Insurers need enough information to understand what the consulting business does and the professional exposures involved.

What business information is normally required? #

You may need to provide:

• Business name and ABN.
• Business postcode.
• Years in business.
• Number of principals and employees.
• Qualifications and experience.
• Annual fees or turnover.
• Existing insurance details.
• Claims and circumstances history.

What information is required about the consulting services? #

Insurers may ask about:

• Professional services provided.
• Percentage of revenue from different activities.
• Types of clients.
• Largest clients or contracts.
• Maximum contract values.
• Work undertaken overseas.
• Use of subcontractors.
• Work involving implementation or project management.
• Any higher-risk or specialist activities.

What insurance requirements should I provide? #

You should also advise of:

• Professional Indemnity limit required.
• Public Liability limit required.
• Contractual insurance requirements.
• Any tender or panel requirements.
• Retroactive cover requirements.

Will a proposal form be required? #

This depends on the occupation, insurer and complexity of the risk.

Some Consultants can be quoted from a relatively short application, while others may need to provide a full proposal form, contracts or additional supporting information.

Accurately describing all professional services at the start helps avoid unnecessary follow-up and reduces the risk of important activities being omitted.