Your job as a consultant is already full of decisions, deadlines, and people counting on your advice. The last thing you need is a surprise lawsuit or an unexpected bill from a client mishap.
Luckily, getting insured doesn’t have to cost a fortune with Insurance Canopy. Management consultant insurance starts at just $21.08 per month. That’s less than your favorite streaming subscription — except this purchase can save your business (and save you money in the long run).
In this guide, we’ll break down:
- How much management consultant insurance really costs
- What’s included in your base policy
- What can affect your rate
- When you might need extra coverage
- How to get insured in minutes
Cost of Management Consultant Insurance by Policy
Here’s a quick breakdown of typical industry prices compared to what you’ll pay with Insurance Canopy. Spoiler: we’re one of the most affordable options out there.
Professional & General Liability
Insurance Canopy Lowest Monthly Cost
Professional Liability + General Liability: $21.08
Average Industry Monthly Cost
- Typical Professional Liability Cost: $80 (sole proprietors) to $120–250 (others)
- Typical General Liability Cost: $28 (sole proprietors) to $67 (limited liability companies)
Additional Insureds
Insurance Canopy Lowest Monthly Cost
Free unlimited additional insureds
Average Industry Monthly Cost
Up to $25 per additional insured
Cyber Liability
Note: Figures are based on real data as of July 2025. Your rate may vary slightly depending on your business needs and location. Sources are linked in the sections above.
What’s Included in Your Base Policy?
You don’t need a complicated policy to feel confident. At Insurance Canopy, your base policy includes the two coverages every consultant needs — professional and general liability — plus unlimited additional insureds, all starting at just $21/month or $229 annually.
Below, we list what’s covered and the maximum amount each coverage in your policy will pay.
| Coverage Limits for Management Consultant Insurance | |
|---|---|
|
Professional and general liability |
$2,000,000 |
|
Products and completed operations aggregate |
$1,000,000 |
|
Personal and advertising injury |
Included |
|
General and professional liability each occurrence |
$1,000,000 |
|
Damage to premises rented to you |
$300,000 |
|
Medical expense (any one person) |
$5,000 |
Here are some examples of how these coverages work when applied to real-life scenarios:
You present a growth strategy to a client. Six months later, their profits drop, and they blame you. Even if you followed best practices, they could sue.
Estimated claim cost: $75,000
Covered by: Professional Liability Insurance (E&O)
What it covers: Protects you if a client claims you gave bad advice, made a mistake, or missed a deadline
How insurance could help: Also called errors and omissions insurance, this coverage could help pay your legal costs, lawyer fees, and possible settlements.
You’re presenting in a client’s office and your coffee spills on their laptop.
Estimated claim cost: $5,000
Covered by: General Liability Insurance
What it covers: Protects you from claims involving physical injuries or property damage to others while working.
How it could help: General liability can pay replacement costs and legal fees if you need to file a claim.
You want to consult onsite with clients in a shared office, but the property manager requires that you add them to your insurance policy first.
Estimated cost: Without insurance, you could miss out on consulting contracts or renting the office space you want.
Covered by: Additional Insureds
What it covers: Allows you to add property managers, venues, or clients to your policy at no extra cost.
How it could help: Other insurers may make you fill out a bunch of paperwork or charge you a fee, but Insurance Canopy lets you add unlimited additional insureds online for free.
What do these other limits mean?
Here’s a quick cheat sheet:
- Aggregate: The most your policy will pay for certain claims during your coverage period (usually one year). Once you hit that limit, any more claims in that category won’t be covered until you renew.
- General and professional liability aggregate: The total amount your policy will pay for all claims during your policy term (usually one year) across both general and professional liability.
- Products and completed operations aggregate: The maximum your policy pays for claims related to work you’ve already completed.
- Personal and advertising injury: The amount that covers claims like slander, libel, or copyright infringement tied to your marketing.
- Damage to premises rented to you: The amount that pays for accidental damage to spaces you rent, like office suites or meeting rooms.
- General and professional liability (each occurrence): The maximum amount your policy will pay for a single incident.
- Medical expense (any one person): The amount that helps pay medical bills if a third party is injured during a job.
Need Extra Coverage? Here’s What Add-Ons Cost
Sometimes your work needs a little more protection. If you use tech tools, store client data, or hire a team, these add-ons help provide maximum protection.
Cyber Liability
What It Covers
Cyber liability insurance offers $100,000 in protection for your business if your client data gets hacked, including $50,000 e-theft coverage
Lowest Cost
$5.83/month or $70/year
Tools and Equipment (Inland Marine)
What It Covers
Inland marine insurance covers damage or theft of your business property up to $4,000 ($250 deductible)
Lowest Cost:
$2.17/month or $26/year
Workers Compensation
What It Covers
Workers compensation covers employee injuries on the job. It’s required for employers in most states.
Lowest Cost
Insurance Canopy customizes your price to fit your team
Quick quiz: Do you need extra coverage along with your base policy?
Do you store client data on a computer or in the cloud? → A cyber liability add-on might be for you.
Do you use expensive tools like laptops, tablets, or mobile devices? → Look into tools and equipment coverage.
Do you have employees or contractors? → Workers comp may be required in your state.
If you answered “yes” to any of these, you may need to add extra protection to your policy. Our guide to consultant insurance breaks down what each type of coverage does.
What Can Affect Your Management Consultant Insurance Cost?
Your premium is based on real, measurable factors. It’s tailored to you. Factors that can influence your pricing include:
- Business size: A solo consultant usually pays less than a ten-person team
- Claims history: Clean record? You might get lower rates
- Optional coverage: Adding cyber or equipment coverage raises the price slightly
To learn more about what determines your exact price, check out our consultant insurance cost breakdown.
How to Get a Fast, Reliable Insurance Quote
Getting coverage shouldn’t be harder than managing a stakeholder call. Here’s how to get a quote in five minutes or less with Insurance Canopy:
- Open your online insurance application
- Fill in a few details about your business
- Add any extra coverages
- Buy online and download your Certificate of Insurance (COI) instantly
What Happens If You Don’t Have Insurance?
It’s tempting to skip coverage when you’re just starting out. But even one small mistake (or a client who thinks you made one) can cost you thousands. Without coverage, a consultant lawsuit could wipe out your savings, your momentum, or even your whole business.
Let’s put it in numbers.
| Consultant Claim | Cost With Insurance | Cost Without |
|---|---|---|
|
Client lawsuit (e.g., bad advice claim) |
$0 (covered) |
$40k + legal fees |
|
Client trips and falls in your office |
$0 (covered) |
$15k in medical costs |
|
Laptop with project files is stolen |
$26/year for add-on coverage + $250 deductible |
$1,000 laptop + lost time and revenue |
A $229 annual insurance premium can protect you from a $50,000+ lawsuit. That’s more than a 100x return on your investment.
Ready to Get Covered?
Take this small step today, and your future self will thank you. Whether you’re just launching or scaling up, getting insured now means fewer worries and more wins down the road.
With Insurance Canopy, you get:
- Professional liability + general liability bundled into one policy
- Unlimited additional insureds
- Affordable monthly or annual payments
- Instant proof of insurance
- 24/7 online access to your policy documents
Common Questions About Management Consultant Insurance
Can I get management consultant insurance if I’m just starting out?
Yes, you can, and it’s a smart move. Even if you’re brand new, client contracts, venue requirements, or peace of mind make insurance essential from day one. Starting with coverage early helps you build credibility and protects you from costly mistakes as you grow.
Do I need insurance if I work remotely?
Yes. Even if you never meet clients in person, you could still face claims for things like bad advice, missed deadlines, or a hacked laptop. Professional liability and cyber liability coverage are especially useful for remote consultants.
We’ve created a guide on choosing the right consultant coverage to help you determine the coverage you need.
How do I add additional insureds to my policy?
With Insurance Canopy, it’s easy and free. You can log into your customer dashboard and add property managers, landlords, or event organizers who need to be listed on your COI.
Is cyber insurance worth it?
Definitely. Only 31% of small businesses have cyber liability insurance, but 57% have experienced a cyberattack. If you store client data, send sensitive emails, or manage projects online (which most consultants do), cyber coverage is a proactive step.
It can help cover legal fees, data recovery, and lost income if your business gets hacked.
