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advertising agents professional indemnity insurance cover

Advertising Agents Professional Indemnity Insurance

It is very important that you have the right cover for advertising agents professional indemnity insurance, as you would benefit from the cover provided by a media professional indemnity policy.

It is particularly important for an advertising agent to be on the correct policy wording that includes rectification and irrecoverable fees cover. Advertising Agents are particularly vulnerable to claims of negligence for simple errors such as typos. Professional Indemnity policies normally require that a third party has already suffered a financial loss arising out of the negligent act, error or omission of the insured before a valid claim can be made.

In reality an Advertising Agent will normally be in a position to fix the problem before it ever becomes apparent to their client. The end result is no third party claim for damages and therefore, under most policy wordings, no valid Professional Indemnity claim.

For this reason, it is essential that a suitable media wording is bought that includes cover for rectification and irrecoverable fees – also referred to as ‘first party ‘ cover.

Advertising agents professional indemnity insurance is easy to apply for online – why not get a quote now.

A typical media Professional Indemnity policy wording would therefore provide cover for;

  • Unintentional defamation
  • Loss of third party documents or data
  • Computer virus transmission
  • Breach of civil liability
  • Negligent act error or omission
  • Unintentional intellectual property rights infringement (other than patents)
  • Unintentional breach of confidentiality
  • Negligence of sub-contractors
  • Irrecoverable fees
  • Rectification and loss mitigation costs
  • Bodily injury or property damage arising from breach of professional duty
  • Defence costs
  • Court attendance costs

What Professional Indemnity underwriters will want to know when looking at the Professional Indemnity exposure for an advertising agent:

Qualifications and experience – Insurers will want to know how many relevant years experience that you have in the trade and may want to see relevant CV’s

Company size –This can be established in two ways, the gross annual income of the company & the number of partners/directors/employees.

Type of work – Insurers will want to know the split of annual income derived from each discipline that the firm is involved in: Some areas are considered high risk and some areas are considered low risk from a claims point of view.

Production of advertisements
Media planning and buying or ‘media spend’
Design and production of printed literature and documents
Direct marketing including mailshots
Sales promotion
Marketing including market research
Public relations
Publishers

Claims Experience –This information reflects on the type of work carried out by a company. It also reflects the quality of the company’s work, experience, staff & internal risk management.

Turnover Split by Territory – A large exposure to USA/ Canada in particular can be perceived as a problem due to the claims culture in North America and the likely costs involved in defending negligence claims in those countries.

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