Consultants can face significant professional exposures because clients may rely on their advice, recommendations, reports, analysis and other professional services when making business decisions.

Professional Indemnity Insurance is therefore commonly one of the most important policies for a consulting business.

Other insurance may also be relevant depending on how the business operates.

Professional Indemnity Insurance #

Professional Indemnity Insurance can respond to certain claims alleging that professional advice or services caused financial loss.

Claims can involve allegations such as:

• Incorrect advice.
• Errors in reports or recommendations.
• Failure to identify a risk or issue.
• Failure to deliver agreed services.
• Misrepresentation.
• Breach of professional duty.
• Failure to meet an expected professional standard.

Public Liability Insurance #

Public Liability Insurance can cover certain legal liabilities arising from third-party personal injury or property damage connected with the business.

This can be relevant where a consultant attends client premises, construction sites, events or other locations.

What other insurance may be relevant? #

Depending on the business, other cover can include:

• Cyber Insurance.
• Business Insurance.
• Management Liability Insurance.
• Commercial Motor Insurance.
• Corporate Travel Insurance.
• Commercial Legal Expenses Insurance.

The appropriate insurance depends on the type of consultancy, services provided, turnover, clients, contracts and business structure.