Insuring Your Consulting Business
Every day, you focus on helping your clients improve how they manage and market their business. The advice you provide can expose your small marketing or management consultant business to unique risks. Changes in the economy and stock market and other external factors can greatly impact your clients’ success – regardless of how correct the information and advice you provide is. These and other uncertainties can increase the risks to your business, which can be helped by consultant's insurance.
Additionally, more companies have begun requiring independent contractors to carry liability insurance when working on a project for them. Our licensed agents review the coverages that are most critical to your industry to help protect your business.
Read on to understand what kind of insurance you may need.
What Insurance Do I Need for My Consulting Business?
As a business consultant you help your clients improve their performance by solving problems and improving processes. Our licensed insurance agents make it easy for business consultants to get specialized insurance coverage that's tailored to your field
General Liability Insurance covers the legal fees that can easily bankrupt a business, such as the cost of attorney fees, witness fees, court expenses, and more. After a lawsuit, general liability insurance for consultants can be the difference between never opening your business doors again and weathering the storm still on your feet.
BOP or Business Owner’s Policy
Many carriers bundle together several different insurance policies into one product that allow you to customize your coverage. Typically, a Business Owners Policy will include general liability and property insurance. Depending on the nature of your business, other coverages that may be appropriate to add to your BOP include:
- Professional Liability Insurance (E&O)- Your clients look to you for advice and recommendations on how to improve their business. But consider what might happen to your business if you were to make a mistake or overlook an important detail. When things don’t go quite as planned, Professional Liability Coverage helps protect your business assets in the event of a lawsuit. It also helps cover the cost of your defense.
- Business Interruption Coverage- This coverage protects against losses due to a temporary shutdown (as with a fire), and provides reimbursement for lost net profits and necessary continuing expenses.
Workers compensation insurance covers medical costs and a portion of lost wages for an employee who becomes injured or ill on the job. Workers compensation insurance also protects companies from being sued by employees for workplace conditions that can cause an injury or illness.
For some states, it is required that you obtain a workers compensation plan. If you are an operating business and it is required by your state to have this type of policy, it is important to get one as soon as you have an employee.
If your state does not require this type of insurance coverage, you may still want to consider it so you can protect the business from this type of lawsuit and protect your business reputation.
Commercial Auto Insurance
Commercial Auto Insurance, also known as business auto insurance, helps your business cover the financial costs resulting from an auto accident if you or an employee is found at fault. Commercial auto insurance helps pay for damaged property and medical expenses – even in the event of a fatal accident.
Cyber Liability Insurance for Consultants
When a data breach occurs, quick action is important to help restore the public’s confidence if you’re a business victimized by a cyber-attack. Cyber liability insurance and data breach insurance help cover costs like notification, identity protection solutions, public relations, legal, liability and more depending on the coverage you choose.
At smallbusinessquote.com, we shop all the major A+ rated insurance companies so you don’t have to, connecting you with the right policy for your small business. Let us help you make an informed decision about your business insurance needs. Our licensed agents specialize in helping small businesses obtain the best coverage at the best price, give us a call today at 888-834-8619.