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Business owner’s policy for consultants

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Business owner’s policy

A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.

A business owner’s policy offers broad coverage

A business owner’s policy is a cost-effective option for independent consultants and consulting businesses looking for comprehensive coverage. By bundling general liability insurance and property insurance at a discount, this policy protects against third-party liabilities and property damage or loss. Since consultants typically qualify as low-risk, your business may be eligible for a BOP.

This policy covers common risks, including:

  • Customer injuries and property damage
  • Slander and other advertising injuries
  • Damage to your business property

Eligibility requirements for a BOP

Not all consulting businesses qualify for a business owner's policy. Businesses that are eligible for a BOP typically:

  • Have fewer than 100 employees
  • Have a small office or workplace
  • Make less than $1 million in annual revenue
  • Operate in a low-risk industry
  • Need less than 12 months of business interruption insurance

Talk to a licensed Insureon agent to find out if your consulting company qualifies.

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What coverage can a business owner’s policy provide for consulting businesses?

Customer injuries or property damage

No one expects a third-party injury at a consulting office, but unexpected incidents happen in every industry. A business owner’s policy helps to cover third-party lawsuits and the cost of medical expenses or property damage in the following cases:

  • A mail carrier trips on a research consulting office's front step and breaks an arm
  • A client at a small HR consulting firm trips over an extension cord and gets a concussion
  • An agricultural consultant forgets to close a barn door; farm equipment is stolen, and the owner files a lawsuit

Advertising injuries

The general liability portion of a BOP protects consultants against advertising injuries, including:

  • Written defamation (libel) and spoken defamation (slander)
  • Accusations of copyright infringement

For example, if an education consultant makes a negative comment about a competing consultant at a networking event and is sued for slander, general liability insurance could help pay for attorney's fees and other associated costs. Even if the consultant is not found liable, a BOP could help cover the cost of a court defense.

Property coverage

When damage, theft, or loss occurs at your consulting business, the commercial property insurance portion of a business owner’s policy can help cover it. A BOP helps pay for business property lost or damaged by:

  • Fire
  • Windstorms
  • Theft
  • Vandalism

Other important policies for consultants to consider

A business owner’s policy covers many common risks in the consulting industry, but it does not offer complete protection. No matter your field of expertise – whether you specialize in HR consulting or market research – accidents happen. Other policies to consider include:

Professional liability insurance: This policy is also called errors and omissions insurance (E&O). It covers costs related to business mistakes or decisions that resulted in revenue loss and legal action by your client.

Workers’ compensation insurance: This policy is required in almost every state for consulting firms that have employees. Workers’ comp covers medical costs for work-related injuries and illnesses.

Fidelity bonds: Fidelity bonds reimburse clients if an employee at your consulting firm steals from them. They're often required by client contracts.

Cyber liability insurance: This policy provides financial protection against data breaches and cyberattacks. It also provides liability coverage for consultants who recommend software or are responsible for cybersecurity.

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Are you ready to safeguard your consulting firm with a business owner’s policy or other type of insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

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