For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
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.
CoverWallet | NEXT (Best) | Thimble | Hiscox | Nationwide | Progressive | |
---|---|---|---|---|---|---|
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 |
Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 |
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 |
Deductible | $0 | $0 | $0 | $0 | $0 | $0 |
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
Legal costs
Court judgments
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
CoverWallet | NEXT | Thimble (Best) | Hiscox | Nationwide | Progressive | |
---|---|---|---|---|---|---|
Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
Aggregate limit | $2,000,000 | $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 |
Deductible | $500 | $500 | $500 | $50/$10,000 | $0 | $0 |
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:
Credit monitoring
Legal expenses if clients affected by the breach sue you
Client notification
Data breach containment
Data recovery
Get all the best quotes from leading providers in a click of a button!
CoverWallet | NEXT (Best) | Thimble | Hiscox | Nationwide | Progressive | |
---|---|---|---|---|---|---|
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 |
Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included | Included |
Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Included | Included | Included |
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:
Fire
Theft
Vandalism
Malicious mischief
Sinkhole collapse
Lightning
Weather
Impact
Falling objects
Aircraft
Vehicle
Impact
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.
CoverWallet | Thimble | NEXT | Hiscox (Best) | Nationwide | Progressive | |
---|---|---|---|---|---|---|
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 |
BOP discount? | 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
Hospitalization
Medication
Rehabilitation and retraining
Lost wages
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 |
Progressive | $40 | $480 | Comprehensive coverage |
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.
Best overall
Issues an online proof of insurance instantly
Great customer service and reputation
Excellent rates
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
On-demand coverage
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
Medical payments
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
Live representatives
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
This company does not care about the people they insure or the people that work for the company. They do stupid meets all day long about quality on calls while injured workers sit in pain waiting for answers but can never get to anyone to help them. This company hires uneducated people to run the company so that nothing important get done. I have heard so many stories about injury workers having bad service. They can’t never get their claims adjuster on the phone and the doctors that this company tells people to go to do not care about their patients causing their injuries to become worse. This company neglect on taking care of people’s injured employees have caused people to end up with disabilities for the rest of their life. if you get insurance under this company you will end up having to hire a lawyer to fight them in court. Do not get a policy with this company. Your employees will pay the price and so will the owners of the company. Honestly they need to get shut down. Avoid at all cost do not get this insurance and do not work for this company.
Terrible customer service. I got this insurance for my Amazon store when I ran one, took a break and cancelled all my subscriptions. I called these guys and they recommended sending an email. They never responded and have been charging me since then. Definitely going to dispute via the bank. Hate when businesses take advantage of other small businesses for their own gain.
I purchased a year long policy for my small business I paid for the year up front. First they sent me the incorrect paperwork and acted as if I had something to do with the mistake. About three weeks later I received a bill for the policy. I then sent countless email as the payment did clear my account. About a week later I'm told they have no record of my payment. Now I have to send any documents proving I said then. It went on for weeks. More requests of proof from this person then another. Every conversation had an under lying tone of me being dishonest. Finally I just gave up with them and filed a despite with my bank which took all of three days.. So now I'm continuing to receive emails that my policy is past due and will be cancelled. Funny, I was told I didn't have a policy because they couldn't locate it.
Purchased the General Liability policy I needed to fulfill a contract for my hiring party. Simply Business made it very easy to complete an application and review multiple quote options. Ended up purchasing a policy for 1/2 of what I originally was told by my agent.
I insured my small business with them from early 2016 to January 2022. I had a workman's compensation policy with them the entire time for my staff of approximately 10 people which fluctuated up and down minimally over the years. We ran a very safe operation and never had so much as one claim. I sold my business in early 2022 and cancelled my policy which triggered a final audit of $2871.00 which was owed back to me. Of course I dissolved my LLC immediately after selling the business and thus closed my bank checking account at the advise of my accountant. Though my name was on the business policy, Employers Preferred Insurance Company refused to issue a check to me directly as the policy holder due to...you guessed it, policy. Long story short, if you sell your business keep a small amount deposited in the checking account because it's almost a guarantee that companies such as Employers will use their policy to weasel their way out of money owed after the dissolution of a business. I should have known that I would be treated a just another number shortly after I signed with them as the sales agent just disappeared after I was set up for an online account to manage my policy. My next business venture will entail me working with an actual insurance agent who has an office in an actual brick and mortar building!