Insuranks
Insuranks

Management Consultant Insurance: Cost & Quotes from $11

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

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

#2 Compare Even More Cheap Quotes From The Best Insurers With
icon
The Cheapest Commercial Insurance Comparison Engine
Speak with Representative now

Management consultants help businesses implement the best strategies in ensuring productivity, competency, and efficiency. As a management consultant, consider getting insured to protect yourself and satisfy the demands of clients. Management consultant insurance grants protection against negligence claims, bodily injury and property damage claims, as well as business property damage or loss.

Management Consultant Liability Insurance

Professional indemnity and general liability policies are the two types of management consultant liability insurance. You need to get $1 million-$2 million in coverage of either of this two business insurance.


Professional Indemnity Insurance for Management Consultants


CoverWallet NEXT Thimble (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/$2,000,000$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$500$0


The quotes comparison table above allows you to see which companies offer the best professional indemnity insurance for management consultants. 

You implement strategies, identify the strengths and weaknesses of an organization, do research, and make reports. Your output has a lot of impact on the success of businesses. This is why client’s can hold you responsible if issues occur. 

Professional indemnity insurance, which you can also find in HR consultant insurance bundles, covers claims made against your services. You can avail this as an optional policy or as an add-on to general liability insurance. You can use PI insurance for management consultants if a client files a claim because:

  • Your research and report were made using outdated data

  • You implemented the wrong management model and this resulted in employee underperformance

  • The strategy you crafted contributed to high employee turnover and a low talent retention rate 


You can avail of management consultant professional indemnity insurance as an occurrence or claims-made coverage. By the way, this policy is also called professional liability and errors and omissions insurance. 



General Liability Insurance for Management Consultants


CoverWallet NEXT (Best)Thimble 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/$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
Included
Advertising injury coverage aggregate limit $1,000,000$1,000,000$1,000,000$1,000,000Included
Included
Tenant’s legal liability coverage limit $100,000
$100,000$5,000$300,000Included
Included
Waiver of subrogation included?YesNoIncludedCan be includedExcludedExcluded
Hired/non-owned auto liability coverage included?YesNoExcludedCan be includedExcludedExcluded
Equipment breakdown floater included?No YesYesYesYesNo
Can you get a certificate of insurance online?YesYesYesYesYesYes
Name additional insureds?YesYes
YesYesYes
Yes
Deductible$0$0$0$0$0$0


Use the table above to see which insurance company offers the best general liability insurance for management consultants. 

Don’t forget purchasing general liability insurance because professional liability insurance for management consultants doesn’t grant protection if clients and other third parties hold you liable for their bodily injuries or property damage. 

General liability insurance takes care of medical expenses, settlements, attorney fees, and court judgments. Here are some situations where you’ll find this coverage useful:

  • The client’s laptop gets fried while plugged in one of your office’s outlet

  • An independent contractor experiences a work-related injury while installing a new signage 

  • Someone visiting your office slips and falls 


You can also get a general liability policy in business consultant insurance plans. However, the limits of this policy in business and management consultants insurance can be different. The table below differentiates the general liability policy limits of management consultant insurance bundles and business consultant insurance bundles side by side:


Per Occurrence Limit Aggregate Limit Available as a Short Term Coverage?
Management consultant general liability insurance$1,000,000$1,000,000/$2,000,000Yes
Business consultant general liability insurance$300,000/$2,000,000$1,000,000/$2,000,000Yes

Compare Cheap Management Consultant Insurance Quotes Online

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

Commercial Property Insurance for Management Consultants


CoverWalletNEXT (Best)ThimbleHiscoxNationwideProgressive
Building coverage limit (minimum)$50,000$350,000$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 receivable ExcludedExcluded$5,000/$10,000IncludedIncludedIncluded
Money and securitiesExcluded$2,500$1,000IncludedIncludedIncluded
Lock and keys Excluded$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 insurance company offers the best commercial property insurance for management consultants. 

Legal liabilities aren’t the only exposures you face as a management consultant. Business property damage or destruction will also result in drawbacks. Therefore, commercial property insurance is worth the investment. 

Commercial property insurance takes care of cost if something happens to the office you own, lease, or rent. You can use this insurance to cover a condo office, a private office at home, a stand alone office building, and other spaces where you might be operating as a management consultant. 

Management consultant commercial property insurance will grant coverage if your office is damaged or destroyed by:

  • Fire

  • Theft

  • Vandalism

  • Malicious mischief

  • Civil commotion

  • Lightning

  • Volcanic action

  • Sinkhole collapse

  • Falling objects

  • Aircraft

  • Impact

  • Vehicle


Commercial property insurance comes with contents coverage, and this will reimburse your financial losses if laptops, valuable papers and records, office furniture, bulletin boards, and other precious items get damaged or lost while in the business premises. 

An optional business interruption floater might be offered in your commercial property insurance too. This will take care of operational costs and lost revenues if your management consultancy office needs to close to renovate, relocate, or wait for an economic crisis to pass.


Business Owner’s Policy for Management Consultants 


CoverWalletThimble NEXT Hiscox (Best) Nationwide Progressive
General liability aggregate limit $2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$1,000,000/$2,000,000$2,000,000$2,000,000
Commercial property coverage limit $50,000$25,000/$500,000$350,000$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 insurance company offers the best business owner’s policy for management consultants. 

Can’t spend much on premiums? If this is the case, the smartest route is to go for a business owner’s policy. 

A business owner’s policy combines general liability and commercial property insurance. That said, it provides two types of coverage for the price of one. 

Moreover, depending on which insurance company you work with, optional policies might be offered in a business owner’s policy. 


Workers Compensation Insurance for Management Consultants

You’ll work alone from the start. But as your reputation grows and more clients approach, tasks will become so numerous that you’ll need to hire employees to schedule meetings, create reports, and respond to queries. 

Management consultants with one or more full-time and part-time employees need to purchase workers' compensation insurance. 

Workers' compensation insurance helps to cover unexpected expenses when employees sustain a work-related injury or disease. Its coverage usually applies to an employee’s:

  • Emergency medical treatment

  • Hospitalization

  • Medication

  • Rehabilitation and retraining

  • Lost wages 

  • Funeral expenses and allowance to dependents in case of death


Authorities will require you to get workers' compensation insurance and cover full-time and part-time employees accordingly. Non-compliance is punishable by fines and imprisonment. But also remember that there’s no need to get workers comp if your employees are independent contractors, volunteers, or interns. 


Fidelity Bonds for Management Consultants

Clients might leave the management of finances and other business resources to you and your employees. Employees can commit dishonest acts. And so, consider getting fidelity bonds. 

Fidelity bonds, also called employee dishonesty bonds, grant coverage if your employees steal, commit fraud, or do any other dishonest acts to the client’s detriment. In practice, this will reimburse the losses of the client. 

Note that some clients will require you to get fidelity bonds aside from liability coverage. 


Cyber Liability Insurance for Management Consultants

Don’t forget about cyber liability insurance if you collect client information and store it in the office database. 

Cyber liability insurance takes effect if malware, ransomware, data breach, cybersecurity error, and other related issues result in the loss of electronic documents and leakage of sensitive client information such as credit card numbers, phone numbers, and addresses. 

These are the expenses that you can cover without incurring financial losses by purchasing cyber liability insurance:

  • Client notification

  • Professional services for fixing the breach, malware, or ransomware

  • Professional services for recovering lost electronic documents

  • Legal expenses if clients sue you

  • Credit and fraud monitoring


Commercial Auto Insurance for Management Consultants

Does your office have a vehicle that employees can use for business purposes? Do employees use their vehicles to meet clients? If your answer is yes for either of these questions, consider purchasing commercial auto insurance. Commercial auto insurance will:

  • Cover the medical treatment of third parties that the covered commercial vehicle injured in an accident

  • Cover the medical treatment of the covered commercial vehicle’s passengers if they get involved in an accident caused by an uninsured/underinsured driver

  • Cover the repair of the covered commercial vehicle if it gets damaged because of fire, theft, vandalism, and other covered perils 

  • Cover the medical treatment of the driver and passengers whether or not your commercial vehicle caused the accident

Rank and Review Insurance Companies

Help others make better decisions

Show more

Management Consultant Insurance Cost 


Cost per MonthCost per YearDeductible
General liability insurance$32$384$0-$500
Professional liability insurance$40$480$500-$1,000
Commercial property insurance$51$612$1,000-$2,500
Business owner’s policy$82$984$500-$1,000
Workers compensation insurance$105$1,260$2,000-$5,000
Cyber liability insurance$100$1,200$500-$1,000
Commercial auto insurance$56$672$1,000


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. Factors that affect the cost of premiums are claims history, business history, revenue, location, and the number of employees. 

In addition, take a look at this table that shows the rates of the $1 million general liability insurance from 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
Tivly$41$492Comparing management consultant insurance quotes over the phone
Nationwide$43$516Discounts
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. 


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

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance for management consultants

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you bundle management consultant insurance policies

Cons

  • 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 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

Pros

  • 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

Cons

  • 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 per occurrence limit with a $1 million-$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


Tivly Management Consultant Insurance

Pros

  • Compare management consultant insurance quotes over the phone

  • Responsive customer service

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

Cons

  • Doesn’t issue online quotes

Choose Tivly (formerly 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 Tivly 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

Pros

  • 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

Cons

  • 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

Pros

  • 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

Cons

  • 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

Pros

  • Live representation

  • Exemplary customer reviews

  • Extensive experience spanning over a century

  • Available in 47 states

  • Usage-based insurance options

Cons

  • Poor claims handling

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

You can get professional liability, general liability, and business owner’s policy from this company. 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

Pros

  • Highly rated mobile app

  • Wide selection of coverage options

  • A+ financial strength rating AM Best

Cons

  • 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.

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