Consultant Insurance
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How much does consultant insurance cost?

Several factors contribute to consulting insurance costs, including business size, risks, and equipment value. Cost estimates are sourced from policies purchased by Insureon customers.

General liability insurance icon

General liability insurance costs for consultants

Consulting businesses pay a median premium of less than $30 per month, or $350 per year, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage, along with advertising injuries.

Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your consulting office, and costs less than purchasing each policy separately.

Your industry risks affect general liability costs

Among consulting businesses that purchase general liability insurance with Insureon, 28% pay less than $300 per year and 61% pay between $300 and $600 per year. High-risk businesses tend to pay more for general liability insurance.

Cost of general liability insurance for consultants.

Common general liability policy limits for consultants

Most consultants (90%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.

Professional liability insurance icon

Professional liability insurance costs for consultants

Consultants pay a median premium of less than $55 per month, or $650 per year, for professional liability insurance. Also known as errors and omissions insurance (E&O), this policy offers critical coverage for consultants, including legal fees related to professional mistakes and accusations of negligence.

Your level of risk drives the cost of professional liability / errors and omissions insurance

Among consulting businesses that purchase professional liability insurance with Insureon, 26% pay less than $600 per year and 47% pay between $600 and $1,200 per year. Consultants who have been sued in the past or who own a large company may pay more for this policy.

Cost of professional liability insurance for consultants.

Professional liability / E&O insurance policy limits for consulting businesses

Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year.

Most consultants (56%) choose professional liability / E&O policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Higher limits cost more – and provide better coverage.

Which professional liability limits do consultants choose?

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's professional liability insurance cost analysis page.

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Workers’ compensation costs for consultants

To meet your state’s requirements and avoid penalties, consulting businesses with employees typically must purchase workers’ compensation insurance.

Even if you don't have employees, it's a good idea to buy coverage. Workers' comp covers medical bills for work-related injuries and illnesses, which your health insurance might exclude.

The median premium for workers' compensation insurance for consultants is about $40 per month, or $500 per year.

Workers' comp costs vary depending on your employees

Among consulting businesses that purchase workers’ compensation insurance with Insureon, 34% pay less than $400 per year and 47% pay between $400 and $800 per year.

The cost depends on the number of workers, their level of occupational risk, and other factors.

Cost of workers’ compensation insurance for consultants.

Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.

Business owner’s policy icon

Business owner’s policy costs for consultants

Consultants pay a median premium of about $40 per month, or $500 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.

Business property value drives the cost of a BOP

Among consulting businesses that purchase a business owner’s policy with Insureon, 20% pay less than $400 per year and 65% pay between $400 and $800 per year. The cost depends primarily on the value of your business property, including your building if you own it.

Cost of a business owner’s policy for consultants.

Which business owner’s policy limits do consultants choose?

Most consultants (87%) choose a business owner’s policy with a $1 million per-occurrence limit and a $2 million aggregate limit.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.

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Fidelity bond costs for consultants

Small businesses pay a median premium of $88 per month or $1,055 per year for a fidelity bond. The cost primarily depends on the size of the bond you purchase.

Fidelity bonds provide reimbursement if one of your employees steals from a client. They are often required by client contracts.

Learn about factors that affect the cost of fidelity bonds on Insureon's fidelity bond cost analysis page.

Cyber insurance icon

Cyber insurance costs for consultants

Small businesses pay a median premium of $140 per month or $1,675 per year for cyber liability insurance. This policy helps cover legal fees, customer notification expenses, and other costs related to a data breach or cyberattack.

This policy is vital for consulting firms that collect credit card numbers, Social Security numbers, or other personal information. The cost depends on how much sensitive data your company handles.

Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.

Compare quotes from trusted carriers with Insureon

Insureon’s licensed insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your consulting business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of management consultants, marketing consultants, and HR consultants.

Updated: April 29, 2022
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