When we think of Advertising and Marketing Agencies, we envision television commercials and big flashy ads in magazines, but today’s agencies do so much more than that. While some only focus on traditional forms of advertising, most concentrate on all aspects of getting a company’s brand to reach an audience.
Some of the things that Advertising and Marketing Agencies work with are:
- Social networking
- Website hosting
- Content marketing
- Crisis communication
- Public relations
- Branding (logos, advertising campaigns)
- Media (broadcast, print)
- Graphic design
In Australia, there are more than 8,000 Advertising and Marketing Agencies, each facing many risks on a daily basis that are unique to their industry. Aside from the usual risks that go along with running a business such as injury, theft or property damage, the very nature of their work opens them up to many types of lawsuits from libel to invasion of privacy. Advertising and Marketing Agencies never know what’s going to happen next and it’s necessary to be protected when the unexpected happens. That’s why it’s so important to have Advertising Insurance to protect you, your employees, your business, and your clients.
What is Advertising Insurance?
Advertising Insurance is a type of business insurance that covers risks specific to Advertising and Marketing Agencies.
What Types Of Coverage Are Typically Included In Advertising Insurance?
- Professional Indemnity: Professional Indemnity Insurance protects professionals against legal costs and claims for damages to third parties, which may arise out of an act, omission, or breach of professional duty in the course of their business.
- Public Liability: Public Liability Insurance provides protection against legal and court costs in the event that someone is injured, or has their property damaged while you are providing a service to them.
- Management Liability: This coverage protects its assets against management claims by employees, shareholders, and government departments for dishonest and/or negligent actions from its directors, management team and employees.
- Commercial Property Insurance: Every business should have adequate Property Insurance to cover any damages that could happen due to equipment failure, fire or natural disaster.
- Business Interruption Insurance: This coverage protects you against loss of profit if your business has to temporarily needs to shut down due to unforeseen circumstances.
- Directors and Officers Liability: This covers company managers and is designed to protect them from claims that may arise from the decisions and actions that they take on behalf of the company during their everyday duties.
- Tax Audit: Protects the company against the cost of professional accounting fees that could arise from an audit by the Australian Taxation Office or other Federal, State or Territory government agency.
The Advertising and Marketing industry is particularly vulnerable to lawsuits, and a single lawsuit could put an uninsured company out of business. As with any business, it’s important to be prepared for any eventuality, and because every business is unique with its own individual risks, obtaining the right amount of coverage will not only give you peace of mind, but it will also save you money.