You may not know this, but a majority of our clients happen to be in the IT consulting industry. We are often asked what type of insurance a typical IT consulting company would need, so we came up with a fictional company, to show you the insurance that you would likely need and typical premiums for this coverage.<\/p>\n
Howard Consulting, Manalapan, NJ 07726
\nOwner works from home and placed 4 consultants at client sites in New Jersey.<\/p>\n
First of all, you will need general liability insurance.\u00a0 General liability insurance<\/a> covers liability claims of bodily injury, other physical injury or property damage. This means you are covered for accidents at your business or at your clients\u2019 place of business. It also covers the cost to defend or settle claims whether they are fraudulent or not.<\/p>\n General Liability Insurance<\/strong><\/p>\n Estimated annual premium: Umbrella insurance<\/a> extends your coverage beyond the limits of your basic business insurance.\u00a0 Also referred to as excess liability insurance, umbrella insurance is important because it covers unexpected events.\u00a0 It\u2019s generally not expensive and in certain instances, it could literally save your business.<\/p>\n Umbrella liability<\/strong> Estimated annual premium: Workers compensation insurance coverage represents a compromise between employers and employees regarding employment related injuries or illnesses.\u00a0 Here\u2019s how workers compensation<\/a> works: Workers compensation insurance<\/strong> Average rate across U.S. with fees is .27-.35 per $100 of payroll\n
\n$350-$750
\n*liability only would be $350<\/p>\n
\n$1,000,000 per occurrence<\/p>\n
\n$400<\/p>\n
\nYour employees relinquish their right to sue you if they suffer an on-the-job injury or illness.\u00a0 In return, you, the employer, agree to provide state-mandated benefits as a result of that on-the-job injury or illness.<\/p>\n
\n$1,000,000 bodily injury<\/p>\n
\nEstimated annual premium based on $360,000 of payroll
\n$972-$1260<\/p>\n