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Consulting business insurance cost
Consultants can save money on insurance by comparing quotes from different providers with Insureon. The cost depends on the types of business insurance purchased, coverage limits, deductibles, and factors such as your business's location and number of employees.
Top consulting business insurance policies and their costs
Here are the top insurance policies purchased by consultants and their average monthly costs:
- General liability insurance: $32 per month
- Professional liability insurance: $62 per month
- Workers' compensation: $44 per month
- Cyber insurance: $81 per month
- Commercial auto insurance: $231 per month
- Fidelity bonds: $104 per month
Our figures are sourced from the median cost of policies purchased by consulting businesses through 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
Consulting businesses pay an average premium of $32 per month for general liability insurance. Annual policy costs range from around $250 to over $1,400 per year.
General liability insurance covers legal costs if a client trips in your office and suffers a bodily injury, or if a consultant accidentally damages a client's laptop. It also covers advertising injuries, which include slander, libel, and copyright infringement.
This is the average general liability insurance policy for consulting businesses that buy from Insureon:
Premium: $32 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) over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your consulting office and computers, and costs less than purchasing each policy separately.
For consultants, the average premium is $61 per month for a business owner's policy, with annual policy costs ranging from around $375 to over $3,500 per year. Small, low-risk businesses are typically eligible. Businesses with higher risks can often save money with a commercial package policy (CPP), which offers liability and property coverage with more coverage options and higher policy limits.
The cost of a business owner's policy depends primarily on the value of your business property, including your building if you own it.
Your industry risks affect general liability costs
Among consulting businesses that purchase general liability insurance with Insureon, 47% pay less than $30 per month and 39% pay between $30 and $60 each month.
The amount you pay depends on several factors, such as the size of your business, how often you interact with clients, and your business revenue.
Businesses with larger premises can expect to pay more for general liability coverage than smaller businesses. For example, a cybersecurity consulting firm will likely pay more for this policy than an education consultant who works from their home.
Your industry risks, years in operation, claims history, and location will also affect your insurance premium.
Common general liability policy limits for consultants
Policy limits are the maximum amounts your insurer will pay on covered claims. Most consultants (83%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
The per-occurrence limit is the maximum your insurer will pay for a single incident, while the aggregate limit is the maximum they will pay for all claims during your policy period, typically one year.
Choosing lower limits is one way to get an affordable premium, but you'll also want to make sure it's enough to cover a lawsuit.
Learn other ways to save, how to choose coverage limits, and more on Insureon's general liability insurance cost analysis page.
Professional liability insurance
Consultants pay an average of $62 per month for professional liability insurance. This policy is sometimes referred to as errors and omissions insurance or E&O insurance. Annual policy costs range from around $400 to over $3,750 per year.
Professional liability insurance offers critical coverage for consultants, including legal fees related to accusations of professional negligence. For example, if a research consultant makes a recommendation that leads to financial losses for a client, this policy would cover the costs of the resulting lawsuit.
This is the average E&O policy for consulting businesses that buy from Insureon:
Premium: $62 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000
The cost of professional liability insurance for consultants depends on several factors, such as your line of work, claims history, and the policy limits you choose.
Your risks drive the cost of professional liability insurance
Among consulting businesses that purchase professional liability insurance with Insureon, 38% pay less than $50 per month and 34% pay between $50 and $100 per month.
Consultants who have been sued in the past or who own a large company may pay more for this insurance coverage. Providers will also look at the type of professional services you offer when determining your premium.
Professional liability policy limits for consulting businesses
Most consultants (71%) choose professional liability policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Higher limits cost more—and provide better coverage.
Find consulting business insurance quotes from top U.S. companies
Workers’ compensation
The average cost of workers' compensation insurance for consultants is $44 per month. Annual policy costs range from around $250 to over $3,000 per year.
This insurance policy covers medical expenses when an employee is injured on the job, and it also provides disability benefits while they're recovering and unable to work.
To comply with your state’s requirements and avoid penalties, consulting businesses typically must purchase this coverage for their employees. It's also recommended for sole proprietors, as health insurance plans can deny claims when an injury or illness is related to your job.
Most workers' comp policies include employer's liability insurance. This policy covers attorney’s fees, court costs, and other expenses related to workplace injury lawsuits.
The cost of workers' comp depends on several factors, primarily the number of employees and the type of work they do.
Workers' comp costs vary depending on your employees
Among consulting businesses that purchase workers’ compensation insurance with Insureon, 68% pay $60 or less per month.
Insurance companies look at the size of your workforce and each worker's level of occupational risk when determining your premium.
Cyber insurance
Consultants pay an average of $81 per month for cyber insurance. You might also see this policy called cyber liability insurance or cybersecurity insurance. Annual policy costs range from around $350 to over $6,500 per year.
Cyber insurance helps consulting companies recover financially after a data breach or cyberattack. It can help pay for customer notification costs, fraud monitoring services, and other costs necessitated by state data breach laws.
This policy is vital for consulting firms that collect credit card numbers, Social Security numbers, or other personal information. The cost of cyber insurance depends on the amount of sensitive data your company handles.
Commercial auto insurance
Consulting firms and consultants pay an average of $231 per month for commercial auto insurance. Annual policy costs range from around $350 to over $14,000 per year.
This policy can pay for property damage and medical bills when your company car gets into an accident. It can also cover vehicle theft, vandalism, and weather damage.
Most states require a commercial auto policy for businesses with company-owned vehicles. If you drive your own car to meet clients, consider hired and non-owned auto insurance (HNOA), which covers personal, rented, and leased vehicles used for business purposes.
The cost of commercial auto insurance depends on several factors, including the policy limits you choose, the value of your vehicle, and the driving records of anyone permitted to drive.
Fidelity bonds
The average cost of a fidelity bond is $104 per month for a consulting business. Annual policy costs range from around $100 to over $4,750 per year. You may need a bond to consult for certain clients.
Fidelity bonds reimburse your client if one of your employees commits fraud, theft, forgery, or embezzlement.
The cost of a fidelity bond is typically determined by the bond size.
Find insurance quotes for your consulting company
Key factors influencing policy costs
Your insurance provider calculates your consulting business insurance premiums based on a number of factors, including:
- Industry and specialty: If you consult in an industry that includes elevated risks, such as IT consulting, you are likely to have higher premiums than consultants in lower-risk industries.
- Number of employees: If your consulting business has any employees on staff, there are more opportunities there are for accidents to happen or for potential damage to occur to someone else's property, which can increase premium costs.
- Location: Consulting firms that are located or perform services in areas that are more prone to natural disasters, increased foot traffic, or high crime rates may have to pay higher insurance costs than companies located in areas where these factors are less present.
- Coverage limits and deductibles: Having higher coverage limits and lower deductibles on your policy will typically increase your premium costs, while lower limits and a higher deductible can help keep your consulting insurance rates lower.
- Business size and revenue: Insurance companies assume consultants who are making more money are also going to be facing increased industry exposure, which results in higher premiums.
- Type of business structure: A self-employed consultant who primarily works from home may not have to pay as much for insurance as a larger firm with multiple employees that also leases an office space.
- Business equipment and property: Business equipment that is used more frequently by consultants tends to cost more to cover than items that are used less often.
- Types of insurance coverage purchased: Some policies are required to obtain contracts for consultants. These required policies often are needed to cover more expensive accidents and lawsuits, which tend to cost more than basic coverages.
- Claims history: A consulting company with a lengthy list of previous insurance claims will likely pay more for insurance than a company with no claims history.
Top consulting businesses we insure
How do you buy consulting business insurance with Insureon?
Insureon works with top-rated U.S. providers to find affordable consulting business insurance and fidelity bonds, whether you work independently as a management consultant or own a marketing consulting firm with several employees.
Apply today to get free quotes with our easy online application. A licensed insurance agent who specializes in your profession's unique risks will help you find the right types of insurance and answer any questions. Most small business owners get their certificate of insurance (COI) within 24 hours of submitting an application.
What our customers are saying
Updated: June 30, 2026
The average costs on this page were derived from our data of over 25,000 small business owners in the consulting field who purchased policies through Insureon. Most of our customers have less than five employees, annual revenue ranging from around $50,000 to more than $200,000, and five years or less in business.
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