Consulting Business Insurance Cost Analysis
How Much is Business Insurance for Management Consultants?
Management consultants can invest in business insurance, which will cover many common lawsuits and other expenses that they simply can't afford.
Your premiums will vary based on the size of your firm and the kind of consulting you do. Below, we've compiled insurance quotes that show the typical cost of coverage for small management consulting firms.
Note: Your actual insurance costs may vary.
HOW MUCH IS
Professional Liability Insurance?
How Much Is Professional Liability Insurance?
Consulting can be difficult work. Clients often expect you to fix their business's problems, and if they don't see an improvement in cost savings or revenue, they could sue you. Fortunately, Professional Liability Insurance (a.k.a. Errors and Omissions Insurance) can cover your management consulting firm if a client sues you over mistakes, missed deadlines, confidentiality breaches, inaccurate projections, and other problems with your work.
Professional Liability Insurance typically costs $713 to $1,376 for management consultants.
HOW MUCH IS
General Liability Insurance?
How Much Does General Liability Insurance Cost?
General Liability Insurance protects management consultants from the cost of third-party lawsuits over accidental injuries and property damage that they cause at a client's work place, reputational damage, and non-employee injuries that occur at their office. If a delivery driver slips and falls on your office's tile floor, GL Insurance covers your legal costs and pay the court ordered damages.
A typical General Liability Insurance policy for management consultants costs $350 to $425 in annual premiums.
HOW MUCH IS
What Does a Business Owner's Policy Cost?
Instead of buying General Liability Insurance on its own, management consultants can also get a Business Owner's Policy, which includes Commercial Property Insurance as well. BOPs have special discount prices for small-business owners.
BOPs typically start at $500 for management consultants.
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