Smart advice: These insurances are important for business consultants
- customized commercial insurance
- get a non-binding quote in 9 minutes
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What damages are covered?
- Financial damage to third parties (consulting errors)
- personal injury, property damage and consequential damage to assets
- Damage caused by cyber attacks
- Damage to inventory and electronics
- Costs for legal disputes
How much does insurance cost?
Our insurance for consultants is available
ab 16.72 € / monthly
Covered in 9 minutes!*
Step 1 – Answer a few questions about your business
Step 2 – Get a product recommendation and personalized quote
Step 3 – Purchase your coverage immediately and manage 100 % online
*Depending on elected insurance product, desired start-date of policy and our insurance partners
Insurance for management consultants
Customized coverage for business consultants and consulting firms
Insurance for management consultants - our advantages at a glance:
- Tailored coverage for your consulting services
- Non-binding quote in just nine minutes
- Personal consultation with insurance experts possible
- instant price calculation thanks to insureQ algorithm
- convenient online processing of contract adjustments and damage reports
- ARAG, R+V and Hiscox as insurance carriers and experienced partners
Why should I insure my consultancy business?
Which insurances do I need as a consultant?
Liability for financial loss damage, business liability or company legal protection - which insurances you really need depends on your company, for example the number of employees and on specific (industry) risks. That's why it is often difficult not only to calculate the cost of insurance, but also to know which insurances and components are really crucial for a consultant. This also means that on this page we can only provide an overview of important insurances. A customized protection, however, must always be calculated individually.
The financial loss liability for consultants
First things first: Financial loss liability insurance - often referred to as professional liability or pecuniary loss liability - is the most essential insurance for consultants. It protects against financial claims for damages sustained by your clients. This is the case if damage is caused by your consulting services.
With some insurers - including insureQ - coverage for self-damage - that is, financial damage incurred by consultants - is also covered in the financial loss liability. Because of the high financial risk, professional liability is already mandatory for notaries, tax consultants, lawyers and auditors. It is not always easy to judge when financial loss liability becomes important - so here are a few examples.
Practical examples: Financial loss in consulting
Example 1: You are briefly inattentive and give your customer an incorrect deadline by which she must apply for her subsidies. As a result, she misses out on important subsidies, which she now claims from you.
Example 2: In the hallway of a shared office building, you tell your coworker about a secret project of your customer. You don't realize that someone is listening in. The topic becomes public. Your customer demands compensation.
Example 3: Your customer justifiably withdraws from her contract. This means that you miss out on the fee for a planned project, even though you have already invested a lot of time and money. This financial loss is also covered by the financial loss liability insurance.
Before taking out an insurance policy, you should make sure that, in addition to the usual activities of a consultant, related fields of activity are also covered - with us, this is the case.
Public liability for consulting professions and consulting companies
The term public liability is often used as a synonym for professional liability insurance. In fact, business liability insurance is insurance against the consequences of bodily injury, property damage and consequential financial loss (damage caused by injury to a person or damaged property). Personal injury in particular can be expensive and the reason you get into long-term debt. Business insurance covers these compensation costs or simply fends off unjustified claims through integrated passive legal protection - even in court.
Damage examples for business liability insurance for management consultants
Example 1: You invite a client to your new office. You did not expect this: Since the stairs to the roof do not yet have a railing, your client falls and is seriously injured (= personal injury). He demands compensation from you.
Example 2: You know that your customer gives great importance to expensive furnishings. But despite this knowledge you get unlucky: You knock a very old and valuable vase off the table (= property damage). He asks you to compensate the damage.
Example 3: You cause an accident with your customer's car. However, he depends on the vehicle to provide his service. You should pay for the damage (= consequential loss).
Cyber insurance for business consultants
Every company that uses Internet services - for example, accessing websites or sending e-mails - exposes itself to the risk of falling victim to a hacker attack or computer virus. Small businesses are affected more often than you might think. That's why it is not only important to take the right security precautions with regard to your own IT infrastructure, but also to protect yourself for the worst case scenario. Cyber insurance not only protects against hacker attacks, but also against operating errors or data breaches on your part.
Practical examples of business consulting: Damage caused by cyber attacks
Example 1: For a customer's website, you download a picture from a free platform and pass the photo on to your customer for publication on the Internet. A short time later it turns out that this was not legal.
Example 2: Your employee opens the attachment of a phishing e-mail. This gives the sender access to your customer's sensitive data. You have to pay for the damage caused to your customer by the hacker attack.
Example 3: A new employee makes a mistake while operating an IT system and damages important data. In this case, a cyber insurance will also cover the damage.
In addition, insureQ cyber insurance provides free support from PR consultants, IT crisis experts or data protection attorneys in the event of a claim - and to prevent damage from occurring in the first place, we offer free cyber training for employees.
Cyber business interruption insurance for consultants.
In addition to general cyber insurance, additional business interruption insurance provides coverage in the event that operations must be interrupted due to a cyber incident. Covered are the financial damages caused by the interruption.
For example, a virus prevents you from accessing important data. So you are forced to interrupt your work. Your cyber business interruption insurance pays for the loss of revenue.
Contents insurance for management consultants
Contents insurance - also called business contents insurance - insures your office furnishings and all technical equipment of your consulting firm. It does not matter whether the damage occurs at your office, on a business trip or at the client's premises. It covers all damage to inventory and electronics caused by tap water, burglary, fire or storm and hail. Which insurance cover is appropriate, however, must always be calculated individually for each company and for each professional activity. The following examples are intended to illustrate which risks are covered by insurance.
Examples from consulting: Damage to hardware and office space
Example 1: Burglars gain access to your offices during the night. They destroy all the furniture and steal several computers.
Example 2: Your offices are destroyed in a fire. You have to interrupt your business.
Content insurance covers the costs of repair, restoration and replacement of the damaged office equipment.
How much does insurance cost for my business consultancy?
This overview is intended to provide an initial orientation as to which insurances are basically relevant for management consultants. Which insurances you actually need and what they cost, however, always depends on how big your company is, how many employees you have, which coverage amount you choose or how risky your professional activity is.
At insureQ, you can get an individual quote at any time and in just a few minutes - including an exact cost calculation. You can also adjust your selection at any time, conclude the offer online and manage your insurance 100% digitally in the customer portal. Commercial insurance, but simple.
- Insurance for management consultants
- Customized coverage for business consultants and consulting firms
- Why should I insure my consultancy business?
- Which insurances do I need as a consultant?
- How much does insurance cost for my business consultancy?
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