Why choose Hensure for PI insurance
Personal Service
Our business is not a call centre, but instead provides a personal service and dedicated team to assist with your queries.
Experienced Team
Our team has a wealth of experience and knowledge to help you and your business get the most appropriate cover for your needs.
Online System
Our full 24/7 quote and buy facility allows you to run a personalised quotation, at a time that suits you and your business.
Why professional indemnity insurance for Market Researchers should be considered.
As a Market Researcher, your clients will rely on the data that you supply to make informed decisions in respect of their marketing budget.
If you make a mistake in the work that you do, regardless of mitigating circumstances, then this could open the door to a potential claim being made against you for negligence. Handling large amount of customer data can expose you to high risks and the potential for claims against you.
It is important to make sure that you have the protection in place to cover you, should these incidences occur.
A Market Researcher PI insurance policy can help to mitigate the effects of a claim made against you, by covering the costs of the legal fees required to defend your claim. If you are found liable and required to pay compensation to the client, then your professional indemnity policy will cover the cost of this, removing the pressure from your business.
It is important to familiarise yourself with the concept of an ‘any one claim’ basis or an ‘in the aggregate’ policy. If your policy is on an any one claim basis, then every single claim that you make during the insurance year is entitled to the full indemnity limit. With aggregate cover, each claim is paid out of the specific indemnity limit, meaning that there is less money remaining for any subsequent claims. You should also ensure that your limit of indemnity is high enough to cover you in the event of a claim.
For further information on all aspects of professional indemnity insurance for Market Researchers please contact us today.
Things we look for
- Company Size – the overall size of the firm, based on gross annual income of the company and the number of partners/ directors/ employees.
- 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 CVs.
- 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.
Policy coverage
A typical Professional Indemnity insurance policy for Market Researchers normally cover the following areas:
- Breach of Civil Liability
- Negligent act, error or omission
- Negligence of sub-contractors
- Irrecoverable fees
- Rectification and loss mitigation costs
- Bodily injury or property damage arising from breach of professional duty
- Defence costs
- Unintentional intellectual property rights infringement (other than patents)
- Unintentional breach of confidentiality
- Unintentional defamation
- Loss of third-party documents or data
- Computer virus transmission
- Court attendance costs
Your policy coverage may vary between insurer.
Insurance types
Professional Indemnity
- Professional Indemnity provides cover for claims that arise as a result of the work you have completed or advice you have given.
Public Liability
- Public Liability provides cover should members of the public receive an injury or property damage due to your work. This protects your business should a compensation claim be made, also covering any legal costs that result from this.
Employers’ Liability
- Employers’ Liability provides cover for compensation claims and associated legal costs, arising from employee injury or work-related illness.
Cyber Insurance
- Cyber Insurance provides support in the event of cyber-crime and unintentional data breaches, offering cover against the cost of revenue and fines.
Directors and Officers
- Directors and Officers insurance policies protect you financially against any claims that are made against you personally in your position as a director, partner or officer of your business.
Legal expenses insurance
- If you were involved in a legal battle, knowing that any money you spend on legal bills would be reimbursed could make all the difference. Legal expenses insurance does just that. It ensures that your business remains financially stable after a legal case by helping to compensate the business for incurred costs.
Contact us to find out more about the right cover for your business.
