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Essential coverages for management consultants
In management consulting, you provide business advice to other companies about administration, site selection, financial management, strategic planning, and general management. The greatest liability is the exposure which arises from your professional services and Errors & Omissions insurance can mitigate the chance it brings your business down. There are other exposures an insurance policy can help to protect the business from and their explanations below are worth reviewing.
Business Owners Policy (BOP) combines Commercial Property and General Liability insurance into one package. This insurance is perfect for small to mid-sized businesses as the individual insurance policies are more than enough for such businesses anyway.
This insurance provides your management consulting business with protection should a mistake have been made while delivering professional service to your clients. Errors and Omissions (E&O) covers both court costs and any settlements made up to the amount specified by the contract.
Cyber Liability insurance protects your business from the liabilities of data breaches that risks your clients' personal information like Social Security numbers and credit card accounts. This management consultant insurance provides comprehensive coverage and reputation protection in the event of a claim.
Commercial Auto insurance offers protection for any vehicle that is designated for business use against property damage and liability. Whether you drive your personal vehicle for business use or have a dedicated vehicle for your management consulting business, Commercial Auto insurance offers higher liablity and damage coverage than your personal auto policy.
Fidelity Bond is a kind of management consultant insurance that protects your business from financial losses that are due to a result of dishonest acts committed by your employees. This bond will protect your employees should they engage in embezzlement, identity theft, and other fraudulent activities.
General Liability is important to your management consultancy as it covers the expenses related to property damage, non-employee injuries, and advertising mistakes. It covers some of the most common lawsuits that arise from daily business activities like a slip and fall claim. When your business is sued, it will pay legal expenses including settlements and attorney fees.
Management consultancy is the practice of helping businesses improve performance and grow by solving problems and finding new and better ways of doing things.
Professional Liability insurance protects businesses from the risks a mistake in providing consulting services causes financial injury to customers.
Even the best consultants can make mistakes and often you can be accused of a mistake without actually making one. Any errors in judgment on your part can cause your client to suffer financial loss; thus a potential lawsuit. Without Professional Liability insurance, you'll have to bear the full cost of defending yourself in court and to pay for any judgments decided against the business.
When a management consultant is doing a great job for a customer they can become essential to operations. If a mistake is made while improving an organization and it brings down operations, the consultant is potentially liable for lost revenue to the customer.
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