As a consultant, your everyday work revolves around sharing your expertise and advice with your clients. But before you start providing your consulting services, it’s important to set up the more administrative aspects of your business.
On the marketing and sales side, you’ll want to come up with your company name and logo, make time to network, and start building your client list. However, you’ll also want to consider the more practical things required to get your consulting business up and running, such as:
- Securing an office space
- Registering your business
- Trademarking your company name and logo
- Purchasing your business insurance
Read on to learn more about the importance of having your business insurance in place, what type of coverage you need as a consultant, and how APOLLO can help you find the right policy for your needs.
Why do consultants need insurance?
From management consultants to consulting firms, those who specialize in consulting services provide expert advice to other business professionals and companies. You’re known as someone who can offer insight and successful corporate practices to your clients. As such, there are two major considerations for consultants when it comes to insurance:
- Risk mitigation
- Client acquisition
You work closely with your clients, their organizations, and critical functions as an operation. Any error or mistake that you make could have a significant impact on your client’s business. As a result, you could be held financially or legally accountable, exposing you and your consulting business to great financial damage.
For this reason, it’s imperative that you protect yourself and your business with professional liability insurance, also known as errors and omissions insurance, or simply E&O. This type of coverage can help you in the event that you are sued by a client for your expertise or advice, even if you are not at fault.
Covering your consulting business with insurance offers you peace of mind that you won’t come to financial ruin due to claims of professional negligence, malpractice, or misrepresentation.
Depending on a client’s business or industry, they may require that you have professional liability insurance before they agree to work with you.
This means that by covering yourself financially, you’re also increasing your opportunities for new business.
Professional liability insurance for consultants
Regardless of what industry or profession you provide consulting services for, the primary coverage that you should consider remains the same: professional liability insurance.
This type of policy is usually triggered when a business or business owner is accused of failing to properly render professional services or that they were acting negligently.
Looking to protect your consulting practice with professional liability insurance?
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Other types of insurance for consultants
In addition to professional liability insurance, consultants may also want to consider the below types of coverage.
Commercial general liability (CGL): Commercial general liability insurance for consultants covers bodily injury from things like a slip and fall on your office premises. It also covers libel and slander through the personal and advertising injury coverage.
Contents insurance: Contents insurance for a consultant covers the physical things your business owns. This includes computers, furnishings, and other office equipment. It can also cover costs associated with relocating in the event of fire, water damage, flood, theft, or other perils included in the policy.
Privacy breach expense: This type of insurance helps pay for expenses incurred due to the loss, theft, or accidental release of data or private information that a consultant has collected, stored, or processed in the course of their everyday business.
Effortless small business insurance for consultants
APOLLO is making professional liability insurance effortless for consultants. As Canada’s leading online insurance company, we deliver a people-first buying experience through time-saving technology and a deep understanding of the communities we serve.
You can get comprehensive professional liability coverage, as well as the below optional add-on packages through APOLLO’s professional liability insurance policy.
Key features include:
- Errors and omissions coverage up to $5M
- Optional add-on packages to fit your business needs, such as:
- Commercial general liability coverage up to $5M, which includes $1M non-owned auto
- Office contents coverage up to $250K
- Privacy breach expense coverage up to $100K
- Unlimited Access to a legal helpline
- Coverage for businesses with up to 20 employees
- Flexible monthly and annual payment options
Buy online in minutes, and receive your policy and certificate of insurance in real time directly to your email. Visit apollocover.com to learn more and get insured today.