During a discussion about SD-WAN at Microcorp One on One event, I mentioned business liability insurance. That wasn’t correct. Consultants need to carry Errors and Omissions Insurance (E&O) aka Professional Liability Insurance. A $1M policy costs about $1k per year (see here).
The Business Liability policy is for people who fall at your workplace – and other things. (The Hartford explains some of that HERE.)
There are policies to cover your equipment (like renter’s insurance).
You can even get BOP insurance that contains the liability, the renter’s and lost income.
One thing to consider: anyone can be sued. We are a litigious society. It will cost you at least $10,000 to retain an attorney. Insurance is about managing risk. As we get deeper into consulting and new technology (like SD-WAN and cyber-security), the risk increases. As we give more advice about critical elements of the IT infrastructure – like cyber-security or Hybrid WAN design – or butts will be out there a little more.