No matter the industry you are in as a consultant, your job comes with some pretty important skills required and, in many cases, the companies and people you work with and through will likely demand that you be held responsible when things go right and wrong. Consultants are often their own business owners. They provide a high-level service and receive compensation for doing so. As a result, you need business insurance that’s customized to the unique risks you face in this industry.
Consultants often face uncertain levels of risk. You may face risks when working with a client that hasn’t clearly defined the goals. On the other hand, you may simply make a mistake that causes your client to lose a significant amount of money. With the right type of business insurance, you can minimize many of the risks you have and stay in operation even if something goes wrong. For those that work as marketing consultants, management or administrative consultants, educational consultants, or even communications and computer consultants, you’ll need insurance that’s comprehensive.
Liability Risk Protection
At the heart of your insurance plan should be a comprehensive liability insurance plan. General liability insurance is a start. However, most consultants need more than just basic coverage. You may need Errors and Omissions insurance, which can help when you face claims of negligence acts, errors, or omissions when doing business with the client. You may also need an umbrella liability insurance plan that extends your protection.
Asset Protection
Most consultants utilize various assets that need protection. Commercial property insurance, commercial auto insurance, utility service coverage, valuable paper and records coverage, and equipment breakdown coverage tends to be at the highest level of need.
In addition to this, you also need to protect any employees you have and your business from claims against it from employee practice matters.
Creating a customized insurance plan is at the heart of every consultant’s first step in creating his or her business. As you work to startup or realign your company, consider business insurance designed to meet your unique risks including liability, equipment breakdowns, negligence claims, and even fires and theft. Take the time to create a plan that gives you the confidence to keep providing the service you know you can without the financial risks.
Get the right protection for your business. Call Bromell Agency, Inc. at (318) 251-1212 for more information on Business Insurance.