As an agricultural consultant, you need insurance. Your work is important. You're relied on for your expertise and you could be blamed for damage or loss that results from your advice. First and foremost, you need professional liability insurance. Architects, lawyers, doctors, and agricultural consultants need this insurance to protect them from lawsuits.
As an expert, your word carries weight. If you recommend a certain course of action and you're wrong, then you could be sued. Professional liability will help you cover the legal costs and will allow you to continue to work while lawsuits are ongoing. As a professional, you need to protect your work and yourself. You're not always going to give the correct advice, that's understandable, but that doesn't mean that you won't have to pay for your mistakes. If a court deems that you acted in a way that wasn't in line with what a reasonable consultant would have done in the same situation, then you may be ordered to pay for damages that your advice caused. Without insurance, this could be devastating to you and your business.
Professional liability insurance will also protect you from advertising harm. If you advertise your services one way but don't live up to what you said you would do then you could be sued.
Without professional liability, you may not have the money or legal means to protect yourself from these accusations. Make sure you have a professional liability plan in place before you open your consulting business.
You should also consider general liability and small business insurance. General liability covers claims that arise when you or one of your employees injures a client or damages property. If you work outdoors and on job sites, then this is a policy that you must have. Even if you spend most of your time in the office, you never know when this type of a claim may arise.
Small business insurance often comes in the form of a package of several different types of insurance. It may include workers' compensation, general liability, and property coverage in one plan. This is a good idea for business owners and could save you money in the long run.
Before you decide which kinds of insurance you need, sit down with your business partners and make a plan. Set-up appointments with a
qualified insurance expert and find the rates and plans that are right for you. You're a consultant and you need to protect your ability to consult. Make sure you have a professional liability plan at the very least. As to the other types of insurance, do your research and purchase the plans that you need to keep you and your business successful. You may worry about spending too much on insurance, but it's better to spend now to protect yourself from the dangers and challenges that are sure to come in the future.