Business insurance for Management consultants


For a management consultant, insurance can provide a layer of protection from the risks of advisory work, which isn’t always plain sailing.

Management consultants can tailor a policy with Hiscox to include relevant covers such as professional indemnity insurance and public liability cover.

Working with clients on projects ranging from supply chain management to marketing can bring variety and reward, and insurance can allow you the bandwidth to focus on what you do best.
 

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Why choose Hiscox for management consultant insurance?


1

Past project cover

Hiscox offers cover for past projects completed before our insurance is purchased as part of professional indemnity insurance

2

Tailored insurance

Just as you craft business strategies specifically for each client, we can help tailor your policy to include the most relevant products for your business

3

Swift processes

With Hiscox, a management consultant can buy insurance online in minutes and receive documents soon after via email

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Tell us about your business – We’ll help you to build your quote and explore your insurance needs.

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Why do management consultants need insurance?


An unhappy client

Even though you run focus groups and conduct sharp data analysis to underpin decisions, a client claims your advice about their leadership caused them to lose customers to a competitor. When your solution amasses unforeseen staffing costs, clients question your integrity and choose to take legal action against you for negligence – although your research was thorough, key operational metrics were overlooked. Building professional indemnity insurance into your management consultants’ cover can help with legal costs for defending the case and any resulting settlement.

Hackers demand a ransom

You open your laptop to update your notes on a new strategy for one of the firms you work with only to find your system has been hacked. Not only that, but you’re now facing a ransom demand from cybercriminals who threaten to inform your clients about the breach and publicise the data. Cyber and data insurance could form an important aspect of a policy for any management consultant. This type of cover can give you access to our cybercrime experts and help to pay the ransom.

A loose wire lawsuit

While visiting a new client to onboard them into your consultation process, one of their employees trips over the laptop power cable you’d misplaced. It doesn’t seem too severe – however, they sustain a broken wrist and hold you responsible for their time off work and for the inconvenience of the injury. With public liability insurance cover as part of your policy, you can receive assistance with the legal costs of the case, plus the resulting settlement. This takes the financial pressure off, helping you to keep consulting.

What insurance is available for management consultants?


A management consultant might also add further cover types to their policy – including employers’ liability insurance, which is often required if you employ staff, personal accident cover, office insurance and cover for portable equipment.

Arranging insurance was seamless. I quite quickly needed a change to my documents - this too was seamless. Hiscox are responsive and helpful and their price was the best on the market.
Inspired Success Management Consultancy Ltd
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Not sure what you need?

If you’re not sure what you need, tell us a little more about your work as a business or management consultant. We’ll build your quote and help you to explore any other insurance needs.

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Insurance for management consultants: FAQs


How much professional indemnity insurance do management consultants need?

The amount of professional indemnity (PI) cover you may need will depend on the nature of your management consultancy and the type of clients you advise.

There are a number of questions you may need to ask before you make this decision, considering the size of the organisations you deal with and the industries they operate within.

Professional indemnity insurance may be an important type of cover for management consultants as giving advice is at the heart of what you do.

Read our FAQ guide for more information on how much professional indemnity insurance you need.

Do you provide proof of cover?

Yes, we understand that proof of cover can often be required before you start a contract –so you’ll receive documents via email which provide proof of cover. It’s possible to buy your management consultant insurance online within a matter of minutes.

How much is insurance for a management consultant?

The price of an insurance policy for a management consultant is entirely dependent on how you tailor your cover and which covers you opt to include.

Our quote process is flexible, so the cost is too – however, Hiscox business insurance quotes start from £10 a month*. Build cover and we can work with you to pinpoint your requirements.

Read our FAQ for more information about how much business insurance costs.

*Figures based on policies from at least 10% of our customers in 2019.

What’s the difference between professional indemnity and public liability?

Professional indemnity insurance relates to service-based complaints, while public liability insurance helps if someone faces an injury or property damage on your watch.

Professional indemnity steps in if the complaint or allegation comes from a client and is related to work you provided, while public liability insurance can cover you if a member of the public files for compensation. 

Both insurance types can be beneficial for management consultants who need to defend their business from compensation claims.

Learn more about the difference between professional indemnity and public liability insurance.

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