Business insurance for consultants
The chances are, if you're consulting for a business, they want your expertise and knowledge. But even the best-laid plans and the most well-thought-out advice don't always work as expected.
Mistakes and misunderstandings can lead to unhappy clients. And unhappy clients want someone to blame.
So, a little extra planning for your business won’t go amiss. Consultants’ insurance means your business is protected financially, whatever happens.
Another box ticked.
Consultants’ insurance FAQs
Who needs consultant business insurance?
Whether IT or the environment is your bag, being a consultant means there are people relying on you. And there’s always a chance you might let them down, however unintentionally.
So really, whatever your area of expertise, it’s wise to have consultant insurance.
You can get insurance for consultants of all different disciplines, including, but not limited to:
- Business consultants
- IT consultants
- Environmental/Sustainability consultants
- Management consultants
- Marketing consultants
- HR consultants
- Operations consultants
- Transport consultants
- Compliance consultants
- Financial consultants
Do I need insurance to be a consultant?
It’s not uncommon for clients to insist you have consultants’ professional indemnity insurance before agreeing to work with you. It might be you feeling the pressure, but it’s your clients too who are taking a risk by putting your advice into action. Especially if they’ve not worked with you before.
If your guidance sends them down a wrong path, it stands to reason they’ll want things put right. And that could cost you a pretty penny.
From a legal standpoint, you don’t have to have consultant insurance. But it’s highly recommended. Professional indemnity insurance at the very least.
What insurance do consultants need?
Professional indemnity, professional indemnity, professional indemnity!
Yup, that’s right, you guessed it. Professional indemnity insurance should be at the top of your consultant insurance shopping list. It’ll protect you if someone claims you’ve given the wrong advice or not done your job properly.
There are a few other types of insurance you’ll want to consider as well…
Public liability insurance, for covering third-party accidents and damage. If you’re meeting clients face to face, either on your own premises or on theirs, this one’s a smart move.
Cyber insurance. Working predominantly online is unavoidable these days. If you’ve got sensitive information on your computer about your clients, you’ll need to protect yourself from the potential fallout of a data breach.
Office and equipment insurance. If you have an office, either at home or somewhere else, make sure you take care of your kit with office insurance. If you’re usually out and about, you can get portable equipment insurance to protect things like your phone and laptop.
And don’t forget, if anyone works for you, it’s the law for you to have employers’ liability insurance.
What is public liability insurance for consultants?
Public liability insurance for consultants is the one that helps out in the event of accidental injury or damage.
For example, you spill your steaming hot latte all over a client’s laptop. Or a client trips over a wire and breaks an ankle in your office.
It’ll pay for all legal costs and any compensation awarded to the unlucky client.
What is consultants’ professional indemnity insurance?
Consultants’ professional indemnity insurance is the most important type of cover in your line of work.
It covers you for claims of negligence, and other things like breach of contract, breach of confidentiality, and defamation.
Picture this. A client hires you to design a strategy to increase their profits. Unfortunately, despite your best efforts, your advice doesn’t do what it’s supposed to. Their profits are stagnant and now they want to see the kind of results you promised.
So guess what… they’ll be looking to you to plug the gap. And a claim comes your way.
Professional indemnity insurance for consultants will pay for all your legal costs and any compensation you owe.
How much does consultant insurance cost?
It’s hard to tell you exactly. It’ll depend on lots of factors, like what you consult on, how many contracts you have, and what types of insurance you choose to take out.
We can tell you though, that you should have a good level of professional indemnity insurance as a bare minimum. The more you buy, the more you’ll pay. But trust us, it’s worth it, as compensation and legal fees can be sky-high.
Don’t forget to add public liability, as well as cyber and portables for more all-round protection. And employers’ liability too if anyone works for you, even temporarily or part-time.
Why choose us?
Well, we don’t want to brag or anything. But we are platinum-rated on Feefo. Probably because we really know our stuff when it comes to business insurance.
We have a great team of expert advisers at the end of the phone to answer your questions and help you get the right insurance.
If you already know what you need, then buying from our website couldn’t be easier.
Still crying for more?
Here are some other great things that’ll happen when you buy insurance from us:
- you’ll get an “I’m insured” badge to use on your website
- you’ll get rewarded for recommending us.
