Running a digital marketing agency in Canada can be very profitable. With this type of business, you’ll be able to help other businesses find new customers, make more money, and flourish. Nevertheless, you face a lot of risks. Canada is a land of opportunities and land of unknowns. With that being said, you need to go above and beyond to protect your business from unanticipated problems. First and foremost, you should start by acquiring digital marketing agency insurance. You’ll want to research the IT insurance providers in your area and obtain quotes from each.
If clients aren’t satisfied with your performance, you may face a hefty lawsuit and it could ruin your business. Business insurance will protect your company against clients who are unhappy or injured. Remember that you can submit one application online and acquire multiple quotes from several Canadian insurance companies. Below, you’re going to learn more about digital marketing insurance and the type of insurance you need.
Insurance Digital Marketing Companies Need
Digital marketing is a tough industry. It can be a cut-throat industry at times. With that being said, you need to take steps to protect your company from potential problems. One of the best ways to do that is by acquiring sufficient insurance. With E&O, cyber liability, general liability, and other insurance, you can sleep soundly knowing your Canadian business and employees are going to be protected. So, which insurance products do you need? You’ll find out below.
Ultimately, all Canadian businesses need errors and omissions insurance. While you strive to provide your clients with satisfactory results, anything can happen. A problem may prevent you from getting the job finished on time causing the customer to get upset. Alternatively, one of your workers may do something wrong and it could lead to another dissatisfied customer. These problems may cause lawsuits to be filed against your digital marketing company. To protect yourself from such problems, you need sufficient errors and omissions insurance. This insurance protects companies from problems stemming from missed deadlines, not delivering satisfactory results, or errors and oversights. Obtain E&O insurance so you can defend your company from such problems.
Cyber Liability Insurance
Since you’re running a digital marketing company, you’re likely going to collect and store information about your customers. This may include their names, address, URLs, businesses, and payment details. It is pertinent to be very cautious because a cyber breach could lead to major issues. Even if you use the latest security technologies, your databases may be compromised. That can be devastating for you and your customers. If their information falls into the wrong hands, your customers may try to obtain compensation from your company. Having cyber liability insurance is essential for this reason. Once you’ve obtained this insurance, you can guarantee that your company is protected from lawsuits associated with cyber breaches and other similar issues.
General Liability Insurance
General liability is a vital insurance product for all Canadian businesses. Statistics show that 42,000 Canadians are injured due to fall accidents annually. This is very dangerous and something all business owners need to consider. This can happen to anyone. Furthermore, you have to worry about items falling on your customers. The possibilities are endless and that is enough to keep you awake at night. Suffice to say, your digital marketing business needs general liability insurance. If customers visit your place of business for any reason, you need this insurance. It’ll protect you and your company if a client or potential client get hurts while visiting your business. General liability insurance also offers protection from libel lawsuits, slander lawsuits, and customer property damage. Get covered so you don’t lose your business to an accident.
Sadly, there are a few Canadians who have run into hard times. These individuals may be willing to bend the rules to get by. If you’re unlucky, you may hire one of these individuals. So, there is always a risk that someone is going to do something bad while working for your digital marketing company. An employee may take a client’s payment and transfer it to their personal PayPal or bank account. Furthermore, an employee may do something to hurt the client. You never know. Since you cannot predict the future, you need protection. One of the best ways to protect your digital marketing agency is by purchasing fidelity bonds. If an employee steals a computer from your office, you’ll be protected. If they transfer a client’s funds to their personal bank account, you’ll be protected. Having fidelity bonds is essential.
Workers’ Compensation Insurance
You’ll want to do the best you can for your workers. Without their assistance, your company would never survive. The risk that your workers are going to get injured at work is slim but anything can happen. To protect your workers, you need workers’ compensation insurance. With this insurance, you can protect your workers if they get injured at work. Canadian law often requires business owners to maintain workers’ compensation insurance. So, you might as well obtain a policy and begin protecting your workers. This insurance will provide an injured employee with medical expense relief, missed wage relief, and more. It’ll also help your company cover the legal costs associated with the incident.
Commercial Auto Insurance
Will your employees be traveling? Will they have to travel to client businesses so they can learn more about their business and employees? If so, your workers are going to be driving company vehicles. What is going to happen if one of your workers gets into a vehicle accident? The problem is going to spiral out of control if your worker was responsible for the accident. You’ll face a lawsuit and a variety of problems. Before using your company’s vehicles or letting employees drive them, you need commercial auto insurance. With this insurance, you will be protected. If your employee causes an accident, you’ll be covered. If your vehicle is stolen or someone steals computer equipment from your van, this insurance will protect you. It’ll also protect you when your vehicle is damaged by Mother Nature.
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
The Costs Of Digital Marketing Agency Insurance
You never know how much you’re going to pay for digital marketing agency insurance. Ultimately, your insurance provider is going to analyze several factors when determining how much you’ll pay. For instance, they’re going to look at the size of your business and its location. Furthermore, they’ll consider the services that you’re offering, your business property, and your business equipment. If you’re running a bigger company with more employees, you’ll likely be required to pay more. Nevertheless, it’ll pay off in the long run. Failing to get covered could lead to the downfall of your company. Get covered so you don’t have to worry about these problems.
Is Digital Marketing Agency Insurance A Must?
You may suspect that you can make it without insurance but this is a fallacy. Trying to survive without insurance is going to lead to major issues. One mistake could lead to a lawsuit that cripples your business. To prevent this from happening, you need digital marketing agency insurance. Some insurance products are required but others are essential for protecting your business. Put together a comprehensive plan that protects your company and your employees to the fullest.
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Helpful resources for IT professionals and their companies
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Other types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance