As a consultant, professional liability is often your largest insurance risk exposure.
This means professional liability insurance is going to be the most important coverage you purchase to safeguard your business.
Unfortunately, all professional liability insurance policies are not created equal. It’s important to find a policy that matches your need to the most competitive rate in the market.
Here’s exactly how you do that…
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Professional Liability Insurance for Consultants
For consultants, professional liability insurance is oftentimes your largest risk exposure and the most important policy to purchase for your business.
At Rogue Risk, we believe insurance provides the foundation upon which you can take the risk necessary to grow your business.
Professional liability comes in many different forms, with different contractual language, with different exclusions, with different coverages added back in…
The big mistake… the big, huge mistake I really want you to avoid as a consultant when it comes to professional liability is to assume your professional liability policy automatically covers your business.
Professional liability insurance is a generic policy title every company uses, but the coverage can be very different.
The title of the policy does not determine the actual language in the policy.
How to Get the Right Professional Liability Insurance
To get the right professional liability insurance you must be upfront and honest with your insurance advisor about everything that you do in your consulting work.
This will allow your advisor to align your specific risk with the right insurance carrier and policy form.
In some cases, standard management consulting is fairly straightforward, and there are some policies that are ubiquitous that will cover you in and you’re good.
But if you’re getting into more nuanced areas of consulting, if you’re getting into any kind of consulting into technology, you may need to look into a technology professional’s errors and omissions policy versus a standard professional liability policy.
If you’re in any of the professional services, consulting, engineering, accounting, legal, there may be specific nuances inside of those professional liability policies that either need to be added back in, or specifically written to match what you’re doing.
Matching your specific area of consulting with the right type of professional liability does not mean more cost.
There is nothing worse than paying for an insurance policy that ultimately is excluding what you actually do.
At Rogue Risk, we see far too many consultants reaching out who have been paying for professional liability policies that don’t match their needs.
We fix this problem.
We help consultants get the professional liability they need at the best price available in the market.
If you need help with professional liability, click here to begin.
If this is the kind of relationship that you’d like with your agent or if your current insurance professional has never addressed these issues with you before, then I’d encourage you to reach out to us at Rogue Risk, today.
- You can call or text us at 518.960.6600.
I hope this article helped you better understand small business insurance.