INSURANCE FOR AUSTRALIAN BUSINESS CONSULTANTS
Business Consultant
Insurance
Professional indemnity, cyber and management liability cover options for business, management and strategy consultants advising Australian businesses. Talk to a specialist broker.
- Serving businesses Australia-wide
- Specialist business insurance brokers
- We manage your claims end to end
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Tell us a little about your business and we’ll be in touch to discuss your insurance requirements.
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What Our Clients Say
Danielle is friendly but prompt and stays focused on the request at hand. Recommend using Danielle for a personal, 1-1 experience without the pressure and judgements.
Consulting work means giving advice, making recommendations and sometimes managing projects on a client’s behalf, exposures that don’t always sit neatly inside a generic professional services policy. A recommendation that doesn’t pan out, a dispute over the scope of an engagement, or a breach involving client information can all lead to a costly claim. Sol Insurance Brokers can help you explore cover options that reflect how your consulting practice actually operates.
Insurance Business Consultants May Need
01
Professional Indemnity Insurance
Is designed to help protect you against claims arising from an error, omission or negligent advice that causes a client financial loss, subject to policy terms.
02
Cyber Insurance
Can help cover the costs following unauthorised access to systems holding client, financial or strategic business data you manage or store, subject to policy terms.
03
Management Liability Insurance
Can help cover the costs of defending claims relating to your management decisions, statutory liability or employment-related disputes, subject to policy terms.
04
Business Insurance (Portable Equipment)
Can help cover your laptop and other portable work equipment against risks such as theft or accidental damage, subject to policy terms.
Depending on your business and circumstances, additional covers may include, but are not limited to, Business Interruption, Personal Accident & Illness and Workers Compensation, where relevant and subject to policy terms, conditions and exclusions.
Risks we commonly see in consulting businesses
Advice or a recommendation that doesn't work out as expected, causing a client financial loss
A dispute over whether a project or engagement was delivered within the agreed scope
Unauthorised access to systems holding client, financial or strategic business data
A client alleging your recommendations were followed but still led to a poor commercial outcome
A fraudulent email or spoofed instruction tricking your team into transferring funds
A conflict of interest allegation arising from work for multiple clients in the same industry
Important: The information provided on this page is general in nature and does not take into account your individual circumstances. Insurance cover, terms, conditions and exclusions vary between insurers and policies. Your insurance requirements will depend on your business activities, contracts, assets and individual circumstances. Please refer to the relevant policy wording and documentation for full details of cover. The risks listed above are general examples only, for illustrative purposes, and do not confirm that your individual policy will respond to any particular claim.
Frequently asked questions
Does professional indemnity cover me if my advice turns out to be wrong?
It can respond to a claim that your advice or recommendation was negligent and caused the client a financial loss, subject to your policy terms. It’s worth discussing exactly what services you provide with your broker so your cover matches the work.
What if a client disputes the scope of work we agreed to?
This is a common source of disputes for consultants. Professional indemnity can potentially respond to a resulting claim, but a clear, well-documented engagement letter or scope of work is one of the best ways to reduce this risk in the first place.
Is cyber insurance necessary if I don't store much client data myself?
If you access, process or temporarily hold client, financial or strategic business information, even briefly, that’s generally enough to create a cyber exposure worth covering.
Does management liability matter for a small consulting business?
It can. Management liability generally responds to claims like employment disputes or regulatory action, which can apply regardless of how small your consultancy is.
Is my laptop covered if it's lost or stolen while working at a client site?
Portable equipment cover can generally include your laptop and related equipment against theft or accidental damage while working from different locations, subject to policy terms and any security conditions.
Get insurance that matches how your consulting business actually works, not a generic professional services template.
Tell us a bit about your business and one of our brokers will be in touch.
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