Consultant Insurance
Business Owner's Policies for Independent Consultants

Independent consultants rely on their creativity and innovation to perform their roles, which is why these professions usually enjoy relatively low risk exposures when serving their clients. But your consulting business still relies on equipment, supplies, software, and other assets in order to put your talents into action. If something should happen to your property, your business could be put on hold until your equipment can be replaced. And for consultants with an office that clients can visit, there's always a risk that someone could potentially be injured on your premises.

As a safeguard against such scenarios, consultants depend on business insurance to manage risks and keep their commercial assets protected. With adequate coverage, you have the security that your business can weather a liability lawsuit or the damage wrought by an unforeseen catastrophe, such as a fire, tornado, or theft of your equipment.

If you're searching for comprehensive coverage, a Business Owner's Policy (BOP) may be your best course of action. By providing your business with General Liability Insurance and Property Insurance, your BOP offers a safeguard against third-party liability claims and the unexpected damage or loss of your business property. Because consulting companies are usually considered low-risk, your business may be eligible for a BOP. An insureon agent would be happy to help you determine whether your business meets the criteria for this coverage.

Protecting Independent Consultants

Business Owner's Policy: Protecting Independent Consultants

Business Owner's Policies for consulting professionals provide a safety net in times of upheaval and uncertainty. Thanks to its bundled General Liability and Property Insurance policies, your BOP covers your business for the cost of liability claims or the expense of replacing business property damaged by natural disasters (e.g., fires and tornadoes) or criminal activity (e.g., theft or vandalism). In addition to its comprehensive coverage, a BOP can also save your small business money, as they are usually offered at a discounted rate. You can also tailor your policy with endorsements or add-on coverages should you need them.

The General Liability portion of your BOP provides legal funds and compensation in the event that your business is held responsible for a third party's personal injuries, bodily harm, or property damage. Depending on your policy limits, these funds typically cover attorney's fees, court-ordered settlements or judgments, bond premiums, and more. Your business will be covered for claims even if your business is not at fault, which saves your company from paying out-of-pocket for legal defense.

Through your BOP's Property Insurance policy, your office space, computers, smartphones, office equipment, and furnishings are protected against damage, theft, or loss. Usually, this coverage kicks in when a tornado, fire, or burglary occurs so you can quickly replace the assets you need to run your business. Your coverage can also protect others' property while it is in your custody or care.

Talk with one of insureon's consultant insurance experts to verify your eligibility and find the Business Owner's Policy that meets your needs.

Business Owner's Policy Coverage

Consulting Services Business Insurance: Business Owner's Policy Coverage

As a consultant, you already know that risk management is an essential component of any well-run business. With a comprehensive business insurance plan in force, you allow your business the freedom and security it needs to grow and serve more clients. As you shop around for a policy that meets the unique needs of your business, consider these risks and claims a Business Owner's Policy covers for a bargain price.

Property Claims

As a professional who relies on computer and media equipment to conduct business, you don't have time to spare when a catastrophe destroys your business essentials. When disaster strikes, your BOP compensates your business so you can quickly replace the equipment you need to serve your clients — from tablets and computers to your office space and furniture. Generally, your policy will cover the loss or damage of your commercial property should a fire, tornado, or theft occur. Your coverage can also protect property that is in your custody or care.

Most Property Insurance policies will come with the option of insuring your assets at their current or replacement value. Opting to insure items at their current value may mean a smaller premium, but you may find you do not have the coverage you need to buy new items in the event of a claim. Insuring your equipment and commercial property at the replacement value will increase the rate of your premium, but this option also allows you to replace your property with new gear.

For consultants who rent office space, you'll be happy to know the Property Insurance portion of your BOP can meet the coverage requirements of your lease. That way, if an unexpected event occurs, you have the funds to repair your business space and quickly get back to serving your clients.

General Liability Claims

If your office is open to clients and visitors, the General Liability Insurance provided by your BOP can offer valuable protection against liability lawsuits should a third party sustain an injury on your premises. For example, if a visitor trips over a step in your office and hits their head, they could sue your business for medical expenses. If they do, your General Liability coverage kicks in to cover the cost of your legal defense, settlements or judgments, medical expenses, and more. This coverage also protects your business it is responsible for damage to someone else's property.

Additionally, a Business Owner's Policy can include coverage for completed operations liability, contract liability, and advertising / personal injury liability (e.g., libel, slander, or copyright infringement). However, your BOP does not protect your business against claims of professional negligence or errors. For that protection, you'll want to consider purchasing a Professional Liability (Errors and Omissions) policy.

Business Interruption Insurance for Independent Consultants

Under the Property Insurance portion of your Business Owner's Policy, you can include business interruption insurance. Depending on your policy, this coverage could compensate your business for up to 12 months of income you would have earned had your company not been closed due to lost equipment, property repairs, or the need for you to appear in court. This extra measure ensures you will have the means to pay the overhead, utilities, and payroll while your firm gets back on its feet. For more details about business interruption coverage, be sure to ask your insureon agent.

Insurance Policies Tailored for Consulting Professionals

Insurance Policies Tailored for Consulting Professionals

If you want to secure a Business Owner's Policy for your independent consulting business, insureon's expert agents can make the process a streamlined and stress-free experience. Through our all-online application, you can receive competitively priced quotes from A-rated insurance providers in minutes. Plus, our agents are available to answer questions you have about your business insurance needs, and can guide you toward the products that fit your business.

Ready to get started? Complete our quick online application today!

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