2014

Insurance Policies for Energy Consultants

Energy consultants should consider the following business insurance policies, which can protect them from the overwhelming costs of lawsuits, property damage, and other expenses that can devastate a business.

General Liability Insurance for Energy Consultant Companies

General Liability Insurance covers the basic liabilities your energy consulting company faces from third parties like your customers, clients, vendors, and other people not employed by your business.

Covered third-party lawsuits include…

  • Property damage.
  • Personal injury.
  • Advertising injury and copyright infringement.
  • Damaged reputation.
  • Libel or slander.

General Liability Insurance pays for your legal expenses like lawyer's fees, paralegal costs, judgments / settlements, and other costs. In other words, General Liability Insurance can pay for your legal defense and the amount awarded to the injured party who is suing you.

Let's say an energy consultant is visiting a customer's home. They are walking around a home office and checking the windows to gauge what kind of improvements could be made. While doing this, the consultant trips over a surge protector, which jerks the customer's laptop and tablet to the ground. The two computers are broken and the customer is upset. Fortunately, the consultant has General Liability Insurance, which is able to pay for the lawsuit.

Property Insurance for Energy Saving and Energy Use Consultants

Property Insurance can pay your energy consulting company when its commercial property is lost or damaged by…

  • Fire.
  • Theft.
  • Vandalism.
  • Covered weather events.

Not all weather events will be covered by your insurance. Many policies don't include coverage for natural disasters like hurricanes or floods. If there is specific weather coverage you need, make sure to ask your agent to include it in your policy.

If a fire starts in your office, you could be looking at five or six figure's worth of property damage. When sprinklers go off or the firemen arrive, in addition to fire damage, your property can suffer serious water-related damage.

When something like this happens, Property Insurance can pay for the damaged building and your equipment / supplies / inventory. Property Insurance can even cover the income your business loses if you need to temporarily suspend your operations. Business Interruption Coverage pays your business for the lost income and some other expenses related to relocating or temporarily shutting down your business.

Business Owner's Policies for Efficient Energy Use andGreen Energy Consultants

Business Owner's Policies package General Liability and Property Insurance in one policy, and because of the small-business discount they offer, your consulting company can save money on its business insurance.

BOPs are only sold to small businesses and often cost less than the two policies they contain would cost separately. But insurance companies won't sell these policies to every small business. To qualify, your business…

  • Can't need more than 12 months of Business Interruption Coverage.
  • Can't work in a risk-prone industry.
  • Can't work at a large office space.

Contact our agents to see if they can get you this discount on your General Liability Insurance and Property Insurance.

Cyber Liability Insurance for Energy Consulting Companies

Cyber Liability Insurance (also called Data Breach Insurance or Cyber Risk Insurance) covers businesses when their networks are hacked.

You may be thinking that, as a small energy consultant, you are unlikely to be targeted by hackers. Actually, almost three-fourths of all cyber attacks are aimed at small businesses. Large businesses have more resources to defend themselves and respond to attacks, so hackers target them less often.

Why does someone want to break into your network? Hackers are looking for personal data or access to your bank account. They'll look for social security numbers, credit card info, and other personal information that will allow them to steal the identities of your customers, clients, employees, and other people whose data you might have.

When this happens, your Cyber Liability Insurance can pay for…

  • P.R. or advertising efforts to restore your business's reputation after the attack.
  • Fraud monitoring for people whose information may have been exposed.
  • Investigations about the source of the attack weaknesses within your network.

These resources are all paid for by First Party Coverage in a Cyber Liability Insurance policy. There are also Third Party Defense policies, which are a second type of CLI. However, your business probably doesn't need this coverage, which is primarily for IT and IT-related businesses that are liable for their clients' computers and network security.

Errors and Omissions Coverage for Wind Energy, Nuclear Energy, and Other Energy Consultant Companies

Errors and Omissions Coverage (also called E&O or Professional Liability Insurance) pays for lawsuits about the quality of your work. In an E&O lawsuit, customers might sue an energy consultant for…

  • Making mistakes or bad recommendations.
  • Failing to reduce energy bills by the estimated amounts.
  • Not meeting their expectations.
  • Performing shoddy or incomplete work.

A customer may be upset when they've invested a lot of time and effort to renovate their home, but don't see the results they expect (i.e., more efficient energy use and lower bills). If that happens, Errors and Omissions Insurance can protect energy consultants from lawsuits.

E&O Insurance is a claims-made coverage. Claims-made insurance policies only cover lawsuits when your customer sues you over something that happened while your E & O policy was in force. If a customer sues you for consulting work you did a year before you purchased this insurance, it will not cover the lawsuit.

If you switch to a new E&O provider, your new one will not cover lawsuits about consultations you gave before you started the new policy (even if they were covered with the old policy).

Because of this, many businesses get E&O insurance as soon as they start up and stay with the same provider for as long as their business is active.

Workers' Compensation Insurance for Efficient Energy Use and Green Energy Consultants

Workers' Compensation Insurance (commonly called Workers' Comp or Workman's Comp) covers a variety of workplace illnesses and injuries like…

  • Carpal tunnel syndrome.
  • Trips and falls.
  • Repetitive stress injuries.
  • Back injuries.
  • Injuries from car accidents.

When one of these injuries occurs, Workers' Comp can pay for…

  • Employee medical bills (MRIs, X-Rays, doctors' visits, surgery, etc.).
  • Paid recovery time for employees who are unable to work.
  • Employer legal costs when an employee sues the business.

If an employee develops carpal tunnel syndrome, your business can be liable. Sometimes a desk that is an inch too low or high can lead to this injury. When that happens, Workers' Comp can pay for your employee's medical bills. If they sue your consulting firm, your insurance can pay for the suit (including lawyer's fees and any damages awarded to the employee).

Every state except Texas requires employers to purchase Workers' Compensation Insurance. In Texas, however, businesses are still liable for employee injuries, so many businesses opt to purchase this insurance to avoid paying out of pocket for workplace injuries. Wherever you operate, Workman's Comp can help your business take care of your employees and pay for expensive lawsuits.

Insureon Custom Builds Small Business Insurance for Energy Consultants

Fill out our simple, online insurance form. It'll only take minutes, but can save your business money on its insurance. After you submit your application, our agents will give you a free quote - usually within 10 or 15 minutes.

Contact an agent today.

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