Best Consulting Business Insurance

The Hartford is the ideal business insurer for consultants due to its great balance of affordability, service and coverage. The company offers the cheapest rates for professional liability insurance, which is the most needed coverage for the industry. It also offers special policies for the service industry and has a great customer service and claims reputation.  

We recommend that you also compare commercial liability policies from NEXT, Simply Business, Nationwide and biBerk to ensure you're getting the best deal

*We based all scores on a consulting business with two employees across professional liability, general liability, workers' comp and BOP policies.

The Hartford charges consulting businesses $41 monthly on average and offers the cheapest professional liability coverage. Simply Business provides more affordable general liability and BOP insurance, while NEXT offers cheaper workers' comp coverage for consulting firms.

In general, consulting business insurance costs are the following for the four most popular coverage types:

• General Liability: $22 on average per month, ranging from $19 to $26, depending on the state
• Workers' Comp: $30 on average per month, ranging from $26 to $35, depending on the state
• Professional Liability (E&O): $107 on average per month, ranging from $91 to $125, depending on the state
• BOP Insurance: $32 on average per month, ranging from $28 to $37, depending on the state

Important non-required coverage needs for consulting firms are professional liability and general liability insurance. Workers' compensation, commercial auto insurance (if your firm uses vehicles) and cyber liability coverage are frequently mandated to satisfy state regulations and client contract requirements.

Here's a step-by-step method for finding the best and cheapest business insurance for your consulting company.

The Hartford is the best and cheapest insurer for consulting company insurance. We also recommend getting quotes from NEXT, Simply Business and Nationwide. For the best deal, consult agents and similar businesses, research costs and companies, and compare multiple quotes.

We answer frequently asked questions about consulting business insurance:

We selected the best business insurer for consulting companies based on the following criteria:

• Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better the company performs.
• Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
• Coverage (15% of score): We scored business insurance providers for this category based on the flexibility, payment and actual coverage options.
• Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely companies are to pay out claims compared to the competition.

All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:

• Three-person business with two employees
• Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
• $150,000 in payroll
• $300,000 annual revenue