Marketing Consultants Insurance
However, if for some certain reason a marketing campaign fails, you may potentially be held liable. If there is a suspicion of negligence or allegations of breach of duty, your client may lodge a claim against you demanding compensation.
Defending yourself may be expensive. Before this happens, protect yourself with an insurance policy.
Types of Insurance for Marketing Consultants
If a client lodges a claim against your business, insurance companies may help cover the legal fees used in defending the claim. FD Beck Insurance Brokers has a team of qualified insurers broker in Australia who can help you with arranging suitable business insurance policies.
Professional Indemnity Insurance
- For your legal defence, you would need to hire a lawyer. If you have professional indemnity, the insurance company may be able to assist you by appointing on your behalf one of their panel lawyer and paying their fees.
- Not only does a PI policy cover the legal defence costs of an eligible claim, but it also indemnifies your business in respect to payment that you become legally liable for in relation to your client's financial loss.
- In some instances, insurance companies try to settle a case early. The sooner a case ends, the smaller the legal cost, thus reducing the over all cost of the claim.
Public Liability Insurance
Public liability insurance may provide protection from this party allegations of injury or property damage. A third party could sue you or your business, even if it is your employee who caused the problem.
Public liability insurance can help you in two ways.
- Assist in the medical expenses of the injured person. If sued, the insurance company may pay for the legal cost of defence, settlement, and cost of compensation the other party (if you lose).
- The insurance company may be able to assist you with the repair or replacement of damaged or lost property owned by a third party where the damage was caused in the course of operating your business.
Key Risk Exposures for Marketing Consultants
A marketing consultant’s mistake may result in a client incurring a financial loss. The following are some of the risks that you as a professional may face:
- Failure to coordinate marketing campaign for a media placement, resulting in missed deadline and financial loss.
- Using incorrect data to predict consumer trends resulting in incorrect advice.
- Failure to follow client's instructions and act in their interest.
- Unauthorised use and disclosure of confidential information obtained from the client.
- Negligent promotion of client's business
- Conflict of interest
Arrange Your Insurance Policy with FD Beck
Specific to your consultancy work, FD Beck can arrange a policy. We understand that consultants have different needs and risks. We can help you find and arrange a policy that fits your requirements as a marketing consultant.
Depending upon the nature of your business, we can also recommend insights on what other business insurance policies you may need.
Please utilise our online tool to request insurance quotes.
Arrange Your Insurance Policy with FD Beck
Specific to your consultancy work, FD Beck can arrange a policy. We understand that consultants have different needs and risks. We can help you find and arrange a policy that fits your requirements as a marketing consultant.
Depending upon the nature of your business, we can also recommend insights on what other business insurance policies you may need.
Please utilise our online tool to request insurance quotes.
FAQs
How much indemnity cover does a marketing consultant need?
Generally, professional indemnity coverage ranges from $500,000 to $5,000,000. You have the option of increasing the cover up to $10,000,000 if required. FD Beck can help you decide based on the scale of your business. Know what PI insurance covers here.
Do all marketing consultants need professional indemnity insurance?
PI insurance is not a legal requirement in Australia. Nonetheless, it is beneficial in your profession as a marketing consultant or a freelance professional, as it can protect your reputation. Public liability insurance, likewise, also may not be compulsory but it is strong recommendation that you have it.
How much does business insurance cost a marketing consultancy?
Professional indemnity premium costs start from as low as $350 for a $500,000 Limit for low risk occupations. Again for a low risk occupation with a $5,000,000 limit you may be looking at a minimum Professional Indemnity premium of $800. These figures are estimates only. For actual costs, the insurer needs to consider several other factors. Public liability costs may also vary depending on your requirements.
Can you customise the insurance policy?
Yes, our professional insurance brokers can discuss the insurance cover best suited to your business needs and according to your budget. Aside from professional indemnity and public liability policies, there may be other business insurance plans you require.
Can I request a quote online?
Please use FD Beck’s insurance quoting tool for free at your convenience. Simply answer a few simple questions to generate your online quote.
