Errors & Omissions (E&O) Insurance for Business Consultants

If you’re a business consultant who works with clients, an errors and omissions (E&O) insurance policy – also known as professional liability insurance for consultants – can help protect your reputation, your business, and your wallet.

As someone who provides professional consulting services for clients, there’s always a risk you could be sued for a mistake or oversight. Learn how E&O business consultant insurance from Berxi can give you the financial support you need to survive a lawsuit – and the peace of mind to ensure your business thrives.

What is E&O insurance for business consultants?

E&O business consultant insurance is a type of professional liability insurance for consultants. If a client claims you made a costly mistake or were negligent, your business consultant insurance can provide you with legal counsel to defend against claims or lawsuits, as well as the funds to pay for damages you may owe. Depending on the policy you choose, E&O insurance can also provide additional coverage to protect your reputation, reimburse you for lost wages, and defend you against challenges to your professional license.

What does E&O insurance for business consultants cover?

If a client files a claim or sues your consulting company for an unintentional negligent act or omission, business consultant insurance can cover the cost of defending yourself against the claim, as well as the damages that you may have to pay. Depending on your policy, expenses covered by a typical E&O policy might include:

• Attorneys’ fees
• Arbitration costs
• Expert testimony fees
• Court costs and costs of attending trials
• Settlement and judgment costs
• License protection (if a licensing authority investigates you)
• Wage loss for time spent on your defense

Mistakes happen, even to the best of us. Unfortunately, in the world of business consulting, professional errors and negligence are a leading cause of lawsuits. Even if the error, negligent act, or failure to deliver a service as promised isn’t necessarily your fault, a client’s claim that they suffered a financial loss as a result of your mistake – for instance, an inaccurate projection or miscalculation – could end up costing you. Fortunately, that’s exactly what E&O insurance for business consultants is designed to protect against.

Who needs business consultant insurance?

Errors and omissions insurance is a must-have for all kinds of business consultants. Berxi offers E&O insurance for the following types of consultants:

• Business management consultants
• Administrative consultants
• Safety consultants
• Risk management consultants
• Project managers
• HR consultants
• Energy auditors and consultants
• Educational and vocational consultants
• And many others

The costs of defending or settling even a trivial claim can be substantial. It can also create a distraction from running your consultancy. By covering your legal defense and any damages you’re required to pay, E&O insurance for business consultants helps minimize the disruptions and out-of-pocket costs that come with such claims, while supporting you through every step of the process.

Having the right business consultant insurance can give you the peace of mind and confidence you need to focus on growing your business.

How much does E&O insurance cost for business consultants?

The cost of your E&O insurance policy will depend on:

• Your profession and business type
• Where you operate your consulting business
• How much revenue your business generates
• Whether there are any previous claims filed against you

Because Berxi offers insurance directly to our customers, we’ve eliminated many of the fees typical in business consultant insurance purchases. That means you’re able to save an average of 15% vs. industry standards.

Of course, the quickest and easiest way to see how much E&O insurance will cost is to compare quotes. Get a quick online insurance quote from Berxi in minutes.

What other types of insurance do business consultants need?

While E&O insurance can help protect you from lawsuits and other risks related to the professional services you provide, it won’t protect you from other risks, such as someone suffering an injury in your office, lawsuits related to a cyber attack on your business, or damage to your property. Other types of insurance you may want (or need) as a business consultant include:

General liability insurance

Covers a broad array of risks related to lawsuits filed against you, including from people who suffered an injury or property damage on your premises, or those who allege they’ve suffered personal injury, such as libel or slander.

Workers’ compensation insurance

Often mandatory for businesses that employ others, workers’ comp insurance protects you in the event of an employee injury.

Cyber liability insurance

Protects your business in the event of a cyber attack or data breach that results in losses. Depending on your needs, you may want first-party cyber insurance, which covers your losses, or third-party cyber insurance, which covers lawsuits related to losses suffered by others as a result of a cyber attack on your business.

Commercial property insurance

Covers damage to a property you own, such as your office, as well as any tools you use in your line of work, such as office computers.

Employment practices liability insurance

Protects against lawsuits from employees who allege they’ve suffered discrimination or wrongful termination.

Get comprehensive E&O insurance from Berxi

At Berxi, we’re making it easier and more affordable to get high-quality, comprehensive E&O insurance that’s customized to the needs of business consultants. In fact, you can save up to 15% with Berxi. And as part of Berkshire Hathaway Specialty Insurance Company, which has a financial strength rating of A++ (Superior), we have the resources and expertise to make sure you’re protected for the long term.

Key coverage features of a Berxi policy

Comprehensive E&O coverage

Berxi offers limits of liability up to $2 million per claim and $3 million aggregate, meaning you’ll be covered for up to $3 million in settlement and defense costs during each policy period.

Consent to settle

We work with your defense attorney to reach the best possible outcome for you, and we won't settle a claim without your approval.

Defense for disciplinary actions

If you’re investigated by a professional regulatory organization, you’ll be covered up to $25,000 per policy period for defense.

Wage loss/deposition expense coverage

If you’re required to attend hearings, depositions, or other proceedings, we’ll reimburse you up to $1,000 per day for lost wages and expenses.

Optional policy add-ons

Including general liability insurance and cyber insurance.

Why choose Berxi?

E&O insurance from Berxi is built to be different. We simplify the insurance process by offering top-rated coverage directly to you, all in a few clicks. We make insurance easier – easier to understand, easier to buy, and easier to afford. And we’re part of Berkshire Hathaway Specialty Insurance Company, so our financial stability and expertise are unmatched.

We can save you 15%

Berxi is a direct-to-customer insurer. This means we’re not just the people who sell you an insurance policy – we’re also the people who handle your claim. Working directly with us eliminates many fees that are typical in insurance transactions, and we pass the savings along to you. In fact, our customers save an average of 15%.

You get 24/7 online access

At Berxi, you can manage every aspect of your coverage through our easy-to-use online portal. Not only can you get a quick quote and purchase your policy in just a few clicks, but once you’ve purchased a policy, you can also access documents, update your account information, and manage your payment options online. And if you ever need to file a claim, you can do that online too.

We have world-class customer support

When you call our support line, you won’t have to navigate through an endless phone tree or argue with a robot: You’ll reach one of our in-house product specialists who will work hard to answer all your questions. And if a claim is ever filed against you, our team will help you to navigate the claims process, every step of the way.

Claims is what we do

Berxi’s E&O policies are backed by Berkshire Hathaway Specialty Insurance Company, which has an A++ (Superior) financial strength rating. Our market-leading stability and claims service means we’ll have your back when you need us.

What Our Customers Are Saying

“Berxi was recommended to me by a friend at another company, and now it seems that everyone where I work has them too! The quoting process was easy… and the price is better than anywhere I've found.”

– Jeremy B.

“Completely stress-free setup and customized to my needs. So easy I didn’t even need to talk to anyone!”

– Che H.

“[My claims representative] was so compassionate. He listened and kept me informed on the status of the case. He really cared about what I was going through and reassured me that Berxi was on my side and that I didn’t need to worry.”

– Kim P.

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