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What Coverage

does your business need?

As a small-business owner (or someone thinking about opening a small business), your head is probably spinning over the choices when it comes to the types of insurance coverage your company needs. It’s important how each type of coverage protects you, your employees and your business.

Marketing Consultant Insurance

Marketing professionals such as marketing consultants, marketing researchers, and media professionals need to carry insurance to protect their business from liabilities or claims that may arise from errors made in the services they provide. Not only that, but many clients of marketing consultants want it or require it. Therefore, it’s important for marketing consultant professionals to carry marketing consultant insurance as part of their overall business insurance package. There are three main types of marketing consultant insurance coverage:

.Professional liability insurance Also known as errors and omissions, or E&O insurance, professional liability insurance for marketing consultants is like malpractice insurance for doctors. This type of consulting insurance protects you in the occurrence of errors and omissions made by yourself or your employees. Here’s an example: suppose you create a direct mail marketing campaign for a client, which some existing customers find to be distasteful. Your client ends up suffering a financial loss and sues you. Without professional liability insurance for your marketing consulting business, you could be in for some hefty legal expenses — which you may have to cover on your own.

Workers compensation insurance. Some states require workers compensation insurance and some states don’t. Either way, it’s an important component of marketing consulting insurance. Many clients insist on this insurance, whether it’s required in their state or not. However, if your client’s headquarters are located in a state that does, then you’ll want to carry it. Further, if your business has employees, workers compensation gives you peace of mind that on-the-job injuries will be covered. With the high cost of health care these days, having workers compensation insurance makes good financial sense.

General liability insurance. While a marketing consultant may not feel they need coverage to cover injury to people or damage to property — known as general liability insurance, many companies who have contractors, service providers, or vendors who come on their property, require them to have general liability insurance. In the majority of cases, the reasoning behind requiring the marketing consultant to have general liability insurance is the client’s risk of being subjected to financial losses from lawsuits. On the other hand, general liability insurance also reduces the marketing consultant’s exposure to liability in case that at accident occurs at his own office. For example, if one of your clients slips on a wet floor in your office hallway, your general liability insurance would cover expenses incurred as a result of the fall.