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public relations consultants professional indemnity-insurance

Public Relations Consultants Professional Indemnity Insurance

In terms of buying a Public Relations Consultants Professional Indemnity Insurance – do you really need it?

As a PR Consultant you need to be careful when representing your client to the general public. 

Public Relations Consultants are generally involved with:

  • Providing strategic counselling
  • Preparing and managing all budgets for various programs for clients and maintaining effective strategies for promotions
  • Getting people to attend an event, to get more publicity and build brand awareness.
  • Monitoring all media relations programs and preparing summary reports for all public relations activities.

Without professional Indemnity Insurance you could be liable for a compensation payment for the financial loss the clients can claim to have suffered and any legal costs associated with defending the action.

If these issues are a concern, a suitable Professional Indemnity policy can take care of all this for you and give you the peace of mind that you are covered in the event of a claim against you for professional negligence.

Although normally seen as a relatively low risk profession, claims do occur in this profession and can be punitive.

The following example shows what can happen:

A PR firm was involved in a campaign to help a drinks manufacturer with a new marketing strategy. Unfortunately it later came to light that the name had already been used by another drinks manufacturer. A claim for breach of copyright was made and the strategy had to be withdrawn. The final cost to insurers was in the region of £ 150,000.

If this had been your firm and the claim had been made against you would you have the financial means to defend such a claim? Think about the costs involved in recruiting a specialist firm of solicitors to defend your position?

The extensions of cover in respect of irrecoverable fees and rectification and loss mitigation are of particular relevance as most media professionals will normally be in a position to fix a 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.

If these types of issues are a concern, perhaps you should consider low cost Public Relations Consultants Professional Indemnity Insurance for peace of mind. Get an online quote or contact us for further information.

A suitable Professional Indemnity policy can take care of all this for you and give you the peace of mind that you are covered in the event of a claim against you for professional negligence.

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

  • Negligent act error or omission
  • Unintentional intellectual property rights infringement (other than patents)
  • Unintentional breach of confidentiality
  • 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
  • Defence costs
  • Court attendance costs

 

Hensure Business Insurance has access to a number of Professional Indemnity insurers who can underwrite the Professional Indemnity risk for a PR Consultant at a very competitive premium with wide levels of cover.

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