Management Consultants

For management consultants, insurance is a very necessary fact of life. This section answers some questions you may have about management consultants insurance – exactly what type of insurance you need, where to get it, and the level of cover to go for:

Why do management consultants need insurance?
What type of insurance do management consultants need and what level of cover?
Why compare management consultant insurance with Coverzones?

Why do management consultants need insurance?

Whether you work on your own or run a national consultancy, as a management or business consultant, insurance should be a crucial part of your own business strategy. Your work can make a serious impact on your clients’ success, so it’s critical to protect against possible errors with Professional Indemnity Insurance. In fact, if you belong to a professional body for management consultants, this will usually be obligatory. Likewise, if you have employees, you will need Employers Liability Insurance by law.

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What type of insurance do management consultants need and what level of cover?

Management consultants insurance usually includes a range of cover to give you complete business protection:

• Professional Indemnity Insurance for management consultants: This covers you for errors made by you or your staff that could cause loss or damage to your client, resulting in serious claims against you. The appropriate level of Professional Indemnity Insurance for management consultants depends on the level of your fee income. Your professional body may specify a minimum level of cover.

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• Public Liability Insurance for management consultants: This covers you against claims that could be made if death or bodily injury to members of the public – or damage to their property – occurred as a consequence of your business activities. If clients visit your place of work, or you visit their premises, this cover is strongly recommended. A minimum of £1m cover is usual for a small consultancy.

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• Employers Liability Insurance for management consultants: This protects you against the chance that one of your employees could be injured, or even die, while at work – it would cover the cost of legal expenses and compensation. If you are an employer of full or part-time staff, or if you sub-contract some of your work to others, you must by law have at least £5m cover.
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• Professional Insurance for management consultants: This comprises a package of all the different kinds of cover needed by management consultants. Insurance for public and employer’s liability would be included in this type of package, as well as further options relevant to your work – cover against business interruption or legal expenses in the event a claim is made against you.

Professional Insurance for management consultants will soon be available here at Coverzones.

Why compare management consultants insurance with Coverzones?

Coverzones saves you time and money. You only enter your details once; we can search a panel of insurers in just a few minutes and give you a range of quotes to compare. You simply choose and buy the best deal for your needs through our secure site.

Coverzones makes it remarkably easy to set up your management consultants insurance and you can store all your insurance details on our secure server. It’s free, and it means you can access your details at any time – day or night, throughout the year – to amend, renew or cancel any of your stored policies online.

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