Professional Services Business Insurance

To fully protect your professional service business from complex risks and exposures, you may need additional types of coverage, including:

• Business income coverage, also called business interruption insurance, compensates small business owners for their normal operating expenses and other associated costs if a fire or other commercial property insurance claim forces your management consultant practice to temporarily close its doors.
• Extra expense coverage pays for expenses above and beyond a business's normal operating costs after a disruptive event. You can get this coverage as a standalone policy, as a rider to commercial property insurance, in a package with business interruption insurance, or as part of a business owner's policy.
• Employment practices liability insurance (EPLI) protects your small business if an employee sues over wrongful termination, sexual harassment, or another violation of employee rights.
• Directors and officers (D&O) insurance, often combined with EPL insurance in a management liability insurance bundle, covers claims related to decisions made by your board of directors, as well as officers elected or appointed by the board, during the policy period after the retroactive date.
• Commercial crime insurance, also referred to as fidelity insurance, financially protects your business from criminal acts committed by employees against customers or clients.
• Surety bonds act as a contract between a business, a client, and an insurance company. They guarantee the surety company will reimburse the client if the business fails to deliver contracted services. It's important to note that bonds must be paid back to the surety company.
• Equipment breakdown coverage protects your company's computers, electrical systems, production machinery, and other equipment from sudden and accidental malfunctions that commercial property insurance typically excludes.
• Commercial umbrella insurance provides additional coverage for liability claims made on general liability, commercial auto, or employer’s liability insurance.