Business Insurance for Advertising & Marketing

Professional Indemnity Insurance for Advertising and Marketing Agencies *

As advertising and marketing agencies and consultants provide professional advice and services to clients on matters relating to advertising and marketing strategy and campaigns, media placement, customer retention and growth they require professional indemnity insurance to protect themselves and their business.

If an advertising and marketing agency or consultant makes an error, such as running a campaign without approval, provides guidance on media that leads to financial losses for a client, a client may seek to recover these losses from the advertising and marketing agency or consultant.

Whether you provide advertising and marketing services to small or big business, councils, or government, produce creative campaigns, run integrated, print,or digital campaigns, or advise on marketing strategy you’ll need to be covered for professional indemnity and public liability.

Cyber Insurance may provide cover if an advertising and marketing agency or consultants networked computers are hacked, and confidential client data is stolen.

Management Liability Insurance should be considered for advertising and marketing agencies with multiple employees that may be liable when things go wrong with Human Resources, Statutory Liability and OH & S.

Advertising and marketing agencies may also face risks in relation to the commercial premises they operate from risks such as fire, perils, and theft or may be liable if a client slips and fall down their stairs, badly injures themselves and claims against them.

Fortunately, suitable business insurance for advertising and marketing agencies and consultants may provide protection against financial hardships that could arise from poor advice or execution, computer hacking, employee matters, accidents, property damage, or legal claims caused by your advertising and marketing business activities.

Many Business Owners are UNSURE if they are COVERED PROPERLY.
We help them find affordable and SUITABLE INSURANCE so they can run their business with CONFIDENCE.*

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What Insurance Do Advertising and Marketing Agencies and consultant’s need?*

Some of the major types of business insurance covers available to management consultants in Australia are explained below and include:

  • Professional Indemnity Insurance
  • Business Pack Insurance
  • Public Liability Insurance
  • Cyber Insurance 
  • Management Liability Insurance

Professional Indemnity Insurance for advertising and marketing agencies and consultants

Professional indemnity insurance is the essential cover for advertising and marketing agencies and consultants.

Advertising and marketing agencies and consultants typically provide a wide range of professional services including but not limited to reviewing, developing,and implementing marketing and advertising strategies, branding, content creation, media planning and placement, graphic design, public relations, web development, online engagement and user experience , identifying marketing issues and opportunities , providing recommendations, implementing changes to enhance growth and marketing performance.  

If an advertising and marketing agency or consultant makes an error, such as running a campaign without approval, provides guidance on media that leads to financial losses for a client, a client may seek to recover these losses from the advertising and marketing agency or consultant.

Professional Indemnity Insurance may help an advertising and marketing agency, or consultant stay in business by paying for legal defence costs, public relation expenses, privacy brief costs and financial losses if awarded against them.

Professional indemnity may help pay for your legal costs to defend yourself.

What may professional indemnity insurance cover for Advertising and Marketing Agencies and consultants include.

While policies vary from insurer-to-insurer professional indemnity cover for advertising and marketing agencies or consultants may include:

  • Wrongful act, error, or omission
  • Negligence
  • Inaccurate marketing advice and strategy
  • Allegations of libel, slander, defamation
  • Errors when completing market research
  • Management advice regarding Public Relation issues
  • Copy-write infringement

Whether it’s a client suing over a perceived mistake in a campaign or a competitor alleging defamation or copyright infringement, this insurance may stand as a crucial shield.

From negligence in campaign promotion, organising schedules, to an oversight in implementing a successful marketing strategy, advertising business insurance may provide cover for a broad spectrum of missteps. It may also cover the consequences of preparing misleading reports based on incorrect information, failure in correctly forecasting market trends, and an oversight in following company guidelines and legal laws.

It’s about more than just legalities or financial protection; it’s about ensuring the ongoing viability, reputation, and success of the agency amidst a landscape filled with both opportunities and uncertainties.

Claims can run into the hundreds of thousands of dollars or even millions of dollars, therefore it is important that an adequate level of cover is chosen to protect against major financial loss, which will not only have an impact on your business but could also impact your personal assets.

Types of Advertising and Marketing Agencies and consultant’s activities that may be covered with professional indemnity insurance*

  • Marketing strategy
  • Strategic planning
  • Branding
  • Marketing and Advertising Campaigns
  • Media placement and buying
  • Web development
  • SEO
  • Content marketing
  • Social Media Management
  • CRM Management
  • Inbound Marketing
  • Email Marketing
  • Promotional Marketing
  • Digital Marketing
  • Graphic Design
  • Marketing, Advertising and Public Relations Consulting
  • Market Research

Business Pack Insurance for Advertising and Marketing Agencies

Advertising and marketing agencies and consultants may be able to combine multiple covers in a single business insurance pack policy.

Business Pack Insurance includes:

Public & Products LiabilityPublic Liability Insurance is designed to provide your firm protection for:

  1. Slip-and-trip accidents that occur at your office – E.g., a client is injured when they slip in your office. Or there is an injury to a third-party during a photo shoot.
  2. Damage to third-party property – E.g., you cause damage to the building you are leasing.

Property Damage – This covers your agencies business contents and stock (if-any) for physical damage due to an event such as fire, storm, accidental impact damage. Your contents can include your fit-out, monitors, furniture, computers, printers, or servers.

Theft – Provides cover if your agency is broken into, and contents or stock are stolen.

Machinery Breakdown – This covers the repair/replacement cost if your machinery breakdown due to a mechanical failure (E.g., break-down of your servers or printers). This does not cover general wear and tear.

Business Interruption – This provides cover for lost income, if your business operations and turnover are impacted due to an insurable event (E.g., fire, storm).

Glass – Often required as part of a lease agreement, this provides cover for replacement of glass in your premise.

General Property – Provide cover for your portable business equipment. For example, laptops used by employees, or expensive camera equipment your agency owns.

Cyber Insurance for advertising and marketing agencies and consultants*

Cyber Insurance coverage may protect your business for claims due to a cyber event, some examples include:

  • Cyber Hacking – Malicious or unauthorised access to your IT infrastructure, which may put your confidential client data at risk.
  • Privacy errors – Your acts or omissions that lead to unauthorised disclosure of your client’s data.
  • Insider and Privilege Misuse – Unapproved or malicious use of organisations resources by insiders or external misuse through collusion, putting your data at risk.
  • Criminal Financial Loss – For example, an employee may pay one a fictitious invoice (e.g., to a supplier/contractor), which may cause a loss to your agency.

Cyber Event Insurance may include coverage for:

  • cyber event response costs (IT forensics, virus extraction, client notification costs, public relation costs)
  • Losses to your business due to a cyber event
  • Losses to other businesses (e.g., your clients) due to a cyber event (Fines and penalties, regulatory investigations, defence costs)
  • Contingent Business interruption
  • Tangible Property
  • Criminal Financial Loss

Management Liability for Marketing Agencies

Management Liability may protect your agency and its directors and officers against:

  • Employment Practices Claims – For example, unfair dismissal or failure to promote
  • OH & S Incidences
  • Directors and Officers  – For example, defamation
  • Crime – For example, fraud or theft by an employee
  • Statutory Breach – For example, under legislation including fines and penalties
  • Tax Audit

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What are the costs of Advertising and Marketing Agencies and Consultants Business Insurance?*

How much does business insurance, including professional indemnity insurance, cost for advertising and marketing agencies and consultants?*

Key factors in determining how much professional indemnity and business insurance will cost advertising and marketing agencies and consultants include:

  • the size and turnover of your management consultant business
  • the size of the clients you work for
  • number of staff
  • the optional covers selected
  • your claims history
  • Experience and qualification of directors/partners
  • Areas of practice
  • Fee Revenue
  • Breadth of Coverage
  • Indemnity Limit
  • Excess / Deductible

Typically, professional indemnity cover for advertising and marketing agencies and consultants, is available in either $1million, $2 million, $5 million, and $10 million.

The general rule of thumb is the greater the potential damages from the advice provided and/or the larger the business, the larger ($) sum insured.

Our helpful business insurance brokers may be able to help you find suitable and affordable professional indemnity and business insurance for your advertising and marketing a business on 1300 542 573 

What insurance do you need as a marketing agency? *

Insurance coverage is also important for a marketing agency to protect it from possible risks associated with business activities. Key insurance types to consider include:

  1. Professional Indemnity Insurance: An essential product for marketing agencies as it may protect them against professional errors, breaches of duty in negligence or omissions. It may also cover incorrect advice to the clients or issues in campaign execution.
  2. Public Liability Insurance: This insurance covers personal injuries or any property damage caused to a third party as a result of your business activities. For instance, if a client visits your agency office and is injured, this insurance may take care of the liability.
  3. Business Pack Insurance: This gives you peace of mind that your office , fit out and business contents such as office equipment, computers, and other tools are covered in case of theft, damage, or loss.
  4. Cyber Liability Insurance: Considering the digital nature of the marketing world, it is very important to get protected from cyber threats. It may cover costs related to data breaches, cyber-attacks, and system hacking incidents.
  5. Management Liability Insurance: This may protect the business and its officers from management-related risks that come with running a company, like employment practices liability, statutory fines, and investigations.

Every marketing agency’s needs are different, so one should consult with an insurance broker who can help you choose the coverage according to your specific requirements.

What is advertising insurance? *

Advertising insurance is all about covering the risks an advertising or marketing business may face. It may include all the types of insurance covers below:

  1. Professional Indemnity Insurance: It may help shield your advertising agency business against the financial impact of claims related to any errors and omissions in the service provided or misleading or misrepresentation statements .
  2. Public Liability Insurance: This may cover the incidents when your advertising agencies business activities may unintentionally hurt a person or damage the property.
  3. Cyber Liability Insurance: Digital advertising services are vulnerable to cyber risks like data breaches and hacking. Therefore, it is very helpful to protect the business against such events.

Advertising insurance may be tailored to your operations and the specific risks that go with your advertising services.

Why should advertising and marketing agencies and consultants use an insurance broker in Australia?*

If you run an advertising and marketing agency or consultancy and are deciding on whether to use an insurance broker for your business insurance, it is important to consider that brokers act in the interests of you, not the insurer.

Direct insurers and agents act for the insurer This can be important; especially if you need to claim.

Brokers can help advertising and marketing agencies and consultants.

by sourcing competitive quotes on policy inception, negotiate with the insurance companies to prevent or limit increases on renewal, remarket your policy to other suitable insurance companies where appropriate, talk to underwriters about policy wordings, industry classifications and terms, talk to insurance assessors during the claims process and repairers where necessary.

How do I get an advertising and marketing agency or consultants insurance quote?*

Simply TALK to a SMART Business Insurance broker on 1300 542 573 or contact us online for suitable and affordable professional indemnity and business insurance quotes for your advertising and marketing business.