Professional Liability Insurance for Consultants

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As a consultant, you can be conducting a variety of tasks as it relates to your job. You wear many hats and deal with all types of people as clients. You could be providing strategy, creating processes, or even providing advice depending on your client's needs. Because of the multitude of things you could be responsible for, it is imperative that you have the right insurance protection in place. At the very top of the list is the essential coverage of Professional Liability Insurance for Consultants. Professional Liability is an errors and omissions type of policy that is essential for you and your consulting business.

What Are Professional Liability Risks of Consultants?

Consultants face a considerable amount of risks due to the amount of work they do, and the variety that they face. As a consultant, you could be doing something different every day. Regardless of what type of consultant you are, the risks are significant. One risk you must consider is negligence, whether real or perceived.

Let's say you are doing a project management job for a client and for some reason you are unable to meet the due date or stay within budget. Both of these things are feasible and could cause a claim to arise. You could be sued for negligence for failing to complete the project correctly. On the other hand, maybe you don't make a mistake, but you have accidentally taken on a client who is not happy no matter what you do. This can pose the highest risk to you and your business. Without Professional Liability insurance for consultants, you could owe thousands of dollars from one claim alone, whether or not you made a mistake.

What Is Covered By Professional Liability Insurance for Consultants?

While each insurance company is going to have different available coverages, most policies include the following basic ones:

  • Negligence - Remember, whether this is actual or perceived, it doesn't matter. If a claim arises that states you were negligent as a consultant, you must be able to defend yourself.
  • Defense Costs - Let's say you are found not guilty, regardless you will still have to pay for your defense counsel and court costs. These can rack up pretty quickly costing over tens of thousands of dollars. Protect your business by purchasing a Professional Liability insurance policy for consultants.
  • Additional Coverages - Most policies will have some enhancements that you can add to your policy, and the need for these will depend on your niche. If you are a consultant in the technology arena, you will want to make sure you have Technology E&O. If you are consulting on business mergers or acquisitions, there is a special endorsement for this coverage. CoverWallet’s team of educated advisors can discuss your unique situation and provide you with some options.

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How Much Is Professional Liability Insurance for Consultants?

Cost is often a concern when it comes to insurance, but Professional Liability insurance for consultants does not have to break the bank. If you are a newer, or startup, consultant you can plan on paying around just $500 annually for your policy. Of course, if you have a larger consulting firm and employees, the price will rise.

Some other factors to consider when determining price are any past claims history, coverage limits, and deductibles. It is a good idea to bundle all of your insurance needs together to possibly qualify for some savings. After all, you will still need to have general liability for bodily injury and property damage, workers compensation if you have employees, and maybe even commercial auto coverage. CoverWallet can help you bundle all of these insurance policies for ease of doing business.

Business Insurance

Running a business is challenging enough without having to worry about lawsuits, employee injuries or property damage. Having the right insurance gives you the peace of mind to focus on what matters - running your business.

The coverage you need depends on the type of business you run. A restaurant owner needs to be covered against customers possibly getting food poisoning while an accountant needs to be covered against calculation errors. CoverWallet's intelligent assessment system will identify the insurance you need based on your specific business, get you a policy that fits your budget, and do it all in less time than you think.

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