Insurance for Management Consulting Services
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What Insurance Do Management Consulting Services Need?
A Fidelity Bond is an insurance product that protects your small business from any financial losses resulting from fraudulent or dishonest acts by employees. Where it's embezzlement, indentity theft or forgery, a Fidelity Bond will protect you from losses.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
What is Management Consultancy all about?
Management consultancy is the practice of helping businesses improve performance and grow by solving problems and finding new and better ways of doing things.
What does Professional Liability Insurance for a Management Consultant cover?
Professional Liability insurance protects businesses from the risks a mistake in providing consulting services causes financial injury to customers.
Who needs Professional Liability Insurance for Management Consultants?
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.
What risks could a Management Consultant face?
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.