Why do PR Consultants Need Insurance?

Management Consultant Insurance

Are you in the business of public relations? If so, then you have probably taken many steps to ensure that your business is as successful as possible. While you may have the best marketing techniques and the best strategies, and you may have a powerhouse team behind you, you may be missing out on one critical element: Insurance.

Insurance is important for all business owners, including those who are in the business of public relations. Insurance helps to protect your business in the event that something goes wrong. Without it, if something does go awry, you, your employees, your clients – and your entire business – could be at risk.

Types of Insurance Policies for PR Firms

When it comes to insurance, there are a lot of options available. For PR firms, the following policies are recommended:

  • General liability insurance
  • Property insurance
  • Business owners insurance
  • Workers’ compensation insurance
  • Errors and omissions insurance
  • Umbrella insurance

Having each of these types of insurance coverage options will ensure that your business is fully protected from the trials that life may throw your way.

The Benefit of General Liability Insurance

Of all of the different insurance options available, general liability insurance provides the greatest range of coverage for PR agencies. This type of coverage will protect your business in the event that a third party files a lawsuit for any of the following reasons:

  • Property damage
  • Physical injury
  • Advertising injury
  • Libel/slander
  • Copyright infringement

The Benefits of Property Insurance

Property insurance will protect your business from any unexpected accidents that may damage your property. It covers equipment, supplies, your office building, inventory and any other property that you may use for your business from the following:

  • Theft
  • Vandalism
  • Weather-related events
  • Fire

 

Benefits of Business Owner’s Insurance

This type of insurance coverage bundles property insurance and general liability insurance together into one plan. When these plans are packaged together, it can save you money because insurance providers often offer lower premiums for a bundled package than for individual policies.

Benefits of Workers’ Compensations Insurance

If you have employees working for you, workers’ compensation insurance is a must. In the event that one of your employees is injured on the job, your business is liable for covering the cost of:

  • Medical bills
  • Lost wages
  • Legal expenses

Workers’ compensation insurance will help you pay for these expenses.

Benefits of Errors and Omissions Insurance

As a PR agent, you are responsible for providing certain services for your clients. However, despite your best efforts, there may be times when your clients aren’t happy with the services that you provide. Errors and omissions insurance will protect your business in the event that a client is unsatisfied and sues, claiming any of the following:

  • You didn’t deliver on work that you said you would
  • You made a mistake
  • You were negligent
  • Your work was not up to par

There are a lot of insurance coverage options for PR agencies, and having the aforementioned policies will ensure your business is protected.

If you are a PR Consultant, speak to a representative at BOLT Insurance Agency to learn about how to protect your business. Call us at 1-800-216-4171.