It is often said that with great power comes great responsibility. As business owners navigate their core constituencies such as customer satisfaction, social perception, company culture and growing revenue, the quality of advice they receive from business consultants can serve as an accurate GPS or a costly detour.
However, regardless of the initial level of rapport you have with a client, relationships can deteriorate rapidly based on substantive faces that advice you provided caused a financial loss or even the simple perception that it did. In today's highly litigious and entitled society, lawsuits can happen in an instant which can disrupt cash flow, time and potentially lead to financial ruin for any business owner, especially a veterinary consultant.
As client expectations of performance increase, lawsuits against professionals are becoming more common. Defense costs alone can erode a company's bottom line. Not only can a veterinary consultant be sued by a client, but they can also be sued by any third party that suffers or allegedly suffers economic damages as a result of acts, errors, or omissions in their performance of professional services.
Professional liability insurance, sometimes called errors and omissions insurance (E&O), is one of the most important types of insurance because business consultants are called upon to offer recommendations, advice, and strategies for clients who need their help run their business, gain profit and accomplish various goals or objectives.
Many professional and personal service providers have their own specific type of professional liability, unlike consultants which are considered "non-specific services." Examples of specific professional services that have their own type of professional liability include:
Consultants are considered to be a non-specific professional service because they can provide a wide range of services to any industry, from petrochemical to veterinary.
If your services as a business consultant include offering managerial advice, maintaining confidential information, helping hospital owners sell their practice, or simply provide continuing education (C.E.), and you do not currently have insurance to protect yourself, your business could suffer a catastrophic financial hardship.
Since 2010, we have offered professional liability to members of Vetpartners that provide services including:
Members of Vetpartners can receive a member discount through our network of professional liability insurers.
For more information about this program and how to obtain coverage please contact Rod Finnegan at (800) 272-1249. You can also schedule a Zoom consultation with Rod directly by clicking the link: Calendly/Rod Finnegan.
For more information on how to become a member of Vetpartners go to www.vetpartners.org.