Anyone can be a businessman. However, not all have the knack for it. Business consultants are the professionals that help inexperienced business owners create a solid plan, implement management systems, promote campaigns, develop projects, etc. They often work with financial consultants to ensure that businesses thrive and succeed.
Though working in the four corners of an office, there are many things to worry about. For example, what if a marketing consultant you’re working with can’t give deliverables on time?
There are also times when you’re hired to improve the human resources of a business and employees, who disagree with how you manage things, might file a claim.
Consider getting insurance as a business consultant. Business consultant insurance will allow you to reimburse the financial losses of clients. You can also use this to cover defense costs if employees accuse you of violating their rights. In this guide, further know how this works, the cost of premiums, and the best companies.
Business consultant insurance offers the policies you need as a business consultant-$1 million professional liability and $1 million general liability insurance. Other insurance policies are also available such as commercial property, worker's compensation, cyber liability, and more.
|Per occurrence limit||$1,000,000||$300,000/$1,000,000||$1,000,000/$2,000,000||$1,000,000||$1,000,000||$1,000,000|
|Products and completed operations aggregate limit||$2,000,000||$1,000,000||$1,000,000||$1,000,000||Included||$2,000,000|
|Advertising injury coverage aggregate limit||$1,000,000||$1,000,000||$1,000,000||$1,000,000||Included||$1,000,000|
|Tenant’s legal liability coverage limit||$100,000||$100,000||$5,000||$300,000||Included||$300,000|
|Waiver of subrogation included?||Yes||No||Included||Can be included||Excluded||Excluded|
|Hired/non-owned auto liability coverage included?||Yes||No||Excluded||Can be included||Excluded||Excluded|
|Equipment breakdown floater included?||No||Yes||Yes||Yes||Yes||No|
|Can you get a certificate of insurance online?||Yes||Yes||Yes||Yes||Yes||Yes|
|Name additional insureds?||Yes||Yes||Yes||Yes||Yes||Yes|
The business consultant liability insurance that you shouldn’t skip is a general liability policy. Use the table above to see which insurance company offers the best general liability insurance for business consultants.
Firms, holding companies, education institutions, and other high-profile businesses might require a general liability policy before hiring you.
General liability insurance grants protection when third parties hold you liable for bodily injuries or property damage after experiencing an accident at your office. Here are situations where the coverage of this insurance applies:
Hot coffee was spilled on a client during a meeting
A client or independent contractor slips and falls while moving around in your office
Someone gets injured during an office renovation project
Carriers design general liability insurance to cover these expenses when third parties file a claim for bodily injury or property damage against your business consulting office:
Medical expenses of the claimant
Refund or reimbursement for the damaged property of the claimant
The general liability policy of business consultant insurance bundles is a broad form coverage that contains these automatic add-ons:
Products and completed operations coverage
Rented premises liability coverage
Advertising injury coverage
|Per occurrence limit||$1,000,000||$1,000,000||$1,000,000/$2,000,000||$1,000,000||$1,000,000||$1,000,000|
|Name additional insureds?||Yes||Yes||Yes||Yes||Yes||Yes|
|Waiver of subrogation included?||Yes||No||Yes||Can be included||No||No|
|License defense coverage included||No||No||No||No||No||No|
Use the table above to see which insurance company offers the best errors and omissions insurance for business consultants.
E&O insurance, which you can find in marketing consultant insurance plans, can be included in your tailored insurance package.
You’re partly responsible for any negative outcomes of your advice, strategies, and analysis. And so, clients can file a claim against your services. This is the exposure that E&O insurance for business consultants covers.
In practice, you can use errors and omissions insurance for business consultants when clients file a claim because:
You failed/forgot to submit an important report
You gave an inaccurate feedback
You implemented a strategy poorly
You breach your contract with clients
Important documents and electronic data entrusted to you got lost by accident
If you're in a state where business consultants are required to get a license, your professional liability policy can be added with license defense coverage. Professional liability insurance with license defense coverage will take care of legal defense expenses if the licensing authority files a proceeding to terminate or suspend your license.
A cyber liability policy can help if client information and electronic documents get exposed because your laptop or desktop computer is hacked or breached. The coverage of this insurance applies if you become a victim of malware, ransomware, man-in-the-middle attacks, and other related activities.
You can use cyber liability insurance to take care of these expenses:
Legal expenses if clients affected by the breach sue you
Data breach containment
Get all the best quotes from leading providers in a click of a button!
|Building coverage limit (minimum)||$50,000||$340,000||$25,000/$500,000||$25,000||$30,000||$25,000|
|Contents coverage limit (minimum)||$50,000||$18,000||$25,000/$500,000||$25,000||$50,000||$15,000|
|Money and securities||Excluded||$2,500||$1,000||Included||Included||Included|
|Lock and keys||Excluded||$2,500||Excluded||Excluded||Included||Included|
|Business interruption floater||Excluded||Included||Included||Included||Excluded||Excluded|
|Equipment breakdown floater||Excluded||Included||Excluded||Excluded||Excluded||Excluded|
|Inland marine insurance floater||Excluded||Excluded||$10,000||Excluded||Excluded||Excluded|
|Employee dishonesty floater||Excluded||$5,000||$2,500||Included||Excluded||Excluded|
Use the table above to see which company offers the best commercial property insurance for business consultants.
Commercial property insurance is a coverage for your office. In practice, this insurance will cover:
A condo office you own, rent, or lease
The co-working space if you’re operating from one
A stand-alone office building you own, rent, or lease
An owned, rented, or leased space you’re using as an office
So, how does commercial property insurance for business consultants work? Commercial property insurance will reimburse the replacement cost or actual cash value of the office if it gets damaged or destroyed by:
The valuables of your office, such as documents, laptops, cameras, desktop computers, furniture, water dispenser, and bulletin board are also covered by commercial property insurance. Understand that the coverage of this insurance doesn’t apply to the valuables of clients under your care, custody, and control.
|General liability aggregate limit||$2,000,000||$1,000,000/$2,000,000||$1,000,000/$2,000,000||$2,000,000||$1,000,000||$2,000,000|
|Commercial property coverage limit||$50,000||$25,000/$500,000||$340,000||$25,000||$25,000||$15,000|
|Optional policies can be added?||Yes||Yes||Yes||Yes||Yes||Yes|
|Name additional insureds for free?||Yes||Yes||Yes||Yes||Yes||Yes|
Use the table above to see which company offers the best business owner’s policy for business consultants.
The small business consulting insurance for those who can’t spend much on premiums is the business owner’s policy.
A business owner’s policy, also offered in HR consultant insurance bundles, is a two-in-one insurance product. This is made by combining general liability insurance and commercial property insurance.
And so, you can use a business owner’s policy to cover the expenses for liability claims and recover financial losses in case business property gets damaged or destroyed.
Your business owner’s policy might offer optional coverages such as cyber liability, business interruption, errors and omissions, etc. That said, it’s best to examine the quote closely before proceeding with the purchase.
Workers' compensation insurance is a must for business consultants who work with full-time and part-time employees.
By law, part-time and full-time employees are eligible for adequate benefits and compensation if they sustain a work-related injury or disease.
The job of workers' compensation insurance is to ensure that you don’t lose money when fulfilling such an obligation. Particularly, these are the expenses covered:
Employee medical treatment
Rehabilitation and retraining
Funeral expenses and allowance to dependents in case of death
In practice, you can use workers' compensation insurance if an employee slips and falls in the office, gets involved in a car accident while traveling to meet your clients, sustains a musculoskeletal disease, or experiences severe stress, trauma, depression, and PTSD.
The failure to get workers' compensation insurance is punishable by law. Expect authorities to be on your tail if employees aren’t covered by this policy. Again, you only need to cover those working part-time and full-time. Independent contractors, interns, and volunteers are exempted.
You can use commercial auto insurance as coverage for the owned and leased vehicles that are used by your business consulting office for its day-to-day operations. This policy might even cover the personal cars of employees if they’re used for your business’s ends.
Here’s a quick glimpse of what commercial auto insurance can do for your business:
Pay the medical treatment of involved third parties if your commercial vehicle caused an accident
Pay the medical treatment of your commercial vehicle’s driver and passengers if it gets involved in an accident caused by an uninsured/underinsured driver
Cover the repair or replacement of parts if your commercial vehicle sustains damage from fire, theft, vandalism, weather, and other covered perils
|Cost per Month||Cost per Year||Deductible|
|General liability insurance||$32||$384||$0-$500|
|Professional liability insurance||$37||$444||$500-$1,000|
|Commercial property insurance||$50||$600||$1,000-$2,500|
|Business owner’s policy||$80||$960||$500-$1,000|
|Workers compensation insurance||$100||$1,200||$2,000-$5,000|
|Cyber liability insurance||$95||$1,140||$500-$1,000|
|Commercial auto insurance||$44||$528||$1,000|
The average business consultant insurance cost is $32 per month or $384 per year for a $1 million general liability policy. Factors that affect the cost of premiums are claims history, business history, annual revenue, annual payroll, number of employees, and location. To get a better understanding of your actual rates, take a look at this table that shows the cost of a $1 million general liability policy from insurance companies worth checking out.
|Cost per Month||Cost per Year||Best for|
|NEXT||$22||$264||Best overall; Fastest general liability insurance for business consultants|
|CoverWallet||$28.04||$336.48||Business consultant insurance quotes comparison online|
|Tivly||$30||$360||Comparing business consultant insurance quotes over the phone|
|Thimble||$31||$360||On-demand business consultant insurance|
|Hiscox||$32.75||$393||Business consultant insurance with worldwide coverage|
|Nationwide||$36||$432||Extensive discounts offered|
Get the best rates by comparing quotes. Click the “Get Quotes” button on this page to get cheap business consultant insurance quotes from different insurance companies.
Get all the best quotes from leading providers in a click of a button!
Working with good carriers will ensure that you make the most of your money and enjoy helpful perks. Here are the best business consulting insurance companies to choose from. Read to know their pros, cons, and rate for a $1 million general liability insurance.
Issues an online proof of insurance instantly
Great customer service and reputation
Outstanding value for money
Get a 10% discount if you buy two or more business consultant policies
Couldn’t find any
NEXT’s business consultant insurance offers general liability, workers' compensation, and commercial property insurance.
This company gives you the liberty to bundle your commercial property and general liability insurance in a BOP for easier policy management and cheaper rates.
NEXT’s general liability insurance is available as a basic or pro coverage. The pro version of its general liability insurance has professional liability insurance as an add-on.
As for commercial property insurance, the policy provides $110,000 building coverage and $15,000 contents coverage. NEXT’s commercial property insurance doesn’t only protect your building and its contents but also money and securities, business interruption, and employee dishonesty.
Best for: Best overall; Fastest general liability insurance for business consultants
Average cost: $22 per month
Our rating: 10/10
Compare quotes online
Buy a policy online
Cancel a coverage anytime
Name an unlimited number of additional insureds
Not an insurance company but an insurance broker
CoverWallet’s business consulting insurance offers you with commercial property insurance, general liability insurance, and professional liability insurance.
Your general liability insurance from this company has a $1 million per occurrence limit with a $2 million aggregate. Non-owned/hired auto coverage and terrorism coverage are included as add-ons. Moreover, you can name additional insureds to general liability insurance for free.
The business consultant professional liability insurance from this company has a $1 million-$2 million per occurrence limit with a $2 million aggregate. You can also name additional insureds without an increase in rates.
CoverWallet’s commercial property insurance for business consultants offers a $50,000 minimum coverage for building and contents.
To get insured by CoverWallet, use its online quotes comparison tool and provide business information. It will then issue quotes you can purchase online.
Best for: Business consultant insurance quotes comparison online
Average cost: $28.04 per month
Our rating: 10/10
Responsive customer service
Call and get covered quickly
Takes you to partners if it can’t provide coverage
A partner of Thimble and NEXT
Doesn’t issue online quotes
Tivly (formerly CommercialInsurance.NET) offers general liability, commercial property, commercial auto, cyber liability, and other business insurance policies for business consultants. To get covered by this company, you need to call and talk with an agent who will design a customized and comprehensive coverage for your business. Call Tivly now to compare business consultant insurance quotes over the phone.
Best for: Comparing business consultant insurance quotes over the phone
Average cost: $30 per month
Our rating: 10/10
Issues a quick estimate of your rates
General liability insurance provides coverage on your liability over the property of others
You can’t reach customer service by calling
Workers' compensation, general liability, and commercial property insurance are the policies offered by Thimble’s business consultant insurance.
Thimble’s general liability insurance for business consultants offers a $1 million-$2 million per occurrence limit. You can customize this company’s general liability policy and add coverage for the property of others and your business equipment.
The commercial property insurance underwritten by Thimble provides $25,000-$500,000 building and contents coverage. This can be upgraded to cover property in transit, accounts receivable, business income, and employee dishonesty.
Best for: On-demand business consultant insurance
Average cost: $31 per month
Our rating: 9/10
Discounts of up to 5% are available when you bundle together two or more Hiscox business consulting insurance policies
Hiscox offers a 14-day money-back refund policy
Policyholders can get quotes and purchase policies online
Customers might not be able to buy all the coverage they need from Hiscox directly
Hiscox business consulting insurance includes professional liability insurance designed for virtually every industry. Hiscox offers $200,000 of software copyright infringement coverage for business consultancies in the technology field. It is important to note that Hiscox offers $25,000 of third-party electronic data liability coverage.
Hiscox also offers business consultant general liability insurance that caters to:
Bodily injury and property damage liability
Personal and advertising injury
The BOP from Hiscox offers commercial umbrella protection that can be optimized for small and medium-sized businesses. It includes property insurance, business interruption insurance, and liability insurance.
Hiscox brings to the table over 120 years of experience. Coupled with the high rate from AM Best, you are assured of the best coverage.
Best for: Business consultant insurance with worldwide coverage
Average cost: $32.75 per month
Our rating: 9/10
Nationwide offers a handful of business consulting insurance policies
Positive customer reviews
Strong ratings from every significant financial strength metric, including A.M. Best and Standard and Poor's
Nationwide's business consulting insurance might be costlier than that of competitors within the same niche
Poor claims handling
Nationwide is one of the biggest insurance companies in the U.S. It underwrites nearly $18.5 billion in insurance premiums yearly. Amongst its sort-after products is business consulting insurance.
What stands out most about Nationwide is how they work with customized business consultant insurance policies. You can customize your general liability, worker's compensation, and commercial umbrella insurance. Among the discounts offered is a multi-policy discount in which you could save up to 20% if you bundle different insurance policies. Additionally, you could get a claims-free discount if you avoid filing any claim within the contract period.
Best for: Extensive discounts offered
Average cost: $36 per month
Our rating: 8/10
Progressive's comprehensive policies cover a wide variety of risks
Significant discounts if a policyholder purchases multiple insurance policies
Good financial stability
Progressive's online quote-generating tool is simple and efficient
Progressive sometimes outsources the business consulting policies to third parties
To protect your consultancy business, Progressive offers you its Advantage Business Program. The program's agents are specially trained in commercial insurance, and as such, they will guide you toward the right coverage. Progressive allows you to get a quote online. Depending on your business profile, coverage might be sourced from its partners.
Best for: Comprehensive coverage
Average cost: $40 per month
Our rating: 8/10
Lonnie Bell Insuranker
Policy Type: Business Insurance
Company name: Employers Insurance
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!