used to protect your firm from professional liability lawsuits.
Even if the client’s lawsuit is bogus, it could ruin your company. Paying those expensive court fees and hiring a lawyer will likely put your company in a perilous situation. Why pay out of pocket? You shouldn’t. Instead, you should use your professional liability insurance policy to mitigate the risks.
What Will Forestry Consultant Insurance Pay?
As you likely already know, the importance of having insurance is to get financial assistance. With car insurance, you’ll receive help paying to repair your vehicle. Consultant insurance or professional liability insurance will also help you financially. This insurance is primarily used to help your company deal with professional liability lawsuits. This means that it is going to help you pay for attorneys and other court-related fees. In addition to this, professional liability insurance will help you pay administrative costs, court fees, settlement costs, and court judgments.
Your attorney may decide that you need expert witnesses to testify on behalf of your company. Professional liability insurance helps you pay expert witnesses so you can win the court case.
Do I Really Need Forestry Consultant Insurance?
Many forestry consultants focus solely on serving their clients. They’ll do everything to make their clients happen. Sadly, they refuse to understand that some clients are never going to be satisfied. They are angry about something else and they’re going to take it out on your company. This can be very frustrating since there is likely nothing you can do about it. Thankfully, professional liability insurance helps with all professional liability lawsuits. Even if the lawsuit is bogus, the insurance will help. Below, you’ll learn about some of the reasons you could have a lawsuit filed against your company.
- Minor Errors – Ultimately, it is easy to make errors. When you’re juggling work for several clients, you’re likely going to rush and this could lead to mistakes. Whether you’ve put the wrong number on an invoice or send an email to the wrong person, a lawsuit might come your way. Professional liability insurance could help you deal with lawsuits stemming from clerical errors.
- Failing To Disclose – You need to be honest and open with your customers. If you don’t tell them everything, you might be sued for failing to disclose something important.
- Failing To Meet Deadlines – You’ll put deadlines in your contracts. If you promise your client that the project will be finished in two weeks, you need to finish it in two weeks. Fail to do so and you could be sued.
- Misunderstandings – You also have to worry about misunderstandings. While you’ve done your best, your client expected too much. They have unrealistic expectations from the beginning and you can’t satisfy them. Although it wasn’t your fault, your client believes it was.
General Liability Insurance
Besides using professional liability insurance to defend your company, you’ll also need other insurance products. For instance, you’ll need to obtain general liability insurance. Besides professional liability insurance, you’ll find that general liability insurance is one of the most important insurance products you could have. You work with a lot of clients and you never know when you’re going to do something that will hurt your client. Or, you might damage their property. One of your employees may crash into your client’s vehicles in your parking lot. If this happens, you can expect to be held liable.
Can you pay to fix the damage? Can you afford it? This is something you won’t need to worry too much about when you have general liability insurance. Get a general liability insurance policy and you can fix these problems without negatively impacting your bottom line.
Business Interruption Insurance
Business interruption insurance is important to forestry consultants. You like performing many of your duties from your office. You hold meetings there and you work on your computer there as well. A storm or disaster may force you to shut down your office and business temporarily. You intend to repair the damage and return as quickly as possible but you aren’t sure how long that will take. Can your business survive the downturn? Business interruption insurance will be very helpful in this situation. This insurance can help cover your operating expenses.
For instance, it’ll pay the revenue you would typically make if your business was operational. In addition to this, it can help with your payroll so you won’t have to fire your employees. It’ll also pay the mortgage, rent, lease payments, taxes, and relocation costs.
Your office building is full of equipment. You have computers, printers, fax machines, tablets, and other items. These items were very expensive and they’re essential to the overall success of your company. Sadly, someone broke into your building and stole your valuable computers. Can you realistically pay to replace them? What happens if a fire damages your business’s equipment? Business contents insurance will help. You can use this insurance to replace the equipment conveniently and affordably.
Finally, you’ll want to purchase cyber insurance for your forestry consultancy. Any company that stores information in an online database needs this insurance. If your database is hacked and your information is stolen, you’re going to be sued. With cyber insurance, you can get over this obstacle and keep your company afloat.
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
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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.
- Acoustic Consultant Insurance
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- Energy Conservation Consultant Insurance – Commercial/Industrial
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- Forestry Consultant Insurance
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- Personal Consultants Insurance
- Printing Consultant Insurance
- Publicity Consultant Insurance
- Public Relations Consultant Insurance
- Quality Control Consultant Insurance
- Regulatory Consultant Insurance
- Research Consultants Insurance
- Risk Management Consultants Insurance
- Safety Training/Consultant Insurance
- Security Consultant Insurance
- Technical Consultants Insurance
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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?