Consultant Insurance in Vermont
What is Consultant Insurance?
Consulting work can be both personally and financially rewarding, but it’s work that comes with a range of risks. Consultants often face both liability and property risks, and they may need protection from other perils as well. Consultant insurance helps shield consultants in Vermont from a variety of covered risks that they face.
Consultant insurance is a specialized form of commercial insurance that’s crafted to meet the unique needs of professionals offering this type of service. Most policies are underwritten as package policies, meaning they come with several coverages that work together to provide strong protection.
Who in Vermont Needs Consultant Business Insurance?
Most professionals in Vermont who offer consulting services should have consultant business to protect them. This includes professionals who:
- Leave long-term employment positions to consult
- Are currently employed but consult on the side
- Consult part-time or full-time
- Run a consulting firm that employs others
In firm settings, firms usually purchase a policy that extends coverage to all salaried employees.
Importantly, consultant business insurance isn’t limited to any one field. Policies can be adapted for a wide array of consulting work, and anyone who offers advice as an outside expert in their field might need a policy.
What Coverages Does Consultant Business Insurance Provide?
Consultants often adjust coverages to meet their needs, so the exact coverages that consultant business insurance policies provide can vary. Nonetheless, there are several coverages that many policies offer and lots of businesses choose. Some of the more common ones include:
- General Liability Coverage, which might cover common accidents at a place of business
- Cyber Liability Coverage, which might cover breaches of sensitive or confidential digital files
- Professional Liability Coverage, which might cover errors in consulting work
- Commercial Auto Liability Coverage, which might be necessary if consulting work involves driving
- Commercial Umbrella Coverage, which might serve as supplemental liability protection
- Commercial Property Coverage, which might cover business-owned equipment and facilities
- Equipment Coverage, which might cover unexpected breakdowns of essential equipment
An agent who specializes in consultant business insurance can help consultants determine what combination of coverages are most appropriate for their situation.
Do Consultants Need Workers Compensation Coverage?
Workers compensation coverage normally insures against job-related injuries and illnesses, typically covering a portion of lost wages and medical expenses associated with covered claims. Most businesses that have employees are required to carry this coverage, and even self-employed individuals may want coverage in case their health insurance plan doesn’t cover a job-related injury.
Although consultants might seem to be at a lower risk of suffering a job-related injury or illness than workers in other fields, this is still an important coverage to carry. In addition to protecting against sudden job injuries, the coverage often also covers slow-developing issues like repetitive motion injuries and carpal tunnel syndrome assuming they’re directly caused by work. These are all risks that consultants face.
How Much Do Consultant Business Policies Cost?
Premiums for consultant business policies vary. The type of consulting work done, location of a business’ offices, number of employees, coverages selected and many other factors can all affect cost.
Consultants can check how much they’ll specifically need to pay for insurance by working with an independent insurance agent. An agent who isn’t connected to any one insurance company can compare policies from several insurers and show consultants exactly how much various companies would charge to cover them.
How Can Consultants in Vermont Get Consultant Insurance?
For help finding consultant insurance, contact the independent insurance agents at T.S. Peck Insurance. Our agents have worked with many consultants in Vermont, and they’re ready to help you.