In the intricate realm of international trade, consultants must navigate complex foreign markets for their clientele. As an International Trade Consultant, you bring your expertise and skills to accurately analyzing data and trends in order to be able to properly advise your clients on their business. Whether you work in supply chains, sales, production, human resources or other areas, your talents are in demand in this global marketplace.
Why do International Trade Consultants need insurance?
ALIGNED Insurance is here to help keep the focus on your business by taking care of your insurance needs for you. In your profession, it is vital to have adequate protection against the risks you can anticipate, as well as those you can’t. The risks of giving professional advice are real and any errors, omissions or claims of negligence can have deep impacts on your business.
What kind of Insurance coverage do you need?
Even though you are an expert predicting markets and advising your clients about a variety of global factors that might affect their business, there are times when you might inadvertently expose yourself to risk. As an International Trade Consultant, you should consider the following types of insurance coverage for your business:
1. Professional Liability Insurance – This type of coverage, also called Errors and Omissions Insurance applies to many different professionals who give advice and perform work for clients. As an International Trade Consultant, the core of your business is providing predictions and information to your clients, as well as giving advice as to how to proceed based on this information. Professional Liability insurance is essential and will cover you in cases of claims alleging financial loss incurred due to your advice, or in other cases of potential negligence in delivering services.
2. Commercial General Liability Insurance – General liability insurance is necessary to shield you from third-party claims related to the location where you do business, whether it’s an office or out of your home. This type of coverage protects you against liability claims for bodily injury and property damage related to your premises, operations, completed operations, products, and advertising.
3. Another type of insurance that is necessary for businesses is Cyber Liability Insurance. This coverage protects your business, which is likely almost entirely online, from data loss or breach due to malicious activity or some kind of error.
Some possible claim situations you could face as an International Trade Consultant include:
- A client’s investment doesn’t pan out the way you predicted, and he is looking to recoup his losses by suing your company.
- You mistakenly advise a client inaccurately regarding customs procedures for a certain country and a shipment is sent back from the border. Your client claims the shipping fees against you.
- Your office computer system malfunctions and you lose necessary client information.
Let the ALIGNED team of brokers determine the risk related to your specific niche in the international trade market and develop a custom insurance package to meet your needs.