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Business Insurance for Marketing & Media Professionals
As a marketing consultant you have plenty of responsibilities, and unfortunately things do go wrong from time to time.
Thankfully there is a range of insurance solutions available to ensure that you are protected financially should a claim be made against you or your business.
In this guide we will look at the various risks faced by marketing consultants and the insurance types available to combat those risks.
Professions & Business Types
Although the information within this guide has been designed around the term ‘marketing consultant’, we know what many other professions fit within this same category.
Some of the other professions and business types which can benefit from this guide include the following:
- Advertising Consultants
- Online Marketing Consultants
- Advertising Agencies
- Market Research Consultants
- SEO (Search Engine Optimisation) Professionals
- SEM (Search Engine Marketing) Professionals
- Media Consultants
- PR (Public Relations) Consultants
- Digital Agencies
If your occupation or business type is not listed above, please contact us on 1300 542 245 and we’ll be happy to talk to you about your insurance needs.
Potential Risks
If you operate as a sole trader or run a small team, you might be thinking to yourself ‘what’s the worst that could happen?’
It’s a fair enough question, because most marketing consultants will go through their career without ever suffering a major event that could result in an insurance claim.
But if something was to go pear-shaped at some point in time, you’d better hope you have the right insurance in place!
So what are the potential risks that could result in a financial loss which you are responsible for?
Here are just a few:
- Someone injures themselves in your office
- You damage your client’s property whilst at their premises
- You leave a typo or an error in marketing material which has been published
- You are sued for defamation based on material you have published
- You provide reports or information to a client based on inaccurate data
- Acts of negligence which result in a financial loss to a client
- Other losses which a client believes you are responsible for
Due to the nature of business insurance we can’t make a blanket statement saying that your insurance will cover any type of event which is listed above.
Each claim is assessed on a case by case basis and the events will be investigated by the insurance company.
What we can say however is that by having the most appropriate insurance in place for your marketing consultancy you will give yourself the best chance of protecting against financial losses.
Insurance Types
The types of business insurance that you require will depend on how you run your marketing consultancy.
If you operate from a home office as a sole trader, you may find that a basic package consisting of professional indemnity and public liability insurance is sufficient.
If you are operating a large consultancy with multiple staff from your own premises, then your insurance needs will naturally be different.
So what are the main types of insurance available to marketing and media professionals, and what do they cover?
- Public Liability: Covers you if you cause property damage or personal injury to another person.
- Professional Indemnity: Covers you if you cause your client a financial loss due to a mistake or negligence or your failure to exercise the necessary level of skill for your profession
- General Property: Cover for your portable property such as laptops, tablets and smart phones from risks such as theft, fire and lightning.
These are the three most commonly required forms of small business insurance, however you may require additional policies options depending on your individual needs.
For example if you are operating from leased offices, you will most likely need glass insurance as part of your lease agreement, as well as business contents insurance to cover the contents of your office.
There are numerous other forms of business insurance policies available, and it is recommended that you speak with an insurance broker if you unsure of your needs.
Insurance Cost
Consulting is generally seen as a relatively low risk business activity from an insurer’s perspective, which means that the costs of insurance is relatively low.
This will depend on your individual business however.
For example if you are running your business from home as a sole trader, the cost of your insurance could be as low as a few hundred dollars if you choose limited cover.
If on the other hand you are running a large consulting firm with fifty staff spread across multiple offices, obviously your costs is going to be significantly higher.
The easiest way to get an accurate idea of the insurance cost for your business is to request a quote from a qualified insurance adviser of broker.
We have access to a network of insurance experts who specialise in marketing consultant insurance, and you can access them simply by completing our online quote request or calling 1300 542 245.
More Information
Although you may think that working as a marketing consultant is a fairly low risk business type compared with other professionals such as doctors and lawyers, there are certainly still risks to be weary of.
The easiest way to protect yourself from these risks is by having the most appropriate business insurance in place.
For more information please contact us and we will put you in touch with the right person to help you and your business with their insurance protection needs.