Every consultant is unique, and you need insurance that’s unique too. Your clients rely on you, and you on them – but what happens if something goes wrong?
What insurance do I need as a consultant?
Public liability insurance for consultants
Public liability insurance is often an important cover for businesses, as it can protect you if someone is injured or their property is damaged because of your business.
Professional indemnity insurance for consultants
Professional indemnity insurance is a vital consideration for all businesses that give advice or offer professional services to other businesses. It covers you in the event that you give faulty advice that causes financial loss to a client. You can buy professional indemnity insurance as a stand-alone cover or as part of a combined policy with other covers such as public liability insurance.
If you have employees, contractors, casual workers or temporary staff, you’re required by law to take out employers’ liability insurance. It’ll cover claims from employees who’ve been injured or become seriously ill as a result of working for you.
It’s very important to make sure you understand what you need from your insurance. Use the checkpoints below to get you thinking.
- Make sure you read your policy documents carefully and that you understand any exclusions that may apply
- Find out what level of professional indemnity insurance your clients might expect before you buy
- If you employ people, even in your own home, you’re legally obliged to take out employers’ liability insurance. Not doing this could lead to a heavy fine