Insurance for Business Consultants
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What kind of insurance is best for business consultants?
As a business consultant you help your clients improve their performance by solving problems and improving processes. At Hiscox we make it easy for business consultants to get specialized insurance coverage that's tailored to your field.
Professional liability insurance, sometimes called errors and omissions insurance (E&O insurance), is insurance coverage for claims against businesses that provide professional and personal services – for businesses like yours. When is it important to have professional liability insurance? Examples include:
- Project management out of control: A business consultant has been contracted by a client to come in and organize a project that has run past its due date and is over budget. The consultant has committed to bringing the project to completion. As they dig into the project the consultant realizes that the former project manager did not present the client with an accurate view of deliverables and the consultant is now facing a scope of work that is twice as long as the original projection. When the consultant presents this finding to their client they are angry and accuse the consultant of not doing their due diligence of project review before signing the contract. Professional liability insurance could protect business consultants against claims of negligence even if they haven't made a mistake.
- Dissatisfied client: A consultant recommended that a client restructure his business, including selling off marginal business units. The strategy backfired as the sold off units begin to prosper and the core business declined. The client sued the consultant for giving him bad advice. Professional liability insurance could protect business consultants against claims of negligence and will appoint an attorney to defend them, even if they haven’t made a mistake.
Learn more about professional liability insurance.
General liability insurance, sometimes called Commercial General Liability (CGL), protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Having this kind of coverage is beneficial in several instances:
- Bodily injury: A prospective client came to a consultant’s office to discuss an upcoming project. As the client was leaving, he leaned on a loose stair railing which gave way. He lost his footing and fell down the stairs, sustaining injuries which required hospitalization. General liability insurance protects business consultants against third-party claims of property damage, bodily injury and associated medical costs.
- Damage to a client's property: Consultants are often asked by their clients to purchase insurance as a contract requirement to begin work. This requirement protects business consultants in the event they accidently damage their client's property while working at the client's office. General liability insurance could protect business consultants against third-party claims for property damage.
- Slander: An employee at a business consulting firm went to a bar after work. After a few drinks, he began talking loudly about an executive at a client company. The comments were overheard by associates of the executive, so word got back to the executive, who sued the consulting company for slander. General liability insurance protects business consultants against third-party claims of defamation and slander, property damage, and associated medical costs.
Learn more about general liability insurance.
Business owners policy (BOP) is a combination of general liability and business property insurance. BOP is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:
- Projects can't be managed without the proper technology and communications equipment. Damaged equipment could prevent businesses from operating. Our business owner insurance combines general liability coverage with protection for business equipment such as laptops, webcams, phones, and printers used to provide professional services.
- If a business consultant's home office is damaged by a fire, but their home owner's insurance will not cover the damaged caused to a high-end computer, a business owner's policy could cover the cost to replace the computer, letting the consultant get back to business.
Learn more about business owners policy.
Why business consultants choose Hiscox:
- Fast and simple: Online quotes or speak to a licensed agent – immediate coverage.
- Coverage for contracts: Our professional liability coverage satisfies most standard contract insurance requirements.
- Passion for service: Knowledgeable agents provide exceptional service – 4.8/5 of people surveyed recommended us.
- Tailored coverage: We specialize in businesses like yours and tailor coverage to the risks in your field.
- Confidence: Hiscox Insurance Company Inc. is ‘A’ rated (Excellent) by A.M. Best.
Get a fast, free quote now and get that Hiscox confidence behind your business. If you prefer, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday through Friday from 8am-10pm EST.
Quote online or call a licensed insurance agent
Hiscox Customer Reviews
Burl, Davenport, LA
“The Small Business Owners Companion”
Fast, easy, understandable, and flexible. I was able to identify the options that were the best for me and my company.
Patrina, Santa Monica, CA
“My representative was amazing. He helped me with my decision making, I had lots of questions, and made the purchase process pleasurable.”
My representative was amazing. He helped me with my decision making, I had lots of questions, and made the purchase process pleasurable.
David, Cha, NC
“Excellent service by Hiscox”
Just happy with your service
Abdessamad, Houston, TX
Purchasing the errors and omissions insurance was an easy process. Thank you!
Eric, Katy, TX
“Well Done! Keep it up!”
I’m new customer of Hiscox but from what iv needed so far they have been nothing but helpful. One of my customers needed the certificate and they had it in my email before our conversation was over. Well done Hiscox!
Bonnie, Ridgefield, WA
“Easy and quick”
Pretty easy to understand and the quote was quick. I had a great experience.
This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.