Consultant Insurance for Your Firm

1. ICONSULTANT INSURANCE Everything consultants need to know about

2. Do you need consultant insurance? • Consultants provide expert services to their clients based on their specialized knowledge regarding various subject matters and fields. • But a small mistake or ignorance can cause huge damage to their clients as well as for them.  • We understand this. • Consultant insurance will analyze all your risks and provide complete coverage so you can provide services without any hindrances.

3. What Kind Of Risks Do Consultants Face? Losing client’s data due to cyber incidents like a data breach.   Losing the business due to client dissatisfaction.  Hefty lawsuit due to a missed deadline. Income interruption due to temporary closure resulting from equipment and property damage.  

4. Consultant Insurance • Consultant insurance protects consultants or consulting firms from the risks and uncertainties they might face. • Having a consultant insurance will provide all the coverages you might need as a consultant.  • It helps consultants to transfer their risks so that they can provide services without worrying about the obstacles.

5. What Insurance Policies Do Consultants Need? • Business Owners Policy  • Commercial General Liability Insurance  • Commercial Property Insurance  • Commercial Auto Insurance  • Business Interruption Insurance  • Worker's Compensation Insurance  • Errors and Omissions Insurance  • Cyber Liability Insurance  • Inland Marine Insurance  • Commercial Umbrella Insurance

6. Business Owners Policy • This policy is a blend of commercial general liability, commercial property, and business interruption insurance. • It is useful for small consulting firms and independent consultants as it provides a balanced coverage.   • For example, this policy will provide coverage for building and its contents in case of loss due to fire.

7. Commercial General Liability Insurance • This policy provides coverage against the following claims: • Bodily injury • Property damage • Personal injury • This is one of the most essential policies for consultants. • For example, your employee mistakenly broke an expensive sculpture at a client's office. The client sues you for the losses. This policy will cover all the expenses associated with the loss.

8. Commercial Property Insurance • This policy covers all the valuable property that a consultant or consulting firm owns. It includes: • Physical location • Equipment • Furniture • Computers • For example, thieves break into the office and steal and damage a few office computers. Commercial property insurance will cover all the losses the firm incurred from the theft.

9. Commercial Auto Insurance  • This policy covers the vehicles owned by the business.  • In case of consultants, travelling is a frequent activity. They often use their vehicles for business purpose. Thus, getting this policy is essential. • For example, you were driving to your client's office in your personal car. But you hit another car on your way. The owner of the vehicle files a claim against you for the damage. This policy will cover all the damages in this scenario. 

10. Business Interruption Insurance • This policy provides coverage when the business can’t generate revenue due to any temporary closure. • For example, the theft incident at your office forced you to close your office for a few days. This policy will cover the loss of revenue due to the closure.

11. Workers Compensation Insurance • This policy provides coverage to employees in case of a work-related injury. • This policy provides coverage for: • Medical fees • Lost wages • Funeral expenses • This policy is essential for firms that hires employees.  • The state law requires firms to have this policy even if they have a single employee.  • Workplace injuries are not very common in consulting business. However, it is better to have this policy to be on the safer side.

12. Errors and Omissions Insurance  • This policy is also referred to as professional liability insurance. • It provides liability coverages for:  • Accusations of negligence or mistake  • Services not delivered on time  • Work-related errors  • Violation of good faith  • This policy also covers legal fees, settlements, and court costs associated with the claim.

13. Cyber Liability Insurance • This policy provides coverage for cyber incidents such as data breach, ransomware, or cyber extortion. • The coverage includes data restoration, ransom demands, legal fees and other costs. • Consultants are at high risk of such attacks as they hold confidential client data. • For example, your laptop gets infected by a malware and you end up losing all your client's confidential data. Your client sues you for the loss of data. Cyber liability insurance will cover in this case. 

14. Inland Marine Insurance • This policy provides coverage for the equipment that are in transit. • Consultants need this policy as they usually travel along with their equipment like high-tech computers. • For example, you drop your laptop while travelling to your client's office in another state for a meeting. Inland marine policy will cover all your damages.

15. Commercial Umbrella Insurance  • This policy provides additional coverage to the general and auto liability policies. • Large consulting firms should consider getting this policy as they are exposed to significant risk factors and their primary policies might not be able to provide enough coverage.  • For example, a huge fire in your office injured all your employees. The damages exceeds the limits of your liability policies. In this scenario, commercial umbrella insurance will cover the damages.

16. Consultants and consulting firms must have all these policies to safeguard themselves from any threats coming their way.