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Consultant Insurance

Anyone who offers professional advice or services should have insurance coverage.
Protect your practice against claims of negligence, errors, or omissions with consultant insurance.

 

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Insurance for consultants

Consultants provide a range of invaluable services across a variety of industries. As a consultant, business owners across industries rely on your expertise to improve their offerings. As businesses continue to prioritize transformation, innovation, and adoption, consultancy as an industry will continue to grow in demand. Whether you work specifically within a niche or have a broad focus, there is always a risk when it comes to offering professional advice.

We know what makes your business unique. With over fifty partners, we’ve helped consultants across industries protect their businesses with insurance policies tailored to meet their specific needs.

At 2autoinsurance, we’re on a mission to make insurance as accessible as possible. We wrote this guide to help you navigate the basics of consultant insurance for your practice.

What is consultant insurance?

When you’re a consultant, you could be held liable for almost any negative impact your services have on a business. As there are various specialties found within the consulting field, different factors, such as industry and location, must be considered to find the perfect coverage for you.

Our Consultant Insurance policy packages are designed to accommodate the full range of consulting services and protect against specific risks associated with them, such as negligence, errors, omissions, or third-party damages.

What does it cover?

 Different businesses have different risks. The financial consultant won’t be able to cover it, but 2autoinsurance is the best choice. Event management is the same type as the same type. We firmly believe that comprehensive coverage should cover the risk you face.

 

Those types of risks will vary by industry, service, and product. However, the following core coverage applies to most business owners. 

Professional Liability Insurance: 

              Professional Liability Insurance is essential to your business’s survival as a service provider. Also known as Errors and Omissions Insurance, Professional Liability Insurance protects consultants against client claims alleging financial loss due to a service you provided and lawsuits alleging negligence, misconduct, and failure to deliver services as promised.

Liability of Cyber  Insurance:

              As the business grows into the digital space, cybercrime becomes more common. It is making it difficult and challenging for all business owners to protect their data and technology. Cyber insurance liability may cover all the costs associated with the electronic incidents, like cost notifications, income loss, and data repair.

Commercial General Liability Insurance (CGL): 

Mistakes can happen anywhere you work from home or have an office. General Commercial Liability Insurance can protect the consultants against common shares or lawsuits alleging third-party bodily harm(e.g., slip-and-fall), possessions damage, false advertising, and libel/slander. Should you be sued, CGL may cover legal defense costs, nevertheless of the lawsuit’s outcome.

Business Contents and Portable Electronics Coverage:

               Business Contents and Portable Electronics are two types of range that protect your business’s physical support. Business Contents provides scope for loss or impairment to your office’s physical capacities, such as tools, technology, or advancements you’ve made to the office. Portable Electronics may cover the cost of replacing or repairing portable electronics damaged or stolen inside and outside your office.

Legal Expense Insurance:

                 Provides access to general legal advice with an experienced lawyer and coverage for legal expenses incurred throughout the legal process. This insurance policy may cover legal costs associated with defending your legal rights, including employment disputes, debt recovery, contract disputes, or tax protection.

Who needs it?

Any individual or business providing professional services or advice should protect their business with a Consultant Insurance policy package. If a client determines your advice or service was less than satisfactory or resulted in a financial loss to them, they may take legal action. 

Without the right insurance coverage, your practice may suffer severe financial stress due to a lawsuit. Independent consultants and freelancers are especially vulnerable.

We’ve insured consultants practicing in a range of sectors, including:

  • Accountants
  • Advertising / Marketing
  • Architects
  • Bookkeepers
  • Business Consultant
  • Employment
  • Agencies/Recruiters
  • Engineers
  • Environmental Consultants
  • Financial Consultants
  • Home Inspectors
  • Immigration Consultants
  • IT Consultant
  • Life Insurance Agents
  • Life Coaches
  • Management Consultants
  • Oil and Gas Consultant
  • Private Investigators
  • Property Managers
  • Paralegals
  • Project Managers
  • Publishers and Printers
  • Service Organizations
  • Software Development Consulting
  • Web-Site Designers

How much does it cost?

Every business is unique, and insurance requirements will vary by size and industry. Small- to medium-sized consulting practice owners can anticipate premiums starting from $350 annually for a Professional Liability Insurance policy with a $500K limit.

When you fill out our online application, we will ask some questions about your business to understand your requirements better. The following factors are taken into consideration when determining the best policy options for your practice:

  • Industry
  • Years of Experience
  • Number of Employees
  • Claims History
  • Annual and Projected Gross Revenue

We’ve partnered with over fifty insurance providers to offer you different options that suit your business needs at the best price.

Common claims scenarios

Problem: As an Immigration Consultant, is hired to assist a client to apply for a work visa and permanent residency in Canada. In the application process, you forget to submit additional documents, which causes significant delays in the client’s process. The client is unable to begin working within their expected timeline and sues you for negligence and loss of income.

Outcome: You are successfully sued in court. Your E&O coverage could cover the defence costs and monetary judgment, totalling $55,000.

Problem: A cyber hacker gains access to your internal database and steals your client’s personal information, including names, addresses, and credit card details.

Outcome: Your Cyber Liability Insurance may cover the costs to notify the clients affected and provide credit monitoring services, as well as legal expenses and the cost to restore your data system. The total cost covered is $500,000.

Problem: A client visits your home office for a consultation, but falls and injures themselves on the way up the stairs.

Outcome: Your client successfully sues you for bodily injury. Your Commercial General Liability (CGL) coverage may cover the medical expenses and legal fees, totalling $15,000.

Frequently asked questions

Although Consultant Insurance is not mandatory by law, it may be important to protect your business with a consultant insurance policy because clients have the legal right to file claims for mistakes caused by the negligence of consultants and independent contractors. Most clients will require you to have Consultant Insurance before hiring you because small mistakes on your part could lead to huge financial losses for them.

Errors and Omissions policies don’t cover damages to third parties from cybersecurity breaches. If you store electronic data related to clients, whether personal or financial, it may be a good idea to ensure that your Consultant Insurance policy includes coverage for cyber liability because you may be held liable for third-party damages caused by cyber attacks on your servers.

 

Errors & Omissions (E&O) Insurance is a popular alternative name for Professional Liability Insurance, but the latter is the official name in the insurance industry. Regardless of what you call the policy, it is recommended for protecting any consulting practice because It provides protection from errors and missed deadlines (due to negligence) that lead to a financial loss for clients.

 

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As a consultant, you’ve dedicated your career to using your expertise to help business owners thrive; you deserve a broker dedicated to providing you with the same level of care.

At 2autoinsurance, we simplify the process of getting consultant insurance so that you get the coverage you need, quick and easy!

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