Business Consultant Insurance
Business Consulting Defined
A business consultant is a professional who analyzes businesses and organizations (or a
division within) to identify strengths, weaknesses, opportunities, and threats. A consultant comes
up with solutions to problems, devises programs to capitalize on opportunities, and defines a
clear strategy to help the client achieve goals. More companies than ever before are looking to
consultants as a means to gain an outside perspective and receive recommendations on how to
achieve corporate goals more effectively and efficiently.
Top Consulting Fields in BC
In BC, some of the top consulting fields include (but are not exclusive to):
- IT
- Online Marketing
- Graphic Design
- Human Resources
- Accounting and Finance
- Legal
- Sales
- Public Relations
- Project Management
Benefits and Challenges of Being a Consultant
The benefits of being a consultant are numerous. It offers professionals schedule flexibility,
networking, continuous learning, project diversity, exposure to a wide variety of industries, and
unlimited growth opportunities.
However, for all of the benefits, being a consultant does come with its challenges. For those not
yet established, building a self-sustaining client base can take some time and significant effort.
But one of the biggest concerns, is liability. A consultant is not protected in the
same manner as an employee (from staff to CEO) within a corporation.
Common Liability Concerns for Business Consultants:
- Home based businesses (where applicable) may not be covered by homeowners insurance
- Susceptibility to cybercrime as it applies to sensitive client data
- Risk of violating client intellectual property copyrights and trademarks
- Clients may file claims for non-fulfillment of contracts, including allegations of negligence that result in financial loss
- Allegation of negligence resulting in bodily injury and/or property damage
- Liability concerns regarding use of subcontractors
Insurance Resources Available to Business Consultants in BC
- Small Business Insurance
- Commercial Liability Insurance
- Business Interruption Insurance
- Cyber Insurance
- 5 Reasons Why Contractors and Consultants Need Insurance
Consultants have among the most unique needs when it comes to business liability insurance.
You should not enter into another client contract without first consulting with an independent
insurance broker. If you serve a client base in BC, contact Park Insurance in Greater Vancouver.
We will review your current policy and make sure that you’re covered for any and all
scenarios that can cause your consulting business any irreparable harm.