There are several risks associated with a consulting business. Below are six policies you may need as a consultant:
Cyber liability insurance
There are two types of policies:
Third-party cyber liability insurance: In the event that a client suffers a breach of information and decides to file a suit against you and your company. This policy will cover settlements, judgments, court costs, and attorney fees.
First-party cyber liability insurance: This policy covers data breaches and also cybercrimes that affect your business directly. Costs covered include public relations, cyber extortion demands, the cost of notifying clients, credit monitoring, and public relations.
Covers employees for work-related injuries which may lead to lost wages, and medical expenses in the event that an employee gets injured on the job.
Business owner’s policy
This policy covers two separate policies, including general liability and commercial property insurance. Not all consulting companies will qualify for this insurance. This policy is available to companies that have less than 100 employees, work in a small office space, make less than $1 000 000 a year, operate in a low-risk industry, and need less than a year’s business interruption insurance.
General liability insurance
This policy covers a business in the event of a third-party liability claim such as bodily injury, property damage, or advertising damage.
Professional liability insurance
This policy protects your company when a client decides to sue for poor work or unsatisfactory work delivered.
This policy offers protection if an employee steals from you or your client.
Speak to an expert at Wayne Realty & Insurance Co Inc. serving Goldsboro, NC today to find out which insurance policy is best suited to you and your family.