As the need for professional advice and guidance has grown, so too has the consulting industry. Consultants come from diverse professional backgrounds and work in a variety of industries.
As a consultant, you are expected to have a high level of expertise and provide professional advice to your clients. In return, you can expect high financial rewards for your services. However, being a consultant also comes with significant risks.
If a client feels that you have failed to live up to their expectations, they could take legal action against you. That’s why insurance for consultants is vital to protect you and your business.
Phoenix Insurance Brokers works with people who’ve chosen this unique career, from freelance consultants to large consultancy firms. While every business is different, the types of insurance most commonly taken out by consultants are public liability insurance, professional indemnity insurance, worker’s compensation insurance, income protection Insurance, management liability insurance and cyber insurance if you deal with sensitive information.
Professional insurance for consultants can help to cover the costs of legal action, as well as any damages that might be awarded. It can also provide valuable peace of mind, knowing that you are protected against the unique risks of your profession.
So if you’re thinking of starting a consultancy, make sure you’re properly insured from the start.
If you operate your business in WA, NT, QLD, NSW, ACT, VIC, TAS or SA – our consultant’s insurance brokers can help. Get A Quote »
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Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
Cliff and his experienced team have been providing insurance solutions to Australian businesses for over twenty years, proudly working under the Steadfast cluster group.
Atsure Pty Ltd ATFT Atkinson Family Trust is an privately owned Corporate Authorised Representative for Phoenix Insurance Brokers Pty Ltd.
Based in the Phoenix Insurance Brokers Busselton office Team Atsure services a dynamic client base throughout Australia.
We believe in old fashioned service from start to finish. Our experienced team understands our client’s needs and requirements and we deliver a genuine and efficient service including prompt claims management.
The team understand their client’s needs and aim to deliver genuine, efficient and prompt service .Our claims team also provide injury management services for work and non-work related injuries which includes return to work planning, claims management advice, process establishment and related services.
For a Fresh Approach to Insurance Broking call (08) 97 542 296 and ask for the Atsure team.
Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
Authorised Representative - Team Atsure
At Phoenix Insurance Brokers, we know insurance can be complex and challenging. That’s why we work alongside our clients making sure they have the best level of protection. And, as a valued Phoenix client, in the event of a claim, we always go the extra mile to ensure all entitlements are received. Running a consultancy firm is no easy task. Not only do you have to worry about finding clients and delivering high-quality work, but you also need to make sure that your business is properly insured. Phoenix Insurance Brokers can help you find a policy that is customised for the common risks of your industry, so you can be confident that you've found the right insurance.
Insurance is complex. Knowing which policies to choose from to protect your business involves specialist knowledge. Phoenix Insurance Brokers has been providing insurance advice to Western Australian businesses for more than 30 years. We have the knowledge and experience to know what you need to protect yourself and our service is second to none. We also know you’ll love our friendly and highly qualified team.
Using Phoenix Insurance Brokers Perth gives you access to economies of scale and insurance packages that have been specially developed through our alliance with the Steadfast Group, Australia’s largest insurance broker cluster group. Our Steadfast alliance ensures our clients receive Phoenix’s signature personalised service together with the benefits of Steadfast’s impressive buying power.
Phoenix can assist with all your general insurance needs including accessing and reviewing your insurance, full claims management, arranging premium funding and risk management.
Not only will your Phoenix Insurance Broker help you decide which policies are right for your business, they can also package multiple policies together so you only pay one premium that you can spread out over a year (to assist with cash flow). Your Phoenix Broker will also work with you to make sure your insurance changes as your business changes, so you’re only paying for what you need or you’re adding cover as your business grows.
We’re here to assist you every step of the way. With three locations throughout the state in Como, Busselton, and Broome, one of our branches is local to you. Our head office is in Preston Street in Como. Our Broome office represents our clients in the state’s North-West while our Busselton office has been servicing our clients in the South-West for almost 20 years. We also cater to clients in the Rockingham and Peel regions.
Insurance can be complex. Often you think you’re doing the right thing by taking out a particular policy, only to find you’re not adequately covered for a scenario when it comes to making a claim. This can be costly, time-consuming and frustrating.
As experienced insurance brokers who understand freelance consultants, as well as large and mid-sized consulting firms, Phoenix can work with you to ensure you have the right policies in place to protect you so that if the worst should happen, or something unforeseen occurs, you can minimise interruption and get back to providing your expertise as soon as possible.
When you’re with Phoenix, we take care of the details, giving you peace of mind to get on and do what you do best.
Some people dream of running their own consultancy business but that doesn’t mean there aren’t challenges and risks along the way, plus a lot of hard work. Whether you’re a Strategy Consultant, HR Consultant or IT Consultant we can put you on the right path when it comes to business insurance. Having the right insurance in place is essential to protect your business against unexpected challenges.
As a consultant, you know your business and industry inside and out, but that doesn’t mean you’re an expert in everything – like insurance.
We know that no two consultants are the same, which is why it’s important to work with an experienced insurance broker.
That’s where we come in.
We understand the risks that consultants face and have a range of policies to choose from – so you can find the right insurance policy for your needs. Plus, our experienced brokers are always on hand to help you with any questions about your policy.
Here are the main types of insurance that consultants should consider:
If you run a consulting business, Professional Indemnity insurance is vital to protect yourself against the risk of claims being made against you for negligent advice or services.
Even if you take great care to deliver quality services, there is always the possibility that something could go wrong and a client could hold you responsible. If this happens, a Professional Indemnity insurance policy will cover your legal costs and any damages that are awarded against you.
Professional indemnity is essential for any consulting business that provides specialist advice, so make sure you are properly covered before you start operating.
Public Liability insurance provides cover for the cost of any legal action taken against you as a result of an injury or damage that occurs in the course of your work.
This includes accidents such as slips and falls or damage to third-party property. Public liability insurance can also cover the cost of any medical expenses incurred as a result of a physical injury caused by your business activities.
In addition, it can help to pay for any legal fees associated with defending a claim.
As such, public liability insurance is an important way to protect your business from potentially costly claims.
Management Liability insurance protects directors and officers of a company from claims of wrongdoing or negligent decisions made while in their role. This type of insurance cover will protect not only directors, owners and executives of a company plus the company itself against exposures involved with managing a business.
Insurance coverage can provide protection for a variety of different management exposures including wrongful termination, sexual harassment and discrimination.
Management Liability insurance can give business owners and managers peace of mind knowing that they are protected against any legal action that may be taken against them.
For consulting businesses, having income protection insurance is paramount to protecting not just themselves but also their businesses in case of prolonged absence due to sickness or accident.
Income protection insurance is designed to help protect policyholders from a loss of income if they are unable to work. This type of insurance can help to replace a significant portion of your lost income if you are unable to work, ensuring that you and your family are taken care of financially.
While income protection insurance cannot replace a lost income completely, it can help to ease the financial burden on those who are out of work due to an illness or injury.
Cyber insurance can help to protect against financial losses arising from online security breaches.
In addition to covering the costs of data recovery and crisis management, cyber insurance can also provide coverage for regulatory investigations and fines, business interruption, and privacy extortion.
With the potential for significant financial losses stemming from cyber attacks, Cyber Liability insurance is essential for consultants working in IT or with sensitive information.
As a consultant, you can enjoy many rewards, including working with a variety of people, having a diverse workload and helping your clients achieve their goals. Every day is a new opportunity to learn something new and help a client with a unique problem.
Of course, building a successful consultancy business takes hard work, dedication, and a commitment to providing quality services. In the highly diverse and challenging field of consultancy, having the right insurance will give you the peace of mind to focus on your work and deliver the best possible service to your clients.
Now that we’ve covered the basics and some insurance options for you to consider above, there’s no better time than today to get in touch with your local Phoenix Insurance Broker to talk about how we can help you safeguard your consultancy business.
While insurance is our business, our philosophy is about people and building strong, solid relationships with them. We partner with all our clients to achieve the best possible outcomes, for them, their families, and their businesses.
As a consultant, you are in a unique position when it comes to insurance. While traditionally most businesses are insured against specific risks, as a consultant you are often brought in to help manage or mitigate those very risks. As a result, insurance for consultants is designed to provide protection against the legal costs associated with any claims arising from your professional activities. By taking out consultants insurance, you can protect yourself and your business from the potentially devastating financial consequences of a claim.
When operating as a consultant, it is important to have the right insurance in place to protect your business. Professional Indemnity insurance can cover you for claims of professional negligence, while public liability insurance can cover you for claims arising from personal injury or property damage. Management liability insurance can also be useful, as it can cover risks such as employee fraud or wrongful dismissal.
It is also worth considering your personal circumstances and whether you need income protection or life insurance.
● If you store any sensitive data on your computer, Cyber Liability insurance can help to cover the costs of a cyber attack, recovering lost data or repairing damaged equipment.
● Income Protection insurance can provide financial support if you are unable to work due to illness or injury.
By taking out the right insurance policies, you can help to safeguard your business against a range of potential risks.
Being a consultant comes with a number of risks, the most common of which are potential claims arising from business activities. A few examples to consider are:
● If a client believes that they have been misled or that the work they received was not up to standard, they may take legal action.
● Consultants often work with sensitive information, with the potential for data breaches and cyber security risks.
● You could be sued for negligence if your advice leads to losses for your client.
There is no definitive answer to this question since insurance needs can vary greatly depending on the type of consultancy work you do and the risks involved. However, as a general rule of thumb, most consultancy businesses will need some form of Professional Indemnity insurance in place.
If you run your own consultancy firm, then you may also consider Business Insurance. A Business Insurance policy can cover a range of risks including property, contents, business interruption, theft and equipment.
It's always best to speak to an insurance broker or specialist to get tailored advice for your business.
For all your insurance for consultants needs and questions, contact us on (08) 9367 7399 or at info@phoenixins.com.au. You can also view our full contact details and locations.
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