Getting business insurance for management consultants
Working with a range of clients in different sectors and industries can be interesting and rewarding. Your professional business and management advice helps businesses to grow and prosper. But what if a client claims you’ve provided bad advice? How would you deal with stolen IT equipment, or handle an accident that forces you to take unpaid leave? Hiscox business insurance ensures those nasty surprises are manageable.
Why you need business insurance as a management or business consultant
An unhappy client
If a client claims against you for negligent advice that resulted in falling sales and losing customers to a competitor, they might take legal action and it’s your professionalism and integrity at stake. Professional indemnity insurance as part of your business insurance cover means your legal costs for defending the case are covered, as is any settlement. Our cover means you can continue working without worrying about legal fees.
Hackers demand a ransom
Imagine your computer and online storage are hacked and you’re now facing a ransom demand from cyber criminals who threaten to tell your clients about the breach and make the data public. Cyber and data risk cover as part of your business and management consultants’ insurance policy will cover the cost of the ransom and several days of lost business, as well as giving you access to our cybercrime experts.
Tripping over a computer lead
A client’s employee trips over your laptop power cable while you’re visiting their office. It doesn’t seem that bad, but with a broken wrist they hold you responsible for their time off work and for the inconvenience of the injury on a personal level. Your public liability insurance covers you against the legal costs of the case and any settlement, so you can carry on working without worrying about the costs or risks to your business.
If you’re not sure what you need, tell us a little more about your work as a business or management consultant. We’ll help you to build your quote and explore any other insurance needs.
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Key types of insurance for business and management consultants
Professional indemnity insurance
Professional indemnity insurance for business and management consultants is there to protect you against the costs of legal action from a client who claims there’s a problem with your work. Even if you feel the claim is unfair, the blame lies with a contractor you used, or you feel the client was just unclear or changed their mind late in the day, you’ll still need to defend your business and your reputation. Professional indemnity cover gives you peace of mind.
Cyber and data risk insurance
What would you do if your computer systems were hacked and you faced a ransom to get confidential customer information back? Cyber and data risk insurance for business and management consultants provides comprehensive cover for cybercrime, including social engineering, data breaches and malicious hackers. Alongside financial cover for lost revenue, a damaged reputation and regulatory fines, it also offers access to our team of experts to get your business up and running again.
Public liability insurance
Public liability insurance covers you if a member of the public claims that they’ve been injured or that their property was damaged because of your products, or by actions carried out by you or an employee. Even if you don’t feel there’s a mistake, you may still have to defend yourself. Public liability cover will help you with the costs of compensation and the legal expenses of the claims process.
These are just some of the types of business insurance for business or management consultants that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
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