Business consultants have the goal of providing high-quality service to their clients on an ongoing basis. Consultants often work to solve problems, provide insight or answer important questions. Their job does come with some risks though. For that, you need business insurance. It's important to have a specialized consultant insurance policy that covers you from the specific risks your business faces.
Professional Liability Insurance
A key type of business insurance is professional liability coverage. This type of insurance works to protect you from a wide variety of claims of negligence or error. It is necessary for situations in which you make a mistake during the project or the client finds you did not do your due diligence in some matter related to your position and the agreed upon components of your job.
General Liability Insurance
Business consultants also need general liability insurance, the most common form of commercial business insurance for liability protection. Most often, companies require the investment in this type of insurance before they will work with consultants. It helps protect your company against third party claims for specific property damage.
Depending on the type of business you have, you may need to invest in asset protection. This form of property insurance helps to provide financial protection for your company from damage related to equipment, inventory or other components of your business. Most consultants do not operate out of their own building, but if you do, you should have insurance protection on that investment as well.
Also important is commercial auto insurance for many consultants. If you operate a vehicle as a key component of your job, this could be one of the most valuable forms of business insurance available to you. Don't overlook the value of investing in it to meet legal requirements, as well protecting your investment.
Most important for business consultants is to work closely with an insurance agent to find the right type and amount of coverage designed to provide the highest level of financial protection for their unique needs. Customized policies are an essential component of insuring your business. Take the time to focus on determining what your specific risk factors are so you can customize insurance plans to meet those needs.
Do you have enough coverage? Call Mitchell & Mitchell Insurance Agency at (888) 512-8878 for more information on Sacramento professional liability insurance.