As a consultant, you might think of yourself as an independent businessperson. You might not hire employees or maintain a large corporate operation. It might seem to you that you have very low liability risks. However, don't be so sure of yourself. You might have a small business, but you still might have significant liabilities. Here's why.
Regardless of whether you are or are not a consultant, you need liability insurance. General liability coverage should fall among your top priorities.
Consultants Pose Liabilities
As a consultant, you are a business owner. You will work with other people to do your work. Indeed, you will often provide them with critical services they expect done professionally. So, should you cause them harm, they might blame you. They might expect you to compensate them for their losses. Some might even sue you.
For example, you might have an office where you meet with clients. But, one day, when a client visits the office, they might slip and fall in a puddle of water on your floor. They could severely injure themselves. They might say the accident was your fault because you failed to clean up the mess or warn them that it was there. They might even decide to sue you for the damages.
In such undesirable situations, your general liability insurance might help you. It is among the cornerstones of the protection your consulting shop needs.
General Liability Policies
Think of general liability insurance as a backbone for your other liability policies. It will generally contain a couple of critical coverage elements.
- Bodily injury coverage will pay for injuries third parties sustain in your business. For example, a client who slips and falls in your office might have coverage under this policy.
- Property damage coverage pays for damage you cause to the property of others. For example, if you visit someone's home and break a window, you might have help from this coverage to pay for the damage.
Yet, bodily injury and property damage liability insurance will help you only in certain cases. As a consultant, you might also need other liability coverage. For example, you might need errors & omissions coverage. It applies if your professional advice or mistakes lead to a client's financial losses. This coverage often is extremely important for consultants. Often, your clients will ask your professional advice, and expect it to be correct.
So, don't hesitate to get a general liability insurance policy for your business. Talk to a Buschbach Insurance agent today at (708) 423-2350.
Also Read: General Liability Insurance for Photographers