Do consultants who are employed by a firm need their own, individual consultant policy?
Consultants who work as employees of a firm often, but not always, receive consultant insurance coverage from their firm. Additional coverage often isn’t required if a firm does provide coverage. An individual consultant policy might be needed if a firm doesn’t provide any or enough coverage.
Also, consultants should be aware that employer-provided coverage likely only applies to work done for the employer. Individual consulting on the side likely isn’t covered. Consultants who moonlight on their own might need an individual policy for the side work, regardless of whether their employer’s coverage or lack thereof.
Do consultants who are independent contractors need their own, individual consultant policy?
Consultants who are hired as independent contractors might or might not receive liability coverage from the firm that hires them. They should check with the firm to determine whether they ought to purchase an individual policy themselves.
An insurance agent who specializes in professional liability insurance for consultants can help evaluate whether an individual policy is needed when working as an independent contractor (or as an employee).
What coverages do consulting policies make available?
As mentioned, consulting policies typically have a combination of coverages. These may provide liability and/or property protections. Some of the more notable coverage options that most policies offer are:
How much do consultants pay for insurance?
Consultants pay different rates for insurance, as there are many different factors that influence cost. Premiums vary according to the coverages, limits and deductibles chosen. Other details that impact cost are the:
- Location of a consultant’s firm
- Number of consultants at a firm
- Scope of consulting services offered
- Past insurance claims history
Consultants can get quotes for several policies by working with an independent insurance agent. Independent agents aren’t linked with any one insurer, and can thus compare quotes from several insurance companies at the same time. Checking customized quotes from different insurers is the most accurate way to determine how much insurance will cost in a given situation.
How can consultants working in Massachusetts get consulting insurance?
For help purchasing consulting insurance in Massachusetts, contact the independent insurance agents at The Feingold Companies. Our agents will work closely with you to find a consulting policy that ensures you and your firm are well protected.