Running your own marketing business and working with clients can certainly have its challenges. When things don’t go to plan you want to ensure your business is in the best position to face a potential claim. From accidentally giving the wrong advice to not meeting your client’s expectations or the theft of a laptop, Insurance is available  to protect your business when you’re having more than just a ‘bad day at the office’.

 

Why is insurance important to your marketing business?

You’ve worked hard to create your own marketing business and insurance is a vital part of safeguarding its future from unforeseen exposure to risks and claims. There are a number of different types of insurance policies for small businesses, with various levels of cover that will suit your business and its particular needs.

Some of the things insurance can offer protection for range from the legal costs of defending a claim, to the replacement of a portable piece of business equipment after a burglary, and the costs associated with claims arising from employee fraud. Understanding the types of risks your business may be exposed to and protecting against the ones that are most likely to happen, is likely to be important to the longevity of your marketing business.

 

What are the risks for marketing businesses?

As a marketer you work closely with your clients, giving them your professional advice and services. One of the challenges of your role is keeping your clients happy, which isn’t always the easiest thing to do. 

The reality is that you may encounter a client who alleges your professional advice and services were incorrect, misleading or negligent, resulting in a claim against you and your business.

This is just one example of the kind of risk’s marketers face, and where Professional Indemnity insurance would be able to provide a form of protection.


What is Professional Indemnity insurance*?

Marketing is a varied industry and one where you are often expected to wear many hats. Juggling the expectations of your clients can be stressful and the last thing you need to worry about is a Professional Indemnity claim.

Professional Indemnity insurance is important for protecting your marketing business from a potential claim and is a form of coverage that is typically taken out by businesses that provide specialist services or professional advice.  

It is designed to respond to claims against your marketing business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

 

What is Public Liability insurance*?

Public Liability insurance is designed to provide protection for you and your marketing business in the event a customer, supplier or a member of the public are injured (in circumstances that are not covered by the Accident Compensation Commission (ACC)) or sustain property damage as a result of your negligent business activities.   

 

A Public Liability policy will cover compensation and legal costs for insured incidents. If your business has employees, contractors or representatives who come into contact with clients, suppliers or members of the public (either at their premises or yours) then Public Liability insurance is an important cover to consider.

 

Other Business Insurance coverages to consider for your marketing business

When it comes to Business Insurance, the options for coverage can be overwhelming. Here is a guide to some of the types of Business Insurance coverages available and how they can protect your marketing business. 


Cyber Liability*

In the marketing industry, you rely on the data and details of your clients to get the job done, often storing sensitive information online. The scary fact is the minute you connect to the internet, you open your business to the possibility of being the target of cybercrime.

Cyber Liability insurance is intended to help protect you and your marketing business from claims and is there to 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 unintentional loss or release of customer personal information, cyber-crime, cyber extortion/ransomware and business interruption due to a cyber event.

Statutory Liability insurance*

Even the most careful of business owners, directors and those in managerial positions could find themselves being held accountable and responsible for their actions within the workplace.

Statutory Liability Insurance protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of Parliament. It will also cover the costs of representation related to investigation costs for alleged breaches affecting commercial businesses, as well as defence costs, and fines or penalties payable following a conviction for an offence under an insured statute.


Employers Liability insurance*

Chances are you take great measures to ensure a safe work environment for your employees, but no matter how hard you prevent an incident from happening, accidents do occur.

Employers Liability insurance protects you against settlements or damages, including defence costs, as a result of an employee suffering bodily injury arising out of their employment (where the ACC does not provide cover).



Insuring your marketing business 

Getting the right types of business insurance to protect your marketing business and its unique risks doesn’t need to be complicated. BizCover offers an easy quote system that will provide you with quotes in minutes, so you can choose the cover you want in a couple of mouse clicks.

*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.