How much does business insurance cost for HR consultants?

Human resources consultants pay a median premium of about $30 per month, or $350 annually, for general liability insurance. This policy offers coverage for third-party property damage and injuries.

Small HR consulting businesses can typically find savings by bundling general liability insurance with commercial property insurance in a business owner’s policy. A BOP protects your business property along with defending against common business risks.

Median cost per year: $350
Policy limits: $1 million per occurrence
Policy deductible: $500

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

HR consultants pay a median premium of less than $45 per month, or $520 annually, for professional liability insurance. Also called errors and omissions insurance (E&O), this policy provides coverage when an HR consultant is sued over a mistake or poor advice.

Median cost per year: $520
Policy limits: $1 million per occurrence
Policy deductible: $1,000

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

The median cost of workers’ compensation insurance for an HR consultant is about $35 per month, or $415 annually. The cost of a policy varies significantly depending on the state and your business operations.

Workers’ compensation insurance is required in almost every state for human resources consulting businesses that have employees. This coverage helps pay medical fees and lost wages for employees who are injured on the job. Most policies include employer’s liability insurance, which protects business owners against lawsuits related to work injuries.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

The median cost of a business owner’s policy is about $40 per month, or $500 annually, for HR consultants. Pricing is determined by your consulting firm’s location, operations, and the value of your business property.

A business owner’s policy bundles general liability insurance with commercial property insurance, usually at a discounted rate. This policy may include business interruption insurance, which covers income lost at your business due to an unexpected temporary closure.

Median cost per year: $500
Policy limit: $1 million per occurrence
Policy deductible: $500

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.

The median cost of a fidelity bond for small businesses is $88 per month or $1,055 per year. The cost depends on how much coverage you purchase.

Fidelity bonds compensate your clients if an employee at your HR consulting firm steals from them. Clients might require you to purchase a bond before they will work with your company.

Median cost per year: $1,055
Policy limit: $1 million
Policy deductible: $10,000

To learn more about fidelity bond costs, visit Insureon's fidelity bonds cost analysis page.

Small businesses pay a median premium of $140 per month or $1,675 per year for cyber liability insurance. The cost depends on how much sensitive data your consulting firm handles.

Median cost per year: $1,675
Policy limits: $1 million per occurrence
Policy deductible: $1,000

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