Self-employed consultants and consulting companies provide advice to their clients in a specific area of expertise with the intention of improving the company’s product or service. A solid Business Consultants Insurance program is a must because of the unique and varied risks consultants face. This is why we offer tailored General Liability Professional Liability, Business Auto and Crime insurance.
The premises liability risks are the same as for any office exposure including trips/slips/falls, contact with sharp objects, electrical shocks, and shelving collapses. Visitors are primarily clients, but delivery people, maintenance and custodial people also come and go. Any of these people can have an accident and sustain an injury while on-site and lawsuits may arise. General Liability also covers personal or advertising injury claims such as slander, libel, and copyright infringement.
Because the consultant’s job is to improve or grow the client’s business, the stakes can be quite high. Depending on the type of consulting being offered, a consultant’s error or oversight that result in economic damages could result in lawsuits from the client or from third parties. E&O Insurance covers the costs of defending against a lawsuit claiming negligence or failure to perform the expected services.
Consultants and their employees face the typical risks of any office worker. But accidents of any type resulting in injury can occur during any activity that is work related. The most serious risk is injury due to auto accidents. Worker’s Compensation covers the medical costs of the injured worker and any lost wages during their recuperation.
Consultants typically meet with clients off-site and therefore driving for business purposes presents a need for Business Auto policy. Coverage is available for vehicles that are owned, non-owned, hired or rented. Non-owned & Hired Auto Liability is strongly recommended even if there are no company-owned vehicles.
Consultants generally work in a typical office environment and loss of property is usually due to fire, which can be caused by faulty electrical wiring and electrical storms, among other things. Property damage can also occur during other forms of severe weather such as hail and wind, a break in or plumbing problems. For instance if high winds snapped a tree and it fell on to your building, repairs for the damage to the building would be covered, as would any equipment, furniture or files lost or damaged as a result of the fall.
The primary crime risk for consultants is theft by dishonest employees. Employees may also steal from clients while at a work-related visit to a client’s company. Crime insurance will cover such losses whether due to embezzlement of funds, whether through bookkeeping or bank fraud, or stealing of property or securities. Third-party Crime Insurance is needed to cover crime losses to clients.