Why Marketing Experts Need Customized Insurance Plans And How They Can Protect Your Business
If you are a businessman, woman, or individual in Canada, you likely do not need anyone telling you that business has completely changed. Not only did the Internet change the way that a lot of businesses market and operate these days, but when COVID swept through, it entirely changed the face of the market. As a marketing expert, it is your unique role to help businesses overcome such hurdles.
You’ll provide helpful insight as well as detailed analysis to help a company come up with the most effective marketing strategies possible. To say the least, this is something that will be extremely challenging today, given the fact that the Internet has enabled some of the smaller companies with limited marketing budgets to compete with larger companies with unlimited marketing resources. Whatever the situations, these are just a few of the hurdles that you have to overcome as a marketing expert.
While it might seem like a lot of work, and it is, there is also a lot of reward and compensation. The only problem is that reward and compensation can be snatched up from you in a matter of seconds if a customer claims negligence or oversight. Maybe you get accused of slandering another company and hurting their potential prospects. These are all real possible scenarios that have occurred in the Canadian market. They are also all scenarios where having consultant liability insurance provided the relief and protection that was needed. What insurance policies were they and how exactly did they help?
Exploring Different Policies Available
The first thing you have to understand is that there is no one-solution-fits-all answer to any marketing firm’s needs. And, this is in part due to the fact that each marketing firm is different. Some provide marketing advice to companies that pose different higher risks, while some provide marketing advice to other companies that don’t pose much of a risk at all. Whatever the situation is, if you want to protect your business to the fullest, you’ll need to work with an agent that is familiar with the industry.
An agent from ProfessionalsCoverage will know exactly what risks and threats your business is exposed to on a daily basis. They will be able to help you develop and customize a plan that will not only protect your business from the foreseeable threats but a plan that’ll protect your business from the unseen threats as well. Because it is the unseen threats that can really ruin you.
With all that in mind, there are certain risks and threats that each business will be exposed to. It doesn’t matter what type of firms you serve or what Canadian areas you work in, you’ll likely face these similar threats with other market firms. Luckily, there are specific policies that can protect you in these very specific situations.
General Liability Insurance
As a marketing consultant, you’ll spend most of your time on the customer’s premises. This might not seem like a big deal, but you have to think every time you step foot on a customer’s property, you are at risk. You are not only at risk of slipping and falling, but you are at risk of damaging the customer’s property. What if you leave a laptop laying out and it somehow injuries a customer? What if a customer trips over your book bag and breaks their leg? This is all possible. And, when these situations happen, it’ll be you and your business that these customers look to for compensation.
Heck, it is even possible that you could borrow a client projector or computer for a presentation and damage it. In such situations, they might expect you to pay for the damages.
Is this something that you’d be ready to pay for out of pocket? Replacing equipment is one thing, but medical expenses are an entirely different story. Yes, Canada does have an excellent healthcare system, but that doesn’t mean that it’ll be free. Plus, there is always the off chance that the customer might want to take the case to court. Sometimes coverage of the medical expenses just isn’t enough for some customers. General liability insurance will protect you in all of these situations. It’ll not only cover the medical expenses, but it’ll cover any court-related costs as well.
Professional Liability Insurance
Out of all the policies that you’ll have available to you, it is the professional liability insurance that is without a doubt the most important. And, this is because you are pretty much in the advice-giving business. Yes, you can use experience, industry insight, and research, but at the end of the day, you are giving advice as to how you think that a company can most effectively market their name or brand. Sometimes advice just doesn’t turn out the way you think it will. When this happens, a customer can claim sabotage. They often do if the situation is dire enough.
Maybe you do, in fact, miss something that results in a financial loss to the customer. Maybe there is negligence on your part or the part of your employee. Unfortunately, all the situations will likely lead to a lengthy court battle. A battle that could be tied up in the system for years and years. Over the years, you’ll likely face hundreds to thousands of dollars in attorney fees, deposition fees, and court costs. These are all things you won’t have to worry about when you invest in professional liability insurance.
Whether you are negligent, not at fault, or to completely blame for the incident, professional liability insurance will provide the protection and coverage that your business needs. It’ll cover any compensation that the customer seeks as well as attorney and court-related costs.
Workers’ Compensation Insurance
In various parts of Canada, there is currently so much marketing work available that one single company literally couldn’t handle it all, let alone one person. If you want to truly capitalize on all the opportunities here, you’ll likely need to take some employees. There is nothing wrong with this. The only problem is that you have to remember that employees impose certain risks as well. Just like you can be negligent and offer bad advice, so can your employees. Luckily, both professional and general liability insurance will extend to your employees as well as you.
However, these aren’t the only risks that your employees pose. There is also the risk that they can get injured on the job. Marketing might not seem like a high-risk career, but it is easier to strain one’s back or fall on ice than you might imagine. It doesn’t take much for a person to get hurt, and this is workers’ compensation insurance comes into play. This type of coverage will not only cover your employee’s lost wages, but it’ll cover their medical expenses, rehab costs, mental anguish, and court-related costs. If the employee wants to take the case to court, workers’ comp will pay for your attorney as well as any of the related fees.
Other than this, workers’ comp was specifically designed to help your employees from the time of the injury until they get back to work. While each policy will vary from length to length and coverage to coverage, it will be designed to help your employees recover and get back to work as soon as possible.
Business Owner’s Insurance
Plan on opening your own physical retail store where you can host meetings from time to time? Most marketing consultants spend the biggest portion of their days on their customer’s property, but it never hurts to have a physical retail outlet where you can send and receive mail, host meetings, or set up professional seminars. Whatever the situation, a professional storefront can also act as a means of advertisement and professionalism. It’ll show your customers and clients that you are a legit business with the means to open a physical retail outlet.
While there are many benefits that come along with this, there are potential downfalls as well. And, some of those downfalls are that customers, vendors, mailmen, or passersby can get hurt on this property. If someone slips and falls in your parking lot, they can sue you. Once again, a simple can get tied up in courts for years and result in thousands of lost dollars. This is exactly what the business owner’s insurance was designed to protect against.
These types of policies are just like general liability insurance policies, but they offer protection for your premises, rather than protection when on the customer’s property.
How Much Will This Coverage Cost?
Just reading about these policies, you can see their importance. You are probably already on the verge of calling Professionals Coverage and signing up. This is good, but you need to understand that your costs might vary as compared to another company that provides the exact same services. And, this is because insurance providers base their costs on specific parameters. Some might consider the number of employees you have, some might consider how long you’ve been in business, and some might factor in the types of services that you offer and whom you offer them to.
Whatever the situation is, you’ll want to make sure that you get several quotes from several Canadian providers in order to obtain the lowest possible rates.
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Other Types of Consulting Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of consulting businesses.
- Agricultural Consultants Insurance
- Business Management Consultants Insurance
- Environmental Consultants Insurance
- Education Consultants Insurance
- Executive Consultants Insurance
- Healthcare Consultants Insurance
- HR Consultants Insurance
- Market Research Analyst Insurance
- Personal Consultants Insurance
- Risk Management Consultants Insurance
- Research Consultants Insurance
- Safety Consultants Insurance
- Technical Consultants Insurance