Management Consultant Insurance: Cost & Quotes from $11

icon Your information is secure with us and solely used to connect you to relevant insurance offers, companies and services.

There's no greater honor than being called upon to help an organization improve its financial performance, sales, operations, workflows, policies, and procedures. You are entrusted with performing a comprehensive analysis of existing organizational weaknesses and the development of means for improvement. These organizations trust that you have a wealth of industry knowledge and expertise to solve their management issues.

While management consultancy is relatively low-risk, there are still a number of significant risks that you face that might threaten business continuity. For instance, you've got to grapple with the reality of unhappy clients, data breaches, and income uncertainties. You will often be left pondering over the possibilities of missed deadlines, misrepresentations, cost overruns, failure to deliver on expectations, and the use of sub-par contractors.

Given these risks, it is prudent that you purchase management consultant insurance. This specialty insurance product protects consultants and their businesses against allegations of negligence, claims and damages, and financial loss arising from third-party claims.

Also read:

Management Consultant Liability Insurance 

There are a number of different insurance products that management consultants need. The first is general liability insurance which covers third-party risks. These include client injury within your offices or accidental damages to a client's property. You have the option of bundling this type of management consultant liability insurance with commercial property insurance for savings within a BOP. Concisely, the general liability insurance for management consultants is best for third-party bodily injury, third-party property damage, and legal fees from advertising injuries. 

As highlighted, you have the option of getting the business owner's policy which combines general liability insurance with commercial property insurance. Typically, this will attract lower rates than the individual policies if they were purchased separately. This policy is best for consumer injuries, damaged business property, and business interruption incidents. 

Compare Cheap Management Consultant Insurance Quotes Online

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

Professional Indemnity Insurance for Management Consultants 

The other important coverage to have as a management consultant is professional liability insurance for management consultants. This cover helps with the legal expenses in the event that you are sued over an error or poor results. It is often referred to as errors and omissions insurance or E&O. 

To enhance your goodwill and brand image, all geared towards increasing your credibility, consider getting management consultant professional indemnity insurance. This policy pays for the cost of defending a professional malpractice claim. 

It also covers dishonesty of employees, loss of documents, and worldwide territorial limits. It is prudent to note that the PI insurance for management consultants does not cover management consultants working within the medical field. Overall, professional indemnity insurance for management consultants is a policy you ought to discuss with your provider as you customize your management consultants insurance.  


Workers Compensation Insurance for Management Consultants 

An insurance cover you ought to get, as it is mandated by all states, is workers' compensation insurance. Workers' compensation insurance for management consulting firms protects proprietors of said consultancies with employees from work injury costs that the health insurance might deny. It is best for covering employee medical bills, missed wages, and legal fees. That way, even if an employee was to be involved in a work-related accident, you are assured that you wouldn't have to pay out of pocket. 


Fidelity Bond Insurance for Management Consultants

Consider getting fidelity bonds for management consultants. It is also called employee dishonesty bonds and provides reimbursement if one of your employees was to compromise the client's data or steal from the client. While you might think of it as unnecessary additional costs, you will find that most clients calling upon your management consultancy business will require you to provide proof of said policy before signing the contract. 


Cyber Liability Insurance for Management Consultants 

Finally, make sure you discuss cyber liability insurance with your insurance provider of choice. The need for said discussion is since, in most instances, insurance providers will not typically offer this policy. 

This insurance coverage helps your business survive data breaches and cyberattacks. 

The policy steps in to pay for notification of affected clients, the legal defense costs arising from the attack, as well as any additional costs that you might end up being required to foot. This policy is best for data breach lawsuits and meeting of fraud monitoring costs. In a world where threat actors are seemingly growing more sophisticated, your consultancy business can simply not afford to have sufficient coverage on its side. 

Rank and Review Insurance Companies

Help others make better decisions

Show more

Management Consultant Insurance Cost 

Right out of the gate, it is prudent to mention that a management consultant that works alone will likely pay less in management consultant insurance cost as compared to a small consultancy.

Other factors that will affect the management consultant's insurance costs include the consultancy's size risks that everyone working therein is exposed to and all the previous claims made by the management consultancy. 

The average management consultant insurance cost is $32 per month or $384 per year for general liability insurance with a policy limit of $1 million per occurrence.

It is advised that you get a business owners' policy for more complete coverage, as it will also extend to your business property. Business owner's policy costs $56 per month or $672 per year for management consultants.

In addition, take a look at this table that shows the rates of the best management consultant insurance companies:

Cost per MonthCost per YearBest for
NEXT$25$300Best overall; Fast general liability insurance for management consultants
Hiscox$29.16$349.92Management consultant insurance with fast claims process
Thimble$36.46$437.52Short-term general liability insurance for management consultants
CoverWallet$36.91$442.92Management consultant insurance quotes comparison online
CommercialInsurance.Net$41$492Comparing management consultant insurance quotes over the phone
Progressive$45$540Professional liability coverage


Consider comparing quotes to get a better estimate of your rates. Start by clicking the “Get Quotes” button on this page. 


Cost Of Other Types Of Business Insurance for Management Consultants 

You will be required to pay $47 per month or $564 per year for professional liability insurance.  

When it comes to the workers' compensation insurance costs for management consultants, you will pay about $36 per month or $432 per year. The cost that this policy attracts will vary greatly depending on the state where you offer management consultancy services and the nature of your business operations. 

Finally, as a small management consultant who has taken out cyber liability insurance, you will be required to pay $127 per month or $1,524 per year.


How To Get Management Consultant Insurance

Before highlighting the best management consultant insurance companies in the market today, it would be best to point out how you would get management consultant insurance. 

Right out of the gate, note that getting insurance coverage and fidelity bonds as a management consultant is relatively easy. All that you are required to have is basic facts about your company at hand, including your revenue and number of employees. 

You can then proceed online and conduct an online search with the hope of finding cheap management consultant insurance quotes. You can opt to conduct your search through an intermediary that'll shop around and present you with the available options. In this case, you will need to complete a free online application on the intermediary's website. 

You then will be able to compare insurance quotes and choose the policy that best suits your business. You then will proceed to pay for your policy and download a certificate that will work as proof of insurance. 

Compare Cheap Management Consultant Insurance Quotes Online

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

Best Management Consultant Insurance Companies

Here's a review of the best management consultant insurance companies that you must consider working with going forward. Read to know their pros, cons, and rate for a $1 million general liability insurance. 


NEXT Management Consultant 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 bundle management consultant insurance policies


  • Couldn’t find any

NEXT’s management consultant insurance offers a general liability policy having a $1 million per occurrence limit and a $2 million aggregate. This can be upgraded at an additional cost to include a professional liability insurance that offers $1 million coverage for each claim. 

Workers compensation insurance and commercial property insurance can be added at an additional cost. 

Choose to work with NEXT because it issues a quote quickly. Also, if you decide to get two or more business insurance, it will lower your premiums by 10%. 

Best for: Best overall; Fastest general liability insurance for management consultants

Average cost: $25 per month

Our rating: 10/10


CoverWallet Management Consultant Insurance


  • Compare management consultant insurance quotes online

  • Cancel a policy anytime

  • General liability insurance offers many add-ons

  • No hidden charges

  • Insures you through an agent if you can’t get a quote online


  • Not an insurance company but an insurance broker 

CoverWallet is an insurance broker which allows you to compare and buy the insurance policies of its partners. 

General liability policies you buy from this company will have a $1 million-$2 million per occurrence limit with a $2 million aggregate. Additional coverages are included in the terms of general liability insurance such as advertising injury, rented premises liability, and products and completed operations. 

CoverWallet also sells professional liability, cyber liability, workers' compensation, and commercial auto insurance. You can bundle your general liability insurance with these. 

Best for: Management consultant insurance quotes comparison online

Average cost: $36.91 per month

Our rating: 10/10

CommercialInsurance.Net Management Consultant Insurance


  • Compare management consultant insurance quotes over the phone

  • Responsive customer service

  • Takes you to partners if you’re not fit for its underwriting appetite


  • Doesn’t issue online quotes 

Choose CommercialInsurance.Net if you want to purchase and bundle numerous types of insurance products. This company’s general liability insurance offers $500,000-$2 million per occurrence limit. You can add products and completed operations coverage, and rented premises liability coverage to its terms. Other policies available are cyber liability insurance, professional liability insurance, workers compensation insurance, and more. 

Call CommercialInsurance.Net now to compare management consultant insurance quotes over the phone.

Best for: Comparing management consultant insurance quotes over the phone

Average cost: $41 per month

Our rating: 10/10

Thimble Management Consultant Insurance


  • Short-term general liability insurance for management consultants

  • General liability insurance has tools and equipment coverage

  • You get to choose how much deductible to have in your commercial property insurance

  • Get a quick estimate of your rates 


  • Doesn’t sell cyber liability insurance for management consultants

Thimble’s management consultant insurance offers workers compensation, commercial property, and general liability policies to you. 

Your general liability insurance from this company offers $1 million-$2 million coverage for each claim. Also, it has tools and equipment coverage included in its terms. Note that, Thimble also sells a basic general liability insurance as a short-term policy in case you only want to get covered for a month or less. 

The commercial property insurance you get from this company offers $25,000-$500,000 building and contents coverage. You get to choose how much deductible to have. 

Best for: Short-term general liability insurance for management consultants

Average cost: $36.46 per month

Our rating: 9/10

Hiscox Management Consultant Insurance 


  • 14-day money-back guarantee

  • Offers upgradeable BOP for management consultants

  • Provides a clear breakdown of your insurance rates

  • Worldwide coverage

  • No deductible on general liability insurance


  • Not a BBB accredited insurance company 

Hiscox’s management consultant insurance offers general liability, cyber liability, and professional liability insurance. 

Your cyber liability insurance from this company will have a $250,000 per occurrence and aggregate limit. A $10,000 deductible applies. 

As for general liability insurance, it has a $1 million per occurrence limit and a $2 million aggregate. You can bundle this with commercial property insurance in a BOP. 

Best for: Management consultant insurance with fast claims process

Average cost: $29.16 per month

Our rating: 9/10

Nationwide Management Consultant Insurance


  • Live representation 

  • Exemplary customer reviews 

  • Extensive experience spanning over a century 

  • Nationwide offers a host of management consulting insurance policies 

  • Available in 47 states 

  • Usage-based insurance options 


  • Premiums are significantly more expensive than those of competitors 

  • Online quotes are not offered. Instead, prospective policyholders are expected to fill out a request form on Nationwide's website 

  • Poor claims handling 

  • Management consultant insurance limitations in New Jersey, New Mexico, Alaska, Florida, Louisiana, and Massachusetts 

Founded in 1926 as Farm Bureau Mutual Automobile Insurance Company, Nationwide has evolved to be among the largest insurance companies in the United States. This stable industry position has seen the company build a core book of property business. In a bid to embrace more innovative businesses, Nationwide has taken up management consultant insurance. 

While their focus has been on homeowner insurance policies, with most discounts being offered within this particular field, Nationwide also offers a number of discounts to management consultants. If your practice has several offices throughout the United States, you are still assured of representation as Nationwide has offices in all 47 states. This live representation will ensure that you are well-versed with the usage-based insurance options available to you. 

Best for: Discounts 

Average cost: $43 per month 

Our rating: 9/10 


Progressive Management Consultant Insurance


  • Highly rated mobile app

  • Wide selection of coverage options

  • A+ financial strength rating AM Best


  • Average customer service ratings

  • Progressive outsources the management consulting policies to third parties 

  • Progressive is rather convoluted when generating quotes for management consultant business policies 

Progressive was founded in 1937 and has been in business for over 85 years. During this period, the insurer has become a one-stop shop for a variety of insurance products. Professional liability insurance stands out most about Progressive management consultant insurance. It covers barrier costs, thus giving legitimate resistance when a secured case is accounted for. 

Further, this policy covers asserted or real carelessness. Specifically, the cover secures your management consultancy business against real or asserted mistakes and exclusions while giving proficient administration. Similarly, it will cover cases emerging from administrations. Progressive avails representatives to you from the point of purchase who work with you to avoid a general obligation approach that would otherwise not cater to some loopholes that present significant risk. 

If you have a motor vehicle that you use to go to and fro consultancy gigs, you must take advantage of the auto insurance from Progressive. Discuss getting bodily injury liability protection to cover injuries caused by the policyholder or other parties listed within the policy. If you have a driver picking and dropping you off at the management consultancy appointments, also consider including personal injury protection (PIP). The latter will cover and pay for the medical costs and lost wages of the driver and passengers of the policyholder's car, regardless of fault. 

Best for: Professional liability coverage 

Average cost: $45 per month

Our rating: 9/10

Recent Reviews

Recent Posts