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Business Insurance for Management Consultants
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Management Consultants
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Why do management consultants need business insurance?
If your advice precedes a decline in performance, it could be disastrous for your small business. Insurance policies for management consultants provide financial protection against lawsuits, injuries, and other risks.
Add consulting insurance to your risk management plan
Business insurance is a key part of a consultant's risk management strategy. It helps your business withstand lawsuits, injuries, and other costly incidents.
Our licensed insurance agents will help you find the right property and liability coverage for your specific risks.
What types of insurance do management consultants need?
These policies cover the common risks of management consulting services.
General liability insurance
This insurance covers basic third-party risks, such as a client injury in your office, or accidental damage to a client's computer. Bundle it with commercial property insurance for savings in a BOP.
BEST FOR
- Third-party bodily injury
- Third-party property damage
- Legal fees from advertising injuries
Professional liability insurance
This liability insurance policy can help cover legal expenses if a business consultant is sued over an error or poor results. It's also called errors and omissions insurance or E&O.
BEST FOR
- Management consulting errors
- Accusations of negligence
- Advice that leads to financial loss
Workers’ compensation insurance
Workers’ comp is required in almost every state for management consulting firms that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical bills
- Missed wages
- Legal costs
Business owner’s policy
A business owner’s policy, or BOP, combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
BEST FOR
- Customer injuries
- Damaged business property
- Business interruption incidents
Fidelity bonds
Fidelity bonds, also called employee dishonesty bonds, provide reimbursement if one of your employees steals from a client. They are often required by client contracts.
BEST FOR
- Employee theft or fraud
- Unlawful data access by an employee
- Illegal fund transfer by an employee
Cyber liability insurance
This insurance coverage helps consulting companies survive data breaches and cyberattacks. It can pay for notification of affected clients, legal defense costs, and more.
BEST FOR
- Data breach lawsuits
- Notification of affected clients
- Fraud monitoring costs
Looking for different coverage? See more policies.
How much does business insurance cost for management consultants?
A management consultant who works alone will pay less for insurance than a small firm.
Several factors will have an impact on insurance costs, including:
- Services offered, such as strategic planning
- Business property and equipment
- Business size and revenue
- Types of business insurance purchased
- Policy limits and deductibles
How do I get management consultancy insurance?
It’s easy to get insurance coverage and fidelity bonds as a management consultant or small consulting firm if you have your business information on hand. Our insurance application will ask for basic facts about your company, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed agents work with top-rated U.S. insurers to find coverage that fits your consulting business, whether you work independently or hire employees.
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