You’ve developed your network. You’re an expert in your field. You’ve filled your portfolio with client success stories. And now you’re ready to take the next steps and become an independent consultant or the owner of a consulting business.
But how do you make sure your hard work is protected against risk? One of the ways is to make sure you have the right insurance. Here are some of the types of policies to consider:
General Liability Insurance
General liability insurance provides protection if someone is injured or their property is damaged in an accident while you are conducting business. Accidents can happen regardless of what type of business you operate. Even if you don’t have an office, you may want protection if you or your employees visit a client’s office or worksite.
Professional Liability Insurance
Professional liability insurance is also known as Errors and Omissions (E&O) insurance. It is meant to protect businesses that offer professional services, including consultants and financial advisors. It’s often used by businesses that provide services to other businesses, for protection against allegations that your services caused financial problems for your clients. If the blame escalates to legal action, professional liability insurance can help protect your business’s financial interests.
Commercial Property Insurance
Commercial property insurance comes into play if you rent or own an office. This can protect against physical hazards, including things like fires and floods from broken pipes. It can also cover the physical property at your office, including computers and office furniture.
There are also business owner’s policies that bundle general liability and commercial property insurance together, sometimes with a lower combined premium.
Other Insurance Options for a Consultant
As a consultant, there may be other types of insurance that may be necessary depending on your specific situation:
- Workers’ compensation insurance, if you have employees;
- Commercial auto insurance, if your company owns vehicles or uses them for business purposes;
- Data or cyber liability insurance;
- Directors and officers insurance
Here at Farris Insurance, we can help you find the right kinds of insurance for your needs. Give us a call today at (479) 756 – 6330.