Why do OHS Consultants need insurance?
You’re an expert when it comes to all things health and safety within the workplace, ensuring the right legislation and compliant guidelines are in place. You understand employees and their workplace issues and provide guidance to ease their mind.
As rewarding as being an OHS consultant may be, it isn’t a profession that doesn’t come without its risks and that’s why having the right insurance in place matters.
Did you know?
If you’re an OHS consultant working as a sole proprietor you become personally responsible, both legally and financially, for all aspects of the business. That’s why having the appropriate types of insurance in place are vital.
Insurance For OHS Consultants
Professional liability insurance
When you are providing professional advice and services as an OHS consultant, it’s vital that you consider Professional Liability insurance. It gives you peace of mind and protection against damages related to your services, actions or recommendations.
A Professional Liability policy can extend to cover employees and independent contractors from allegations of negligence, inaccuracy, the failure to perform, incorrect advice and other typical risks associated with the advice and services provided.
General Liability insurance
Before you start inspecting and carrying out your duties as an OHS consultant, it is often a requirement that you have your General Liability policy in place. It is one of the fundamental types of insurances that every consultant should consider.
General Liability is designed to protect you and your business against allegations of bodily injury or property damage by a third party (not an employee). It can cover the related medical costs if an injury were to occur and also covers allegations of advertising injury and personal injury including libel, slander, defamation etc.
Working with clients means there is always a risk for an accident or something to go wrong, potentially causing a great financial loss. That’s where General Liability is important to protecting your business for the long haul.
Business Owners Policy (BOP)
Created as a convenient and cost-effective package to assist OHS consultants, the Business Owners Policy (BOP) combines General Liability (as above) with additional coverage for their business property (mobile phones, laptops etc) non-owned business auto liability, business interruption protection and other coverage options.
A Business Owners Policy creates a tailored and efficient way for you ensure your OHS consultancy business has the protection it needs against unplanned events and common liabilities of your industry.
Protecting your employees is an important responsibility as a business owner and that’s where having the right Workers Compensation coverage in place is vital.
Some of the benefits provided to your employees if they were to make a claim against your workplace for injury or illness include:
- Medical care
- Replacement of lost wages when taking time off to recover
- Funeral costs paid for if they were to pass away
- Disability support costs