Why Every Freelancer Needs Insurance: Protect Your Business

Safeguard your freelance business with tailored insurance coverage designed to protect you against potential risks and liabilities. Get peace of mind knowing you're covered with freelancer insurance.

The world of business consulting is dynamic and fraught with potential risks. As a consultant, you provide valuable advice and services to your clients, but what happens when things don't go as planned? Whether it's a claim of negligence or an accidental injury on your premises, the financial repercussions can be devastating. This is where business consultant insurance steps in - a safety net that allows you to operate with confidence. In this comprehensive guide, we explore the insurance options available from various providers to safeguard your consultancy.

Brand: Hiscox

Specs: Insurance for Business Consultants

Business consultant insurance is a business insurance policy designed to protect you from potential risks and liabilities that may arise during a consultant’s work. These can include legal claims and other risks that can result in financial losses. Consultants who are sole proprietors may even be personally liable for damages if they do not have adequate insurance coverage. There are different types of coverage you can buy depending on what you do, including professional liability insurance, general liability insurance, and cyber liability insurance. To learn what kinds of coverage you could have, and how much it will cost, get a quote. No matter what types of clients you have or how long you’ve been providing consulting services, Hiscox is here to help.

From claims of dissatisfaction and negligence to bodily injury and equipment damage, our policies were designed with small businesses in mind. We understand what it takes to insure small businesses such as yours, and we’re dedicated to helping you run your operations in the best way possible. If your services as a business consultant include, among similar services, offering managerial advice, maintaining confidential information, and recommending financial plans and investment strategies, you should consider a small business insurance policy. With Hiscox by your side, you can keep financial hang-ups from hurting your ability to serve your clients day in and day out.

Depending on the nature of your business consulting work, you may benefit from having professional liability insurance, general liability insurance, and a business owners policy. We are here to help you decide what is optimal for your small business. Since business consultants often work with multiple clients and industries, you may be interested to learn more about other types of related coverage that Hiscox offers.

Cost: Request a quote online

Brand: Simply Business

Specs: Protect Yourself by Getting Freelance Business Insurance

As a freelancer, you’ve worked hard to build your own business. You enjoy juggling multiple projects and working a flexible schedule. You know what it takes to grow your business — and you put 100% into succeeding as a solo entrepreneur. Without business insurance, you may be at financial risk. It’s fairly easy for an angry client to sue you for negligence or for an injury that happens if a client visits you onsite. And even freelancers can experience costly third-party property damage. Fortunately, Simply Business is here to help.

We’re an online insurance platform that specializes in helping freelancers find affordable business insurance options. We’re also fast, and we know freelancers like you are busy. In just 10 minutes, we can help you compare free quotes on policies from the nation’s leading insurers. Insurance Policies Available for Freelancers: general liability & professional liability insurance.

Benefits of having insurance include helping to protect you financially if a claim arises, covering you if a client accuses you of negligence in your work, positioning your business as credible and trustworthy, and fulfilling a legal requirement, depending on where you live and work. Freelancers who want comprehensive coverage may want to get both general liability and professional liability insurance. Together, these two policies can help protect you from all angles. Anything can happen, and just one incident can make getting a policy worthwhile.

Cost: The cost of insurance can vary greatly

Our online quote form and licensed agents can help you find affordable coverage based on your business location, services you provide, your estimated annual revenue, and more.

Brand: biBERK

Specs: Business Insurance for Professionals

When you make a living off your expertise, you need comprehensive, cost-effective insurance to protect you financially from damages or legal costs that may arise. Professional liability (E&O) insurance, also known as errors and omissions or professional indemnity insurance, provides the coverage you need. And when you get it from biBERK, you’ll save up to 20% over other providers. Just provide a few pieces of information about your business, online at your convenience, and we'll respond with a quote. When you’re ready to buy, you can do so online or over the phone. You can make payments, set up a payment plan, or submit claims online, as well.

As a professional, it’s your responsibility to adhere to certain standards and best practices for your industry. If a client feels that you made a mistake or oversight with your services, they could claim that you didn’t meet those standards and sue your company for economic damages. Errors and omissions insurance protects you in the event that a client accuses your business of making a mistake (an error) or failing to do something (an omission) – even if that claim proves to be unfounded.

Professional liability (E&O) insurance from biBERK helps protect your business if you made a mistake (error) or failed to perform a service (omission). Professional indemnity insurance, another name for professional liability (E&O) insurance, also covers the related defense costs, even from groundless claims. Claims can include the following scenarios: unfulfilled promises, negligence, errors. In each instance, professional liability (E&O) insurance covers the costs for legal defense and damages. Plus, biBERK provides an attorney to represent you.

biBERK also covers client damages – including punitive damages, if permitted by law in your state. Punitive damages can be quite high, as they are assessed by courts on top of other damages. This is an effort to punish those allegedly at fault even further. If your state allows these damages to be covered by an insurance policy, biBERK covers up to the policy limit. If you provide what could be classified as a professional service, if you typically give advice to clients, or if you’re obligated by a contractual agreement, you should consider carrying professional liability (E&O) insurance.

Cost: Typically, biBERK’s professional liability (E&O) insurance policies start around $300

This cost is based on a number of factors, such as your specific industry, the level of coverage you choose, your years in business, number of employees, revenue, and the policy limits you need. Professional liability insurance is an affordable way to further protect your business, but there are still ways you can further reduce the cost.

Brand: Vouch

Specs: General Liability Insurance for Startups

General liability insurance is foundational protection for the basic risks of running a startup. 35% of all Commercial General Liability Insurance claims result in a lawsuit. Costs of medical bills related to visitors who get injured on your premises or because of your startup. If the visitor sues over their injury, your policy may also cover the associated legal fees if your startup is found liable. Costs of repairing or replacing property of a third party damaged by your product or service. Protection from ADA claims associated with your product. Coverage for damages while using a vehicle for business. Costs associated with harm caused by your product, including property damage or physical injury.

Explore Insurance Coverages: general liability, business property, directors & officers, errors & omissions, fiduciary liability, employment practices liability, cyber, crime, hired & non-owned auto, media liability, AI, general partnership insurance.

Cost: receive a quote online

Brand: Next

Specs: Small Business Insurance Made Simple

Our business insurance gives you the confidence to take smart risks with your business; the kind that’ll take you to the next level. So whether you’re just starting out or looking to bring on a team of 20, NEXT will help get you there. Let’s find the coverage you need for your business. Business insurance is divided into different policies. We offer 7 types so it's easy to design the coverage that fits your business: general liability, workers' compensation, professional liability/E&O, commercial auto, tools & equipment, commercial property, business owner's policy.

Cost: receive a quote online

As a business consultant, securing the right insurance is not just about protection; it's about peace of mind and professional credibility. Whether you are a freelancer, a small business owner, or a startup, the tailored insurance solutions from Hiscox, Simply Business, biBERK, Vouch, and NEXT provide the comprehensive coverage essential for mitigating risks. Each brand offers a range of policies to suit the unique needs of your consultancy, with costs varying based on a multitude of factors. With this guide, you're equipped to make an informed decision that safeguards your consultancy's future. Take action today by requesting quotes from these reputable providers and continue to offer your expert services with the assurance that you're well-protected.