Insurance for Consultants
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Why do Consultants need it?
Being a consultant, coach or trainer offers incredible freedom and flexibility but it also comes with increased responsibility. Managing client expectations in addition to performing your services can be challenging. That’s why business insurance that is reliable and customized to your profession has never been more important. BizInsure is where you can get affordable and dependable insurance tailored to your needs. Click or Call us to compare quotes, for free, today.
Did you Know?
If you’re a consultant working as a sole proprietor you are personally responsible, both legally and financially, for all aspects of the business. The right insurances help to protect you if things go wrong!
Consultant’s insurance covers a broad range of professions
We help insure many Consultants, Coaching & Training professionals and businesses including (but not limited to):
Professional Liability Insurance for Consultants
A Professional Liability insurance policy is critical for those who are in the business of providing advice and instruction to others. A Professional Liability policy helps protect you as a consultant, coach or training professional against damages related to your services, actions or recommendations.
The policy can cover employees and independent contractors from allegations of negligence, failure to perform, inaccuracy, bad advice and other common risks associated with the services they provide.
For example, if a business consultant or career coach is accused of giving bad advice that results in economic damage to a customer, the policy is intended to cover defense costs and resulting damages that he/she may incur.
General Liability – Consultants, Coaching & Training
Professionals working as consultants, coaches or training professionals are often required to have a solid General Liability policy in place before they can start an engagement with a customer. It is the most basic form of business insurance that any business or individual should consider.
General Liability intends to protect against allegations of bodily injury or property damage and it can cover related medical costs if someone (who is not an employee) gets hurt. It also covers allegations of advertising injury and personal injury such as libel, slander, defamation, etc.
Professionals who work closely with other people may sooner or later face minor (or major) accidents that are unplanned and potentially costly. That is why General Liability is an important building block to protecting your business assets.
Business Owner’s Policy (BOP) – Consultants, Coaching & Training
A Business Owner’s Policy (BOP) is a convenient and affordable way for consultants, coaches and trainers to combine General Liability (above) with coverage for their business property (computers, equipment, etc.), non-owned business auto liability, business interruption protection, and more.
A Business Owner’s Policy (BOP) is an easy and efficient way for you to protect your business assets against many of the most common liabilities and unplanned events experienced by professionals in your industry.
What is Professional Liability insurance for consultants?
Professional Liability insurance is one form of coverage that consultants often consider to help protect their business. These policies cover a range of liability events, such as:
- Undelivered services
- Missing deadlines
- Breaches of contract
If your work as a consultant results in a financial loss for a client, you could be found liable. Your Professional Liability insurance policy will pay legal expenses resulting from a liability lawsuit. This includes fees for hiring an attorney, court costs (such as filing paperwork), settlements, and judgements.
Professional Liability insurance helps create a safety net for consultants. Rather than use your business finances to defend yourself in court (and possibly your personal savings as well), your Professional Liability policy will cover the costs of a lawsuit for you. This could save you thousands of dollars in legal fees and potentially save your business from bankruptcy and closure.
Importantly, Professional Liability insurance for consultants also helps protect you against meritless claims, which can be just as expensive to defend against.
How much does business insurance cost for consultants?
“Consultant” is a broad occupation category. This means that the price of business insurance for consultants can vary widely. When applying for any form of business insurance, you will be asked questions about your business structure and activities to help determine the risks you might face and what coverages you may need.
Factors that may be used to determine the cost of business insurance include:
- The industry you work in
- How much revenue your business generates
- Your risk management procedures
- Your claims history
- How much coverage you want or need
These factors, along with others, help insurers determine how much you can expect to pay for insurance (otherwise known as premiums). Obtaining multiple quotes from different insurers is the best way to understand how much you will pay for business insurance as a consultant.
How consultant liability insurance protects your business
Consultants regularly engage in work that puts them at professional risk. If your professional advice or other services causes a client to lose money, you could be found liable for these losses. The resulting lawsuit could be expensive, particularly if it drags out for months or even years. This could be financially devastating, forcing you to spend your hard-earned business capital and potentially your personal savings as well.
Consultant liability insurance, otherwise known as Professional Liability insurance, can help protect your finances in the event of a liability lawsuit. These policies commonly pay attorney’s fees, other court costs, settlements, and judgements resulting from liability claims. This can help shield your business and personal finances, so you can defend your professional reputation with less worry.
Professional Liability insurance also protects you against baseless claims. Even a liability claim without merit can be expensive to clear up in court. The coverage provided by a Professional Liability policy can help protect your finances while you defend your professional reputation.