Management Consultants Insurance
The term management consultant is rather vague description as they generally operate across a wide a very wide range of business activities. This can cause a problem when searching for PI insurance or indemnity insurance as it is also known as it is very important that the insurer understands your specific activities and the policy is worded to suit these activities. Typical services provided include supply-chain management, business strategy, management and financial controls, human resources, information technology, marketing, e-business and operations.
Management Consultants help organisations improve a business’s performance, solve issues, create value, implement new structures and solve issues of their clients. Consultants use their skills to provide objective advice and expertise which the organisation may be lacking.
Management consultants are primarily concerned with the structure, strategy, operations and management of an organisation. They will identify options and suggest recommendations, as well as helping to implement solutions.
Typical work activities
The day-to-day activities of management consultants are often complex and varied. Projects can vary in length depending on the type of consultancy, firm and the demands of the client.
- identifying issues and forming hypotheses and solutions
- presenting findings and recommendations to clients
- implementing recommendations/solutions and ensuring the client receives the necessary assistance to carry it all out
- managing projects and programmes
- leading and managing those within the team, including analysts
- liaising with the client to keep them informed of progress and to make relevant decisions
When purchasing PI insurance for consultants all of your business activities must be noted, including any you are intending to do in the future as any missing or omitted information could invalidate your insurance.
PI insurance is priced according to the risk and many management consultants are deemed low risk against other professional occupations such as solicitors, accountants, and financial advisors, and this is therefore reflected in the premiums as premiums can be from as little as £150.00 a year. This does not mean that buying an off the shelf product will be acceptable. We believe that each business is unique and therefore should be treated individually. We at Herald Insurance will take the time to listen and understand your business activities giving you the peace of mind that you are adequately insured should a claim arise.