Consulting Insurance in Vermont

What is Consulting Insurance?

Consultant work can make for a financially and personally rewarding career, but it does come with some risks. In addition to the common risks that most businesses must consider, consultants also have to take into account what could happen if they gave incorrect advice. Consulting insurance can help protect Vermont consultants from many of the common and specific risks they face.

Consulting insurance is specialized commercial insurance for professional consultants. In order to offer consultants multiple protections, these policies typically come as package policies with several coverages bundled together.

What Professionals in Vermont Need Consultant Insurance?

Most Vermont professionals who provide consulting services should have consultant insurance in place. This may include both traditional consultants and other professionals who offer clients advice. Some examples of professionals who ought to consider this insurance include those who:

Work as full-time Consultants
Moonlight as part-time Consultants
Have established Consulting relationships
Operate a consulting firm

In short, full-time, part-time and retirees who offer consulting services in any form likely can benefit from this type of policy. Anyone who is unsure whether one of these policies is right for them can get advice from an insurance agent who specializes in consultant insurance.

Do Consultants Who Work for a Firm Need Their Own Consultant Insurance?

Consultants who are employees of a firm typically receive coverage through the firm's consultant insurance policy. Such coverage is often limited to work done for the firm, however. If consultants do side work on their own, this work is likely not covered unless the consultants have their own policy.

What Protections Are Available Through Consulting Policies?

As mentioned, consultant policies typically come with several individual coverages. Some of the protections that consultants may want to look for in a policy include the following :

Professional Liability Coverage, which might cover errors and omissions made in consulting work
General Liability Coverage, which might cover some accidents and basic defamation lawsuits
Cyber Liability Coverage, which might cover online attacks, data breaches and other digital risks
Commercial Auto Liability Coverage, which might be necessary if a firm's vehicle is used to meet clients on-site
Commercial Umbrella Coverage, which might provide a broad secondary layer of liability protection
Commercial Property Coverage, which might cover firm-owned buildings, equipment, fixtures and other assets
Equipment Coverage, which might cover firm-owned equipment if it breakdown

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Becci Kepnes-Letourneau

Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.

StoryWorkz Creative

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Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.

Jennifer L.

Do Consultants Need Workers Compensation Coverage?

Vermont businesses that have employees are usually required to carry workers' compensation, which generally protects against workplace injuries and illnesses. Thus, most firms with more than one consultant probably need workers' compensation coverage.

Self-employed consultants may not be legally required to carry workers' compensation, but the coverage might still be advisable. Health insurance sometimes excludes workplace injuries, such as repetitive motion injuries. If a health insurance policy does exclude workplace injuries, workers' compensation could potentially fill in that gap.

When it's needed, workers' compensation might be purchased as part of a consulting policy or separately via a standalone policy.

How Much Are Premiums for Consulting Policies?

Premiums for consulting policies are based on multiple factors, and they therefore vary. Some of the items that can influence policy cost are:

Location of a consulting firm
Types of consulting offered
Number of employees
Past claims history

An independent insurance agent can help consultants find out how much of ensuring their firm would be. Independent agents aren't connected to any one insurance company, and can quickly compare quotes from multiple insurers.

How Can Consultants Get Consulting Insurance?

If you need help with consulting insurance, contact the independent insurance agent at Paige & Campbell Insurance. Our Vermont agents will work closely with you to determine coverage needs, and then they'll show you several options that meet those needs.