- Public Liability Insurance
- Professional Indemnity Insurance
- Tradie Insurance
- Cyber Liability Insurance
- Personal Accident Insurance
- Commercial Property Insurance
- Cafe & Hospitality Insurance
- Management Liability Insurance
- Plumbers Insurance
- Tax Audit Insurance
- Business Contents Insurance
- Consultants Insurance
- Pharmacy Insurance
Business Insurance For Consultants: What kind of insurance is available?
Consulting with clients and providing specialist advice to clients can be an incredibly rewarding business, but its not without risk. Mistakes can be made and unforeseeable circumstances can occur. Keep reading to learn more about what kinds of business insurance policies may be relevant for consultants in Australia.
Professional Indemnity Insurance for consultants
Consultancy is a broad category, but there is a common thread that binds consultants together. Consultants earn their living by providing specialist advice and services to individuals and businesses.
Virtually every consultancy exchange will involve providing business advice to clients. By providing advice at a professional level, where you’re speaking from a position of authority on a particular area of your client’s business, you might also become responsible for the actions taken as a result of your advice.
What is Professional Indemnity insurance?
Professional Indemnity insurance* is an important form of protection for consultants that provide specialist services or professional advice. It is designed to respond to claims against your consultancy business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Also referred to as P.I. insurance, it can also assist with the legal costs associated with responding to or managing eligible claims.
Do Australian consultants require Public Liability Insurance?
Public liability insurance is another business insurance product which may be relevant to your consultancy business.
Public liability insurance* can cover legal fees and compensation costs if a customer, member of the public, or a supplier sues you for injury or damage to their property as a result of your alleged or actual negligent business activity.
If your consultancy business has one or several offices where customers, suppliers, or members of the public interact, or even if you visit your clients offsite, then this type of policy may be something you want to consider.
Tax Audit Insurance for consultants:
Another business insurance product that consultants may want to consider is Tax Audit insurance*. Even if you operate a small consultancy, or act as an individual consultant, then you may either be managing your tax obligations by yourself or employing an accountant to look after them for you.
That’s where tax audit insurance comes in. This product can cover your consultancy business for specified costs in the event that it is selected by the Australian Tax Office for auditing. The policy offers coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit.
This can offer peace of mind that, in the case of an audit, you can be covered for the otherwise time consuming and expensive costs of engaging an accountant to assist with the audit.
Do you work with sensitive customer data? You may want to consider cyber liability insurance
If in the course of your consulting work with a client, you have access to sensitive data or personal information, then you may want to consider cyber liability insurance.
Cyber liability insurance* is a type of business insurance product, which can protect your consulting business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage will generally include cover for eligible expenses and legal costs relating to: data breaches, theft or loss of client information, data recovery, extortion, and crisis management costs.
Compare insurance policies for consultants with iSelect & BizCover
Business insurance products can be a great way of helping to ensure that some of those things you don’t see coming don’t derail your consultancy business.
At iSelect we’ve partnered with BizCover to help you compare^ business insurance policies, and select the ones which are suitable for your consulting business. Get started online today, or call us on 13 19 20.
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
^iSelect’s partnered with BizCover Pty Ltd (ABN 68 127 707 975: AFSL No.501769) to help you compare small business insurance policies. iSelect earns a commission from BizCover for every policy sold through the website or contact centre. iSelect and BizCover do not compare all providers in the market, or all policies offered by all providers. iSelect does not arrange policies from the providers we compare for you directly, but iSelect will refer you to our trusted partner, BizCover Pty Ltd who can.
Any advice provided on this website is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policy. You need to consider if the insurance policy is suitable for you. Please read the Financial Services Guide before buying any insurance policy.
Last updated: 12/02/2020