An allegation that your professional advice caused a loss can lead to a claim, even when there is no physical damage. In Australia, insurance for management consultants may include Professional Indemnity Insurance for legal costs and damages arising from claims of negligence. Public liability generally addresses specified claims involving personal injury or property damage. Cyber cover is not automatically included in every professional indemnity policy, so check the policy wording.Choosing cover is easier when you know what risks to consider, especially if your work spans strategic planning, project management or recruitment. This guide explains how the main covers may respond, how claims-made policies affect notification, and what to do if a claim arises. It also shows how your services, client interactions, business property and digital risks can shape your insurance needs. Key Takeaways Match cover to the advice and services you provide, and distinguish professional advice claims from injury or property damage claims. Understand how a claims-made policy’s notification period and retroactive date can affect whether a claim may be covered. When a claim arises, promptly follow the policy’s notification requirements and keep relevant records of the work and communications. Consider how client visits, business equipment, employees and digital operations may shape the insurance your consultancy needs. Table of Contents Making a claim What does management consultant insurance cover? Industry-specific insurance for management consultants MyGen Insurance Brokers: Business Insurance Making a claim A claim against a management consultant may concern professional advice, documents, public liability or other business circumstances. The policy wording explains which cover may respond and how to notify a claim.For context on structuring liability cover and handling claims, watch this video: Defamation and intellectual property claims A client might allege that a consultant’s report harmed their reputation, raising a defamation claim. An allegation of unauthorised use of protected material or branding may involve intellectual property liability. Neither is automatically covered. Check the policy schedule and wording for relevant cover, exclusions and notification conditions. A broker can explain how the policy treats these allegations.Claims-made policies and cover periods A claims-made policy responds to claims first made against a business during the policy period. It may cover incidents occurring after the policy’s retroactive date, subject to its terms. The alleged error and the claim may occur at different times. For management consultant Professional Indemnity Insurance, the limit in place when the claim is notified applies, not the limit held when the work was completed. The management consultant wording provides seven years of automatic run-off cover, subject to its terms and conditions. Review the retroactive date and run-off provisions … [Read more...] about Management Consultant Insurance Cover and Claims