The Hartford earned our top spot for the best small business insurer for consulting companies due to its affordability and coverage. However, we recommend comparing quotes from our other top picks, including Simply Business, NEXT and Nationwide.
Best Consulting Business Insurance
Updated: July 10, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford is the best business insurance company for consulting firms because it offers the greatest balance of affordability and customer service.
The Hartford offers the best balance of affordability and customer service for consulting businesses, with the lowest professional liability insurance rates
To shop for business insurance for your consulting business, assess the risks in your industry, consult agents and other similar organizations and compare multiple options.
Best Business Insurance for Consulting Companies
| The Hartford | 96 | 98 | 91 |
| NEXT Insurance | 95 | 96 | 94 |
| Simply Business | 93 | 96 | 83 |
| Nationwide | 90 | 87 | 91 |
| biBERK | 88 | 86 | 91 |
| Hiscox | 88 | 90 | 87 |
| Progressive Commercial | 87 | 89 | 81 |
| Thimble | 86 | 87 | 81 |
| Chubb | 85 | 80 | 87 |
| Coverdash | 85 | 80 | 83 |
*All scores were based on a consulting business with two employees across professional liability, general liability, workers' comp and BOP policies.
1. The Hartford
pros
Lowest professional liability insurance rates
More than 200 years of experience in the insurance business
Highest financial stability ratings
cons
Less affordable for workers' comp policies
COMPANY HIGHLIGHTS
The Hartford dominates our consulting business insurance rankings, building on more than two centuries of industry expertise to deliver unmatched value for consulting professionals. As the most affordable provider overall, it offers the lowest rates for professional liability insurance, along with competitive rates for other policy types.
The Hartford's combination of competitive pricing and financial stability makes it the top choice for consulting firms seeking reliable protection. With its A+ from AM Best leading our analysis and the highest affordability score among all providers, consulting firms can trust that The Hartford will deliver both value and dependable claims payment when you need coverage most.
2. NEXT
pros
Best customer service experience
Reasonable rates for most coverage types
Large coverage selection
cons
Slower quote times than competition
Lower financial stability ratings
COMPANY HIGHLIGHTS
NEXT earned the runner-up spot in our consulting business insurance rankings by delivering an outstanding balance of excellent customer service, competitive rates and comprehensive coverage designed for consulting operations. Despite being relatively new to the insurance industry with under a decade of experience, NEXT has achieved an impressive 4.7 out of 5.0 customer rating from more than 3,000 policyholders. The insurer ties for second in affordability, with rates as low as $17 for general liability insurance.
3. Simply Business
pros
Lowest rates for general liability and BOP insurance
Multiple quotes at once
Strong online presence and customer service
cons
Policies are through a third party
No direct claims handling
COMPANY HIGHLIGHTS
Simply Business secured third place in our consulting business insurance rankings by offering a online platform that helps consultants find insurance with multiple specialized insurance providers.
The service excels at helping consultants compare coverage options and premium rates from various insurers, making it easier to find the right coverage of finding appropriate professional liability and errors & omissions policies. This marketplace approach is particularly valuable for consulting firms that need tailored coverage for their specific practice areas and client relationships, making it easier to secure the right coverage at good prices.
Cheapest Business Insurance for Consulting Firms
Based on our study of business insurance pricing, Simply Business offers competitive rates across multiple coverage types, ranking as the cheapest provider for general liability and BOP insurance. However, this applies only to consulting companies with two employees, and you may find lower rates elsewhere. Below are the most affordable providers by major coverage types.
Cheapest General Liability Insurance for Consulting Companies
With an average monthly rate of $14, Simply Business offers the lowest-cost general liability insurance for consulting companies. Even so, consider getting quotes from the next-most-affordable insurers: NEXT and The Hartford.
| Simply Business | $14 | $173 |
| NEXT Insurance | $17 | $209 |
| The Hartford | $18 | $212 |
| Nationwide | $20 | $237 |
| Hiscox | $21 | $247 |
| Progressive Commercial | $24 | $284 |
| Thimble | $24 | $294 |
| biBERK | $25 | $298 |
| Chubb | $26 | $314 |
| Coverdash | $34 | $406 |
Cheapest Workers' Comp Insurance for Consulting Companies
For consulting businesses shopping for workers' comp insurance, Thimble tops our list as the most affordable insurer, with average rates of $13 per month or $156 yearly. However, you may find more affordable rates with Simply Business, Progressive Commercial and Hiscox.
| Thimble | $13 | $156 |
| Hiscox | $14 | $174 |
| Progressive Commercial | $14 | $168 |
| Simply Business | $14 | $173 |
| biBERK | $15 | $183 |
| Coverdash | $15 | $178 |
| NEXT Insurance | $15 | $181 |
| The Hartford | $15 | $176 |
| Nationwide | $16 | $195 |
| Chubb | $17 | $209 |
Cheapest Professional Liability Insurance for Consulting Companies
The Hartford offers the most affordable professional liability insurance options for consulting companies, with low average monthly rates of $96. You may also want to compare prices from other low-cost providers like NEXT and Progressive Commercial.
| The Hartford | $96 | $1,155 |
| NEXT Insurance | $100 | $1,200 |
| Progressive Commercial | $102 | $1,220 |
| Simply Business | $105 | $1,263 |
| Hiscox | $106 | $1,276 |
| Thimble | $106 | $1,269 |
| Coverdash | $108 | $1,298 |
| biBERK | $111 | $1,329 |
| Nationwide | $116 | $1,393 |
| Chubb | $125 | $1,501 |
Cheapest BOP Insurance for Consulting Companies
Simply Business provides the most affordable business owner's policy (BOP) coverage for consulting companies, with an average yearly cost of $256 for bundled general liability and property protection. That's a savings of roughly $13 annually compared to The Hartford, the second most affordable option.
| Simply Business | $21 | $256 |
| The Hartford | $22 | $269 |
| NEXT Insurance | $25 | $303 |
| Nationwide | $29 | $353 |
| Hiscox | $31 | $368 |
| biBERK | $32 | $386 |
| Progressive Commercial | $36 | $426 |
| Thimble | $38 | $460 |
| Chubb | $39 | $470 |
| Coverdash | $49 | $587 |
What Type of Coverage Do You Need for a Consulting Business?
If you have employees, you'll need workers' comp insurance in most states, and businesses that use vehicles must have commercial auto coverage. Many clients won't work with you unless you have general liability insurance before starting work. A surety bond may also be necessary in certain industries, especially when contracts require guarantees of service or compliance.
RECOMMENDED CONSULTING BUSINESS COVERAGE
General liability insurance is strongly recommended for consulting companies because it covers common risks like bodily injury, property damage and legal defense costs. Professional liability insurance is also a smart option for businesses that work under client contracts or provide specialized services. This works well for for consulting businesses with commercial contracts or high-risk jobs, like technical, legal or customized services.
Coverage Recommendations by Consulting Company Type
We've broken down consulting services by their risk exposure and insurance needs, starting with those facing the highest risk for claims. Knowing these differences helps you pick the right coverage to protect against potential liabilities.
Consulting Company Type | Coverage Types Recommendation | Most Common Insurance Claims | Most Common Reasons For Litigation |
|---|---|---|---|
Management Consulting | Professional Liability (E&O), General Liability, Cyber Liability, Commercial Property, Workers' Comp, Employment Practices Liability, Directors & Officers, Commercial Auto, Umbrella Policy ($5M+) | Failed strategic recommendations, project implementation failures, missed deadlines causing client losses, data breaches of client information, employment disputes, intellectual property disputes | Business strategy failure lawsuits, implementation negligence claims, missed deadline damages, cyber breach class actions, non-compete violation suits, intellectual property theft allegations |
IT/Technology Consulting | Professional Liability (high limits), Technology E&O, Cyber Liability, General Liability, Commercial Property, Workers' Comp, Intellectual Property Coverage, Media Liability, Umbrella Policy ($10M+) | System implementation failures, software bugs causing business disruption, cyber security breaches, data loss incidents, missed project deliverables, technology compatibility issues | System failure lawsuits causing business losses, cyber security breach litigation, software defect class actions, data loss recovery suits, intellectual property infringement claims, project delay damages |
Financial/Investment Consulting | Professional Liability (very high limits), Fiduciary Liability, Investment Advisor E&O, General Liability, Cyber Liability, Commercial Property, Workers' Comp, Regulatory Defense, Umbrella Policy ($25M+) | Investment advice negligence, fiduciary breach claims, portfolio management errors, regulatory compliance violations, data breaches of financial information, unsuitable investment recommendations | Investment loss class actions, fiduciary breach lawsuits, unsuitable investment claims, regulatory enforcement (SEC/FINRA), cyber breach affecting client finances, fee dispute arbitrations |
HR/Benefits Consulting | Professional Liability, General Liability, Employment Practices Liability, Fiduciary Liability, Cyber Liability, Commercial Property, Workers' Comp, ERISA Coverage, Umbrella Policy ($5M+) | ERISA plan administration errors, employment law compliance failures, benefits enrollment mistakes, discrimination in HR practices, cyber breaches of employee data, wage/hour violation advice | ERISA fiduciary breach class actions, employment discrimination lawsuits, benefits administration error suits, wage/hour violation penalties, cyber breach affecting employee records, wrongful termination advice liability |
Environmental Consulting | Professional Liability, Environmental Liability, General Liability, Pollution Liability, Commercial Property, Workers' Comp, Commercial Auto, Regulatory Defense, Umbrella Policy ($10M+) | Environmental assessment errors, contamination discovery failures, regulatory compliance violations, employee exposure to hazardous materials, sampling/testing errors, permit application failures | Environmental contamination lawsuits, assessment negligence claims, regulatory enforcement (EPA/state agencies), groundwater contamination suits, toxic exposure liability, cleanup cost recovery litigation |
Healthcare/Medical Consulting | Professional Liability (high limits), General Liability, Cyber Liability, Commercial Property, Workers' Comp, Medical Malpractice (if applicable), HIPAA Coverage, Regulatory Defense, Umbrella Policy ($15M+) | Healthcare compliance failures, HIPAA violations, medical coding errors, quality improvement failures, cyber breaches of health data, regulatory compliance violations | Healthcare malpractice suits, HIPAA violation class actions, medical coding error litigation, quality improvement negligence claims, cyber breach affecting patient data, regulatory enforcement (CMS/HHS) |
Engineering/Technical Consulting | Professional Liability (high limits), General Liability, Environmental Liability, Commercial Property, Workers' Comp, Commercial Auto, Product Liability, Completed Operations, Umbrella Policy ($15M+) | Design errors causing structural failures, technical specification mistakes, project delay damages, safety analysis failures, environmental impact assessment errors, construction oversight negligence | Structural failure lawsuits from design errors, technical negligence claims, project delay damages, safety analysis failure suits, environmental violation penalties, construction defect liability |
How to Get the Best Cheap Business Insurance for Your Consulting Company
Here's a step-by-step guide to help you find the best and cheapest business insurance for your consulting company.
- 1
Decide on coverage needs before buying
Consider risks specific to your business for claims, get advice from similar businesses, talk to agents and research the types of business insurance. This will give you a balanced perspective on your coverage needs and prevent you from being convinced to get excessive coverage.
- 2
Research costs
For the best deal, research average costs for your business profile and determine which providers offer the cheapest rates overall. This will give you a measuring stick for how much you're saving when comparing quotes and which companies to start with.
- 3
Look into company reputations and coverage options
To narrow your options, research what customers say on online rating sites and forums to get a more comprehensive look at company services. Also, to align with your coverage needs and future ones, research coverage options to ensure you're covered for the right items.
- 4
Compare multiple quotes through different means
The best way for finding the best deal is to compare multiple quotes for apples-to-apples coverage. Pricing differs by your comparison method, whether with captive agents, comparison sites, company websites or independent agents.
- 5
Reassess annually
Your business situation will change, influencing your rates and coverage needs. Repeat these steps annually to ensure you still have the best deal.
How to Decrease Your Consulting Business's Liability Risk
Reducing risk in your consulting business helps prevent claims and keeps insurance costs down and insurance costs manageable. We've organized effective risk mitigation strategies by risk level or service type to help you handle this more easily.
Consulting Business Risk Type | Included Types of Consulting Businesses | Risk Mitigation Tactics |
|---|---|---|
Highest | Financial/investment advisory, legal consulting, medical/healthcare consulting, environmental compliance, cybersecurity consulting, regulatory compliance advisory |
|
Moderately high | Management consulting, IT/technology consulting, engineering consulting, strategic planning, merger & acquisition advisory, executive search |
|
Moderate | Marketing consulting, HR consulting, operations consulting, small business advisory, training and development, process improvement |
|
Moderately low | Business coaching, freelance consulting, workshop facilitation, niche specialty consulting, organizational development |
|
Lowest | General business advice, consulting referrals, educational workshops, industry research, consulting training, advisory board services |
|
Best Insurance for Consulting Business: Bottom Line
The Hartford is the best insurer for consulting business insurance, offering both top-rated coverage and the most affordable rates. We also recommend getting quotes from NEXT, Simply Business and Hiscox. To find the best deal, consult agents, research providers and compare multiple quotes.
Consulting Business Insurance: FAQ
Discover answers to frequently asked questions about insurance for consulting businesses.
Who offers the best consulting business insurance overall?
The Hartford provides the best business insurance for consulting firms with the highest overall rating and strong customer service and a MoneyGeek score of 96 out of 100. NEXT is a close contender.
Who has the cheapest business insurance for consulting companies?
Here are the most affordable business insurance options for consulting companies by coverage type:
- General liability insurance is most affordable with Simply Business, costing $14 monthly
- For workers' comp insurance, Thimble offers the best rate at $13 monthly
- The Hartford provides the lowest cost for professional liability insurance at $96 monthly
- Simply Business again leads in affordable BOP insurance, priced at $21 monthly
What business insurance is required for consulting organizations?
Workers' compensation insurance (if you have employees) and commercial auto insurance (if you own business vehicles) are legally required for consulting businesses, with requirements varying by state. While not legally mandated, general liability insurance and surety bonds are effectively required by most commercial clients and property leases.
How much does consulting business insurance cost?
Business insurance costs for consulting businesses vary depending on the type of coverage. Below we've broken down costs for commonly needed coverage of small businesses:
- General liability: $22 per month
- Workers comp: $15 per month
- Professional liability: $108 per month
- BOP insurance: $32 per month
How We Chose the Best Consulting Business Insurance
We selected the best business insurer for consulting companies based on the following criteria:
- Affordability (50% of score): The lower a company's costs compared to the competition based on our base profile for four core coverage types, the better it performs.
- Customer service (30% of score): We scored providers on overall customer satisfaction using industry studies, customer review forum ratings and public forum sentiment analysis from sites like Reddit.
- Coverage (15% of score): We scored business insurance for this category based on the flexibility, payment and actual coverage options.
- Financial stability (5% of score): Using financial stability industry ratings from companies like AM Best and Moody's, we created an overall rating to judge how likely a company is to pay out claims compared to the competition.
All pricing in this article is based on the following base profile to represent the vast majority of small businesses in all states:
- Consulting business with two employees
- Coverage: $1 million per occurrence and $2 million total per year for all but BOP, which includes the same coverage plus $5,000 of business property coverage
- $150,000 in payroll
- $300,000 annual revenue
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- AM Best. "Hartford Fire Insurance Company." Accessed June 16, 2025.
- NEXT. "Customer Reviews." Accessed June 16, 2025.