Professional Liability insurance covers your consulting business if you’re sued for performing professional services, even if you haven’t done anything wrong. Get a quote and buy online in under five minutes. Professional Liability insurance for consultants starting as low as $18.15/month with Apollo Insurance.
Consultants have the difficult task of improving their clients’ businesses. Clients expect a lot from their consultant partners, and trust them with bringing success to their business. Marketing consultants are expected to build and guide a company’s public perception and reputation.
Management consultants organize a business to increase efficiency and productivity. Any mistake a consultant makes could hamper their clients’ growth or harm their image. Or the consultant could be blamed for something that isn’t their fault.
If severing ties with their consultant partners isn’t enough, a company could take it further and take legal action. It is in those circumstances that having the right kind of insurance is critical to the business of a consultant. The right insurance policy will protect a consultant from legal fees, court costs, and any settlement or judgement fees related to the charges.
Why do consultants need insurance?
Business consultants are exposed to a variety of business risks, for which they could be sued or lose substantial value as a result of a claim. Even if the consultant has done nothing wrong, they can be forced to pay large legal defense bills in order to defend an accusation.
Often for a contract with a client, or a lease, the other party will require proof of insurance. This contractual obligation makes insurance mandatory to work with larger more sophisticated clients.
What kinds of consultants need insurance?
Here is a list of every type of consultant we provide insurance coverage to. If you don’t see your specific consultant class in the list, get in touch with us, or select ‘other’ when filling out the application and we’ll be sure to get you the right kind of coverage.
- Access Consultants
- Acoustic Consultants
- Business and Management Consultants
- Business Analysts
- Business Process Re-Engineering Consultants
- Career Advisors
- Change Management Consultants
- Company Developers and Planners
- Compliance Coordinators
- Compliance Consultants
- Conference Managers and Organizers
- Document Preparers
- Resume Consultants
- Data Analysts
- Education Consultants
- Employment Consultants
- Employee Benefit Consultants
- Export Consultants
- Feng Shui Consultant
- Fundraising Consultants
- Higher Education Consultants
- Horticultural Consultants
- Hotel and Catering Consultants
- Human Resources Consultants
- Image Consultants
- Language Consultants
- Life/Career/Executive Coaches
- Logistics Consultants
- Management Consultants
- Management Training
- Marketing and Advertising Consultant
- Market Researcher
- Occupational Health Consultant
- Operations Consultant
- Personnel Consultant
- Public Relations Consultant
- Research Consultant
- Relocation Consultant
- Sales/Marketing Consultant
- Telecommunications Consultant
- Tourism Consultant
- Training Consultant
- Transportation Consultant
What kind of insurance does a consultant need?
As a business consultant you provide advice and council as part of a specialized service. Apollo offers a customized small business insurance package tailored to your business consulting insurance needs. A consultant needs coverage for their professional services, physical space, and office equipment.
What does General Liability insurance cover for a business consultant?
General liability insurance for consultants covers bodily injury from things like a slip and fall on your office premises. It also covers libel and slander through the personal and advertising injury coverage section, a sub-section of the General Liability policy.
What types of risks does my small business face as a business consultant?
As a consultant you are providing advice and council, and sometimes there is an error or omission in the work you perform leading to a lawsuit. A lawsuit, regardless of fault, can be costly to defend.
The collection and storage
of client information leads
to cyber risks…
If you have an office or leased premises you are also exposed to the risk of slips and falls on site. If there is a fire, flood, burst pipe or other peril it can damage your office equipment, furnishings, and cause business to have a financial loss while including additional expenses to relocate while the damage is being fixed.
Additionally, in the digital age we live in today the collection and storage of client information leads to cyber risks such as personal or confidential data being exposed by accident or by hacking. Something as simple as losing a USB key with a spreadsheet of client data stored on it can have large risk implications for a consulting business.
How is insurance priced for consultants?
The cost of your insurance as a consultant depends on many factors which are addressed in the application. These can include revenue, limits of insurance selected, deductible selected, size of your consulting business and claims history. See how much it costs in just a few minutes.
What does cyber liability insurance cover for a business consultant?
Cyber liability insurance for consultants can cover a variety of risks depending on the specific policy chosen. Generally it will cover professional fees to discover the nature of the loss, be it a hacker or another breach, and can also in some cases include notification expenses to formally notify all individuals whose data was compromised.
What does contents insurance cover for a business consultant?
Contents insurance for a consultant covers the physical things your business owns, like computers, furnishings, office tenant improvements, or costs associated with relocating in the event of fire, water damage, flood, theft, or other perils including in the policy. These are covered on a replacement cost basis, meaning if they are totally destroyed the insurance policy pays for a similar item new. It is important to have a high enough contents limit to replace everything in your business.