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If you're a marketing consultant running your own business, having the right insurance coverage is essential for protecting your interests and minimizing potential risks. Business insurance provides financial protection against many risks, ensuring that you can focus on delivering exceptional marketing services without worrying about unexpected setbacks.
You can compare quotes for many types of business insurance right here with Savvy. Just answer a few simple questions about your marketing consultancy business, and the insurance you need, and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your marketing business today.
There are several types of business insurance you should consider if you run a marketing business. These include:
Professional indemnity insurance
The greatest risks faced by marketing professionals relate to legal liability issues. If an advertising campaign your company designed goes badly wrong and results in a public backlash against your client, you could easily be hit with a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all marketing professionals.
Professional indemnity insurance can cover you against claims the advertising service or marketing advice you provided was negligent, fell short of expected professional standards or caused material loss. Insurance cover starts at $250,000 but may be available for far higher amounts depending on the size of the jobs your consultancy undertakes. It can extend up to $10 million or more, which may be necessary if you’re designing an ad campaign for a large international client.
What it covers:
Public liability insurance
Public liability insurance is essential for anyone who has contact with the general public or their property. It can provide cover against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Cyber liability insurance
Cyber liability insurance can protect your business from a range of cybercrimes. It’s a type of insurance which is vital for anyone who collects and holds confidential or sensitive client information, including online businesses and marketing professionals who service their clients remotely.
What it covers:
General business insurance
General business insurance may also be worthwhile if you run an office and wish to protect your building and contents. You may also consider commercial property insurance if you do own your business premises. Commercial vehicles aren’t included, however, so you may need separate vehicle protection if you own one.
What it covers:
What isn’t covered under business insurance for a marketing consultant?
The most common general exclusions include:
There is no set cost for a business insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy as an IT consultant or cover for a one-off event, you’ll be able to consider a range of options all in one place through us.
You’ve no doubt worked hard to establish your professional reputation and get where you are now, so it makes sense to protect all that hard work in case things go wrong. Business insurance is there to protect you and your business against a range of covered eventualities.
Most marketing agencies have some contingency funds put aside for rainy days, but these emergency funds are rarely sufficient to cover the cost of a major catastrophe, such as a lawsuit alleging your marketing campaign did major damage to a brand’s international reputation. Such lawsuits can run into the millions of dollars if your company is found to be in the wrong. If this happens and you have adequate insurance to protect your business and its revenue, you’ll stand a much better chance of recovering and getting back on your feet quickly.
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Disclaimer:
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Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
