Professional Indemnity Liability Insurance
Education Consultant Insurance â Professional Indemnity (PI) Insurance
As chancellor Gordon Brown provided an unprecedented amount of money for education, funding a huge number of policies designed to raise standards. Since 1997 the amount spent per pupil has doubled from £2,900 to over £5,850 today-totalling some 5.6% of the UK’s GDP.
With the government aiming to provide a world class education for all, educational consultancy has become a huge industry. Today, thousands of highly skilled consultants are engaged by Local Education Authorities (LEA’s) Schools & Agencies to improve chances for children, be it driving up education standards or building schools for the future.
Despite the stellar work education consultants contribute to society they are not immune from risks of the business world. Like any other ‘professional’ who provides advice or services, they are personally liable for any errors or omissions they make during the course of their work. Only recently a headmistress tried to sue OFSTED inspectors for interfering with teaching & failing to recognise her schools achievements – despite being judged to have the best league table record in the country for improving pupil performance.
So in todays ‘compensation culture’ where clients don’t think twice about suing, what financial protection is available to education consultants if things go wrong?
Professional Indemnity Insurance For Education Consultants.
A number of UK brokers offer tailored professional indemnity insurance schemes for education consultants. Professional indemnity (pi) indemnifies professionals against their legal liabilities to third parties for injury loss or damage arising from their negligent acts, errors or omissions committed in the cause of their professional duties – including the costs associated with defending spurious allegations. It provides financial peace of mind, as without it, you could find it extremely expensive to defend yourself. PI prices typically start at around £150 per annum for £100k of cover rising to circa £350 for £1 million.
Ensure your properly covered.
Make sure the professional indemnity policy is underwritten by a reputable insurer & covers the key activities you are likely to carry out such as; Education consultancy, training, OFSTED inspections, vocational guidance etc. Its also worth checking if the policy provides retroactive cover, which covers work carried out in the past.
One important asp
ect to bear in mind when considering professional indemnity insurance is that it is written on a ‘claims made arising’ basis. So when you cease trading, retire, or take a permanent job, it is wise to purchase run-off cover for at least 12 months after that in case a claim is made against you, after your policy has expired, for work done previously..
Article Resource:-
http://www.coulsonpritchard.com/articles/education-consultant-insurance.asp
know more about Professional Indemnity Insurance:-
Professional Indemnity Insurance|PI Insurance
Can a 16 year old take out public liability insurance in the UK?
I’m 16 and discovering the viability of starting my own business. I found you can register a business at 16 easily and without problem but I want to take out insurance to protect me in my line of work. I require public liability cover with professional indemnity included! However I then found out most insurance companies will only give insurance policies of this kind to those over 21 and some over 18.
Is it truly possible to be able to register a business under 18 but not able to insure it, any help?
Alternatively is there anyway I can protect myself from public liability (more so professional indemnity)? I operate on a freelance basis.
Thanks for your time.
I am shocked to hear you are having trouble finding insurance as, like you say, you can register a business at 16 so insurance should be just as easy to get.
I work for a public liability insurance broker and have just spoken to some of our insurers. None of them have an age limit so we would have no problem insuring a 16 year old. Unfortunately I cannot comment on the professional indemnity side of things as we do not provide this.
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