Starting a consulting business can be an attractive alternative to nine-to-five work. Consulting can be flexible, lucrative, and a great use of your proven expertise.
In this article, learn more about what a business consultant is, why one might be needed, and get tips for starting a consulting business.
A consultant, or independent contractor, is an outsourced expert hired by an organization to provide guidance on a specific project using their skills and knowledge. Working with a consultant can be attractive for companies that need flexibility in hiring or are looking to keep headcount and overhead costs low.
Consultants are brought on by businesses for a variety of reasons, including:
As remote work has become more accepted, a consulting business can often be started in one’s home and, depending on the industry, with not much more than a computer and internet connection. Here are a few additional things you’ll need in order to get started on the right foot with your business consulting services:
One worthwhile small business expense is insurance, which affords you financial protection in the event you make an error or if there’s an unforeseen catastrophe that impacts your consultancy.
As with most businesses, the type and amount of insurance that you need depends on many factors, such as the nature of your industry, where you meet with clients, if you have costly equipment, and whether you’re responsible for client data.
Here are some common coverages to consider and discuss with your insurance professional:
Your insurance agent or broker can help you assess the risks specific to your business and the insurance coverage you need.
You can start the process to get a quote on Chubb.com
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.
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