Management consultant insurance
One application, multiple quotes.
All in one place.
Essential Protection
From
$25.83
/month*
Can provide coverage if a client claims there was a mistake in the professional services you provided.
What’s included:
Professional Liability / Errors & Omissions
Coverage limits: $100K to $3M†
Get multiple quotes in less than 10 mins
Essential Protection
From
$25.83
/month*
Can provide coverage if a client claims there was a mistake in the professional services you provided.
What’s included:
Professional Liability / Errors & Omissions
Coverage limits: $100K to $3M†
Get multiple quotes in less than 10 mins
Would you rather pick and choose your coverage? Explore all options
Over 1 million customers worldwide.
Buy instantly online.
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Why Does a Management Consultant Need Insurance?
Your clients trust your judgment for major decisions in their business, but now it’s our turn to help you. While you focus on the advice and solutions that deliver tangible results for clients, Simply Business’ insurance options can have your back against potentially unforeseen incidents.
Below are some of the most common types of insurance policies that management consultants carry to stay protected.
What Type of Management Consultant Insurance Do I Need?
From
$25.83
/month*
General Liability
A foundational insurance coverage to help handle costs from third-party accidents, property damage, and bodily injury.
From
$20.75
/month*
Equipment and Business Property
Also known as inland marine insurance, this coverage can financially protect equipment and inventory that’s in transport or stored offsite.
From
$20.83
/month‡
Business Owner’s Policy (BOP)
General liability, property insurance, and more all in one convenient package.
From
$33.75
/month*
Workers’ Comp
Coverage to help take care of employees who get sick or injured on the job. Most states require this coverage for small businesses with full- or part-time employees. It also can benefit business owners who don’t have employees.
From
$38.91
/month*
Business insurance —
a quick explainer
Learn more about policies for small businesses, what they cover, why you might need them, and how we can help – all in just 60 seconds.
Business insurance is often made up of different types of policies to cover different things, similar to how your health insurance can be made up of medical dental and vision coverage. Here are some of the ones small business owners need. General liability is kind of the Swiss army knife of insurance. It can do a lot, like help handle costs from third party accidents, property damage, bodily injury, and more. Nobody’s perfect, right? That’s what professional liability is for. It could come in handy in the event of honest mistakes or claims of negligence. Workers’ comp can protect your business and help take care of employees who get sick or injured on the job. Small businesses are big targets for cyber criminals. Cyber Insurance can help cover costs associated with stolen customer data, cyber attacks, breaches, and fraud. BOP or a business owners policy combines different types of coverages like general liability and commercial property insurance. Putting them together for you is where we come in. You tell us a bit about your business online or on the phone, and we customize the coverage options for what you do and what you need. It’s your business, it should be your insurance as well. That’s why we’re here.
What Does Management Consultant Insurance Cover?
Your days are filled with analysis and problem-solving, which doesn’t leave much time to learn the ins and outs of business insurance. While you may be ready to jump into finding coverage with the same intensity and curiosity as your other projects, the good news is that you don’t necessarily have to. We have the essential information you need to hit the ground running.
Professional Liability Insurance
When you’re in the business of providing advice or guiding a client’s actions, it can be helpful to have professional liability insurance. While you always serve clients to the best of your ability, what happens if you accidentally give bad advice?
Or perhaps even worse, what if you give advice that you believe is sound, but your client views things differently?
Management consultant professional insurance covers you and your business if your client claims that you or your business were negligent. Additionally, if you have people working for you, professional liability insurance can cover your employees, as well.
Here’s how one of these scenarios could play out with or without PL insurance. Imagine you’re consulting with a new client about pivoting their strategy or positioning. You pull in case studies and cite your reasons, and your client trusts your judgment.
Fast forward a year down the road, and the changes a client made based on your advice resulted in a significant financial loss. The client is understandably upset, and they sue you for negligence.
Without professional indemnity insurance, you would have had to pay for all legal fees and settlements out of pocket. However, if you were a management consultant in this scenario who carried insurance coverage, your plan could likely cover claims up to your policy limit. By making a strategic decision to protect your business before you need it, you could protect your business from some potentially devastating bills.
Let’s review. Here’s what management consultant professional indemnity insurance can cover:
- Negligence or alleged negligence
- Legal defense costs
- Omissions or alleged omissions
- Claims and damages
- And more
Keep in mind that professional liability insurance usually doesn’t cover:
- Intentional acts and omissions
- Property damage
- Medical expenses
- Bodily injury
- And more
General Liability Insurance
Sometimes consultants are specialists who favor a particular industry or type of problem. In contrast, others are generalists who go wherever they’re needed. If general liability insurance were a consultant, it would be the latter. This jack-of-all-trades policy can cover bodily injury, accidents, or damages to third parties, such as clients or vendors.
Other than the long hours and pressure to perform, management consulting seems like a relatively safe profession. However, accidents can happen at any time.
If you assume you can just cross that bridge when you come to it, you could be in for a rude awakening. The average claim for property damage or accidents in small businesses is around $30,000, which you’d be responsible for without insurance.
An accident doesn’t have to be catastrophic for it to be an issue, either. Imagine a client is walking through your office one day when they accidentally trip on a loose rug and hurt themselves. They’re hurt pretty badly, so they end up having to go to the emergency room.
The money you’ve been setting aside to upgrade your computer, or rent a new space, or take a much-needed vacation, could then have to go toward those medical bills. If you had management consultant insurance, your policy could typically cover some (or all) of the costs of your client’s medical bills, up to your policy limits.
To recap, here’s what general liability insurance usually can cover:
- Bodily injury to another person
- Third-party property damage
- Personal and advertising injury
- Medical expenses
- And more
Now check out what general liability insurance usually doesn’t cover:
- Damage to your own property
- Professional services
- Workers compensation or injury to your employees
- Damage to your work
- Automobiles while in business use
- Expected or intentional injury or damage
- And more
Workers Compensation Insurance
You’ve dreamed of running your own consulting agency, and now you’re hiring employees. Congratulations — growing your team is an exciting development, but there are some extra precautions you’ll need to take. If you have full-time or part-time employees, it’s likely your state will require you to carry workers compensation insurance. As a starting point, you can check your state laws here.
As a business owner, you often act as a mentor for your employees. You also may be legally required to take care of them if they’re sick or injured while working for you. The average work injury cost is about $41,000, with a staggering $170.8 billion in claims filed in 2018 alone, making your monthly premiums worth it.
In general, workers compensation insurance for management consultants can cover:
- Medical payments
- Lost wages
- Rehabilitation expenses
- Death benefits
Why Should I Get Insurance for My Management Consultancy?
Do you run through the pros and cons of different strategies when you’re brainstorming for a client? If you’re doing the same for your decision of whether or not to get business insurance, there are a few things to consider.
First, you may have a legal obligation to carry insurance. Workers comp is a common requirement, and some companies may ask for proof of coverage before renting office space to you. Without insurance, these could represent potential roadblocks.
Now let’s review risk and reward. Hopefully, you’ll never have an accident or negligence claim against your business. However, forty-three percent of small business owners polled reported being threatened with or involved in a civil lawsuit.
Also, take a look at the most common incidents that can befall small business owners, including how much they cost on average:
- Reputational Harm — $50,000
- Client Injury or Damage — $30,000
- Client Slip and Fall — $20,000
Weighing the chances of getting hit with a lawsuit isn’t solely dependent on your actions. You could have a golden track record as a consultant, but one disgruntled client could sue you for negligence. Even if you’re able to prove you didn’t act negligently, there would likely still be legal fees resulting from the lawsuit.
These insurance scenarios aren’t just filled with doom and gloom, though. Carrying management consultant insurance comes with its upsides, too. Showing your certificate of insurance (COI) to clients, vendors, and potential employees can help you earn their trust.
Checking out business insurance is simpler than you may think. Simply answer a few questions about your business, and you can compare free quotes from the nation’s top insurers.
What Does Management Consulting Insurance Cost
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Get a quick estimate in just 3 steps.
Answers to More Management Consulting Insurance Coverage Questions
Your personalized consultant insurance bundle may include a few types of policies, some of which may be legally required. For example, workers compensation is usually required if you have employees. On the other hand, your state may not require you to carry business insurance, though it’s a good idea to have it. Keep in mind that some landlords require GL insurance as a part of a lease agreement.
Typically, yes. Some small businesses can deduct the cost of premiums from their income taxes. We always suggest talking to a local accountant about your state’s laws, though.
Insurance policies are unique, and typically depend on:
- The size of your business
- Your firm’s location
- Your annual revenue and payroll
- And more
You don’t need to handle any of the calculations, since our quote form is designed to recommend the right insurance plans for you, based on your answers.
If you have more questions, our licensed insurance agents are available and will be happy to assist you!
It’s free to compare custom quotes, so you’ll have an opportunity to assess your options thoroughly. If you’re ready to get your free quote, having the following materials on hand makes the process even faster:
- Annual revenue estimates
- Payroll estimates
- Information on any previous claims
Business insurance laws are set at the state level, so your business location affects the requirements. Our quote process narrows down the right insurance policies based on the details you provide about your business and the location you’re in.
If you choose a comprehensive package that includes general liability, professional liability, and workers comp, your policy can cover:
- Bodily injury
- Accidents and damages
- Employee injuries
- Negligence or alleged negligence
- And more
business’s needs. Generally, your premiums depend on:
- Payroll and revenue estimates
- The location of your business
- The specific services you offer
- And more
Want to see how much your management consultant insurance may cost? Just click here and get free quotes from some of the top insurers in the country.
Why Small Businesses Choose Simply Business
Small business insurance is what we do. Whether it’s covering you for accidents and errors, meeting workers’ comp requirements, or financially protecting your business from the unexpected, we can help find the coverage you need for your business.
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*The displayed price for each product is a monthly estimate calculated from the 10th percentile of relevant policies sold by Simply Business (e.g., General Liability data is used for General Liability estimates). This estimate uses data from relevant policy sales between July–December 2025. Final price and payment terms, which may include an initial down payment, are subject to change based on your state, selected insurance provider, and specific business details.
† Limits may vary by state and nature of your business.
‡ Displayed price is based on the lowest available coverage limit for Equipment and Small Tools policies.
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