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Business Consultant Insurance: Cost & Quotes from $7

For your business best protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!


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.

What is Business Consultant Insurance?

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.


Business Consultant Liability Insurance


CoverWalletNEXT (Best)ThimbleHiscoxNationwideProgressive
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$1,000,000Included
$2,000,000
Advertising injury coverage aggregate limit$1,000,000$1,000,000$1,000,000$1,000,000Included
$1,000,000
Tenant’s legal liability coverage limit$100,000
$100,000$5,000$300,000Included
$300,000
Waiver of subrogation included?YesNoIncludedCan be includedExcludedExcluded
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedExcludedExcluded
Equipment breakdown floater included?NoYesYesYesYesNo
Can you get a certificate of insurance online?YesYesYesYesYesYes
Name additional insureds?YesYes
YesYesYes
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


E&O Insurance for Business Consultants


CoverWalletNEXTThimble (Best)HiscoxNationwideProgressive
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?YesYesYesYesYesYes
Waiver of subrogation included?YesNoYesCan be includedNoNo
License defense coverage includedNoNoNoNoNoNo
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.


Cyber Liability Insurance for Business Consultants

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

Compare Cheap Business Consultant Insurance Quotes Online

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Commercial Property Insurance for Business Consultants


CoverWalletNEXT (Best)ThimbleHiscoxNationwideProgressive
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 signsExcluded$2,500ExcludedExcludedIncludedIncluded
Accounts receivableExcludedExcluded$5,000/$10,000IncludedIncludedIncluded
Money and securitiesExcluded$2,500$1,000IncludedIncludedIncluded
Lock and keysExcluded$2,500ExcludedExcludedIncludedIncluded
Business interruption floaterExcludedIncludedIncludedIncludedExcludedExcluded
Equipment breakdown floaterExcludedIncludedExcludedExcludedExcludedExcluded
Inland marine insurance floaterExcludedExcluded$10,000ExcludedExcludedExcluded
Employee dishonesty floaterExcluded$5,000$2,500IncludedExcludedExcluded


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.


Business Owner’s Policy for Business Consultants


CoverWalletThimbleNEXTHiscox (Best)NationwideProgressive
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?YesYesYesYesYesYes
Name additional insureds for free?YesYesYesYesYesYes
BOP discount?YesYesYesYesYesYes


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 for Business Consultants

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.


Commercial Auto Insurance for Business Consultants

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

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Business Consultant Insurance Cost


Cost per MonthCost per YearDeductible
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 MonthCost per YearBest for
NEXT$22$264Best overall; Fastest general liability insurance for business consultants
CoverWallet$28.04$336.48Business consultant insurance quotes comparison online
Tivly$30$360Comparing business consultant insurance quotes over the phone
Thimble$31$360On-demand business consultant insurance
Hiscox$32.75$393Business consultant insurance with worldwide coverage
Nationwide$36$432Extensive discounts offered
Progressive$40$480Comprehensive 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. 

Compare Cheap Business Consultant Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

Best Business Consulting Insurance Companies

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. 

 

NEXT Business Consulting Insurance

Pros

  • 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 

Cons

  • 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


CoverWallet Business Consulting Insurance

Pros

  • Compare quotes online

  • Buy a policy online

  • Cancel a coverage anytime

  • Name an unlimited number of additional insureds

Cons

  • 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


Tivly Business Consulting Insurance

Pros

  • Responsive customer service

  • Call and get covered quickly

  • Takes you to partners if it can’t provide coverage

  • A partner of Thimble and NEXT

Cons

  • 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


Thimble Business Consulting Insurance

Pros

  • Issues a quick estimate of your rates

  • On-demand coverage

  • General liability insurance provides coverage on your liability over the property of others

Cons

  • 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


Hiscox Business Consulting Insurance

Pros

  • 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 

Cons

  • 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 Business Consulting Insurance

Pros

  • 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           

Cons

  • 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 Business Consulting Insurance 

Pros

  • 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 

Cons

  • 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


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