Social media marketing consultants are responsible for marketing the business through social media. This includes setting up social media accounts on LinkedIn, Twitter, Facebook and other sites, and keeping them maintained. The risks of operating a social media marketing business include professional liabilities related to the services you provide and general risks of running your own business. Choose social media marketing consultant insurance to cover these specific risks.
Types of Social Media Marketing Consultant Insurance
The best way to protect your social media marketing consultant business is with insurance policies for each risk you’re exposed to.
While liabilities with bodily injury or property damage are low with your own marketing consultant business, they should still be protected with general liability insurance. If you run your consultant business from an office where you meet clients, this poses a risk with clients potentially falling on your property, tripping over a file box or any number of accidents. Since you’re liable for the damages to their property or bodily injury, general liability coverage is always a good idea.
Professional liability, also known as errors and omissions insurance, is a type of business insurance for covering mistakes you might make. It is possible that a very minor and human mistake could cause significant damage or loss of money or business for your client. Professional liability covers any legal ramifications coming from the work you do for your clients.
Some social media marketing consultants prefer a single policy that includes multiple types of coverages. If this is your preference, you could get a business owner’s policy (BOP) The BOP is a package policy that usually includes general liability with other policies such as equipment breakdown, building and contents, electronic data coverage and other property insurance. This lets you get the coverage you need without purchasing each policy separately.
Business auto insurance is a commercial policy covering your vehicle when running business errands. It could be something as simple as going to the bank for business purposes or picking up office supplies, in addition to going to a client meeting. In these cases, an accident that caused damage to your car or other cars or any type of bodily injury, would be covered by the auto policy. You can also get optional coverage of theft and vandalism.
Another policy to have if you run your social media marketing consulting business from a location outside your home, is business property. Business property offers excellent coverage for the building structure and contents. A natural disaster, fire or even extreme weather event could destroy your equipment, office supplies, computer and demand extensive repairs. Business property insurance helps cover these costs.
If you have a website for your social media consulting business and sell your services with online transactions, you should get coverage for cyber crimes. Always make sure you have proper protection of your website with secure transactions, but get cyber liability insurance as well just in case. Experienced hackers can still get into your database, forge payments and steal identities so it’s good to have this extra protection.
Workers’ compensation provides insurance protection for employees who might get a work-related injury or illness. If you have an employee who cuts their hand opening a box with a box cutter or falls of a stepladder in your office, their injury is your liability. With workers’comp, medical costs, recovery and lost income is covered.
Aside from cyber crimes, you are also at risk for many other crimes that could mean the loss of business income or your business reputation. Things like theft if someone breaks into your office, theft from employees, or vandalism to your property or building contents could mean you’re out thousands of dollars. Crime insurance will help cover these types of crimes.
Occasionally you will be in a situation where the insurance policy you have, doesn’t fully cover the liability costs of your business due to coverage limits. In this case, umbrella insurance can help make up the difference. The liability policies for your Social Media Marketing Consultant business (General Liability, Commercial Auto, and Employers Liability) all have coverage limits. Umbrella liability insurance therefore is used to increase your liability limits for all of these risks under one policy to protect your business for claims that exceed your primary policy limits.
Getting business insurance policies for each of your probable risks is the best way to prevent the loss of business income. One catastrophe or unexpected event could mean you lose thousands of dollars which may even result in the loss of your business. With social media marketing consultant insurance, you get the protection you need to keep your business running.