Your consulting business specializes in helping other businesses. Perhaps your business has a single focus like IT, management, education, finance, or marketing. Or, your firm has a number of different discipline areas with which you help your clients.
We take a consultative approach when it comes to insurance and risk management. We help those in the consulting arena with protection from the unexpected. Perhaps you are just starting out and working from home, or you have grown your business to a substantial size. We understand the unique risk profile of consulting firms. This gives us the advantage of being able to truly custom design a program for you. Also, because of our specialization we have access to many products other agencies do not.
Let us help you with a comprehensive program incorporating insurance and risk management. We take the time to understand your business, your needs and your tolerance for risk. Only then do we present you with different options while taking the time to explain each option. And just like consulting, often times the least expensive option may turn out not to be the best option!
Some things to consider when it comes to insurance for your consulting business:
- Deductibles – A deductible is the amount of risk you are willing to take before the insurance company begins paying in the event of a claim. The higher the deductible the lower the premium.
- Defense Costs – The cost of defense in a professional liability case can be substantial. In determining if you have adequate coverage, these costs need to be taken into account. If you have a policy with a limit of $1,000,000, the cost of legal fees is part of that maximum coverage amount.
- Disability Insurance – This is a very valuable type of coverage you may want to consider in order to protect your “earning power”. Even a relatively short-term disability can wreck havoc with both your business and your financial situation.
- Errors and Omissions -Also called professional liability insurance, this coverage protects consultants from suits alleging poor decisions or bad advice.
- Home Office Coverage -Many consultants operate out of an office in their home. However, it is important not to rely on your homeowner’s insurance to protect your business property. Also, the homeowner’s policy will not provide you with business liability coverage. That is why it is important to obtain a Business Owners Policy (BOP) in order to provide full protection.
- Policy Language – Generally there is no standard professional liability policy for consultants. Each insurance company offers different coverages. That is why it is so important to work with an agency like ours, which understands your area of specialty and can work with the underwriters to construct a policy that meets your specific business needs.
- Workers’ Compensation - Workers’ compensation pays for injuries to employees. Most states require coverage if you’re an employer.
Contact one of our Heritage Group associates today to find out how our agency can help your consulting business manage risk.