Your experience makes it possible for you to begin a consulting business. You’ve worked hard to get to where you are. Now, you want to start your own business and build success from it.  

Before you do, you need to think ahead and plan for business insurance. The right coverage can help to keep you stay operational in situations where risks try to limit your success. Risks include liability claims against your company or losses to assets.

The type and amount of business insurance necessary depends on the size of your business, your location, and the type of work you will do. Here are some types of coverage you may need:

• Property insurance: If you operate out of an office or own any valuable assets such as computers, equipment or inventory, you need property insurance.

• Liability insurance: A general liability insurance plan is a good place to start. It provides protection against damage claims made against your business. Damage claims may include personal or property damages, such as slips and falls.

• Professional liability insurance: Consultants provide a service and advice. As a result, they are at a higher risk of liability claims if they make mistakes. Most need professional liability insurance to provide a higher level of financial coverage.

• Commercial auto insurance: If you use your personal vehicle for work, commercial auto insurance may be valuable.

• Business income coverage: This insurance can help reduce any losses should you have to stop operations for an extended period. An example is a fire that causes you to close for repairs.

• Key person insurance: As a consultant, you may have one or two employees. However, your business generally cannot go on if you do not come in each day to work. Key person insurance helps to fund your business if you or another person, cannot work.

• Workers’ compensation: If your business has employees, you may have to carry workers’ compensation insurance. Workers' comp covers worker illness or injury caused on the job.

Consultants need to have business insurance specific to their industry and region. Work with your agent to ensure you get a policy that carefully reflects your planned company. You can get estimates in advance of getting your business underway.

Nor Cal Pacific can help you get a fast, free business insurance quote. Call us at 530-221-2300 for more information.