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Insurance for consultants
The covers consulting businesses usually hold: professional indemnity for your advice, public liability for client sites, cyber for the data you keep, and management liability once you run a company. Tell us you’re a consultant and a licensed broker compares quotes for you.
- Business consultant set as your occupation (ANZSIC 6962)
- PI and public liability in one request
What insurance do consultants need?
Professional indemnity is the core cover, because the risk is a client losing money on your advice. Australian Government contracts say the supplier will maintain adequate insurances and provide proof on request, and many corporate clients ask the same. Public liability, cyber and management liability round it out.
The covers consultants usually hold
| Cover | Why |
|---|---|
| Professional indemnity | Claims that your advice or service caused a client a loss. See also PI for consultants. |
| Public liability | Injury or property damage when you’re at a client’s premises. |
| Cyber insurance | A breach of client data, ransomware or invoice fraud. |
| Management liability (broker) | Claims against your company and its directors. |
Client data and your obligations
Consultants often hold client information. The OAIC’s Notifiable Data Breaches scheme applies to businesses with annual turnover over $3 million, plus some smaller ones regardless of turnover. Cyber insurance can help with the response costs of a breach.
Online or through a broker
Management, IT and marketing consultants, designers and architects can compare online. Accountants, financial planners and mortgage brokers are arranged through a licensed broker, because their cover is set by their regulator or professional body.
What professional indemnity won’t do for a consultant
These need other cover:
- Someone trips in a client’s office.That’s public liability.
- Your laptop is hacked.That’s cyber insurance.
- You can’t work because of illness.That’s income protection.
How to compare consultant insurance
Consultant insurance questions
What insurance does a consultant need?
Usually professional indemnity, plus public liability if you visit clients, and cyber if you hold client data. Companies often add management liability.
Is professional indemnity compulsory for consultants?
Not by law for most consultants, but client contracts usually require it.
Do consultants need public liability?
If you visit clients’ premises or they visit yours, yes. It covers injury and property damage, which PI doesn’t.
Can accountants compare online?
Accountants and other financial professions are arranged through a licensed broker.
Can consultants compare insurance online?
Yes. Business, IT and marketing consultants can request quotes online.
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