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Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Why do Advertising Agencies need insurance?
Insurance will help cover your business from losses caused by unforeseen events. Events like advertising mistakes, property damage and lawsuits could lead to the financial collapse of your business.
What risks could Advertising Agencies face?
An advertising agency is responsible for creatively marketing clients. Your goal is to increase the sales while remaining honest within the legal limitations. When you make a mistake that costs your clients money, you are at risk of being sued. Other risks include unethical data collected by your employees, inaccurate test results that lead to monetary loss of your client, improper marketing practice, libel or slander of your clients' competing brands.
How much does Advertising Agency insurance cost?
The insurance cost for advertising agencies varies depending on the insurance your business needs to carry. General Liability insurance, for example, could cost $450 annually. Business Owners Policy can average from $650 in annual premiums. For Professional Liability $1,000 is somewhat the average cost.