Whether you work in pharmaceuticals, the energy industry, or sports, it’s likely that your research directly impacts corporate decisions. That’s a big liability if something goes wrong. Insurance for research consultants can cover expenses if you’re sued over a data error, missed deadline, or an injury in your office. Some policies, like workers’ comp, are required by law.
Research consultants can save money on insurance by comparing quotes from top providers.
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These insurance policies cover common risks of research consulting.
This insurance covers court costs and other legal expenses if a research consultant is sued over the quality of their consulting services. It’s also called errors and omissions insurance (E&O).
A general liability policy covers basic third-party risks, such as a client who trips and suffers an injury in a research consultant’s office. It’s often required for a commercial lease.
A business owner’s policy, or BOP, is a cost-effective way for research consultants to buy general liability coverage and commercial property insurance together.
Most states require workers’ comp for research consulting businesses that have employees. It also protects sole proprietors from work-related medical bills that health insurance might deny.
This insurance coverage helps research consulting firms recover from data breaches and cyberattacks. It’s strongly recommended for any business that handles sensitive data.
Commercial auto insurance covers costs if a research consultant's vehicle is involved in an accident. Most states require this coverage for vehicles owned by a business.
A small business with a few consultants will pay less for insurance than a larger company.
Factors that affect research consultant insurance premiums during underwriting include:
It's easy to get insurance for your market research analyst or research consulting business and fidelity bonds if you have your company information on hand. Our application will ask for basic facts about your business, 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:
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your research consulting firm, whether you work as an independent research consultant or hire employees.
Hear from customers like you who purchased small business insurance.
Review answers to frequently asked questions (FAQs) about insurance for clinical research consultants and more.
State laws may not require self-employed, independent consultants to carry insurance, but maintaining the right insurance plan can help your business fulfill contract terms and keep you protected from financial risks and liabilities.
Typically, small business owners aren't required to carry professional liability coverage (sometimes called errors and omissions coverage or E&O insurance) in order to start up a consulting practice, however your clients may require you to carry it before they'll work with your business.
It's also important to keep in mind your personal auto policy likely won’t cover work-related incidents. This could include a car collision involving a business-owned vehicle. Because of that, you might have to pay hefty medical bills or state penalties for not having commercial auto insurance coverage.
Additionally, carrying a workers’ compensation plan, even if you're a sole proprietor or limited liability company (LLC) with no employees, can financially protect you if you’re unable to work due to an on-the-job injury or illness, as well as cover your medical bills, since your personal health insurance won't pay for on-the-job injuries and illnesses.
Consulting businesses of any kind, including research consultants, management consultants, or marketing consultants, usually must have a license to operate legally in most states.
Depending on your location, you may have to apply for your business license through your local or state government. You may also need to obtain a special permit or industry-specific certification, depending on your state, consulting services, and the clients you work with.
Being a licensed business offers many perks, including:
Continuing your research consulting education is another great way to showcase your expertise to prospective clients, and help you stand out from the competition.
There are several professional certifications available to help research consultants bolster their knowledge and skills. Some of these certifications include the Certified Clinical Research Associate (CCRA) credential from the Association of Clinical Research Professionals (ACRP), and the Certified Clinical Research Professional (CCRP) credential from the Society of Clinical Research Associates (SOCRA).
When building a comprehensive risk management plan, there are several types of consultant insurance small business owners should consider to protect against common risks and potential financial losses:
The insurance industry has a wide range of pricing for the same policies, which is why you should shop around. You can start by reviewing free business insurance quotes from leading insurance companies with Insureon.
Our licensed insurance agents can help make sure you get the right, most affordable coverage for your business needs. Most small businesses can get insured and download a certificate of insurance within hours of applying for quotes.