Why Do Marketing and Media Professionals Need Insurance?
Errors or mistakes can happen as a marketing or media professional. You can face lawsuits as a result of your work. You need a media and marketing insurance package to protect you.
Did you know that you could be legally responsible as a marketing or media professional for any negligence or mistakes that cause a client to suffer a financial loss or property damage?
Media and marketing professionals who need professional liability coverage include:
- Copywriters, content writers and editors
- Public relations firms
- Advertising agencies
- Freelance media and marketing consultants
- Podcasters
- Social media influencers
- Market researchers
- Computer animators
- Graphic designers
Here’s what you need as a media or marketing professional:
Professional liability insurance
As media and marketing professionals, you write content, choose images, and generate ideas for your clients to help support their brands with their audiences.
You can face claims of plagiarism, missed deadlines, factual errors, defamation, and copyright infringement.
Professional liability insurance is a must to protect the media or marketing services that you provide.
This type of insurance provides coverage for claims of negligence, misconduct, or failure to deliver a service as expected. This type of insurance can help cover your legal fees and court-awarded settlements up to your policy limit.
Professional liability insurance does not cover deliberate misrepresentation or criminal acts as a media or marketing professional.
What determines how much professional liability will cost?
- Past claims
- Types of projects
- Years of experience
- Annual revenue
- Location
- Equipment and tools owned
What other insurance do media and marketing professionals need?
Commercial general liability (CGL) insurance
Without commercial general liability insurance (CGL), you would be responsible for paying any liability costs out of your own pocket if a client were to get injured or her property damaged at your marketing or digital media office. CGL insurance is also known as “slip-and-fall” insurance.
This type of coverage can also help protect you against allegations of false advertising, libel, or slander.
If you own a digital media or marketing firm, it wouldn’t be unusual to have $2 million to $5 million in CGL coverage.
Cyber liability insurance
If you are a self-employed marketing or media professional or you own your own firm in Toronto that stores your customers’ names, addresses and credit card information, you are vulnerable to a cyberattack.
You may also be liable for damages to third parties whose information has been stolen and you may have to pay for notification expenses to inform your clients affected by a breach. Without cyber insurance, you will have to pay out of your pocket for the cost of restoring your system.
Commercial property insurance
If you are a self-employed media or marketing pro and have your own office or if you are a firm owner, this type of insurance helps with the cost of repairing or replacing your commercial property in the event of an accident or natural disaster.
Typically, commercial property insurance covers theft, vandalism, and fire.
You can also add earthquake insurance, sewer backup or flood coverage extensions to protect your business.
Commercial car insurance
If you use your car to meet clients, you need commercial auto coverage as part of your insurance package. Personal car policies will not cover you or any employees using your car for marketing or digital media work.
Legal expense insurance
Legal expense coverage provides you with financial support to consult a lawyer for advice related to your media or marketing business.
