What Kind of Insurance Does Your Consulting Business Need?

Operating a consulting business presents unique exposures that are important to properly protect with Insurance. As a consulting business, it is important to remember that your clients depend on your advice when making important business decisions. Your advice, if incorrect or misunderstood, can cause financial or physical damages to your client. For this reason, it is extremely important to have the right coverage for your operations.

What Kind of Insurance Does Your Consulting Business Need? Professional Liability

The most important coverage for your consulting business is Professional Liability, sometimes referred to as Errors & Omissions Insurance. Professional Liability is vital for consulting businesses because it covers you for damages that may arise from the advise you give. As a consultant, your entire business model is based on giving advice, therefore it is absolutely imperative to protect yourself against claims that may arise from your counseling. Quite simply, no other policy will offer the same level of protection for advice you give as a consultant.

What Kind of Insurance Does Your Consulting Business Need? General Liability

In additional to Professional Liability, it is important to carry a General Liability policy for your consulting business as well. General Liability for consulting businesses is usually inexpensive and can provide a substantial amount of coverage. General Liability protects you against bodily injury and property damage that may occur from your business operations. If you are driving to various clients’ locations, it is important to include Hired and Non-Owned Auto Liability onto your General Liability policy. In additional to these coverages, you can add Business Personal Property for a nominal increase in premium that will cover all of your Business Property if a theft or damage occurs.

There are many other coverages to consider for your Consulting Business. If you have employees you are required to carry Workers Comp. If you consult in the financial industry, you may need to carry a bond. Do you need help figuring out which coverages are right for your business? We are happy to help!

Give us a call at 925-297-4829.

[divider]

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.