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Business Insurance for Marketing Consultants

Compare business insurance quotes for your marketing consultant business here with Savvy today.

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, updated on August 1st, 2023       

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We’ve partnered with BizCover to bring you a range of business insurance policies to help you compare them side by side.

If you're a marketing consultant running your own business, having the right insurance coverage is essential for protecting your interests and minimizing potential risks. Business insurance provides financial protection against many risks, ensuring that you can focus on delivering exceptional marketing services without worrying about unexpected setbacks.

You can compare quotes for many types of business insurance right here with Savvy. Just answer a few simple questions about your marketing consultancy business, and the insurance you need, and you’ll have multiple quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to help you get the best value insurance for your marketing business today. 

As a marketing consultant, what types of business insurance should I buy?

There are several types of business insurance you should consider if you run a marketing business. These include: 

Professional indemnity insurance 

The greatest risks faced by marketing professionals relate to legal liability issues. If an advertising campaign your company designed goes badly wrong and results in a public backlash against your client, you could easily be hit with a professional liability lawsuit. For this reason, professional indemnity insurance is a must for all marketing professionals. 

Professional indemnity insurance can cover you against claims the advertising service or marketing advice you provided was negligent, fell short of expected professional standards or caused material loss. Insurance cover starts at $250,000 but may be available for far higher amounts depending on the size of the jobs your consultancy undertakes. It can extend up to $10 million or more, which may be necessary if you’re designing an ad campaign for a large international client. 

What it covers:

  1. Cover for your legal defence costs 
  2. Payment of compensation if there’s a successful claim against you 
  3. Payment of court-awarded damages to the litigant 
  4. Cover for the cost of disciplinary proceedings or investigations 

Public liability insurance 

Public liability insurance is essential for anyone who has contact with the general public or their property. It can provide cover against claims that your business activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage. 

What it covers:  

  1. Third-party personal injury claims 
  2. Damage to a third party’s property 
  3. Legal fees to defend yourself 

Cyber liability insurance 

Cyber liability insurance can protect your business from a range of cybercrimes. It’s a type of insurance which is vital for anyone who collects and holds confidential or sensitive client information, including online businesses and marketing professionals who service their clients remotely. 

What it covers:

  1. Data breaches including theft of client information 
  2. The cost of forensic investigation into the cause of the breach 
  3. Data recovery costs 
  4. Cyber extortion and denial of service threats 
  5. Crisis management costs 
  6. Advertising and communicating with customers 
  7. Legal costs including any fines and penalties imposed 

General business insurance 

General business insurance may also be worthwhile if you run an office and wish to protect your building and contents. You may also consider commercial property insurance if you do own your business premises. Commercial vehicles aren’t included, however, so you may need separate vehicle protection if you own one. 

What it covers: 

  1. Fire, storms, theft, vandalism and collision which cause damage to your business assets 
  2. Specialist cover for electronic equipment and other portable equipment  
  3. Limited business interruption insurance

What isn’t covered under business insurance for a marketing consultant? 

The most common general exclusions include:  

  1. Injury to yourself or your employees 
  2. Flood damage 
  3. Glass breakage 
  4. Unlawful activity or criminal negligence 
  5. Reckless behaviour or intentional damage 
  6. Anything to do with asbestos 
  7. The effects of pollution caused by your business activity 
  8. Damage to computer hardware 
  9. Upgrading of a system not related to cybercrime 
  10. Power outages or failure of satellite or telecommunication services 
  11. Prior known circumstances or risks 

How much will business insurance cost for a marketing consultant? 

There is no set cost for a business insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:  

  • The state you live in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, are in a partnership or run a larger business 
  • Your business size and turnover  
  • If you have any employees 
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. 

You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need a long-term insurance policy as an IT consultant or cover for a one-off event, you’ll be able to consider a range of options all in one place through us.

Why do I need business insurance as a marketing consultant?

You’ve no doubt worked hard to establish your professional reputation and get where you are now, so it makes sense to protect all that hard work in case things go wrong. Business insurance is there to protect you and your business against a range of covered eventualities.  

Most marketing agencies have some contingency funds put aside for rainy days, but these emergency funds are rarely sufficient to cover the cost of a major catastrophe, such as a lawsuit alleging your marketing campaign did major damage to a brand’s international reputation. Such lawsuits can run into the millions of dollars if your company is found to be in the wrong. If this happens and you have adequate insurance to protect your business and its revenue, you’ll stand a much better chance of recovering and getting back on your feet quickly.

Types of business insurance

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Frequently asked questions about business insurance for marketing consultants

Is professional indemnity insurance compulsory for marketing consultants?

It isn’t mandatory to hold professional indemnity insurance as a marketing professional. However, you may be required to hold professional indemnity insurance to tender for government contracts, as well as to become a member of many professional associations. As such, it’s important to check what level of cover is commonly required before you start the insurance application process.  

Is it possible to change the level of my insurance coverage during the year?

Yes – if you suddenly win a big marketing contract and require additional insurance, just contact your insurance company and explain how your circumstances have changed so your level of coverage and premiums can be adjusted to reflect your current position. 

What is run-off cover and do I need it as a marketing consultant?

Run-off cover is a type of professional indemnity insurance which protects professionals against claims made after they’ve ended their career. It offers insurance coverage for several years following retirement or departure from the industry, just in case a claim is made years after the original service was provided. It is usually available from one to seven years following retirement or the sale of a business. You’ll need to weigh up the risks in your particular situation to decide if run-off cover is important for your business and how long you may need it for. 

What information will I need to make a claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved (or witnesses to the event) 
  • Details of your police report number (if a crime took place) 
  • Details of the property lost or damaged (including its age and value) 
  • Your bank details for settling the claim

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Disclaimer:

Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.

Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.

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