General Liability insurance is an insurance policy designed to keep your business assets protected from various risks like third-party property damage, third-party personal injury, advertising mistakes and other accidents and liabilities. It protects your business that when a claim happens, the insurance will pay for an attorney and court fees.
Errors & Omissions (E&O) will protect your marketing consultant business and your professionals from the claims made by the clients against a mistake in the service you provided or failing to complete the contracted work. It protects your assets by providing the full cost of defending your business when involved in a covered lawsuit.
You may not think that you need Commercial Auto because you already have personal auto insurance. However, Commercial Auto offers higher limits and better coverage for business-owned vehicles. Moreover, when involved in an accident, or after a dangerous storm, your personal auto insurance would likely be void if it is proven that it is a work-related errand.
You work hard on your business to earn the profits you deserve, so you need protection from liabilities and accidents otherwise, it could put you out of business. Your insurance will pay for the covered risks. Therefore, your business assets are protected. Insurance won't cost a lot, in fact, all you need is to pay for a small monthly fee to protect your business.
Marketing Consultants need to be experts in their field to provide their services with minimal risk. However, risks cannot be avoided and can cause a liability lawsuit. Some potential risks include:
There is no fixed cost of insurance for marketing consulting services. Most insurance carriers will rely on the size of your business, the coverage required and the number of employees to get the cost of your insurance policy. Without taking these into account, below is the average cost of insurance for marketing consulting services:
Whether you are an independent marketing consultant, a group of three business consultants working in tandem, or a huge consultancy firm, insurance is one of the biggest factors in your day-to-day operations that could save you major financial devastation down the road. After all, your job is to help people build their business, and that can bring on a lot of risk. Do you have an office where you meet clients? Marketing consultant Liability insurance is a must if so, and this can be found in a BOP, or Businessowner’s insurance policy. The great thing about a BOP is that it combines a lot of coverages into one convenient package. Liability insurance is going to cover you for lawsuits related to slips and falls of people who visit your office. Or, if you meet clients at their place of business, such as a head office setting, and you wind up accidentally damaging their property, then that will be covered here as well.
The other big coverage component that is within the BOP is Commercial Property insurance. Even if you work out of your home, you likely have specific items that you use for your business, such as a desk, chair, and computer. All of these things are considered Business Personal Property and would need to be replaced if there is a fire or other covered event that damages them. What’s more, Commercial Property Insurance even covers theft and vandalism.
Let's say there is a fire and wherever you work, whether at home or an office location, must undergo repairs or be rebuilt. This inevitably means you will have trouble continuing your operations, which this insurance package will then cover. That is, a BOP policy is going to contain Business Interruption coverage, which will pay for the lost income during this time period.
Professional Liability insurance (PL) for consultants may arguably be the most important coverage you have. This insurance policy is going to respond to cases of mistakes, errors, or oversights in the expert administrations you give as part of your job as a consultant. Professional Liability, or Errors and Omissions insurance, insures you, your representatives, and your firm in the event that you are sued for proficient carelessness. After all, regardless of the precautions you take, errors can still happen.
You might be hopeful that your loyal clients will never sue you for a mistake, but unfortunately that is not always the case. Often, these mistakes can cause financial impact on the client and they will surely want you to pay for it. If an event such as this ends up being a significant Error or Omission and your client loses a significant amount of money, you will likely be on the hook for it. Professional Liability insurance for consultants will ensure that you do not go bankrupt by having to dig into your profits to pay for this type of loss.
With Errors and Omissions insurance, you are secured on the off chance that you commit an error, and let's be honest, no one is perfect. Regardless of whether a case against you is unwarranted, you need to shield yourself if you are sued, and without this critical insurance protection, your own personal assets could be in danger. Be sure to protect yourself and your firm by purchasing Professional Liability insurance. After all, it is an investment in your future and the longevity of your business.
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