Education Consultant Insurance & 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. PI Professional Indemnity Insurance 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 circa350 for 1 million.
Ensure your properly covered.
Make sure the PI Professional Indemnity Insurance 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 aspect to bear in mind when considering PI 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..
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. PI Professional Indemnity Insurance 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 circa350 for 1 million.
Ensure your properly covered.
Make sure the PI Professional Indemnity Insurance 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 aspect to bear in mind when considering PI 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..