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General Liability Insurance for
If your client, employee, or subcontractor should claim that you or one of your employees caused them bodily injury or damaged their property, you could be facing a costly lawsuit or settlement. Commercial general liability insurance pays for these types of claims, including defense costs; bond premiums; lost income for your time spent in court; and any judgments and settlements, including required interest and medical expenses for an injured party.
If you think that as a management consultant, you're at low risk for general liability claims, you're probably right. However, don't be surprised if you see a clause in your client contract requiring you to carry it. As standard policy, many companies demand this type of insurance of all their contractors, from window-washers to management consultants.
What You Need to Know
Regardless of client requirements, general liability insurance is one of the most commonly purchased types of insurance for management consultants, and for good reason: Accidents do happen, both at your location and your client's site. And it only takes one incident to put many small consulting firms out of business.
Luckily, there's a good chance that as a professional consultant with a low risk for claims, you're eligible to get covered through a discounted package policy called a BOP. Learn whether you qualify.
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- The amount of general liability coverage your management consulting business may need depends on several factors, including your level of risk and the state in which you're doing business. Your insurance agent or broker can help you assess your business's potential liability and ensure that your policy provides adequate protection.
- With some insurance carriers, claims caused by independent contractors working on your behalf aren't covered by their general liability insurance policies. On the other hand, some general liability insurance policies are very broad and not only cover you, if a contractor makes a mistake, but also cover the contractor directly. Read your policy carefully, or consult your agent, to understand in advance how your policy should perform.
- General liability insurance does not cover claims related to professional negligence or failure to perform your professional duties. For that, you need professional liability insurance.