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There is no "standard" terminology or wording for general liability/E&O policies. Each insurer defines the terms for themselves, so an occurence that might be covered as a wrongful act in one company's policy might not be covered as such in another's. Consequently, it isn't something you can do a quick side-by-side on-line comparision with (like homeowners or automobile insurance). Think about your highest risks and their probability of happening, and then take the time to ask the agents questions and analyze the various "What if . . .?" scenarios to be certain you'll have protection when/where you're most likely to need it. Best wishes.
General Liability, Welcome Adrian
How long have you been in business?? A business owner should have an Accountant, A Lawyer and an Insurance Agent.
You will sleep better. LUCKIEST
Looking at the business summary in your profile, my first concern is going to be that a BOP may well not address the key risks your consulting practice faces. The GL/BOP is intended to address very basic property and liability exposures (bodily injury/property damage/limited personal/advertising injury). It likely will not offer coverage for the outcomes of the consulting work or for contractual issues.
I recommend locating an insurance broker (not single company agent) with one of the regional broker firms or a national/international with a small business practice group. Look for expertise with the broker first, then turn them loose on the insurance markets. As a former corporate risk manager, I've seen too many situations where there is a goodly premium being paid for coverage that doesn't address the business' actual risks. A former CFO described it as the bad marriage between a naive buyer and a naive seller.
are you located in California? I bought my bond and my GL from a local agency altimainsurance.com, they might also know some one in your state. good luck
Yes, as a consulting business your greatest liability exposure is likely your professional liability exposure, AKA E&O, or errors & omissions. I have a small consulting business, and although I maintain General Liability coverage (via an inexpensive policy through State Farm that covers both my business property and general liability) my much larger insurance expense is my professional liability. General Liability coverage excludes professional liability, so you need to obtain separate specialized coverage for your professional exposure.
Remember, your liability for professional advice you personally provide can cut through the corporate shield, so setting up as a corporation or LLC won't protect against your professional liability exposure. Only a professional liability insurance policy can provide this protection.
Generally, professional liability is a specialized line of insurance, so your typical small business insurance agent may well not have direct access to those markets. You would probably be better off dealing with someone who specializes in this line of insurance. Often professional associations sponsor professional liability programs for members, so you might want to check into that. Such programs can offer coverage that's designed specifically for certain particular kinds of consulting, and may offer more competitive pricing.
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I am interested in a General Liability/ Business Owners Policy for my consulting business. Any input on the best insurance providers based on services, flexibility, and cost (Not in that order). Are there any pitfalls I should watch out for based on prior experience?