What is Consulting Insurance?
Working as a consultant can be challenging, rewarding and profitable, but it also comes with some potential risk. In addition to common perils that many businesses and professionals are exposed to, consultants also need to consider what might happen if a client tries to hold them liable for an incident or loss. Consulting insurance policies help protect Massachusetts consultants from a range of both common and consulting-specific risks.
Consulting insurance policies are specialized commercial policies that uniquely meet the needs of professionals who work as consultants. Most of these policies come with multiple coverages, which allow the policies to provide several protections.
What Massachusetts Professionals is Consultant Insurance Right For?
Broadly speaking, most professionals who work as consultants in Massachusetts ought to carry consultant insurance. This sometimes includes professionals who do the following:
- Leave a place of employment to become a self-employed consultant
- Are employed in a traditional position but do periodic consulting work
- Have established themselves as long-term consultants
- Retire and consult occasionally when called upon
- Run a consulting firm that has employees
In firms, the firm often purchases a policy that offers coverage to all salaried consultants.
While most everyone in consulting should have insurance, this doesn’t necessarily mean that every consultant needs the same policy. Consultants should look for a policy that’s tailored to the risks associated with their particular field, as this will likely offer the best protection for them. An insurance agent who specializes in consultant insurance can help find specialized policies.