Why consultants need professional liability insurance

During the past several years, many factors have fueled the remarkable growth in the number of AIChE members who are consulting. Trends like corporate downsizing and the ease with which one can now establish and manage a homebased business have contributed significantly, and helped to create a more entrepreneurial environment. At the same time, a growing number of companies are outsourcing, and purchasing expertise from independent consultants for specific projects.

AIChE members earning income from a consulting practice, whether full- or part-time, need to consider professional liability insurance.

Whenever a company pays a fee to a consultant for professional advice, the …