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Scenario #1: Conflict of Interest
At EasyCover, one of the more common Professional Liability claims we encounter is Conflict of Interest.
As the name suggests, a Conflict of Interest occurs if a client accuses you of having outside interests that have negatively influenced the services or advice you’ve provided. While there doesn’t necessarily have to be proof of wrongdoing, the very fact that a Conflict of Interest exists could mean you’ll be taken to court by a client should they feel a service you’ve provided has been compromised and cost them financially.
Some examples of Conflict of Interest include:
Having financial interests with a client’s competitor
Having a personal relationship that could compromise a service
Having a past professional relationship that could compromise a service
Many consultants and businesses have Commercial General Liability Insurance (also known as CGL Insurance) in place. However, only Professional Liability Insurance can cover you for a Conflict of Interest case if a client feels you’ve cost them financially while you’ve provided them with a professional service or advice.
A Conflict of Interest court case could cost you thousands (if not millions) of dollars and permanently damage your professional reputation. If you’re worried about Conflict of Interest allegations, EasyCover can help.
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