Consulting Services Insurance
As the owner of a professional consulting services business, you have many responsibilities to stay on top of. Your clients expect specific results from your services and you must do everything you can to provide those for them. Whether you run a small consulting services firm or a large office with multiple employees, your company needs small business insurance protection. Commercial insurance coverage protects your firm from potential financial pitfalls. There are many different types of insurance options for small businesses like yours, and we can custom design a package just for you.
General liability is a comprehensive insurance option that protects you from day-to-day hazards. It keeps your company safe financial if a client suffers bodily injury in your offices. It also covers damages to client’s property if the damage occurs on your premises.
General liability also protects you from losses or damages that occur due to products you sell your clients, or services you have already performed.
Business Owners Policy (Bop)
A business owners policy (BOP) includes the comprehensive coverage of general liability while adding important protection for small businesses. A BOP protects your consulting services company from suffering financial losses due to loss of physical or intangible business assets.
If your company’s office building suffers damage from a fire or earthquake for example, the BOP will cover the cost of repairing or replacing the building. BOP also protects you from the loss of computer equipment, office furnishings, and media files that are critical to the operation of your consulting services.
BOP protects intangibles such as accounts receivables and loss of income. If your offices are destroyed due to an earthquake and business is interrupted for several months, BOP can replace the income that you are unable to make during that down time.
Consulting services professionals offer expert advice and guidance to their clients. If you make a mistake with your advice you can cause your clients a financial loss. Professional liability insurance is designed to protect your company from financial losses that occur due to an error or omission on your part.
Travel is common in the consulting business. When you travel by automobile, there is a risk of accidents, injury or other damage. Commercial auto insurance protects your company from those risks. This insurance can protect company cars, personal vehicles you use for business, rental cars and loaners. Business auto insurance can pay for loss or damages caused by auto accidents. It may also cover medical expenses for anyone injured in the accident.
If your consulting service has any employees, you are required by law to carry workers comp insurance. Workers comp takes care of medical bills and related expenses when one of your employees is injured on the job.
Surety bonds are guarantees that you will honor your contracts. Some clients require your company to be bonded before they can do business with you. Surety bonds can guarantee that you will deliver specific services, or complete a contract by a certain date. If you are unable to fulfill the terms of your contract for any reason, the surety bond will pay your client for damages.