Research Consultant Insurance
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How much does insurance cost for research consultants?

Several variables contribute to research consulting insurance costs, including firm size, risks, and previous claims. Save money on small business insurance by comparing quotes from different providers with Insureon.

Top research consultant insurance policies and their costs

Here are the top insurance policies purchased by research consultants and their average monthly costs:

Our figures are sourced from the median cost of policies for research consultants who apply for quotes with Insureon. The median offers a better estimate of what your business is likely to pay because it excludes outlier high and low premiums.

General liability insurance icon

General liability insurance

Research consultants pay an average of $29 per month, or $350 per year, for general liability insurance (sometimes called public liability insurance).

General liability insurance covers common consulting risks, including third-party property damage and bodily injury. For example, if a client slips and falls on a wet floor at your office and ends up injuring themselves, a general liability policy would cover their medical expenses.

It also helps pay for legal costs if someone sues your business over copyright infringement or advertising injuries, including defamation.

Some research consultants may need proof of general liability insurance to sign a commercial lease or secure a client contract.

Below is the average policy for research consulting businesses that buy from Insureon:

Premium: $29 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

Insureon’s licensed agents typically recommend a business owner’s policy (BOP) for small, low-risk research consulting firms. This policy combines general liability coverage with commercial property insurance at a discount to protect your consulting business property, such as computers.

For research consultants, the average cost for a business owner's policy is $41 per month or $490 per year. To protect against financial losses due to a forced closure, such as from a fire or flooding, you can also add business interruption insurance to a BOP.

General liability insurance costs depend on factors such as the coverage limits you choose, the size of your business, the amount of foot traffic you have, and any additional insured endorsements you select.

Learn more about how your premium is calculated and how to save money on your general liability coverage.

Professional liability insurance icon

Professional liability insurance

Professional liability insurance, also called errors and omissions insurance (E&O), costs an average of $53 per month, or $635 annually, for research consulting businesses.

This policy covers the cost of client lawsuits over claims that your work was unsatisfactory, negligent, late, or never completed.

For instance, suppose a client claims your research mistake caused their company financial loss and decides to sue. A professional liability policy would cover your legal costs and any settlements.

Below is the average professional liability coverage for research consultants who buy from Insureon:

Premium: $53 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

Several factors will influence your professional liability premium, including the type of business you have, your claims history, and the policy limits you choose.

Learn how to save money on your policy, which coverage limits to select, and more on Insureon's professional liability insurance cost analysis page.

Workers’ compensation insurance icon

Workers’ compensation insurance

The average cost for workers’ compensation insurance for research consultants is $37 per month, or $441 annually.

A workers’ compensation policy covers medical bills and lost wages if you or an employee are injured on the job. Businesses that have employees typically must purchase workers' comp to comply with state requirements and avoid penalties.

Workers' comp state laws vary and your specific requirements will depend on the state you live in. For example, all research consulting companies are required to carry a workers' compensation policy in California if they have one or more employees. However, coverage is optional in Texas.

Since health insurance plans can deny claims for injuries related to your job, workers' comp coverage is also recommended for sole proprietors and freelancers with no employees as a financial safety net and for extra peace of mind.

The cost of workers' comp depends on several factors, primarily your number of employees and their occupational risks. You can save money on your workers' comp coverage by classifying your employees correctly and implementing a risk management plan to minimize work-related injuries.

Find research consulting insurance quotes from top U.S. providers
Cyber insurance icon

Cyber insurance

Consulting firms spend an average of $92 per month, or $1,105 annually, for cyber insurance. Also known as cyber liability insurance or cybersecurity insurance, this policy helps pay for the cost of complying with your state's data breach laws.

Cyber insurance covers expenses related to a data breach or cyberattack, including legal fees and customer notification costs. It is especially crucial for research consultants who store personal customer information, such as credit card numbers or Social Security numbers.

The cost of cyber insurance primarily depends on the amount of sensitive information you handle at your research consulting business.

Commercial auto insurance icon

Commercial auto insurance

Consulting companies pay an average of $146 per month, or $1,757 per year, for commercial auto insurance. This type of business insurance pays for property damage and medical expenses from accidents involving your company vehicle. It can also cover vehicle theft, vandalism, and weather damage.

Most states require this type of insurance for vehicles owned by your research consulting business. For personal, rented, and leased vehicles used for work purposes, look to hired and non-owned auto insurance (HNOA) instead.

The cost of commercial car insurance depends on several factors, including the policy limits you choose, coverage options, the number and value of your vehicles, and the driving records of anyone permitted to drive.

How do I get affordable research consultant insurance?

Insureon can help research consulting businesses and market research analysts find affordable insurance coverage, whether you work independently or hire employees.

To get started, all you need is your business information on hand. Our insurance application will ask for basic facts about your business, such as revenue and number of employees. Then, you can buy a policy online with Insureon in three easy steps:

  1. Fill out a free online application with details about your business.
  2. Compare custom quotes from top-rated U.S. insurance companies.
  3. Select a policy and pay the premium to begin coverage.

Our licensed insurance agents are available to answer questions about your risks, state insurance requirements, and the best coverage for your business needs.

Once you've bought the insurance policies you need, you can download a certificate of insurance for proof of coverage. Most small business owners can get insured within 24 hours of applying for quotes.

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Updated: May 22, 2024
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