If your advice causes a decline in the performance of a client’s organization, it could be disastrous for your small business. Management consulting insurance provides financial protection against lawsuits and other risks.
These policies provide coverage for common risks in management consulting.
General liability insurance covers common management consultant risks, such as third-party bodily injury or property damage. Bundle with property insurance for savings in a BOP.
This liability policy, also called errors and omissions insurance, can help cover legal expenses if a business consultant is sued over an error or poor results.
This insurance policy is required in almost every state for management consulting firms that have employees. It can cover medical costs for work injuries.
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.
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.
This insurance coverage helps consulting companies survive data breaches and cyberattacks. It can pay for notifying affected clients, legal defense costs, and more.
As a management consultant, your task is to improve a company's performance and efficiency. If a client blames your business for a decline, you could face a lawsuit. Management consultant insurance can cover lawsuits from dissatisfied clients, even if you're not at fault. It can also cover medical bills after an injury, the cost of replacing damaged or stolen business equipment, and other unforeseen expenses.