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Business Consultant Insurance Coverage Explained

Where Can I Get E&O Coverage For Business Consultants In Canada? ALIGNED Insurance Brokers

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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:

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).

Contact An ALIGNED Advocate For A Business Consultant Insurance Quote at 1-866-287-0448 Today.

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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