Compare business insurance quotes with Savvy to find the best policy for your consultancy.
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As a consultant, you’re relied upon to provide expert knowledge in your area of specialty. Your clients rely on the advice you give to make important decisions. However, mistakes can happen, and if the advice you provide proves to be wrong or leads to unintentional consequences, you could find yourself on the wrong end of a lawsuit. For this reason, all consultants need good business insurance to protect them in case the unexpected happens.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about the work you do and the insurance you need and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance available today.
Depending on the type of work you undertake as a consultant, your business insurance needs may differ. However, they’ll likely include the following:
Professional indemnity insurance
Professional indemnity insurance can cover you against claims that the advice, recommendations or service you provided as a consultant were either incorrect or negligent. It’s an important type of insurance to have for anyone who offers advice as a consultant, as there are so many unknowns that could go wrong. For example, if you’re an architect consulting on a major project, there may be numerous material issues that crop up during the construction phase which you're found to be liable for. Cover is available starting from $250,000 and can reach up to $10 million or more for larger projects.
What it covers
Public liability insurance
Public liability insurance is essential for anyone who deals with members of the public or comes into contact with public property. It can cover you against claims that you caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage and is compulsory in many circumstances, such as for work on most building sites in Australia.
What it covers:
Cyber liability insurance
Cyber liability insurance is also a very important form of insurance for IT consultants or those who handle confidential or sensitive client data. It’s also important if you rely on IT to earn your income or could suffer severe loss if your computer or laptop was hacked or data stolen.
What it covers
General business insurance
If you work as a consultant, you may be a sole trader or run your own business. General small business insurance offers coverage in a variety of areas, such as if you have portable equipment like laptops which you need for your management consultancy business and wish to insure. You can take out general liability insurance as a package (which also includes your professional indemnity and public liability insurance, for example).
Commercial vehicles aren’t included, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
Personal accident and illness insurance
Since you rely on yourself to produce an income as a consultant, taking care of your health should be a high priority. Accident and sickness insurance can provide cover for you if you become sick and are unable to work, offering a weekly replacement income if you’re injured or ill.
What it covers:
Optional extras can include:
Payment of business expenses during your recovery period
What isn’t covered under my consultant business insurance?
The most common exclusions for the above insurance types include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry and occupation you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy as an IT consultant or cover for a one-off event, you’ll be able to compare your options to help you find the policy best suited for your business needs.
You’ve no doubt worked hard to establish your professional reputation and get where you are now, so it makes sense to protect all that hard work in case things go wrong. Business insurance is there to protect you and your business against a range of eventualities.
Most consultants and small businesses have some contingency funds put aside for rainy days, but these emergency funds are rarely sufficient to cover the cost of a major catastrophe. If this happens and you have adequate insurance to protect all aspects of your business and your income, you’ll have a much better chance of getting back on your feet quickly.
Find the best possible insurance coverage for your business quickly and easily here with Savvy's 100% free comparison service.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
