Consultant Insurance in New Hampshire: What You Need to Know

consulting

What is Consultant Insurance?

Consulting can be flexible, well-paying, and rewarding work, but it also comes with some risks. From professional errors to stolen equipment, consultant insurance may help protect consultants in New Hampshire from unexpected challenges.

Consultant insurance is specialized commercial insurance designed for consultants. It often includes coverage for professional mistakes and other business-related risks

Who Should Consider NH Consulting Insurance?

Any professional offering consulting services in New Hampshire should consider consulting insurance. Not carrying coverage can lead to expensive lawsuits or losses if something unexpected happens. The following are some examples of who typically purchase this type of policy:

  • Self-employed consultants working full-time
  • Self-employed consultants working part-time 
  • Employed professionals who consult on the side
  • Consulting firms with multiple professionals

Moreover, coverage is important regardless of what type of consulting you do. Some fields certainly carry more risks than others, but anyone could make a mistake or have equipment stolen. An insurance agent who specializes in consulting policies can help find a policy that meets your specific risk exposure and protection needs.

What Does Consultant Insurance Cover?

Consulting insurance policies can be customized to fit the specific needs of your consulting practice. Standard coverage options may include:

  • General Liability: This policy may protect against common office accidents, such as slips, falls, or other injuries. It may also include coverage for libel.
  • Cyber Liability: This may protect against data breaches, online attacks, and other digital risks that could compromise firm or client information.
  • Professional Liability: This is a critical coverage for consultants as it can protect against lawsuits arising from errors made when giving professional advice.
  • Commercial Auto Liability: Intended to cover vehicle-related accidents while traveling for work. This is especially important if your vehicle is registered in your business name.
  • Commercial Umbrella: Can provide additional protection if a liability lawsuit exceeds other policy limits.
  • Commercial Property: Can cover property used in the consulting business such as computers, furniture, specialized equipment, general equipment or supplies or a building.
  • Equipment Breakdown: Can cover urgent repairs for essential equipment used in business.

Does Workers' Compensation Cover Consultants?

Workers compensation: Workers compensation covers job-related injuries for employees. In New Hampshire, employers must provide this coverage—but independent contractors are typically excluded given they are not employees.

Employees: Typically covered by the employer's work comp policy.

Contractors/Subcontractors: Often not covered by the consultant's client and likely needs alternative coverage.

It can sometimes be difficult to tell the difference between a subcontractor and an employee, but the state of New Hampshire has a stringent definition of an employee, so be sure you understand the state's definition before assuming otherwise.

Sometimes, clients require a consultant to prove they have their own workers' compensation coverage. (They do this to avoid problems with their  coverage come audit time.) Because of this, it is a good idea to purchase your own workers' compensation policy in advance. 

You can purchase a workers' compensation policy to cover or exclude yourself. For more insight on this issue, vist the HPM blog, "Is Excluding Officers and Owners from Workers Compensation a Bad Idea?"

How Much Does Consulting Insurance Cost in NH?

Premiums vary based on:

  • Type of consulting work
  • Location and service area
  • Claims history
  • Other business details

To get accurate pricing, consult the agents of HPM Insurance who can compare quotes across multiple insurers.

Where can consultants get consultant insurance?

If you're a consultant in New Hampshire, HPM Insurance can help you find coverage for your consulting practice. We’ll compare policies from top insurers —so you can focus on what you do best - consulting.

📞 Contact us today to get started.