Business Insurance for Consultants
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Commercial auto insurance for consultants

Commercial auto insurance covers costs if a consultant's business vehicle is involved in an accident. Most states require this coverage for vehicles owned by a business.

Commercial auto insurance provides financial protection against auto accidents

An auto accident could have a lasting financial impact on a small accounting or bookkeeping firm, especially if another person is injured. When you compare the potential cost of an auto accident to the premium for commercial auto insurance (about $150 per month for consultants), it's easy to see which is the better deal.

Commercial auto insurance is required in most states for business-owned vehicles, which makes this policy indispensable.

How does commercial auto insurance protect you?

Commercial auto insurance helps cover the cost of lawsuits, property damage, medical bills, and other expenses arising from an accident. It also provides coverage if a consultant's car is stolen or damaged by weather or vandalism.

Your policy can be tailored to match your business needs and your budget. For example, you can choose a policy that covers vehicle damage from all causes, or damage from collisions specifically.

Commercial auto insurance needs checklist infographic

Who needs commercial auto insurance?

Business-owned vehicles, such as a company car used to drive to clients' homes and offices, must be covered by commercial auto insurance.

State regulations determine how much coverage you need. Your commercial auto insurance policy must fulfill your state’s requirements for auto liability insurance.

What coverage can commercial auto insurance provide for consultants?

Beyond your state's requirements, you can choose the extent of coverage for company vehicles at your consulting business. Your policy may cover:

Legal expenses

If your consulting firm is sued over an accident, legal defense costs can add up quickly. Commercial auto insurance covers attorney’s fees and other related expenses.

Collision

Collision coverage pays for damage to your consulting company's vehicle, regardless of fault.

Uninsured / underinsured motorists

This coverage pays for damage caused by drivers who don’t have insurance, or who are carrying less than the required insurance.

Non-collision damages

Comprehensive insurance covers non-collision damages, including fire, theft, and vandalism.

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Personal vehicles may need additional coverage

Commercial auto insurance covers business-owned vehicles, but sometimes consultants drive their own cars for work-related errands or to visit clients. However, their personal auto insurance policy won't provide coverage if they get into an accident while driving for work purposes.

Hired and non-owned auto insurance (HNOA) provides liability coverage for consultants who get into an accident while driving a personal vehicle to conduct company business. It also covers leased and rented vehicles.

How much does insurance cost for consultants?

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Insureon's small business customers pay an average of $147 per month for commercial auto insurance. Insurance costs for consulting businesses are based on factors such as:

  • Business operations
  • Business property and equipment
  • Number of employees
  • Type of insurance purchased
  • Policy limits and deductibles

Other important policies for consulting businesses

Commercial auto insurance provides crucial coverage for business vehicles, but it's not the only type of insurance you need. Other recommended policies for consultants include:

Professional liability insurance: This policy covers legal costs related to business mistakes or decisions that resulted in revenue loss and legal action by a client. It's sometimes referred to as errors and omissions insurance (E&O).

General liability insurance: This policy covers expenses related to common accidents, including third-party injuries, accidental damage to client property, and advertising injuries.

Business owner’s policy (BOP): A BOP bundles general liability coverage with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

Workers' compensation insurance: Workers' comp covers medical costs if a consultant suffers a work-related injury, such as tripping in the office and breaking a wrist. Most states require this coverage for businesses with employees.

Cyber liability insurance: This policy is important for businesses that handle personal information. It helps consulting firms recover from costly data breaches and cyberattacks.

Fidelity bonds: Fidelity bonds provide reimbursement if one of your employees steals from a client. They are often required for client contracts.

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Are you ready to protect your consulting company with commercial auto insurance or another type of coverage? Complete Insureon’s easy online application today. Once you find a policy that fits your needs, coverage can begin in less than 24 hours.

Updated: April 28, 2023
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