Insurance for Marketing Consultants
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Why do Marketing Consultants need Insurance?
Your clients ultimately rely on you to help increase their leads, sales and profits, but you should consider appropriate business insurance to protect you against potential pain-points. Being the marketing professional that you are, we don’t need to convince you that comparing insurance from some of Australia’s leading insurers online is the smart way to go.
Did you know?
As a marketing consultant, it is important for you to clearly understand the scope of your retainer as these will set the parameters of the professional duty of care you owe clients. For this reason, you should carefully consider the terms you agree too, including the or KPIs you are expected to meet.
What types of insurance do marketing consultants typically consider?
As a marketing consultant, you are expected to wear many hats and each hat can come with a different type of risk. It’s always hard to keep everyone happy, and everyone has experienced a hard-to-please customer who holds unreasonably high expectations.
Professional Indemnity insurance is your secret weapon to protect yourself against financial losses if you end up facing a claim for actual or alleged negligent acts or omissions in the provision of your professional service or advice. Having Personal Indemnity insurance will let you breathe easy, assisting with the payment of compensation to a third party, together with your defence costs (these are the reasonable costs incurred in investigating and defending a covered claim and include legal fees, investigation fees and court costs).
Public Liability Insurance
If you have an office where your clients visit you, or you are getting your dose of vitamin D by heading out to meet them, Public Liability insurance is important to your business.
It is designed to provide protection for you and your marketing business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
Your clients are important, but so are your business assets. General business insurance is designed to provide cover when insured events occur (for example, fire, storm or theft). It can provide cover for your building, contents, stock or event an interruption to your business. A business insurance package can even include tax audit, statutory liability or employment practices insurance cover.
Consider the client data or personal information you may be storing and the consequences if it were to be compromised. A cyber liability insurance policy is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event.
An advertising agency was engaged by a food manufacturing client to prepare an advertising campaign for their newest baby food product. The client provided strict instructions for the ad copy to include that their new baby food product did not contain nuts. The agency prepared the ad, and after approval of the final copy the ad was run in a Parenting Magazine. Unfortunately, the copy which went to print was an earlier draft which did not refer to the product being nut free and was the result of miscommunication between the agency’s staff. The client reported a marked drop in sales as a result of the incorrect version of the ad being run and issued a claim against the agency for compensation.
It was determined the advertising agency was liable, as it failed to follow the specific instructions of the client and did not have appropriate measures in place to prevent errors. The claim ultimately settled at mediation prior to going to trial for $180,000 in compensation, plus defence costs of $40,000. Luckily, the ad agency’s insurer was there to pick up the tab!
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice.
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*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.