Management consultant insurance

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Professional indemnity insurance for management consultants UK
Professional indemnity insurance for management consultants UK
Professional indemnity insurance for management consultants UK
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What is management consultant insurance?

Management consultant insurance isn’t one thing, it's a collection of insurance covers that combine to address the specific risks faced by your particular business.

Because you give advice, all management consultants will need professional indemnity insurance. Public liability insurance is useful if you're working with clients face to face or in public spaces. Electronic business equipment insurance will help with the cost of repair or replacement of damaged work gadgets.

Self employed professional indemnity insurance
Professional indemnity

from £7.67 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £8.89 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Commercial legal expenses insurance.
Business legal protect

Cover of £100,000 commercial legal expenses included with your policy subscription.

Protects you and your business against a range of issues not typically covered by professional indemnity or public liability.

IR35 & HMRC investigations

Legal matters concerning your business

Negative PR (£25,000 cover)

Criminal prosecution

Compliance & regulation issues

Unpaid invoices (over £200)

Also includes free telephone advice & help from qualified professionals.

Tax and commercial legal advice

Counselling for you and your staff

Access to a legal template library

Identity theft assistance

Self employed public liability insurance.
Public liability

from +£4.76 per month

Protects your business against claims of causing an accidental injury or property damage to either your clients or a third party.

Up to £2,000,000 cover including products liability

No excess

Expert legal team

A+ specialist insurers

Covers claims against your client caused by your business

Business equipment insurance.
Electronic business equipment

from +£7.00 per month

Pays for repair or replacement if your portable electronic equipment (and accessories) get damaged or lost.

Equipment up to £10,000 cover (£3,500 per item)

Accessories are included (£500 per item)

Hired equipment is covered

Worldwide - your devices are covered anywhere you are

Personal accident insurance.
Business owner protect

from +£10.07 per month

Reimburses your taxable business expenses while you’re recovering from a serious illness or injury.

Up to £2,000 a month

Up to 6 months following the first 30 days of illness

Any tax deductible expenses included

Receive a lump sump payout if you suffer an accident leaving you with partial or total disablement:

£5,000 lump sum

Fast customer service

Quick payout

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
What people say
2 March
Extremely impressed

Extremely impressed with the professional and supportive service I received.

Kellie Williams
on Google
16 February
Very efficient

After shopping around for business liability cover, I found suited, I had a few questions and Jana from suited was very efficient...

on Trustpilot
14 February

The website is easy to use and the process is intuitive, clear and easy to follow.

Matt M
on Trustpilot
11 February

I was recommended Suited, because I’d been stalling. Simple to use website, offered clear, concise information and selection...

on Trustpilot
12 December

Really fantastic service by the suited insure team! Always found the insurance side to be a bit confusing but the team took me...

Michael Ryan
on Google
15 September

A simple and flexible service for what I required. Great communication from start to finish.

Matthew Allen
on Google
1 August

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote...

Piers Field
on Trustpilot
In detail

Why do management consultants need insurance?

Stay compliant with a contract

Most contracts you will engage with as a management consultant will stipulate you must have and show proof of professional indemnity insurance. This applies even after you finish your contract.

IR35 enquiries

If you contract via your own limited company you may be exposed to IR35 enquiries from HMRC. 

Unpaid invoices and contract disputes 

Most independent management consultants at some point face unpaid invoices or disputes over contracts.

Accusation of causing a financial loss

As a consultant your advice is often sought to solve a business issue, however you may be blamed that your recommendations results in financial harm to your client.

Professional indemnity insurance for management consultants

Professional indemnity insurance (PI) is cover for management consultants which provides legal assistance and covers associated expenses should you find yourself defending an accusation against you. It will also pay any compensation if you are found to be liable.

As a management consultant, you need to be an agile thinker who can provide complex solutions to your clients ever changing needs. However, despite your best efforts, briefs can sometimes go awry.

If your client feels your work or recommendations did not yielded the expected results the relationship may quickly turn sour. Heated discussions can deteriorate into legal disputes over money or reparations which leads to undue stress and financial worries. And, if someone calls your reputation into question, clearing your name can be time consuming and expensive.

This is when good professional indemnity insurance becomes a must-have.

What does professional indemnity insurance for management consultants cover?

Whether you work as a contractor or run your own business, professional indemnity insurance acts as a safe-guard between you and a business-busting fine.

Professional indemnity responds to accusations from unhappy clients who are suing you for compensation because they claim what you did caused them or their business harm.

Cover includes

  • Failing your duty of care
  • Acting negligently
  • Giving the wrong advice or recommendation
  • Confidentiality breaches

For example

  • A client claims that your advice led to a reduction in sales
  • Following your recommendations resulted in a significant drop in productivity
  • The approach you suggested failed to yielded the expected results
  • You accidentally released confidential information about your client

Professional indemnity also responds to accusations from unhappy clients regarding professional misconduct, negligence, duty of care breach, mistakes, confidentiality breaches and more.

And it’s not just the financial protection that management consultant PI insurance offers. Being in a challenging situation with a client can bring a lot of stress but knowing that you have a legal team behind you at all times dealing with the problem, can be life saving.

Switching your professional indemnity insurance

Typically, in the UK, if you cancel a professional indemnity policy, you can no longer claim against it.

Therefore, if you switch your management consultant insurance provider, be sure your new policy covers your past work; this is called “retroactive cover”.

Should I keep my professional indemnity if I take a break or retire from management consulting?

It’s wise to keep your professional indemnity if you’re taking a break or retiring from management consulting. Claims against professional misconduct can surface months or years after you delivered the work.

Remember: If you cancel your policy, your insurance coverage will end, including coverage for any previous work.

How long you keep your cover in place is up to you. Consider the type of management consulting you did and the likelihood that a client might bring a claim against you. 

Public liability insurance for management consultants

If part of your job is visiting clients and carrying out work at their premises, or if you engage with their property in any way, you will want to make sure your livelihood is protected with public liability insurance.

What does public liability insurance cover?

Providing an even stronger level of support, public liability insurance will protect you against accusations of causing an accident leading to an injury or property damage to a client or member of the public.

This is the case while out and about in the course of your business but also at your own premises if you have any.

Cover includes

  • accidental injury or death
  • accidental property damage

For example

  • During a work visit to your client’s premises, your actions may have led to someone’s injury
  • A client visiting your workplace, missed a step or tried to walk through a glass door which resulted in their injury or damage to their laptop or phone.

Other useful insurance for management consultants

As a management consultant, the additional insurance coverage you need will vary depending on your circumstances. It's essential to assess your financial ability to replace or repair damaged computer equipment. Moreover, it's wise to plan for a possible legal dispute and to be prepared for a tax audit by HM Revenue & Customs.

Commercial legal expenses insurance

Most commercial legal expenses insurance will protect management consultants against various tax and legal issues you may encounter due to your profession, which are not covered by professional indemnity or public liability.

At Suited, we combined £100,000 of commercial legal expenses insurance with helplines and other tools to better assist management consultants in dealing with these issues. We call this Business Legal Protect, and it’s part of your subscription.

Business Legal Protect offers qualified advice and assistance with:

  • Legal and accountancy matters concerning your business
  • Criminal prosecution
  • Compliance & regulation issues
  • Unpaid invoices (over £200)

For example:

  • HMRC flags you for an IR35 investigation
  • You need legal help chasing a major unpaid invoice
  • You need guidance on compliance issues for your business

Business equipment insurance

If you're working as a management consultant, it would be prudent to give some thought to electronic business equipment insurance.

This type of coverage offers you a vital safeguard against the risk of losing or damaging your important work equipment, or having them stolen. By taking out this insurance policy, you can mitigate the financial burden that an unexpected loss or theft could bring, and enjoy greater peace of mind and enhanced security in the process.

Management consultants we insure

Suited offers comprehensive insurance policies that cater to the needs of a wide range of management consultants, including:

  • Company registrars
  • Horticulture consultants
  • Hotel consultants
  • Outsourcing consultants
  • Procurement consultants
  • Public services consultants
  • Risk consultants
  • Strategic consultants
  • and more..

hopping for management consultants insurance

It's worth keep the following in mind when shopping for your management consultant insurance provider:

Cheap management consultant insurance

Quality after-sales service is just as important as price when choosing management consultant insurance. At Suited, we prioritise quick response times and offer multiple contact options for easy accessibility.

Reputation of the insurer is important

When it comes to insurance, it's crucial to have a reliable provider that you can count on in times of need. At Suited, we understand this and only work with financially sound insurers that have an A+ rating for their payout reputation.

Run off and retroactive cover options aren’t always on offer

Some insurance providers do not offer cover for the past or the possibility to switch your professional indemnity to a runoff mode. At Suited we offer both.

Some policy wordings are restrictive or have high excess

Some insurance providers may offer attractive prices, but it often comes at the expense of the coverage you receive. With Suited, both our professional indemnity and public liability policies have a zero excess, ensuring that you're fully covered.

In this section
Suited awards.

Common questions

Can I cover my past work with Suited professional indemnity insurance for management consultants?

Yes. When arranging cover, select the retroactive date during the insurance online application process to when you’d like to be covered from.

I will need proof of cover. Does Suited provide it?

Once you have arranged your insurance with us, you will have instant access to your policy documentation through your customer portal.

Can I cancel my professional indemnity insurance without cost?

With Suited you can but we also offer a hibernation option if you’d like to stay insured for any past work for a certain period of time.

What if I need to change my cover or my details?

You can do so yourself from your customer portal or you can give Suited a call and we will be happy to help. It’s all free of charge.

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
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Management consultant professional indemnity insurance
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Go retroactive

Include retroactive cover to insure previous work.

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Holiday mode

Pay less when not working by hibernating your PI cover.

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Get help when you need it from our Bristol based team.

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If your plans change

No problem, Suited uses a simple subscription model making it easy to walk away.

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If you call to cancel within the first 2 weeks we’ll give you a full refund.

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* 14 day promise is not available online, please speak to a member of staff. Not available if you have reported a claim.

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