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Back to the home page and map, from TryOwning · Consulting or agency · Lesson 5
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Consulting or agency · 14 min

Setting up the practice

Before the first invoice, a few choices decide how much one bad project can cost you: how you set up the business, what you insure, and what you sign. None of it is hard, and most of it is cheap. Skipping it is what's expensive.

HOURS
Ticket 01 · The guess

What does insurance for your advice cost?

A new client's contract says you must carry professional liability insurance, the kind that pays when someone says your advice was wrong, with a limit of $1Minsureon.com ·2026. About what does a small consulting business pay a month for it?

$250/month
$0/month$500/month
Words to know

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Tell us what looks off. No name or email needed.

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Sources and every number (1)

Sources

  • How much does consultant insurance cost? (median premiums for consulting businesses that bought policies through Insureon; updated June 30, 2026) · Insureon, 2026

Every number

  • $62/monthinsureon.com ·2026 · Professional liability (errors and omissions) insurance: Insureon's median for the consulting businesses that bought a policy through it, one insurance broker's data, page updated June 2026; most of its customers have fewer than five employees.
  • $400/yearinsureon.com ·2026 · The low end of what Insureon's consulting customers paid for a year of professional liability insurance.
  • $3,750/yearinsureon.com ·2026 · The high end: Insureon says yearly policies ran to over this much.
  • $32/monthinsureon.com ·2026 · General liability insurance: Insureon's median for the consulting businesses that bought a policy through it, one insurance broker's data, page updated June 2026; most of its customers have fewer than five employees.
  • $1Minsureon.com ·2026 · The limit most of Insureon's consulting customers chose for professional liability: this much for one claim, and the same for a year.
  • $1,000insureon.com ·2026 · The deductible on Insureon's sample professional liability policy for consultants.
  1. Lessons›
  2. Industries›
  3. Consulting or agency
  • ·Before this: From solo to a firm
  • ·Next: Your first year
  • ·Free guide: How consultants make money
Skip to the lesson
Back to the home page and map, from TryOwning · Consulting or agency · Lesson 5
Part 1 of 3Part 1 of 3, 0 done

Consulting or agency · 14 min

Setting up the practice

Before the first invoice, a few choices decide how much one bad project can cost you: how you set up the business, what you insure, and what you sign. None of it is hard, and most of it is cheap. Skipping it is what's expensive.

HOURS
Ticket 01 · The guess

What does insurance for your advice cost?

A new client's contract says you must carry professional liability insurance, the kind that pays when someone says your advice was wrong, with a limit of $1Minsureon.com ·2026. About what does a small consulting business pay a month for it?

$250/month
$0/month$500/month
Words to know

Spot something wrong?

Tell us what looks off. No name or email needed.

What kind of problem?

0 / 1000

We'll also send this page, the lesson, ticket 1, so we can find it. Nothing else. Privacy

·
Sources and every number (1)

Sources

  • How much does consultant insurance cost? (median premiums for consulting businesses that bought policies through Insureon; updated June 30, 2026) · Insureon, 2026

Every number

  • $62/monthinsureon.com ·2026 · Professional liability (errors and omissions) insurance: Insureon's median for the consulting businesses that bought a policy through it, one insurance broker's data, page updated June 2026; most of its customers have fewer than five employees.
  • $400/yearinsureon.com ·2026 · The low end of what Insureon's consulting customers paid for a year of professional liability insurance.
  • $3,750/yearinsureon.com ·2026 · The high end: Insureon says yearly policies ran to over this much.
  • $32/monthinsureon.com ·2026 · General liability insurance: Insureon's median for the consulting businesses that bought a policy through it, one insurance broker's data, page updated June 2026; most of its customers have fewer than five employees.
  • $1Minsureon.com ·2026 · The limit most of Insureon's consulting customers chose for professional liability: this much for one claim, and the same for a year.
  • $1,000insureon.com ·2026 · The deductible on Insureon's sample professional liability policy for consultants.
  1. Lessons›
  2. Industries›
  3. Consulting or agency
  • ·Before this: From solo to a firm
  • ·Next: Your first year
  • ·Free guide: How consultants make money