Marketing Consultant Insurance
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What Insurance Do Marketing Consultant Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
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.
Employment Practice Liability Insurance, or EPLI, protects you from employment-related claims. If you're accused wrongful termination, discrimination in hiring or firing or workplace harassment, EPLI covers your defense and settlement costs.
Frequently Asked Questions
Why do Marketing Consultants need insurance?
You work hard on your business to earn the profits you deserve, so you need protection from liabilities and accidents otherwise, it could put you out of business. Your insurance will pay for the covered risks. Therefore, your business assets are protected. Insurance won't cost a lot, in fact, all you need is to pay for a small monthly fee to protect your business.
What risks do Marketing Consultants face?
Marketing Consultants need to be experts in their field to provide their services with minimal risk. However, risks cannot be avoided and can cause a liability lawsuit. Some potential risks include:
- While driving to your client, you got involved in an accident in which it concludes that you are at fault in the incident.
- A client visiting your office tripped from a loose wire that you were about to fix and suffers an injury. You'll not only be responsible for the medical payments, but also for the attorney and court fees when that client decides to sue your marketing consulting services.
How much does the insurance for Marketing Consultants cost?
There is no fixed cost of insurance for marketing consulting services. Most insurance carriers will rely on the size of your business, the coverage required and the number of employees to get the cost of your insurance policy. Without taking these into account, below is the average cost of insurance for marketing consulting services:
- General Liability costs $600 in annual premiums.
- Commercial Auto insurance costs $500 in annual premiums
- Errors & Omissions (E&O) insurance costs $700 in annual premiums.
Do You Need BOP for Your Marketing Consultancy Business?
Whether you are an independent marketing consultant, a group of three business consultants working in tandem, or a huge consultancy firm, insurance is one of the biggest factors in your day-to-day operations that could save you major financial devastation down the road. After all, your job is to help people build their business, and that can bring on a lot of risk. Do you have an office where you meet clients? Marketing consultant Liability insurance is a must if so, and this can be found in a BOP, or Businessowner’s insurance policy. The great thing about a BOP is that it combines a lot of coverages into one convenient package. Liability insurance is going to cover you for lawsuits related to slips and falls of people who visit your office. Or, if you meet clients at their place of business, such as a head office setting, and you wind up accidentally damaging their property, then that will be covered here as well.
The other big coverage component that is within the BOP is Commercial Property insurance. Even if you work out of your home, you likely have specific items that you use for your business, such as a desk, chair, and computer. All of these things are considered Business Personal Property and would need to be replaced if there is a fire or other covered event that damages them. What’s more, Commercial Property Insurance even covers theft and vandalism.
Let's say there is a fire and wherever you work, whether at home or an office location, must undergo repairs or be rebuilt. This inevitably means you will have trouble continuing your operations, which this insurance package will then cover. That is, a BOP policy is going to contain Business Interruption coverage, which will pay for the lost income during this time period.
Do You Need PL as a Marketing Consultant?
Professional Liability insurance (PL) for consultants may arguably be the most important coverage you have. This insurance policy is going to respond to cases of mistakes, errors, or oversights in the expert administrations you give as part of your job as a consultant. Professional Liability, or Errors and Omissions insurance, insures you, your representatives, and your firm in the event that you are sued for proficient carelessness. After all, regardless of the precautions you take, errors can still happen.
You might be hopeful that your loyal clients will never sue you for a mistake, but unfortunately that is not always the case. Often, these mistakes can cause financial impact on the client and they will surely want you to pay for it. If an event such as this ends up being a significant Error or Omission and your client loses a significant amount of money, you will likely be on the hook for it. Professional Liability insurance for consultants will ensure that you do not go bankrupt by having to dig into your profits to pay for this type of loss.
With Errors and Omissions insurance, you are secured on the off chance that you commit an error, and let's be honest, no one is perfect. Regardless of whether a case against you is unwarranted, you need to shield yourself if you are sued, and without this critical insurance protection, your own personal assets could be in danger. Be sure to protect yourself and your firm by purchasing Professional Liability insurance. After all, it is an investment in your future and the longevity of your business.