Consulting Business Insurance Cost Analysis
How Much is Business Insurance for Human Resources Consultants?

The cost of insurance for human resource consultants will change based on the size of the consulting firm, the number of clients it serves, and the kind of HR work it does.

Let's look at the typical cost of insurance for HR consultants.

Note: The insurance prices quoted below are only estimates. Actual premiums may vary.

HOW MUCH IS
Professional Liability Insurance?

How Much Is Professional Liability Insurance?

If a client sues you for allegedly botching part of an HR project, Professional Liability Insurance (a.k.a. Errors and Omissions Insurance) can cover your legal expenses. Mistakes in benefits, employee reward programs, payroll, and other HR programs can lead to strife at your client's work place, which could ultimately cause your client to file a professional liability lawsuit against your company. E&O Insurance protects you from lawsuits concerning the quality of your work.

The most common Professional Liability policy purchased by HR consultants has a $1 million occurrence limit and a $1 million aggregate limit ($1M / $1M).

Looking closer at the cost of a $1M / $1M Professional Liability policy, we see that the cost for HR consultants is significantly lower than for consultants in general, and substantially lower than the average cost for small businesses in general. The average cost of a $1M / $1M Professional Liability Insurance policy for human resource consultants is $614.48 with a median cost of $500.00.

HOW MUCH IS
General Liability Insurance?

What Does General Liability Insurance Cost?

If an HR consultant is sued for property damage, bodily injury, or reputational damage, General Liability Insurance pays for these or similar third-party lawsuits, covering your legal expenses and damages owed. As a consultant, you frequently travel to a client's office. If you knock over a laptop, spill coffee on their printer, or accidentally damage other property, GL Insurance covers your legal liability.

While there is a wide range of options available, HR consultants typically buy General Liability policies with either a $1 million occurrence limit and a $2 million aggregate limit ($1M / $2M) or a $2 million occurrence limit and a $4 million aggregate limit ($2M / $4M).

Looking closer at the cost of a $1M / $2M General Liability policy, we see that the cost for HR consultants is right in line with the cost for consultants in general, but substantially lower than the average cost for small businesses in general. The average cost of a $1M / $2M General Liability Insurance policy for human resource consultants is $473.12 with a median cost of $425.00.

HOW MUCH IS
a BOP?

What Does a Business Owner's Policy Cost?

A Business Owner's Policy is a smart choice for HR consultants because it packages together two policies you'll probably need, but offers them at a reduced price. When you buy a BOP, you'll get General Liability and Property Insurance together, which means you'll have lawsuit protection and coverage for your commercial property.

The average cost of a Business Owner's Policy with a $1M / $2M General Liability component for human resources consultants is $524.53, lower than the cost for consultants in general.

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Free Quotes on HR Consulting Insurance

Whether you offer outsourced HR tech solutions, payroll administration, or other human resources consulting, insureon's agents can find insurance that covers your business's risk. For a free insurance quote on HR insurance, submit an online insurance application.

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