Insurance for business consultants

In the dynamic arena of business consulting, you are an indispensable partner to your clients. From offering strategic counsel to addressing operational intricacies, you cover a diverse spectrum of sectors - finance, IT, supply chain, and more. Each day, you bring your expertise to the table, empowering businesses to make informed decisions and improve their performance.

However, the nature of your work also carries inherent risks. An unintentional error, an accident at a client's site or even the unexpected loss of valuable equipment could result in serious financial repercussions. There’s also the risk that unhappy clients may claim negligence or errors in your advice, posing a threat to your reputation and financial stability.

In such an environment, business insurance can serve as your safety net. It’s designed to protect you from these unforeseen challenges, covering not just potential legal costs from negligence claims, but also ensuring your assets - both physical and digital, are well-insured.

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What people are saying about our HealthCheck

Peter Quintana
Peter Quintana

Director, hgkc

The risk profile generated by the SenseRisk insurance HealthCheck is a simple and easy way to start exploring the insurances you might need for your business, and a great place to start the conversation with a SenseRisk Advisor.

Bayley HR
Emma Bayley

Bayley HR Associates

I found the HealthCheck Platform a great tool to use when looking to understand what risks my business my face and what insurances to consider, it was very informative.

As business owners we don’t always think of the bigger and wider picture of what is maybe required when setting up company/employer insurance.

Greg Dodimead
Greg Dodimead

Owner, Brand Affiniti

I thought the HealthCheck Platform was very helpful and it confirmed that I have the right level of cover in place with SenseRisk already; It also recommended others I may need in future.

The HealthCheck was user friendly and got me to consider scenarios of future growth within my business and the potential risks they could pose and the right level of cover to deal with those changes.

Rose Sellman-Leava
Rose Sellman-Leava

Director and Co-founder, Inclusive Futures CIC

Sense Risk and their HealthCheck platform have been incredibly useful to us and our new business. The platform breaks down everything you might want to think about when looking at insurance in a really simple way. As a new business owner, you have to wear so many hats, and so it’s helpful when you can pass something as important as insurance over to the experts! The Sense Risk team are then on hand to support the whole insurance process in a really friendly and jargon-free way. I literally wouldn’t do insurance any other way!

Professional indemnity insurance for business consultants

As a business consultant, your advice can shape the trajectories of organisations, carving pathways to success and mitigating potential pitfalls.

However, with this pivotal role comes considerable responsibility. Despite the best of intentions and due diligence, there could be times when professional errors occur or advice is perceived as inadequate, potentially leading to legal complications and financial loss for your client. That's where Professional indemnity insurance can help.

Imagine a scenario where a client believes that your advice led to a financial setback or, perhaps, a breach of contract has occurred unintentionally. These situations can lead to substantial legal costs, compensation expenses and, potentially, a dent to your reputation.

Professional indemnity insurance can protect you in these challenging circumstances. It covers the legal and compensation costs you might incur, protecting you and your business from the financial implications of such claims.

Professional Indemnity

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What other types of insurance do business consultants need?

As the business consulting sector is so varied and diverse, the exact type of cover your consultancy business might need will depend on a lot of factors – such as the type of services you provide and the advice you give, what equipment you use, where you meet your clients and how many employees you have.

Depending on your business activities and specific needs, you could benefit from the following types of insurance:

Public Liability insurance

This can offer cover for accidents you cause during your normal business activities that result in third-party property damage or injury.

This could be as simple as spilling coffee on a client’s laptop during a visit to their office, or a client tripping over wires and badly injuring themselves during a visit to your workplace.

If you regularly meet with clients or deal with members of the public for work, then you should consider a Public Liability insurance policy for peace of mind that your business is protected financially should an accident happen.

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Equipment insurance

Whether you just need a standard laptop to do your work, or more expensive computer equipment to kit out your entire office, it can be a good idea to make sure it’s all covered.

What would the impact be on your ability to work if your equipment was stolen or damaged? An equipment insurance policy can help you keep working with minimum disruption should the worst happen.

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Employers’ Liability insurance

If your business consultancy has any employees, then you are legally required to have a minimum of £5 million Employers’ Liability insurance.

This can protect your business in case any member of staff suffers an injury or illness related to their work, and can provide cover for legal fees and compensation payouts.

For the purposes of Employers’ Liability insurance, a member of staff includes PAYE employees, directors, self-employed workers, labour-only workers, voluntary and temporary staff – anyone whose work you control.

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There are many other forms of insurance that your consulting business might want to consider, including:

Cyber Insurance

Protection in case your business is a victim of cybercrime and incurs losses such as forensic, legal and notification costs as well as ransomware payments and any loss of income that you may suffer.

Management Liability Insurance

Protecting your management team and the business for failing in their duties including legal defence for statutory breaches and other unintentional wrongful acts committed individually or by the company.

Intellectual Property Infringement insurance

This can cover costs if you have to defend a claim of IP theft (including patents, trade secrets, trademarks etc) or to pursue a claim if your IP has been stolen or infringed upon.

Business Interruption insurance

Protection for lost income or increased costs following damage to your business premises. This can include lost profits, wages, and increased trading costs following damage caused by specified events such as fire, flood or theft.

Legal Expenses insurance

Helping you manage the legal costs of certain business matters such as disputes with employees, customers or suppliers.

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Take our Risk HealthCheck