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As a contractor in an interim management or consultancy role, you are hired to make difficult decisions, exercise expert judgement, and deliver to demanding targets. You’ll also often work to strict and unforgiving deadlines. Assuming responsibility for significant budgets, critical projects, and skilled workforces is your everyday reality. Therefore, the risks are as significant as your responsibilities.

 

What is interim manager and consultant insurance?

 Interim manager and consultant insurance is a single policy that rolls all the key types of cover a consultant or interim manager requires into a single package. We make it easy and affordable to secure all the essential professional insurance you need to practice your skills. That’s because we understand how you work, the pressures you face, and the risks you run.

 We know from experience that scouring the market for contractor and freelance insurance is an inefficient use of your valuable time. With Kingsbridge, you can get all the insurance you need in one place.

 

What cover should management consultant insurance include?

Our package of insurance for consultants and temporary managers includes:

Professional Indemnity Insurance

PI insurance for consultants and interim managers is often a contractual obligation and a necessary precaution against the many occupational hazards. Also known as errors and omissions insurance (E&O), it protects you as a contractor against claims for negligence, which can often result from giving the wrong advice.

The policy also provides cover for loss of documents or data, breach of intellectual property, and defamation and libel.

 

Directors’ and Officers’ Liability Insurance

Many contractors are directors of their own limited company. This means that, if something goes wrong while you are acting as an interim manager or consultant, you can be the subject of legal action through your company. If your business is ever accused of financial mismanagement, a health and safety failure, or a legislative breach, your insurance’s directors’ and officers’ liability component provides cover for any legal fees that may arise.

 

Employers’ Liability Insurance

Say you work as a contractor and don’t have any employees of your own. Do you still require employers’ liability insurance?  The surprising answer is yes in many cases. If you operate through a limited company and your partner or spouse occasionally helps with bookkeeping or admin, for example.

You also need this component if your contract has a substitution clause, meaning you provide a skilled replacement if unable to do the work yourself. Substitution clauses are a key IR35 indicator, frequently written into contracts.

 

Public Liability Insurance

What if an injury to a third party or damage to their property occurs in the course of your work? The mishap could be as simple as spilling a cup of hot coffee over some expensive equipment. It’s the role of public liability insurance for consultants to provide cover in such cases. It will also pay out for any resulting legal fees, if you defend yourself against resulting claims, which can end up costing enormous sums.

 

IR35 Insurance

IR35 investigations are dangerous for any self-employed professional working with a specific client for an extended period. HMRC may deem this arrangement to be permanent employment disguised as contracting, and thus launch an IR35 enquiry to prove it. This can result in potentially crippling costs. IR35 Protect cover from Kingsbridge provides safety from the associated defence costs, taxes, interest, and penalties.

Better still, it extends the cover to whoever HMRC pursues. This can be you, your end client, or your recruitment agency, so this degree of flexibility is vital.

At no extra cost, the cover also provides IR35 status reviews and legal expenses cover for other types of investigation, such as tax, PAYE and NIC, plus contract disputes and personal injury claims. With a debt recovery service and cover for loss of earnings resulting from jury service also included, it’s a form of insurance that’s attractive to all contractors.

 

Occupational Personal Accident Cover

We are seasoned providers of contractor and sole trader insurance at Kingsbridge. In our vast experience, this is the cover that consistently results in the most claims.

For contractors, physical injury is typically the most likely cause of enforced time away from the job, and the inability to work can lead to significant financial losses. If an injury occurs while working, your personal accident cover will provide a weekly sum of up to £500, enabling you to avoid stress and worry while recovering. The policy will also pay out a lump sum if you must give up work permanently, or to your estate if you die.

 

What additional cover can Kingsbridge interim managers and consultants insurance provide?

As well as all the components detailed above, you can benefit from true peace of mind with a broad range of additional covers that include:

 

Why is insurance so vital for interim managers and consultants?

Consultants offer recommendations for others to put into practice, while interim managers often direct the implementation of their own advice. Both roles involve a high degree of risk to your livelihood and career.

Any misfortune or misjudgement that costs a client money is likely to result in a dispute, possibly leading to legal action or compensation claims. Therefore, having the right combination of insurance cover in place from the start is vital for your own protection.

Contractor insurance may also be needed to ensure compliance with regulations, contractual demands, client-driven conditions, or the requirements of an industry body.

 

How much does interim management consultants’ insurance cost?

The cost of your policy will depend on a range of variable factors, including the cover level selected and the turnover of the company.

Talk to our team, and we’ll make sure the cover is suitable for all the exposures you are likely to face when working as a management consultant, safety consultant, temporary manager, or any highly skilled, executive-level contractor.

 

Why choose Kingsbridge?

As leading insurance specialists for freelancers and contractors, we are here to help you enjoy the freedom that comes with self-employment, without facing undue risk or excessive costs. We’re confident that we offer superb value and back that up with the Kingsbridge price promise. It means that if you find equivalent cover at a cheaper price, we’ll beat it.* And, of course, the policy is a key IR35 compliance indicator.

You can rely on a comprehensive insurance package tailored to your needs when working as an interim manager or consultant. So, start work with confidence, knowing that the cover is in place and all essential documents are immediately accessible.

 

Get your quote now

You can get a free quotation for consultants and interim managers insurance in minutes right here.  Simply visit our quote page or call our helpful client services team on 01242 808740.

Frequently asked questions

  • Do I need professional indemnity insurance as a manager or consultant?
  • You are not legally obliged to have professional indemnity insurance as a consultant or interim manager. However, many contracts insist on this and other types of cover, as do the relevant regulators and industry bodies.

  • Is public liability insurance a legal requirement for consultants?
  • It isn’t a legal obligation, but the possibility of injury to a third party or damage to property is impossible to rule out. Without this cover, you will, at best, be severely out of pocket. At worst, your career could be over.