Embroker Announces Coverage Program for Consultants Available on ONE Platform

The tailored, expert-backed coverage is designed to safeguard consultants against unique industry threats, saving time and effort in the coverage process.

(Image credit: Shutterstock.)

Embroker (San Francisco), a digital platform aimed at simplifying the purchase of business insurance, has announced the release of a new vertical program created specifically for consultants.

Now available on Embroker’s ONE platform, the coverage program is built for consultants’ specific needs and risks, meeting requirements for professional liability, cyber liability and key business owners’ insurance coverages, according to an Embroker statement. The company says that, following the success of its vertically tailored insurance programs, it is expanding its coverage into more verticals, beginning with consultants, giving decision-makers access to the suite of specialized policies in a streamlined process.

Underserved Market

A Gitnux report estimates that there were more than 900,000 active consulting firms in the US in 2023. While the market is dominated by large firms, the volume of small firms present affirms a diverse landscape of consultancy services, the report suggests. The management consulting branch alone is valued at well over $300 billion. Recognizing the need for tailored insurance solutions for firms of all sizes, Embroker says it entered the market to support consultants with comprehensive coverage.

Embroker says its program marks a shift in professional coverage for consultants, elevating the insurance buying experience through its Embroker ONE platform. “Through its streamlined, transparent process, Embroker eliminates time-wasting redundancies that can leave businesses vulnerable to underinsurance. Embroker’s policy library, curated from best-in-class carriers, ensures customers receive tailored, high-quality coverage aligned with industry needs and their unique risk profile,” the Embroker statement asserts.

Embroker says it differentiates itself in the market through a holistic approach designed to address shortcomings. The company asserts that, unlike others in the field who recommend policies before considering the applicant’s personal risk profile or simply provide a menu of options without customization, Embroker integrates multiple policies into one tailored solution.

Ben Jennings, CEO, Embroker.

Professional Liability in Consulting

Given the daily volume of private financial data consultants handle, they require robust policies backed by industry experts who understand the intricacies of consulting, particularly concerning errors, omissions, and general malpractice, Embroker says. While avoiding errors entirely is impossible, Embroker says it recognizes this challenge and collaborates with consultants and industry professionals to develop a tailored Professional Liability coverage program, providing consultants with peace of mind, knowing that if errors occur, they’re adequately covered.

Cyber Risk to Consultants

Consultants are familiar with cyber risks, with 73 percent of consulting firms reporting at least one cybersecurity incident in the past year. Embroker notes that, as the volume and sophistication of cyber attacks grow, the need for reputational and financial support as a result of an attack has grown with it. Consultants are extremely vulnerable to these threats due to the lucrative nature of the employee and corporate data they handle. McKinsey estimates that damage from cyberattacks will amount to about $10.5 trillion annually by 2025 — a 300 percent increase from 2015. Consulting is more digital than ever, and cybercrime is accordingly an accompanying threat. As part of its new consultants program, Embroker says its Cyber Liability Coverage protects consulting professionals from the financial fallout of existing and emerging cyber threats.

“The industry-wide concern over cyber exposure has never been higher—consultants, many of whom are self-employed or part of small firms, must proactively protect themselves and their clients from the very real risk of cyber exposure,” comments Ben Jennings, CEO, Embroker. “Given consultants’ strategic role and unique relationship to their clients, an improved insurance solution is mandatory. They need coverage that provides peace-of-mind so they can operate worry-free. Embroker’s approach provides them with a single-destination solution, an upgraded purchasing experience and the comfort knowing they are covered with the most appropriate policies for their specific needs.”

General Liability: Foundational Coverage for Consultants

The Embroker statement notes that, given that consultants and their firms are, ultimately, businesses, they encounter the same risks that any small or large business owner would: property damage, business interruption and general liability. Embroker says its approach ensures that every aspect of a consulting firm’s operations is safeguarded, eliminating the gaps often found in generic policies. From slips and falls to property damage, Embroker’s Business Owners Policy for its consulting program is foundational coverage every business needs, the company statement asserts.

As Embroker expands its digital insurance offerings, it says it will continue to find protections that resolve the threats to other underserved industries, including tax preparers, bookkeepers and law firms. The company asserts that its Consulting Program is positioned to expand to continue meeting the needs of the evolving industry.

Embroker Partners with Dashlane and Cowbell to Improve Experience for Clients

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment