Who needs Business Insurance for Consultants?
Business Consultant, Insurance Advisor, Marketing Consultant, Legal Consultants – all of you are professionals. It means you provide a service to your clients, using your expertise. Unfortunately, it also means you can be sued for negligence So, if you make a mistake, or leave something out, and it costs your client money, they could sue you.
Necessary Insurance for Consultants:
Professional liability insurance for consultants (errors and omissions insurance (or E&O) for short, professional liability insurance is a must-have.
Whether you are at fault, or not, professional liability insurance gets you an attorney and can pay your legal expenses. It also covers damages if it turns out you are liable.
General liability insurance for consultants is coverage you need if you visit clients, or they visit you.
Clients often want you to have it anyway. If you rent a small office space the owner of the premises may require general liability coverage too.
General liability covers:
- Repairs and replacements to someone’s business property if you are liable for the damage.
- Medical bills if someone gets hurt on your premises, or on the job site.
- Legal costs and compensation if it were your fault.
- Personal and advertising injury if you made some other business or client look not so good by any comment or advertisement and they decide to sue you.
Business personal property insurance for consultants whether you work from home, or have offices elsewhere, it protects all the equipment and office supplies. It also covers your mobile devices like cellphone or laptop when you are out and about.
Workers’ compensation insurance for consultants. This insurance helps protect your business if an employee is injured, contracts an illness, or dies because of an incident on the job. It can cover medical costs, legal fees, and lost wages due to the injury.
Cyber liability insurance for consultants. As a consultant, you might become a target for cybercriminals if you electronically store confidential, personal data on your clients. .The costs of recovery from a cyber-attack are enormous. Cyber liability insurance covers costs for investigating a cyber-attack, repairing, and restoring your website, systems and data and income that might be lost if you are stopped from doing business, legal fees, and damages if you’re sued for losing a client’s private data.
Secure your Life’s Hard Work
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