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!
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.
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.
How does the Public Relations industry connect with insurance?
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.
What businesses in the Public Relations industry need insurance?
All public relations businesses should be insured – no matter the size. PR businesses that should purchase insurance plans include:
When should you get General Liability Insurance?
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.
When should a Public Relations Business get Workers Compensation?
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.
When should a Public Relations business get a Business Owners Policy?
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.
When should a Public Relations business get Errors and Omissions Insurance?
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.
How much does Public Relations Insurance cost?
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.