Consultant’s Professional Liability Insurance

Consultant’s Insurance works on a claims-made basis.  What does that mean?  Simply put, it means that the date the claim is made matters. Why?  Because, it determines which policy term will be in charge of responding to the claim.

Essentially, the date of the event doesn’t matter just the date the claim is being made.

In addition, insurance policies typically have a retroactive date. Basically, this covers claims between the retroactive date and the policy start date.

If you want to ensure that your past claims are covered, you’ll want the retroactive date to be the date that you started your business.

Thus, it is important to take this into consideration when you are buying Consultant’s Errors and Omissions Insurance.

Insurance companies usually provide defense attorneys on your behalf. Why? Well, consider this for a moment:

If you were to provide your own attorney then that attorney may be over the price of what insurance can cover.

Further, this is why insurance provides you with an attorney. It’s because they will find someone who will be covered based on your policy. But, this is also because insurance usually has negotiated rates with law firms.

Here’s another thing to consider: defense costs are taken into consideration when paying for damages. What does this mean?

Let’s refer to an example. Let’s say you have a $2,000,000 claims limit. If the defense costs $1,000,000 then that means you only have $1,000,000 left to pay the damages.

This is something to consider when choosing your claims limit.

Before making any type of insurance purchase, double-check with your employer to make sure that your company doesn’t already offer you coverage.

Obviously, if your company already protects you then you don’t want to accidentally purchase something additional that you don’t need.

But most importantly, you want to make sure that your company protects you as an individual employee.  In many scenarios, the company buys policy for the entire organization, but that policy doesn’t necessarily cover you as a specific employee.

If you aren’t fully protected, or as protected as you’d like to be, then purchasing Consultant’s Insurance may be in your best interest.

If you own a firm then you may want to look into other policies that protect you and your employees. 

Also, owning a firm can have an impact on your insurance quote.  So, be sure to click “Customize Quote” below to see what you’d pay.

This type of policy covers more businesses than a BOP would.  It covers customers and those who are affected by the business’ operations.

Firstly, the price of this policy depends on the number of workers in your business and the occupational risk.  This means it can range anywhere between $800-$1200 per year.  More importantly, however, is that it covers medical bills from job-related injuries and wage replacements for recovery time.

A popular option for small businesses like clothing boutiques that combines Commercial General Liability insurance with Commercial Property insurance, usually at a cheaper price than if the two were purchased separately.