The time has passed when we can print business cards that say we offer "consulting" services without protecting our families and ourselves.
According to Jim Olsen of National Liability Management, Inc., "Even when you've done your best you can be dragged into disputes. Most claims made against consultants are over money, and when you're involved in any aspect you're likely to be part of it. The majority of claims made against consultants are considered to be without merit. In fact, only 60 percent of all claims filed against consultants include a payment to the person making the claim. The average paid to a claimant is $21,341."
He continues, "Many claims require the hiring of legal counsel and expert witnesses, and involve other expenses. On average, the cost to defend a claim exceeds $15,000. This includes those claims made against consultants who have done nothing wrong. Can you imagine having to spend $15,000 out of your own pocket to defend a case when you provided perfectly good service?"
To be safe, many consultants purchase liability insurance coverage. It is a good idea to conduct a search to find the group plan that best suits your needs. If you don't know where to start, speak with Jim. He is one of the corporate sponsors of the Linda Miles Speaking and Consulting Network, and he offers protection at very reasonable prices.
For more information, contact Jim Olsen at PMCA at Jim Olsen or call (800) 955-2840.
