Business Consulting Definition:
Business consulting is the practice of helping organizations to improve their financial performance, sales, operations, workflows, policies and procedures etc. through the analysis of existing organizational weaknesses and the development of plans for improvement. Organizations may draw upon the services of business consultants for a number of reasons including industry knowledge, absence of internal resources and/or expertise, gaining an independent external (and objective) analysis/advice and/or access to a specific consultants’ specialized expertise.
A Few Of The Types Of Work Business Consultant Insurance Coverage Can Cover Are:
- Strategic management
- Operations management
- Industrial engineering
- Industrial/Organizational Psychology
- Industrial Psychology
- Organizational Psychology
- Organizational Development
- Project Management
Business Consultant Insurance coverage protects consultants and their businesses against allegations of negligence, claims and damages, of financial loss through the errors & omissions/professional liability insurance and from allegation of negligence resulting in bodily injury and/or property damage through the commercial general liability coverage. Both coverages are often required to be evidenced by clients via a certificate of insurance and that the commercial general liability policy names the consultants client as an additional insured.
The errors & omissions/professional liability portion of Business Consultant Insurance Coverage policies are usually issued on a “claims-made” basis. This means that coverage is triggered when a claim is filed and you report it to the insurance company since it is often hard to identify when the alleged error or omission originally occurred. An Insured’s work will be covered dating back to the earliest date of the continuous professional liability insurance coverage. Policies typically have a one-year term, with an annual premium and deductibles on a per-claim basis. In contrast, commercial general liability coverage is almost always written on a per-occurrence basis (click here for the differences).
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