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Sample Business Insurance Quotes for an IT Consulting Firm
Policies start at $77 / month for firms with 6+ employees.
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Sample Business Insurance Quotes for an IT Consulting Company

Insurance for a large consulting company might not cost as much as you'd think. To help give you an idea of how much your business might pay, we pulled cost information for a typical large IT consulting company that has six or more employees.

Based on that information, a large IT consulting company might expect to pay about…

  • $921 to $2,758 / year for General Liability Insurance.
  • $1,200 to 1,735 / year for Umbrella Insurance.
  • $10,993 / year for Workers' Compensation Insurance.
  • $1,939 to $2,652 / year for Errors & Omissions Insurance.
  • $3,569 / year for a Fidelity Bond.

We'll take a look at each sample policy below, but keep in mind that these are samples quotes. They are meant for educational purposes only and are not intended as recommendations. To see how much insurance will cost for your business, apply for a quote.

Worth noting: For some policies, we provide both an average and median cost. Occasionally, a handful of more expensive policies will drive up the average cost, even though most customers paid significantly less. This is reflected by the median price.

How Much Does General Liability Insurance Cost for a Large Consulting Company?

General Liability Insurance is typically the first policy most businesses purchase because it can cover basic liabilities, such as visitor slip-and-fall injuries or third-party property damage.

General Liability Quote:

  • Average General Liability Insurance cost: $2,758 / year.
  • Median General Liability Insurance cost: $921 / year.

Coverage Amount

$1,000,000 General Liability per Occurrence
$2,000,000 General Liability Annual Aggregate
$1,000,000 Personal & Advertising Injury per Occurrence
$2,000,000 Products Completed Operations Aggregate
$300,000 Damage to Rented Premises
$10,000 Medical

How Much Does Umbrella Liability Insurance Cost for a Large Consulting Company?

Umbrella Liability Insurance can provide coverage for claims that exceed the limits of your General Liability policy and certain other liability insurance policies. However, Umbrella coverage can't be applied to E&O claims.

Umbrella Liability Quote:

  • Average Umbrella Insurance cost: $1,735 / year.
  • Median Umbrella Insurance cost: $1,200 / year.

Coverage Amount

$1,000,000 Per Occurrence and Aggregate
$10,000 Retention (Deductible)

How Much Does Workers' Compensation & Employers' Liability Cost for a Large Consulting Company?

Workers' Compensation Insurance can help cover the costs associated with workplace injuries and illnesses. Most states require businesses with employees to have Workers' Comp, but the laws vary from state to state. Check the rules where you live to learn about your obligations. For a comprehensive analysis of Workers' Comp costs across all industries and a state-by-state guide to Workers' Compensation laws, visit the Insureon website.

Workers' Compensation / Employer's Liability Insurance Quote:

  • Typical premium cost (based on state rates and payroll): $10,993 / year.

Coverage Amount

$1,000,000 Bodily Injury by Accident, Each Accident
$1,000,000 Bodily Injury Disease, Each Employee
$1,000,000 Bodily Injury Disease, Policy Limit

Payroll

State Class Payroll
KS 5191-08 $360,000
KS 8742-17 $154,000
KS 8803-06 $3,811,300
KS 8810-02 $850,000

*Owner / officer payroll may have been adjusted to state guidelines.

Worth noting: The above Workers Compensation premium is auditable. After the policy term expires, the insurance company may request a report of your actual payroll during the policy period. If your actual payroll amounts are different from the estimate on your application, it may result in an additional premium charge or a premium credit. It's also important to notify the carrier or our agency when you hire employees during the year who reside or will work for an extended period of time outside the state where your company is based.

How Much Does Errors & Omissions Insurance Cost for a Large Consulting Company?

Errors & Omissions Insurance, also known as Professional Liability Insurance, can cover your legal expenses when a client sues your business over professional mistakes, incomplete work, or missed deadlines.

Errors & Omissions Insurance Quote:

  • Average Errors & Omissions Insurance cost: $2,652 / year.
  • Median Errors & Omissions Insurance cost: $1,939 / year.

Coverage Amount

$1,000,000 Per Occurrence
$1,000,000 Annual Aggregate
$5,000 Deductible

Worth noting: This sample Errors & Omissions coverage and premium includes unauthorized access and malicious code coverage. It doesn't include intellectual property liability and cyber liability coverage, which is often required by software developers, web developers, and ASPs, etc. To learn more about these risks and coverage options, please contact us.

Claims-made notice: All Errors & Omissions policies quoted are issued on a "claims made" basis. This means that coverage is only provided for work that is done while the policy is active and for claims that are filed while the policy is active.>/p>

How Much Does a Fidelity Bond Cost for a Large Consulting Company?

A Fidelity Bond, also known as an Employee Dishonesty Bond, can reimburse your client if one of your employees steals money, equipment, or other assets from them. Many financial institutions, such as banks, require companies they do business with to purchase this type of coverage.

Fidelity Bond Quote:

  • Typical premium cost: $3,569 / year.

Coverage Amount

$1,000,000 Deductible
26 to 50 Total Employees covered

Billing Options

Your insurance company will usually bill you directly for General Liability, Worker's Compensation, Umbrella Insurance, and Fidelity Bonds. It will invoice you four to six weeks after coverage starts.Your Errors & Omissions policy can either be paid in full prior to starting coverage, or we can arrange financing through a premium finance company. It will usually require 30 percent down and typically charge around 15 percent interest.