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Marketing and management consultants rely on their business insurance plan to
7 Things to Know before Buying Insurance for Your Marketing or Management Consulting Business
As a marketing or management consultant,
We offer a variety of insurance coverage types specifically designed for management and marketing consultancy businesses.
General Liability Insurance for Management & Marketing Consultants
General Liability Insurance protects you against third-party claims for property and personal damages. It provides coverage when a client alleges that you or your employees were the cause of personal harm or damage to their property. Having General Liability Insurance is an excellent way to prevent your business from suffering the detrimental financial costs that could result from a claim.
In the event that such allegations must be resolved in court, your General Liability Insurance would pay for the defense of your marketing or management consulting business. If the claim involves physical injury, your General Liability policy would also pay for the injured party’s medical costs in addition to any legal fees. If the allegations refer to property destruction, this General Liability policy would fund litigation fees and the damage compensation.
Management and marketing consultants generally have a low probability of causing injury or property detriment. Despite this, many clients will require you to carry insurance that protects such damage.
Regardless of client requirements, General Liability Insurance is worth purchasing. It is one of the most comprehensive insurance policies for marketing and management consultants and one of the most frequently purchased coverage types. Mishaps can happen at your office or your clients’ sites, and General Liability Insurance is your business’s best defense against possible claims.
Because we appreciate that most professional management and marketing consultants have a low risk for General Liability claims, you could be eligible to obtain a reduced price insurance package policy called a Business Owner’s Policy (BOP). Contact us today to see if you qualify for this discounted insurance package.
Professional Liability Insurance / Errors & Omissions Coverage for Management & Marketing Consultants
The advice marketing and management consultants give can determine the success of their clients’ business.
However, even the best advice cannot guarantee success, which is why Professional Liability Insurance is the best measure management and marketing consultants can make to protect themselves and their business.
Professional Liability Insurance protects you against claims of professional negligence or wrong-doing, even if you haven’t made a mistake. This Errors and Omissions coverage, or E&O insurance, covers your management consulting business if one of your clients claim that your alleged mistakes are responsible for their financial loss.
In the event that you are sued, Professional Liability Insurance pays for your legal defense, income forfeited as a result litigation proceedings, and other expenses stated by your policy. If you are legally obligated to compensate your client for monetary loss or other damages, your E&O Insurance will pay that award as well. Our Professional Liability Insurance plan has you and your business covered.
Workers’ Compensation Insurance for Marketing & Management Consultants
Workers' Compensation Insurance, also known Workers' Comp, funds your employees' medical costs and part of their lost wages should they suffer an injury on the job or a job-related illness. As the business owner, Workman’s Compensation Insurance may also cover you should you sustain a work-related injury.
Management and marketing consultants generally face a low risk of on-the-job injury, but your employees may need to visit hazardous client facilities, making Workers’ Comp coverage a wise investment. Some states mandate that business owners purchase Workers’ Compensation Insurance, in which case our marketing and management consultancy specialists will guide you to the appropriate policy for your business and employees.
Keep in mind that individual states have different regulations regarding Workers’ Comp coverage. We can help you discern your state laws concerning Workers' Compensation requirements before you purchase a Workers’ Comp policy.
If you are unsure about a specific state's Workers’ Compensation laws, the insureon management and marketing consultancy specialist can help you understand exactly what your consultancy business requires.
Property Insurance / Business Owner’s Policy (BOP) for Management & Marketing Consultants
Small management and marketing consultancy businesses are somewhat different from other categories of independent contracting businesses in that the work itself does not require much physical exertion. Management and marketing consultants use their creativity and innovative ideas to guide their projects. This means a lower exposure, which means that you might be eligible to purchase our discounted Business Owner’s Policy (BOP) insurance package. Clients also accept that mishaps can occur, which is why they often insist that management and marketing consultants carry their own General Liability and Property Insurance coverage.
Since the probability is small that a marketing or management consultant faces harm or property destruction, you could be eligible to get our BOP insurance package for one reduced price. This Business Owner’s Policy includes:
Consult with one of our management and marketing consultancy specialists to learn if this package is a fit for your small business.
Excess Liability Coverage / Umbrella Insurance for Marketing & Management Consultants
If your client contract calls for $750,000 in General Liability coverage, but your policy has $500,000 in Liability Insurance, we can quickly extend your existing limits.
With our Umbrella Insurance, we can easily add additional coverage amounts to your existing General Liability Insurance policy.
Umbrella Insurance can also save you from large out-of-pocket expenses. If your business insurance coverage limit is $1 million but your client is suing for $1.5 million in damages, you could be spending $500,000 of your own money to pay reimbursements. In an event like this, an excess liability policy would cover the additional amount, with no cost to you.
Not sure how much coverage you might need? Ask the management and marketing consulting insurance experts at insureon to assist you with a liability assessment.
Please note that Excess Liability Coverage (Umbrella Insurance) can only increase the limits on your existing General Liability Insurance. If you are concerned about your Professional Liability coverage, are ready to help you decide adequate insurance limits for you.
Reduce your liability for a lawsuit later by starting all consulting projects with a clear contract.
The simplest way for a management or marketing consultant to avoid a client initiated lawsuit is by maintaining communication and clarity regarding the client’s needs. A clear contract, including expectations and outcomes for both parties, will provide the perfect foundation for a successful business relationship.
Get everything in writing and avoid a future conflict.
Every time changes are made along the course of your project, provide your client with progress and status reports to keep them informed. Provide written, up-to-date timelines so that your client always knows what to expect from you and your consultancy team.
Be upfront with your client about potential obstacles.
Before contracts are signed, give your client detailed written descriptions about any possible risks or complications that could negatively impact or delay the project.