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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 your professional responsibility for advice, and the potential for omissions in what you offer to clients. Your employees commute to clients constantly, with the potential for auto accidents and injuries, along with loss of the office and other business assets in other events.
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 risks that are not covered under General Liability insurance. It covers anything that you and your employers could do that causes loss or damage to your customers.
Even the best consultants can make mistakes. 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 be forced to sell all your assets to be able to pay your client for the damages. And if you are sued, you'll have to pay for your own defense and any associated costs.
An error in judgment made by your management consulting business that causes your client to suffer financial loss and lawsuit is a risk. For example, your new billing system overcharges your client and the accounting firm discovers that it has caused a huge financial loss to your client. Without insurance, you'll be forced to pay the charges from your own pocket including the defense and associated costs.
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