Every consultant who offers professional advice or services should consider Consultant Insurance. Protect your consulting practice against claims of negligence, errors or omissions.
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What is Consultant Insurance?
Consultant Insurance coverage protects consultants against allegations of negligence or claims of financial loss through an errors & omissions coverage or a professional liability coverage. In case of alleged negligence resulting in bodily harm or property damage a commercial general liability insurance will provide coverage.
Who needs Consultant Insurance?
By definition, any person or agency who offers professional advice or guidance for a fee is a consultant by definition.
If this is your case, you might be held liable for advice that results in any form of damage or doesn’t yield the promised results.
The following are the typical fields where consultants operate:
- Business Management
- Business Operations
- Marketing and Advertising
- Technology and Business Systems
- HR or recruiting
- Web development or design
Without the right insurance coverage, your consulting practice could suffer severe financial stress due to a lawsuit. Independent consultants and freelancers are especially vulnerable.
Getting consultant insurance will have you covered and allow you to focus stress-free on running your practice.
What is the cost of Consultant Insurance?
The cost of a consultant insurance policy varies according to factors such as:
- Level of experience in the industry
It also depends on the nature of your work and the size of your particular business, but generally speaking, here is a breakdown of costs:
- Business Consultants start at $400
- Engineers start around $1000
- Software developers start at $500
- Photographers start at $300
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Which professions require Consultant Insurance
Regardless of the type of consulting business you run, consultant insurance is critical:
Aerial and ground based Photographers / Videographers
Architects & Engineers
Building Designers (Bill 124)
Foreign Legal Consultants
Human Resources (HR) Consultant
Information Technology & Computer Consultants
Quality Control Consultants
Publishers and Printers
Recruitment and Employment Agencies
Solar & Wind Farm Engineers & Consultants
Travel Agents, Tour operators
Common scenarios where Consultant Insurance is useful
You design a customer database for a client and a bug erases some of the client data. The company sues you arguing that you caused a loss of $300,000 CAD. An Errors & Omissions policy would provide coverage of the alleged amount as well as your legal fees.
You are helping a client with a marketing campaign and in an email exchange you inadvertently state that sales will increase by 10% as a result. Sales actually decline by 2% after the campaign launches and your client sues you. A professional liability policy would protect you in that case.
You help a home owner with the design plans for a new deck. A year later, when the deck is finished the client’s lawyer sends you a letter suing you for a flawed design that caused the deck to sink. Even if it wasn’t your fault, your legal fees could be covered by the right professional liability insurance.
Frequently Asked Questions about Consultant Insurance
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