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Essential coverages to meet client demands
Client relations is a major part of PR professionals' daily work, and the occasional mistake can occur in client advice. Unfortunately, errors can leave you exposed to a lawsuit. An unhappy client could believe a loss is your fault, and sue. Without Errors and Omissions (E&O) you could face immense legal costs or bankruptcy. If you offer PR consultation, this is a policy you’ll want to purchase.
General Liability insurance protects your business from a variety of claims, including property damage and bodily injury. General Liability insurance is often considered a basic essential for small businesses, as it protects you from third-party damage claims. In fact, it can be combined with a Business Owners Policy (BOP) for cost savings.
PR professionals operate most business digitally. If you fall victim to a hack, you’ll likely be required to notify anyone who could have been affected, including past and present clients, that their data may have been compromised. This type of insurance will help you pay for the costs of recovering from such an attack, contacting clients and rebuilding your reputation through advertising.
Accidents can happen, even in public relations. Workers' Compensation covers medical costs, lost wages and rehabilitation for injuries and illnesses that are work-related. In addition to protecting your employees, it also protects your business. Employees who receive Workers' Compensation payments relinquish their right to sue their employer for negligence.
A Business Owners Policy (BOP) combines protection for all major property and liability risks in one convenient package, offering an easy way to cover your business’s physical and financial assets. The typical BOP includes property insurance, liability insurance, and business interruption insurance, with add-ons specific to your industry and risks available.
As public relations professional, you likely serve clients, have employees and operate out of a physical office space – all of which leave you open to exposures.
Public relations pros juggle many daily tasks, from pitching reporters to checking in with clients and writing blog posts. One thing you shouldn’t be worried about? Insurance. We’ll help you understand the ins and outs of what you may need.
All public relations businesses should be insured – no matter the size. PR businesses that should purchase insurance plans include:
Immediately. By operating a business, you’re already exposing yourself to risks. A General Liability insurance should be one of the first things you look into when setting up your business.
For example: If you’re meeting with a client and spill coffee on their laptop, you’re legally liable for causing the damage (and potentially for loss of documents and data, too). General Liability insurance would cover this claim, up to the policy’s limit.
As soon as you hire employees. In fact, Workers' Compensation is mandatory in many states. Be sure to check your local laws to find out if you need to offer it.
For example: Repetitive stress injuries are common in public relations, where professionals work long hours at the computer. The most common RSI is carpal tunnel syndrome.
Do you operate your public relations business out of a physical office space? Do clients come to visit you in person? Do you own expensive equipment, like laptops and smartphones? If you answered yes to any of the above, you likely need a Business Owners Policy (BOP).
Most small to mid-size public relations agencies are eligible for BOP. With less than 100 employees and $5 million in sales, you’re likely eligible. You should get BOP right away. It’s the easiest and most affordable way to get covered.
For example: A fire occurs in your office building, leaving you without an office. However, clients are still expecting work to get done, meaning you’ll need to relocate to a temporary office space. With Business Interruption insurance from BOP, you’re covered.
Right away, if clients pay for your services. Protect yourself from clients who feel your service failed to deliver the results promised in your sales pitch. It doesn’t matter if you or your employees don’t make a mistake, if the client believes you caused a loss they can file an expensive lawsuit. Errors and Omissions (E&O) insurance can often be combined with a BOP, if you’re eligible.
For example: You recently took on a new client who pays a large retainer for your public relations services. They’re launching a new product that you think is exciting and press-worthy – and you tell them so. You convince them to invest in an influencer relations campaign to drive awareness of the new product… and the campaign results in almost no sales or leads. As a PR pro you know media results are never guaranteed, but the client is furious. They could sue you for damages, but E&O insurance covers the case.
The cost of insurance for a public relations business depends on a variety of factors. Your premiums will vary based on where your business is located, whether or not you handle expensive product samples, the size of your business and whether or not it has employees.
To get an accurate quote for the insurance types you are interested in, contact us for further assistance. Once we provide a quote, we encourage you to review the policies to ensure everything you need is covered by the plan.
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