Education Consultant Insurance: Cost & Quotes From $11/month

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Running a school is quite a hassle. Budgets, strategies, training, marketing, and much more will often keep the administration on its toes. It is not surprising that most institutions will call upon the services of an education consultant to help with the administration and strategy.

In your capacity as an education consultant, you are likely going to be closely scrutinized, with the focus being solely on the results you can deliver. However, by the very nature of your business being an education consultancy, mistakes are bound to happen. Unfortunately, small errors can result in big problems.

You face internal risks too. For example, a financial consultant you hire to help keep track of a school’s cash flow might commit errors or even participate in embezzlement orchestrated by an employee. As a result, you might be pulled into the mess and be held liable.

As you plan and coordinate education policies, establish guidelines for education programs, train teaching personnel, hire independent contractors, or conduct research on teaching techniques, you need assurance that you are protected if something goes awry.

Fortunately, you have available to you educational consultant insurance which offers comprehensive coverage. This education consulting insurance is a specialty protection that offers general liability, commercial property, and other business insurance products.

Education Consultant Liability Insurance 

Let's look at a scenario whereby an employee at your consulting firm accidentally damages your client's property. By the very nature of the operations of an education consultancy, the business will often be held responsible. 

That's where the general liability policy comes in. It covers all the costs related to third-party property damage. It caters to the medical bills and legal expenses that the aggrieved third party might have. Oftentimes, most commercial landlords will mandate that you provide proof of liability insurance before they rent out or lease their property to you. 

Education consultant liability insurance provides coverage for:

• Customer injuries 

• Customer property damage

• Copyright infringement and advertising injuries 

A real-life instance when you will need education consultancy liability insurance is when third-party bodily injuries occur. This could be something like a client accidentally slipping on a wet floor and getting hurt at your facility. In such an event, the general liability insurance covers:

• Medical bills 

• Court-ordered judgments 

• Funeral expenses in fatal incidents 

• Attorney fees 

• Settlements 

The policy also covers costs when one of your employees slips and tips over a client's monitor. In such an instance of third-party property damage, the policy covers the expenses of repair or replacement, thus ensuring you do not meet the expenses out of pocket. 

Finally, suppose that while advertising your consultancy firm, you accidentally copy another company's intellectual material. In such a scenario, you expose yourself to litigation which is where the general liability cover comes in. The insurance covers defamation, both libel and slander, as well as copyright infringement. 

Professional Indemnity Insurance for Education Consultants 

Professional liability insurance for educational consultants, also referred to as errors and omissions insurance, is critical for a business like yours offering professional advice and services. Let's look at a real-life scenario where professional indemnity insurance for education consultants comes in. 

Suppose an institution hires your education consulting firm to help them revamp their curriculum and education plans, with the end goal of raising test scores. You advice and provide solutions. However, after the new materials are implemented, test scores actually drop by several points. As a result, enrollment at the institution drops significantly. The likely outcome of this eventuality is that the institution sues your firm for damages, claiming that your team was negligent in its work. 

Whether the claims are groundless or your team did actually make unintentional errors, it could take a toll on your education consultancy firm. The costs of lawsuits and settlements could lead to the closure of business which is where professional indemnity insurance for education consultants comes in. The policy provides you with financial protection that will enable you to defend yourself against a lawsuit. With it, you can focus on your business as you are assured of having someone covering you. 

Overall, professional liability insurance for education consultants is the best coverage for professional negligence, advice that results in financial loss, and consulting errors and oversights. 

Commercial Property Insurance for Education Consultants 

You also want to invest in commercial property insurance. This policy comes in handy for education consultancy firms that wish to financially protect their business property, including their buildings, computers, equipment, furniture, and office supplies. 

Even if you own or lease the office space, you must still consider getting this policy. Some policy providers will also offer this to education consultancy firm owners who run the business from home. 

Employment Practices Liability Insurance for Education Consultants

It would be best if you considered getting employment practices liability insurance to protect your education consulting business against lawsuits from current or former employees. This policy protects you from claims of discrimination, harassment, wrongful termination, or other employment-related issues. 

Workers Compensation Insurance for Education Consultants

Suppose your employees suffer work-related injuries or illnesses. They could possibly file a claim against your business. Similarly, in the event of their death, their survivors could possibly file a wrongful death claim.

To protect your business, you ought to invest in workers' compensation insurance. This type of coverage is crucial in protecting the safety and livelihood of your employees. Note that most states make workers' compensation policy mandatory. The policy covers employee medical expenses, disability benefits, and legal fees from employee injuries. 

Business Income Insurance for Education Consultants

Further, seeing as the business environment can be unpredictable, consider getting business income insurance. Also referred to as business interruption insurance, the latter reimburses you for lost income and operating expenses if your education consultancy is unable to operate due to covered reasons. 

Note that this type of insurance is not sold as a standalone policy. Instead, you will need to have this bundled with your commercial property insurance or included in a business owner's policy. For your consultancy to be eligible for a BOP, it will typically need to: 

• Have fewer than 100 employees 

• Have a small office or workplace

• Make less than $1 million in annual revenue 

• Operate in a low-risk industry 

Fidelity Bond Insurance for Education Consultants 

If you are weary of having employees from your education consulting firm steal from your clients, consider purchasing a fidelity bond for your education consultancy. The policy covers employee theft and fraud, unlawful employee data access, and illegal funds transfer by an employee. 

Education Consultant Insurance Cost 

Education consultant insurance cost will be determined by several factors, including the size of your education consultancy and the revenue it brings. A review of what different policyholders pay yielded the following. 

Education consultants pay $36 per month or $432 per year for general liability insurance. This policy will have a limit of $1 million per occurrence, with total policy deductibles being $500. 

Here’s a table showing how much the recommended carriers charge for a $1 million general liability insurance for education consultants:

Cost Of Other Insurance for Education Consultants 

Education consultants pay $53 per month or $636 per year for professional liability insurance. Similarly, this policy will have a limit of $1 million, with policy deductibles being $500. 

The cost of workers' compensation insurance for an education consultant is about $41.80 per month or $501.60 annually. 

On the other hand, a business owner's policy will cost education consultants $44.90 per month or $538.80 annually. This cost is subject to the location of your education consultancy operations and the value of your business property.