Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
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!
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.
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.
Why do Services Related to Advertising need insurance?
These businesses offer advertising services such as distribution, sign lettering, and painting services, store window dressing or trimming services, welcoming services, and merchandise demonstration services.
Even if your business is successful, disaster could strike at any moment and force you to close down. Insurance will make sure that this won't happen by paying for the costs associated with covered disasters. It is a way to mitigate the risk of unforeseen damage and helps keep your business running despite the disaster.
What risks do Services Related to Advertising face?
Below are some common risks services related to advertising can face:
Your advertising business has provided wrong information with regard to the advertisement you made for your client. This caused them to suffer huge financial losses, and they sue your business as a result.
An employee has said things to one of your clients that causes your client to file for a libel case.
Your employee gets injured from putting up ads on top of the building. As their employer, you are responsible for the medical payments of your employee.
How much does insurance for Services Related to Advertising cost?
There is no fixed cost for insurance related to advertising as it depends on various factors. Most of the time the cost relies on the size of your business, the number of employees, and the coverage required. Without taking these into account, below is the average cost of insurance for your business: