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

SAN FRANCISCO: Embroker, the digital insurance company radically simplifying the insurance buying experience for businesses, today announced the release of its newest 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. Following the success of its vertically tailored insurance programs, Embroker is expanding its coverage into more verticals, beginning with consultants, giving decision-makers access to the suite of specialized policies in a streamlined process.

Consultants are largely underserved in insurance

Experts estimate there were more than 900,000 active consulting firms in the U.S. in 2023. While the market is dominated by large firms, the volume of small firms present affirms the diverse landscape of consultancy services. 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 entered the market to support consultants with comprehensive coverage.

This program marks a shift in professional coverage for consultants, elevating the insurance buying experience through Embroker ONE. 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.

Embroker distinguishes itself with a holistic approach designed to address these shortcomings. Unlike others in the space 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.

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. While avoiding errors entirely is impossible, Embroker 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% of consulting firms reporting at least one cybersecurity incident in the past year. 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 incredibly 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% increase from 2015. Consulting is more digital than ever, and cybercrime isn’t slowing down. As part of its new consultants program, Embroker’s 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,” said Ben Jennings, CEO of 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

Consultants and their firms are, ultimately, businesses. As such, they encounter the same risks that any small or large business owner would: property damage, business interruption and general liability. Embroker’s 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.

As Embroker expands its offerings, the digital insurance company will continue to find protections that resolve the threats to other underserved industries, including tax preparers, bookkeepers and law firms. The Consulting Program is positioned to expand to continue meeting the needs of the evolving industry. For more information on the new consulting program or other coverage options from Embroker, visit our website at www.embroker.com.

About Embroker

Embroker is a digital-first insurance company helping businesses manage risk with a radically simple approach. Embroker is enhancing the legacy and manually intensive technology of the commercial insurance industry with an end-to-end digital insurance platform that intelligently recommends industry-tailored coverage programs, all in minutes. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors. With a Net Promoter Score (NPS) of 70+, Embroker is also the highest-rated business insurance company in the market. Visit www.embroker.com for more information.

Fonte: Business Wire