Consultant Insurance

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Why do I need Business Insurance for Consultants?

As a consultant, you bring a creative approach to problem-solving and help your clients tackle every challenge that comes their way. Shouldn’t you do the same for your business? A Thimble insurance policy can give you the peace of mind you need to propel your business to new heights.

Consultant Insurance arranged by Thimble includes both general liability insurance and professional liability insurance to protect your business from both sides. 

Liability Insurance Requirements for Consultants

There are no federal requirements in the United States for consultants that mandate business insurance, liability, or otherwise.

However, operating a consultancy in any US state comes with risk – like the financial risk of losing your business, your reputation, or worse, an injury to you or someone else. For that reason, while insurance may not be required, these essential coverages will protect your consulting business so you can continue to render consulting services.

General liability insurance is designed to provide protection from financial liability because of accidents that cause bodily injury, property damage, and personal and advertising injury to third parties. It also provides the investigation and legal defense for those types of claims brought against you and your business, even if you are ultimately not found to be responsible.

Professional liability insurance sometimes referred to as errors and omissions (E&O)— helps cover a client’s financial losses stemming from your providing the wrong advice or your failure to provide professional services properly. This type of insurance provides the investigation, defense, and payment to settle these types of claims. As a consultant, professional liability insurance is essential. 

What does a BOP for Consultant Insurance cover?

Business Owners Policy (BOP): Designed for small-to-medium sized businesses, a BOP combines both general liability insurance with commercial property insurance in one convenient policy. It provides robust coverage for financial losses resulting from fire, theft, and accidents that cause injury or property damage to clients. You get the following coverage:

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General Liability Insurance

General liability insurance or “CGL” provides coverage against third-party claims for damages because of property damage, bodily injury, and personal and advertising injury. That means the everyday accidents that can happen on the job: slip and falls, flying tools, or spilling coffee on a customer’s laptop—you get the idea. CGL is one of the most basic types of insurance for small businesses.

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Commercial Property Insurance

Commercial property insurance covers costs because of direct physical loss or damage to your building or your contents in situations like a fire or windstorm. Even your accounts receivable can be protected by commercial property coverage.

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Business Interruption Insurance

Business interruption insurance covers loss of business income due to interruption of operations because of direct physical loss or damage. Sometimes it is included within the policy form or it may be available as an additional coverage to BOP.

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What kinds of consultants need business insurance coverage?

Because businesses are extremely diverse, there are likely an unlimited number of consultant types in the world who can offer sage advice to other business owners. Some of the most in-demand types of consultants who may own their own small business and need professional service insurance include (but are not limited to):

Marketing and Advertising Consultants
Business Consultants
Insurance Consultants
Brand Consultant
Computer Consultant
IT Consultant
Marketing Research Consultant
Network Consultant
Social Media Consultant
Technology Consultant

Don’t see your specific consultancy listed above? We may still offer insurance coverage for you. Check here.

How much does small business insurance for consultants cost?

The cost of your Consultant Insurance Policy depends on a few factors. Things like you’re the type of consultancy you provide, zip code, your coverage limit, the size of your team, and the length of your coverage all play a factor in determining the risk that comes with insuring your consulting business.

With Thimble, you don’t have to commit to long, expensive policies, though. You can access flexible consulting insurance through the Thimble app and customize your liability coverage down to the month, day, or hour. Plus, if you need to add Additional Insureds, you can tack them on to your coverage often at no extra cost.

To get an accurate idea of how much consultant insurance would cost you and your business, get a quote from Thimble.

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How quickly will I get a Certificate of Insurance?

Instantly. We’ve digitized the entire experience so that you’ll receive a certificate of insurance in your inbox immediately after purchasing a policy with Thimble.

You can also add and modify your Additional Insureds as many times as you’d like directly from the Thimble App.

Quick-thinking insurance for fast-moving businesses.

Simple.

Fewer questions. More options. Buy a policy online, in the app, or over the phone in minutes. Get to work before the other guys even call you back.

Scalable.

Any size. Every stage. Get coverage by the job, month, or year. Choose how you pay, then upgrade when business really takes off.

Flexible.

Total Control. Seamless edits. Modify, pause, or cancel instantly, whether work slows down or hiring picks up.

Quick-thinking insurance for fast-moving businesses.

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