If you?re in the management consulting business, you probably have clients that require you to carry some level of insurance. Maybe you run a small firm with a few employees, or maybe you?re an independent freelancer. Either way, you might wonder if you?ll ever actually use all that coverage.
If your client says it?s necessary, you will need to obtain professional liability insurance if you want to secure the job. The good news is that getting the required insurance coverage can be both affordable and good for your business.
Typically, companies want their management consultants to carry some or all of the following three types of coverage:
General liability insurance
General liability insurance covers businesses in the event of an on-site injury or damage to company property. Management consultants often wonder whether they really need this type of coverage. After all, what?s the likelihood that someone giving a presentation or attending a meeting will damage a client?s property or hurt anyone? Is there really a risk of liability for management consultants?
The fact is, client companies often require all of their vendors who may come on-site ? from electricians to delivery personnel to management consultants ? to prove they carry general liability insurance. In some cases, the mandate comes from the client?s investors, who seek to reduce the company?s risk of financial losses from lawsuits. And of course, accidents do happen, so there is as much risk of liability for management consultants as for any other office visitor.
If you have your own management consulting office, general liability insurance will protect you in the event of an accident or injury on the premises. If a client visits your office on a rainy day and slips and falls in the entryway, your general liability insurance will cover any related medical or legal costs ? and possibly save your client relationship. And that?s one invaluable reason why insurance for management consultants is good for your business.
Professional liability insurance
Workers? compensation insurance covers medical expenses as well as disability and compensation in the event of on-the-job injuries. If you?re a solo practitioner with your own health insurance, workers? compensation insurance may not be necessary ? but your client may still require it if you want to get the work.
If your management consulting business has employees, protecting them with workers? compensation insurance just makes good business sense. From carpal tunnel syndrome to a slippery bathroom floor, even the smallest on-the-job hazards could result in an injury that could take them off the job. Workers? compensation insurance ensures that your employees are taken care of and saves your company from paying for their ongoing care.
James Cochran -
About the Author:
About the Author:
In business for over a decade, James Cochran, founder of Business Insurance Now, an insurance company specializing in management consultant insurance and more.
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