A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.
A business owner’s policy is a cost-effective option for independent consultants and consulting businesses looking for comprehensive coverage. By bundling general liability insurance and property insurance at a discount, this policy protects against third-party liabilities and property damage or loss. Since consultants typically qualify as low-risk, your business may be eligible for a BOP.
This policy covers common risks, including:
Not all consulting businesses qualify for a business owner's policy. Businesses that are eligible for a BOP typically:
Talk to a licensed Insureon agent to find out if your consulting company qualifies.
No one expects a third-party injury at a consulting office, but unexpected incidents happen in every industry. A business owner’s policy helps to cover third-party lawsuits and the cost of medical expenses or property damage in the following cases:
The general liability portion of a BOP protects consultants against advertising injuries, including:
For example, if an education consultant makes a negative comment about a competing consultant at a networking event and is sued for slander, general liability insurance could help pay for attorney's fees and other associated costs. Even if the consultant is not found liable, a BOP could help cover the cost of a court defense.
When damage, theft, or loss occurs at your consulting business, the commercial property insurance portion of a business owner’s policy can help cover it. A BOP helps pay for business property lost or damaged by:
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A business owner’s policy covers many common risks in the consulting industry, but it does not offer complete protection. Other policies to consider include:
Professional liability insurance: This policy covers legal costs related to business mistakes or decisions that resulted in revenue loss and legal action by your client. It's sometimes called errors and omissions insurance (E&O).
Workers’ compensation insurance: Workers' comp is required in almost every state for consulting firms that have employees. It helps pay for medical bills from work-related injuries.
Cyber liability insurance: Cyber insurance provides financial protection against data breaches and cyberattacks. It can also provide liability coverage for consultants who recommend software or who are responsible for cybersecurity.
Commercial auto insurance: This policy covers costs in the event of an accident involving your consulting business's vehicle. Most states require this coverage for vehicles owned by a business.
Fidelity bonds: Fidelity bonds reimburse clients if an employee at your consulting firm steals from them. They're often required by client contracts.
Are you ready to safeguard your consulting firm with a business owner’s policy or other type of insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.