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Marketing consultants Professional indemnity insurance

Marketing Consultants Professional Indemnity Insurance

Marketing consultants Professional indemnity insurance protects you or your business against claims relating to negligence, errors, mistakes and breach of professional duty that you make which cause your clients to suffer a financial loss.

As a marketing consultant you provide advice and professional services to other businesses in respect of marketing and as such you should consider buying Professional Indemnity insurance in order protect the company.

It is very important that you have the right cover for professional indemnity insurance and we would recommend that you buy cover on a media Professional Indemnity policy wording.

It is particularly important for a marketing consultant to be on the correct policy wording that includes rectification and irrecoverable fees cover. Depending on the nature of the work that you carry out for clients you can be 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 a marketing consultant 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 Professional Indemnity 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.

For online Marketing consultants Professional indemnity insurance make an application today for complete peace of mind.

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

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

What Professional Indemnity underwriters will want to know when looking at the Professional Indemnity exposure for a Marketing Consultant:

Company size –This can be established in two ways, the gross annual income of the company & 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 CV’s

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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