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Excess Liability/Umbrella Insurance
for Management Consultants
If your client contract calls for $2 million in general liability coverage, and your policy comes standard with $1 million, don't worry. Adding coverage is easy and affordable.
An umbrella insurance policy, also called excess liability insurance, adds additional coverage amounts to your existing general liability insurance policy, as well as some other types of insurance you may carry, including employer's liability and hired and non-owned auto insurance.
What You Need to Know
Regardless of whether your client requires you to carry high coverage limits, it's a good idea to assess your management consulting business's risks and insure accordingly.
Let's say that one of your employees is touring a client's manufacturing facility and accidentally triggers a chain of events that results in an employee of the company being injured. Your company is sued for $1.5 million, but your general liability coverage limit is just $1 million. If a court orders you to pay, an excess liability policy would cover the additional $500,000. Without it, you'd be responsible for that additional amount.
Not sure how much coverage you might need? Ask the management consulting insurance experts at Business Insurance Now for a free, no-obligation risk assessment.
It's important to note, however, that umbrella liability insurance does not extend the coverage limits on an errors and omissions or professional liability policy. If you're concerned about whether you have enough professional liability coverage, the licensed agents of Business Insurance Now are happy to help you determine appropriate coverage limits for your management consulting business.
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Excess Liability Tips
- Umbrella insurance is surprisingly affordable. Generally sold in increments of $1 million in coverage, you can typically add on to your underlying policies for just a few hundred dollars a year.
- Your client may require you to carry excess liability insurance to ensure that the money will be there in the event of a large claim. Business Insurance Now's management consulting insurance experts are happy to review the language in your contract to ensure you have the coverage your client requires.
- Many management consultants choose to purchase their umbrella policies from the same insurance agency that handles their underlying policies. Doing so can simplify coordination of benefits in the event that you need to make a claim.