How much does insurance for marketing consultants cost?

Marketing consultants pay an average of $29 per month, or $350 per year, for general liability insurance.

General liability insurance covers third-party accidents at your office that result in a bodily injury or property damage. For example, if a client slips on an icy front step and suffers a concussion, this policy would pay for your legal defense costs.

A general liability policy can also pay for lawsuits related to advertising injuries, including copyright infringement and defamation. This makes it essential for businesses that have a website or promote their services on social media.

Consultants sometimes need general liability coverage in order to sign a commercial lease, work with larger clients, or get a business license. It shows your clients and partners that they're protected against financial losses in the event of an accident.

Below is the average general liability policy for marketing consultants who buy from TechInsurance:

Premium: $29 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of general liability insurance is based on numerous factors, including your business operations, the policy limits and deductible you choose, the size and location of your business, the number of employees you have, and any exclusions or endorsements on your policy, such as an additional insured.

On average, marketing consultants pay $55 per month, or $654 per year, for professional liability insurance.

Professional liability insurance covers lawsuits related to professional negligence. It would pay for attorney's fees and other legal expenses if a consultant failed to boost a client's profits by an agreed-upon deadline, or made an error in a marketing campaign that caused a financial loss.

You might also see this type of coverage referred to as errors and omissions insurance (E&O) or professional indemnity insurance for marketing consultants. Partners and clients might require you to carry professional liability coverage, as it'll pay for legal bills that might otherwise impact them.

This is the average professional liability policy for marketing consultants who buy from TechInsurance:

Premium: $55 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

Insurers consider several factors when determining professional liability insurance costs, including the coverage limits and deductible you choose, the size of your firm, the type of professional services you provide, and your claims history.

Marketing consulting companies pay an average of $41 per month, or $494 per year, for a business owner's policy (BOP).

A business owner's policy bundles general liability coverage with commercial property insurance at a lower cost than buying these policies separately. You can often include other types of coverage, such as business interruption insurance (or business income coverage) to cover the costs of a temporary closure.

A BOP provides insurance for your office in the event of a fire, storm, or theft. It also protects against common liability claims, such as a client who trips over a power cord and suffers an injury.

This is the average business owner's policy for marketing consultants who buy from TechInsurance:

Premium: $41 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

Consulting firms that qualify for a BOP usually are small in size (fewer than 100 employees) and low risk. Learn more about business owner's policy eligibility.

The cost of a business owner's policy depends on factors such as the value of your business property, the policy limits you choose, your location, and the amount of foot traffic in your office.

Marketing consultants spend an average of $41 per month, or $494 annually, for workers' compensation insurance.

Consulting firms are typically required to secure this insurance coverage as soon as they hire their first employee, though the specifics depend on the laws in your state.

Workers' comp pays for medical expenses and disability benefits when you or an employee suffers a work-related injury or occupational illness. For example, if a consultant gets injured in an auto accident on their way to meet a client, this policy would pay for their medical bills and lost income while they recover.

Workers' compensation coverage usually includes employer's liability insurance. This policy pays for legal costs if an employee sues their employer over an injury.

Even though workers' comp may not be required for sole proprietors or independent contractors, it is highly recommended. Most health insurance plans can deny claims for injuries that happen on the job.

The cost of workers' comp is primarily based on the number of employees you have and their occupational risks. Other factors, such as the cost of healthcare in your state, can also impact your premium.

The average cost of cyber insurance for marketing consultants is $74 per month, or $882 annually.

This policy covers expenses related to cyberattacks and data breaches. It can help pay for data breach investigations, ransomware payments, and the cost of complying with customer notification laws in your state.

Cyber insurance is crucial for consulting firms that store personal information, such as clients' email addresses or credit card numbers. It's sometimes called cyber liability insurance or cybersecurity insurance.

The cost of cyber insurance primarily depends on the type of business you own and the amount of sensitive information handled by your company.

Consulting firms and consultants pay an average of $146 per month, or $1,757 per year, for commercial auto insurance.

A commercial auto policy would help pay for injuries and property damage caused by your company vehicle, along with legal fees if you're sued. You can also buy coverage for vehicle theft, vandalism, and other losses.

Almost every state requires this type of insurance for businesses that own a vehicle, as personal auto insurance won't cover business driving. To protect personal, rented, and leased vehicles used for work, you'd need hired and non-owned auto insurance (HNOA) instead.

The cost of commercial car insurance depends on many factors, including your employees' driving records, policy limits, the number of vehicles you own and their value, and your coverage options.