Business Insurance for Management Consultants

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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.

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One application, multiple quotes

Insureon helps management consultants and consulting firms compare insurance quotes from top U.S. providers online. Get several quotes with one application.

What types of insurance do management consultants need?

These policies provide coverage for common risks in management consulting.

General liability insurance icon

General liability insurance

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.

BEST FOR
  • Slip-and-fall accidents
  • Damaged customer property
  • Legal fees from advertising injuries
Professional liability insurance icon

Professional liability insurance

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.

BEST FOR
  • Management consulting errors
  • Accusations of negligence
  • Advice that leads to financial loss
Workers’ compensation insurance icon

Workers’ compensation insurance

This insurance policy is required in almost every state for management consulting firms that have employees. It can cover medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Missed wages
  • Legal costs
Business owner’s policy icon

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 bond icon

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 icon

Cyber liability insurance

This insurance coverage helps consulting companies survive data breaches and cyberattacks. It can pay for notifying 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.

Why do management consultants need insurance?

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.

How much does business insurance cost for management consultants?

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Several factors will have an impact on insurance costs, including:

  • Management consulting services offered
  • Business equipment and property
  • Revenue
  • Location
  • Number of employees
  • Policy limits and deductibles
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