Sector
What insurance does a professional services or consulting firm need?
A firm that sells advice is most exposed to a client claiming that advice cost them money, so professional indemnity cover comes first. The retroactive date in that policy matters as much as the limit. Around it sit cyber cover for client data, D&O as the firm grows, and group health, accident and life cover for the team.
In short
- Professional indemnity comes first.
- Check the retroactive date, not just the limit.
- Cyber cover for client data; D&O as you grow.
- Employee benefits for a white-collar team.
Why does professional indemnity come first?
Because the firm’s product is advice. A client who says an error or omission cost them money can bring a claim that dwarfs the fee. Professional indemnity covers the compensation and the legal costs.
What is the retroactive date trap?
Work done before the policy’s retroactive date isn’t covered. If a firm changes insurers, lets cover lapse, or accepts a new retroactive date, years of past work can become uninsured overnight. Keep continuous cover and protect the retroactive date at every renewal.
What else does a firm need?
Cyber cover, because client files are valuable; D&O cover, as the firm takes on partners or investors; and benefits that help keep good people. Our page on employee benefits sets out the usual mix.
Frequently asked questions
What insurance does a consulting firm need?
Professional indemnity first, plus cyber, D&O as it grows, and group health, accident and life cover for staff.
What is a retroactive date in professional indemnity?
The date before which work is not covered. Changing insurers or letting cover lapse can leave past work uninsured.
Do CA firms need professional indemnity insurance?
Usually yes, because claims that advice caused a financial loss can far exceed fees.
What happens when you talk to us
A 20-minute video call with a Growth Advisor. No obligation, and no quote pushed. It opens with a five-minute video from our founder on how the benefits stack works and why Ethika exists; the rest is your questions. You’ll leave with an honest read on your current cover and claims experience, and a straight answer on whether we can genuinely help, even if you never become a client.
20 minutes with a Growth Advisor. No obligation.
A note on this page. Everything here is general information, not insurance, legal, financial or tax advice, and nothing is an offer. No insurer or product is named or recommended. What any policy covers depends on its own wording and schedule. For advice about your situation, talk to us.