Marketing consultants are often small- to medium-sized companies who provide expert advice and assistance to other businesses. As a marketing consultant, you may help with developing marketing objectives and plans, sales forecasting, new product introductions and pricing, and marketing strategy and implementation.
Whatever services you provide, you are responsible for handling the needs of more than one client at a time, meeting tight deadlines, making recommendations and carrying out plans based on your knowledge and expertise. To protect your livelihood, you also need to formulate some plans for yourself. A comprehensive business insurance plan is the best way to protect your business from the risks that it faces every single day.
Marketing consultants have to consider the impact that the following types of risks can have on their business:
- Slips and falls
- Weather events (wind, hail, etc.)
- Fire and smoke
- Theft and vandalism
- Employee injuries
- Professional negligence
- Damage to a client’s property
Consider a Business Owners Policy for Your Basic Insurance Needs
Marketing consultants should work with an independent insurance agent to assess their exposures and determine the types of business insurance that they need.
A business owners policy (BOP) combines coverage for major property and liability insurance risks. It is ideal for small- to medium-sized businesses that need comprehensive, affordable coverage. A BOP contains three primary types of coverage:
- Property coverage, for buildings and their contents, such as computers, office equipment and furniture whether owned or leased
- Business interruption coverage, which compensates for lost business income and pays for operating expenses if you must temporarily close following a covered loss (e.g., a building fire)
- Liability coverage, which pays for claims of bodily injury and property damage to third parties due to your negligence (e.g., injury to a client or damage to a client's property while in the client's their office)
Other Coverage Options for Marketing Consultants
You might also want to consider endorsements to your business owners policy or standalone policies that provide the following types of coverage:
- Computers and media coverage — also called electronic data processing (EDP) insurance — pays for lost data and related lost income if your computers or network are damaged by theft, vandalism, viruses or malware. It may also pay for loss of data or software and physical damage to computers or hardware.
- Cyber liability insurance provides coverage in the event of a data breach involving your business. It helps pay for the costs of notifying affected clients as well as pay for public relations and forensic costs.
- Business auto insurance covers any vehicles your company owns. It provides liability coverage if you or an employee injures someone or causes property damage while driving a company vehicle. If your employees drive personal vehicles for business purposes, you must have nonowned or hired auto liability coverage to protect your company from accident-related costs.
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have, including commercial general liability, employer’s liability, and hired and nonowned auto liability. By purchasing one commercial umbrella policy, you essentially get higher limits on all of those policies rather than having to raise the limits on each policy individually. Commercial umbrella insurance starts paying benefits when the limits of your other applicable insurance policies have been exhausted, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.
- Workers’ compensation insurance, typically required for any business that has employees, pays for lost income and medical expenses for employees that are injured on the job.
Marketing Consultants Need Errors and Omissions Insurance
Marketing consultants need professional liability insurance, or errors and omission insurance, to respond to claims of errors, omissions or oversights in the professional services you provide. This coverage protects you, your employees and your firm if you are sued for professional negligence.
You might think that a client will never sue you for professional negligence, but what if a campaign you devise creates backlash from the public and negatively impacts a client’s sales? What if you make a false claim about a product in an advertisement? What if you simply fail to deliver services as promised? All of these circumstances could result in a lawsuit for negligent professional services.
With professional liability insurance you are protected if you make a mistake, and let’s face it, nobody’s perfect. Even if a claim against you is unfounded, you still have to defend yourself if you are sued, and without insurance coverage, your personal assets could be at risk.
A professional liability policy pays for your legal defense including attorney fees, court costs and any settlements or judgments that you must pay.
Find Marketing Consultant Insurance Quotes
As a marketing consultant, you know how important it is to have good advisers in your corner. In order to find great quotes on marketing consultant insurance, talk to a Trusted Choice® agent. A local independent insurance agent can work with multiple highly rated insurance companies in order to find the best combination of coverage and price for your small business. Your independent agent will get to know you and your business and will remain your trusted adviser for the long term. Contact an agent today.