Why do consultants need insurance?
As a consultant, your clients depend on your expert knowledge and advice. You need insurance that reflects your professionalism and protects you in case something goes wrong. Whether a client is injured while visiting your office, or the advice you give causes a financial loss to them; we can arrange insurance to give you peace of mind and financial protection against the unexpected
Which consulting professions can you arrange insurance for?
We work with some of the UK’s leading business insurers so we can find the right cover for many consulting professions. Some of the consulting professions for which we can arrange insurance include:
• Business and management consultants
• IT consultants
• Software consultants
• Marketing consultants
• Network consultants
• HR consultants
• Operations consultants
• And many more
How much does consultants’ insurance cost?
The cost of consultant’s insurance depends on a variety of factors including the size of your business, the consultancy projects that you take on and the types and level of cover required. Our business insurance advisors would be happy to discuss your individual insurance requirements and help you find a range of quotes for your consultancy business
What insurance do consultants need?
For consultants, there are several covers available, which can normally be packaged together under one policy. There are many considerations to make to ensure you have the necessary cover
Consultants cover to consider:
• Public liability
• Employers’ liability
• Professional indemnity
• Office building, contents and equipment
• Business interruption
• Commercial legal protection
• Directors and officers’ insurance
• Personal accident
• Cyber and data insurance
Consultants’ insurance covers explained
Public liability insurance can protect you financially if a client or visitor takes legal proceedings against you if they suffer an injury or damage their property whilst at your premises, as well as cover for the associated medical and/or legal costs too.
If you employ staff then you may need to include employers’ liability insurance in your consultants’ insurance policy package. This is required by law, save for few very specific businesses, to protect you if your employees claim compensation if they are injured or become ill following an accident or incident whist at work.
The advice you provide is given in good faith, to often help solve a complex issue that requires professional skill and judgement. As careful as you may be mistakes can be made that could cause a financial loss and/or reputational damage to your clients. Professional indemnity insurance for consultants can protect you against claims made against you for negligent advice you may give in your professional capacity. Wherever your area of expertise lies, we can arrange professional indemnity cover to suit your needs. Our advisors are on hand over the phone to discuss your professional indemnity insurance requirements.
Office building, contents and equipment
You may spend a lot of time on the road visiting clients but your office will most likely be the base of your hard work. Protecting your documents, client information as well as your contents and buildings is essential. That’s why we arrange office insurance or home business insurance for consultants that incorporates the covers you need. It can include protection for equipment away from your office as well as legal protection and liability insurance to offer a comprehensive package that’s tailored to you.
Depending on the size of your office, you may also want to add business emergency cover. This cover is designed to give 24/7 cover for many business emergencies such as the office boiler breaking down and other business emergencies and repairs such as lost keys and damage to or failure of security systems.
If you’re office-based, then you should consider including business interruption insurance within your consultants’ insurance policy. This invaluable cover can protect against a loss of income if you suffer damage at your office that interrupts your ability to trade. Whether it’s a burst pipe or a more devastating event such as a fire or flood, having business interruption insurance can offer financial protection to get you back on your feet.
Commercial legal protection
Commercial legal protection could offer cover for the costs relating to unforeseen legal action that may be brought against you for things like property, contract or employment disputes that may arise within your consultancy business.
Directors and officers insurance
As a company partner, manager or director you could be held personally and legally liable for claims that could arise from your business decisions. Directors and officers insurance could cover the costs of defending you as a director or officer of your company against allegations of wrongful acts and any damages subsequently awarded against you.
If you have an accident that leads to an injury and time taken off work, due to the injury you and your business could take a hit financially. Personal accident insurance cover can help with this in that it will typically provide you with a lump sum for specified injuries to help cover your lost wages or to allow you to pay for someone to come in on a temporary basis until you’re back to full strength.
Cyber and data insurance
As a consultant, access to your computer system will be very important to your business. You may hold personal data about your customers, suppliers or even your employees on your computer. You may even do all your accounts online. With this in mind, you might want to consider cyber liability insurance, which is designed to support your business if your systems are compromised by things like malicious hackers who may cause damage or restrict access to the information you hold. Our advisors are on hand over the phone to discuss your cyber liability insurance requirements.