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Insurance for Management Consultants


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Tailored Insurance for Management Consultants

As a management consultant, there is no such thing as 9-5 in your work day – when your clients leave the office, your day is just starting.  

You probably love the rewarding satisfaction of helping your clients succeed and grow their business, but even with all the valuable work you do, sometimes all it takes is one unhappy client, or someone falling over while visiting your office to turn your world upside down.

If you operate your own management consulting practice, there are a few types of insurance you may need to protect your business. In our opinion, the most basic form of insurance required is Professional Indemnity Insurance. This can protect you and your business if a client alleged your services or advice caused them financial loss. In addition to Professional Indemnity Insurance, management consultants may also need other forms of cover. If your work involves dealing with any members of the public, you might also need Public Liability Insurance. Business Insurance is also a good option if you operate out of a physical business premises. If you use the internet for any part of your work, or store any client data, you may be susceptible to cyber threats so Cyber Insurance might also be of interest to you.

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So what types of insurance do Management Consultants need?

There are a few options which you can choose from, and you’ll need to decide which coverages you think you’ll need. If you are unsure, one of our experienced advisors can talk you through your options to help you decide.

 

Professional Indemnity
This may cover you for legal costs and compensation you’re ruled to pay which arise from a client alleging they’ve suffered a loss due to work you’ve performed for them.
Business Insurance
This insurance can cover the cost to repair or replace your premises or business property following a fire, storm, or vandalism, and can include your business loss caused by the interruption. Public Liability Insurance can also be chosen, protecting you against claims if a third party is injured or has their property damaged on your premises.
Management Liability Insurance
May cover for losses incurred, including legal costs, where a Director or Officer has committed a wrongful act in their capacity as manager of the corporate entity.
Cyber Insurance
This may cover expenses and legal costs associated with a data breach, loss of client information or cyber-attack. Costs can include computer expert services, data recovery, ransom and legal costs.

Better for Management Consultants in 3 ways

Frequently Asked Questions

If I’m a Management Consultant, do I need both PI Insurance and Public Liability?

Professional Indemnity insurance helps provide cover for claims made against your business by clients claiming that your specialist services or advice caused them financial loss. Public Liability insurance may help you to pay the costs associated with a third party injuring themselves or damaging their property as a result of your business, or due to using products that you offer. Public Liability can also be taken out as part of a Business Insurance policy or some PI policies.

I run my consulting business from home, what insurance do I need?
The insurance you need will vary depending on the nature of your work. You can take out Professional Indemnity Insurance to cover you if a client alleges your advice caused them financial loss. If you use the internet to conduct any aspect of business, or if you store any client data on your computer, you may be susceptible to cyber risks, so Cyber Insurance would be another consideration. If you operate your business from home, it’s also a good idea to check the coverage under your Home Insurance to see what is covered and decide whether you also need to take out Business Insurance or Public Liability Insurance.
How much Professional Indemnity Insurance do I need?

This will depend on a number of factors such as your business activity your business needs, the size of your business and the clients you work with. Some clients may require you to have a minimum level of cover to work for them. Most PI Insurance policies start at a minimum cover of $1 million, but the minimum may not be enough for you, so you should speak to a qualified solicitor or financial advisor before deciding how much cover you need.

Why do I need Cyber Insurance?

If you use the internet for work, or if you store any client data, you may need Cyber Insurance. This may cover expenses and legal costs associated with a data breach, loss of client information or cyber-attack. Costs can include computer expert services, data recovery, ransom and legal costs.

Do I need to take out separate insurance to cover my employees?

Yes, if you employ staff, you will need to take out Workers Compensation Insurance. You can speak to your state regulator about your needs as coverage and legislation varies between different states.

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