Self-employed consultant insurance?
Hello, I will be starting my first consulting gig. My client is a former employer who requires I carry insurance (general liability, E&O, etc.). This is new ground.
I will be a sole proprietor business, and my consulting services include leading meetings, synthesizing information, general strategy work, some admin. All work is done remotely, no physical space, no other employees. Any guidance or insights from fellow self-employed consultants on insurers, rates, etc. would be appreciated! I feel like I don't know what I don't know.
Thank you BPN!
Aug 1, 2022
Parent Replies
This answer will vary by type of consulting, but let's say that you (like me) are a type of consultant in a profession that doesn't require licensing - not an architect, engineer, MD, Nothing that would physically injure people if your work fails! You probably want to push back against the E&O requirement; it could well be in their template, but would be superfluous. CGL is very common and you should consider having it anyway. You can get a quote for your business insurance from whoever provides your homeowners, and do not enter into final negotiations on your rate until you have that number since typically you can't bill it out.