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Consultants operate across every industry, providing their knowledge and experience to companies. This creates several insurance needs for those who have made consulting their life’s work. Consultants who offer the following services should consider insurance:
General Liability and Professional Liability are among the most popular policies purchased by business consultants. However they are also complemented by other coverages depending on the size of the client portfolio.
The final cost of insurance for consultants will depend on the industry. Different regulations may result in higher, or lower, insurance costs. Obtain a quote to get a better understanding of the total cost.
Professional liability insurance costs consultants on average less than $55 per month, or $650 per year. This policy, often known as errors and omissions insurance (E&O), provides essential coverage for consultants, including legal expenditures connected to professional blunders and negligence charges.
Put your rules down on paper and follow them. Establish clear professional limits with your customer and request that they do the same. Agree on working hours and response times, and how calls, meetings, and Skype sessions will be scheduled. Ultimately, you can’t prevent all risks from occuring, so it’s best to ensure you have insurance cover in place in the event they do.
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