Professional liability insurance for management consultants helps protect your consulting business from risks not typically covered by general commercial liability policies. Just as medical practitioners need malpractice insurance, you need professional liability coverage for management consultants. Management consultants professional liability insurance is an essential part of your comprehensive business insurance portfolio. If you already have a policy, you should review it periodically to make sure it is up to date. As your business expands, it’s a wise idea to increase your coverage limits and reduce your exposure to claims.
You can get quotes for management consultants professional liability insurance using the form shown at the top of this page.
Who Needs Professional Liability Insurance for Management Consultants?
You need professional liability insurance if:
Your clients require it as a condition of contracting with you
You or your employees provide advice that could result in a lawsuit or financial loss for your client due to any alleged error, omission or wrong-doing on your part
You have personal assets that could be jeopardized if a client sued you
What Professional Liability Risks Do Management Consultants Face?
Even the best consultants can make mistakes. That’s why many clients who hire management consultants insist that they carry professional liability insurance. Any error in judgment on your part can cause your client to suffer financial loss and a potential lawsuit. For example, you or an employee could recommend a new billing system that fails to properly assign charges. When accounting finally discovers that the system has cost your client huge financial losses, your client is going to turn to you to make up the loss. Without professional liability insurance, you could be forced to sell off all your personal assets to compensate your client. If you are sued, you’ll also have to pay for your own defense and any costs associated with a judgment against you.
What Does Professional Liability Insurance for Management Consultants Cover
Your professional liability insurance covers financial losses and the costs and damages resulting from law suits up to the limit of your policy. It is a variation of Errors and Omissions insurance (also called E&O) designed specifically for management consulting firms. It protects your business and personal assets from claims of wrongful acts (errors, omissions or negligence) committed by you or an employee while performing professional duties. It also covers the losses that happen to others in the exercise of your professional judgment. It is a supplement to (and does not replace) Commercial Liability Insurance, Employment Practices Liability Insurance and Directors and Officers Insurance (if your business requires it).
Affordable Quotes for Management Consultants Professional Liability Insurance
Policies for professional liability insurance for management consultants are affordably priced. Quotes will depend on the size and type of your consultancy. Your previous claims history and loss experience, staff turnover, financial results and operating characteristics can also affect your rate.
It pays to shop for E&O insurance. You can get competitive quotes from one or more professional liability insurance companies by completing the form at the top of this page. If you do not wish to purchase coverage now, please leave your policy expiration date on the form provided. When your expiration date is closer, you will be contacted so that you can comparison shop for management consultant professional liability insurance at that time.
Protect your business from exposure to risk. Get quotes for professional liability insurance now.