Insurance for Consultants
Consultants need business insurance, just like any other business. But sometimes those insurance needs are easy to overlook. At Welch Graham and Ogden Insurance we work with consulting businesses of all shapes and sizes, so we know that your consulting business doesn't look - or work - like other consulting businesses. And that means that your insurance program likely requires at least a little customization to get the right insurance protection at a cost that fits your budget.
Today's technology allows business experts to put their knowledge to work with very little infrastructure cost. Many consultants need little more than a laptop, cell phone and a good internet connection. The ease with which you can hang out a 'consultant open for business' sign also makes a little too easy to overlook the kind of insurance coverage you need to consider for your business.
As an independent insurance agency, Welch Graham and Ogden Insurance represents several top rated insurance companies. That gives us the flexibility to craft the right insurance program for most any business owner. Contact us today for a free personal insurance review and consultation.
Four Insurance Policies Consultants in Virginia May Need:
- Business Owners Policy: For many consultants this policy, BOP for short, is a good start. A BOP is like a homeowner policy for your business, combining insurance for business structures, business items (business personal property), liability and a little more. For more complex and larger consulting businesses, separate commercial property and commercial liability insurance policies will permit more customization.
- Business Auto Insurance: This is something any consultant should have if you expect to have clients in your vehicle while conducting business, but there are other reasons to consider business auto insurance for your consulting practice.
- Scheduled Business Property (Inland Marine): If your consulting business requires special equipment you may need to insure that equipment separately. Not all business property is treated equally in BOP and commercial property insurance policies, so it's a good idea to take an inventory of vital equipment and business property and then review the level of protection afforded that property by standard commercial property insurance policies.
- Professional Liability (Errors and Omissions): Also known as E&O coverage, this kind of coverage protects you when a client alleges, accurately or not, that you caused loss of income or damage to the client's business through some kind of 'wrongful act'. Most E&O policies define wrongful act with this clutch of words: '...act, error, omission, misstatement, misleading statement or neglect or breach of duty'. Good contracts can help minimize the need for an E&O insurance policy, but any consulting business should at least consider this insurance protection.
Contact Welch Graham and Ogden Insurance today for a consultation and insurance proposal for your consulting business.