Branding agents work for firms that specialize in branding and rebranding. These professionals are responsible for creating and strategizing branding for their clients. Branding is big business for everyone involved but only when it is done right. Without branding, companies, nonprofits, governments, and professionals would not survive. With branding, all entities and professionals are ensured more advertising success.
What happens when branding agents have a failed branding campaign? First and foremost, a failed branding campaign has devastating consequences for everyone involved. The branding agent is left with a poor branding reputation while the client experiences a financial loss. Failed branding campaigns also leave the branding agent at risk of a claim or lawsuit.
A disgruntled customer will not have much mercy for the branding agency responsible for their failed branding campaign. In fact, the client may feel like a lawsuit or claim is necessary to recoup some of the financial loss. When the issue escalates to this point, the branding agency can only hope to be covered under a decent liability policy.
What is branding agent/consultant liability insurance? Find the answer by reading the content provided below.
Branding Consultant Liability Insurance
Branding consultant liability is a type of insurance that protects branding agents from financial loss linked to negligence claims and lawsuits. When it comes to risk exposure, branding agents are at the top of the list. Unfortunately, there is no sure way of avoiding these risks. But, with liability insurance, branding agents may get by only paying 20 percent or less of out of court settlements and lawsuit judgments.
When many people think of branding, advertising and promotions come to mind. While these are part of the branding consultant’s job, it is only the beginning. In fact, these professionals have a long list of job duties that must be completed on a daily basis. With so many job responsibilities, avoiding mishaps is nearly or totally impossible.
Professional branding agent/consultant insurance kicks the branding agent or consultant is determined to be at fault. How is this determined? Well, it all begins with a claim or lawsuit initiated by a disgruntled customer.
What Is Covered Under Branding Agent/Consultant Liability
Liability, also known as Errors & Omissions (E&O) insurance covers out of court settlements, monetary court judgments, and litigation fees. If a branding agent had to pay these expenses out of pocket, the professional may be forced into bankruptcy.
Branding agent liability insurance will not only keep the firm out of bankruptcy court but also ensures an easy payout for the client. When you think about it, E&O insurance is a win-win for everyone involved.
This type of insurance covers most or all the out of court settlement or monetary court judgment. In many cases, the branding agent will only be required to pay a small percentage of the total payout.
How Much Does Branding Agent/Consultant Insurance Pay Out
The payout will depend on several factors – the total amount of the court judgment, out of court settlement, and litigation expenses. If the branding agent is determined to be at fault, the insurer will initiate the payout process. Most insurers will not without the payout for longer than necessary. The plaintiff can expect to receive the payout without one or two weeks following the judgment or out-of-court settlement agreement.
ProfessionalsCoverage is one of many Canadian insurers that ensures a time-efficient payout. Insurers know the issues negligence victims and branding agents face when dragged through courts. To minimize these stressors, ensuring a time-efficient payout is a necessity.
Covers Expensive Litigation Fees
Branding agents are not only burdened with a potential out of court settlement or court judgment but also expensive litigation fees. Canadian attorneys charge between $75 and $350 an hour. Considering all the time invested in a negligence lawsuit, litigation fees can escalate to thousands of dollars before you know it.
When you combine an out of court settlement or court judgment with expensive litigation fees, the only option for many branding agents is bankruptcy.
While branding is a much-needed public service, some companies and professionals have their own branding agents. The benefits of employing a branding team include 24-hour access, more control, and fewer expenses. Still, there are no guarantees of a successful branding campaign every time. Can companies suit an onsite branding firm? Sure, every company, government entity, nonprofit organization, professional, and non-professional can sue at the drop of a hat.
In-house or independent branding consultancy firms are at risk of claims and lawsuits. Regardless of how you are employed, your clients have the right to file a claim or lawsuit against your firm on any given day.
Failed Branding Promises
When you are hired by a company or professional, you immediately start creating a branding strategy. This is one of the most important components of an effective branding campaign. Veteran branding agents and consultants do not think twice about guaranteeing successful results. Unfortunately, you will only be able to pull a successful branding campaign 99 percent of the time. What about the other one percent?
The one percent is failed branding campaigns, which can sometimes pave the way for your future. You would be surprised by how a single failed branding campaign can impact your firm. In fact, it can leave you financially, emotionally, and physically drained if you are not covered under a branding agent/consultant liability policy.
Liability insurance covers the negative impact of a failed branding promise. When you promise 100 percent customer satisfaction, you guarantee a successful ending.
What kind of impact can your clients expect from failed branding promises? First and foremost, the impact is nothing short of being negative, resulting in financial loss, advertising devastation, and a failed expectation.
Monetary Protection During Expensive Legal Battles
Lawsuits are expensive, especially for the defendant. In most lawsuits, the plaintiff is not out any money because the attorney takes the case pro bono. The defensive attorney, on the other hand, is paid by the hour. Only the initial consultation is provided to the defendant free of charge.
Litigation expenses for a negligence trial in Canada can cost hundreds or thousands of dollars. Only a few licensed, independent branding agents can afford to pay their litigation fees out of pocket. Canada’s advertising market is oversaturated with branding agents and firms. The competition is higher than before, as more and more businesses establish their own in-house marketing firm.
When you are at your lowest point, you can be hit by a negligent claim or lawsuit. No matter how hard you work, the time you dedicate, or experience you have, negligence claims can pop up out of nowhere.
While some clients will agree to work out the kinks, others are just too stubborn to even think about it. In these cases, the only option is an unexpected lawsuit. What are your solutions in these cases? Well, there is only one solution that could possibly help ease the burden of a negligence jury trial. This solution is a branding agent/consultant liability insurance policy.
Liability insurance can ease the financial burden of a lawsuit by paying most or all of the monetary judgment.
Request A Free Branding Consultant Liability Quote
A free quote from ProfessionalsCoverage will give you an idea of how much your branding agent liability premiums will run each month. Contact ProfessionalsCoverage by landline or email to request your free quote.
Branding Consultant Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing Branding Consultants Liability Insurance
- How much branding consultants professional liability insurance do I need?
- How do I get a branding consultants insurance policy?
- What does branding consultant professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as a branding consultant?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for branding consultant
- How does the claims process work if I get sued because of my branding consultant services?
- What is the cost of branding consultants liability insurance?
- How do I apply for a branding consultant professional liability insurance policy?
- How do I qualify for coverage as a branding consultant?
- What is the purpose of getting insured as a branding consultant?
- How long will it take to get an insurance quote for my branding consulting business?