Consulting
Consultants provide important, specific expertise to their customers with services varying widely. The wide variation in consulting services often dictates coverage that is matched or customized to the services provided. Ensuring that your consulting services are protected with comprehensive coverage at a reasonable cost requires expertise in both consulting services and specialty insurance coverages. We provide Specialty Insurance to all types of consultants and consulting organizations, including Errors & Omissions (E&O) Insurance and Cyber Insurance, and can accommodate all types of exposures.
Why Do You Need Insurance?
Businesses and other organizations need insurance to help cover the costs associated with liability claims, property damage, and other exposures (think: cyber). Protection for liability claims is particularly important for consultants because clients are relying on their expertise. Many consultants have proprietary data and confident client information related to their work, which can vary from analysis and advice to performing specific services. Additionally, clients often have high expectations for their experts which can lead to claims when not met.
Comprehensive coverage can help with:
What Coverages Are Recommended?
Consultants should consider these Specialty Insurance coverages, and possibly others depending on the services provided. Additionally, all organizations should include most or all Standard Insurance coverages to be protected.
What Types Of Organizations Need Coverage?
Examples of consulting organizations with unique or challenging exposures include:
Are There Special Situations I Should Be Aware Of?
Startups & New Operations
All new organizations will require insurance at some point, but the tricky question is what coverages are needed when. Founders need to balance conserving cash with basic protections, and no founder wants to incur expenses needlessly. Likewise, a newly independent consultant will also want to preserve cash, but will also need insurance to protect themselves and also work with some clients.
Our experts can help you develop a plan for obtaining coverage on a schedule that fits your plan.
Unique Products & Services
Your consulting practice may take a different approach from other consultants and therefore need different or custom insurance coverage. Make sure that your application for insurance clearly and fully discloses what your practice does so underwriters may properly make proposals for insurance. Otherwise, underwriters may expect that your services are similar to other businesses in your industry.
Non-Core Products & Services
It is possible that certain products or services that are new or not a significant part of your business may be important in underwriting your insurance. Make sure that these are clearly and fully disclosed in your application information to ensure that they become part of your coverage.
Buying or Selling a Business
There are a range of factors to consider when buying or selling a consulting business. A purchase or sale agreement will contain provisions regarding what happens to any outstanding liabilities, and the insurance should follow. The seller is often responsible for ensuring that any outstanding liabilities are covered, and for E&O Insurance this means tail coverage. And insurance is available to provide financial protection for the representations and warranties contained in a purchase/sale agreement, called Reps & Warranty (R&W) Insurance.
How to Get Insurance
eSpecialty Insurance is your specialty insurance expert. We have developed a streamlined process to provide multiple proposals from a range of competitive insurers, along with expertise to help you evaluate your exposures and choose the best combination of comprehensive coverage and price.
Why Choose eSpecialty?
Expertise
Our experience in specialty insurance markets ensures competitive coverage solutions for you
Access
Effective placement of specialty insurance requires experience and access to specialized underwriters
Reliability
We will find solutions for all your unusual, complex or challenging insurance exposures
Note: Insurance policies are not all the same. Some policies are more comprehensive than others, and some policies provide broader coverage in specific areas. In addition, each insured may have different exposures and coverage needs. We encourage you to read your policy and consult with a Specialty Insurance expert such as eSpecialty Insurance.