As a management consultant it is likely that you have a passion for problem solving. You take a look at a business that is struggling and you turn it around, increasing profit and delivering sustainable growth.
You study a client’s business processes, the risks they are dealing with and the controls put in place to mitigate those risks, so it makes sense for you to also protect your own business in the same way with specialist insurance for management consultants.
What does business and management consultant insurance include?
You can create your own package of insurance for management consultants to suit your own business needs, but as standard you should make sure you include:
1. Professional indemnity insurance
Your clients rely on you for your expert opinion, however if your advice causes them any financial loss they could demand legal compensation. You aren’t required to have this type of insurance by law, but many professional consulting institutions recommend that you include this under your general insurance for management consultants.
A professional indemnity insurance policy might include cover for:
- Loss of files or client data
- Breach of confidentiality
- Infringement of intellectual property rights
- Virus transmission
2. Public liability insurance
As a management consultant you will often be out and about visiting the business premises of clients, seeing how they run their business and meeting all their staff.
Public liability insurance covers you if you were to accidentally damage a client’s property, or on visiting your office, they were to have an accident where you were to blame, such as falling after tripping on a broken step.
3. Office insurance
Portable office insurance covers all the electrical equipment that you take with you travelling to and from client’s offices such as laptops and tablets, whilst office insurance covers your office equipment if it is damaged or stolen.
4. Building insurance
Buildings insurance covers your office building structure, indoor fixtures and flooring in case of damage by fire or flooding. Cover may include:
- Accidental damage cover (usually standard)
- Trace and access (locating damage to cables and pipes)
- Rebuilding costs