The Insurance Guide for Digital Marketing and Creative Agencies
Cutting edge creative ideas often come with an element of risk. When brands start to think outside of the box, they enter into a world of strategies and ideas that have never been done before. And sometimes this means new exposures must be taken into account. Thankfully, insurance policies exist for precisely this situation, and many insurers offer specialist products just for creative agencies.
Digital marketing and creative agencies can now take advantage of an extensive range of specialist policies, designed with their particular risks in mind. Take a look at our quick guide to insurance for creative professionals to learn more about the insurance you might need, and the questions you should be asking.
Intellectual Property
Creative agencies will often work with third parties to produce content, but in some cases this can introduce an element of risk. Intellectual property insurance is there to provide creatives with financial protection if they make a mistake relating to intellectual property.
For instance, an agency might use work belonging to a third party in their own campaign, mistakenly believing that they had the adequate permissions to do so. If it turns out that the correct permissions hadn’t been granted in advance, costs can quickly spiral as the third party seeks to recoup losses from the agency.
With many team members involved in different campaigns, the risk of accidentally using intellectual property belonging to a third party is very real. So creative agencies should always be adequately insured for situations like this.
Professional Indemnity
Professional indemnity insurance covers a wide variety of unforeseen circumstances, all of which can command a high price tag. This insurance, which is also sometimes known as errors and omissions insurance, keeps companies protected from the financial implications of a number of different scenarios.
The insurance will pay out if, for example, a company’s client experiences a financial loss as a result of their work and requests compensation. Professional indemnity insurance is also vital in protecting companies should they make a mistake that costs their clients money, or even sparks legal proceedings. Policies are also valid if a company mistakenly infringes any relevant industry regulations and faces penalties as a result.
Cyber Insurance
The risks associated with cyber are becoming increasingly important as time goes on, and companies become more and more interconnected via digital devices. Creative professionals are open to risks associated with cyber crime, and a multitude of risks relating to gathering, storing and using data. There are many different cyber-related exposures that insurance can provide protection from, ranging from liability in data handling cases to extortion and the costs of system restoration.
PR is another key concern in cyber cases, and many companies will face rising public relations costs in their efforts to protect their reputation throughout the crisis. Cyber insurance can provide coverage for this, making sure that companies have access to experienced PR professionals when they need them most.
Business Contents
All businesses have equipment that they rely on, and in the case of creative agencies and digital marketing professionals this equipment is often highly specialised and expensive. That’s why creative agencies will almost always need comprehensive business contents insurance.
Business contents policies provide protection for all kinds of equipment, from laptops, cameras and printers to furniture and important documents. Should anything happen to the office and its contents, insurance policies will quickly pay out so that new equipment can be purchased, and work can resume.
Public Liability
When work takes place outside of the office, there are new risks to consider. Public liability insurance provides coverage for risks associated with injuries and damage to third parties, and it’s vital for companies who tend to produce content while out and about.
Public liability insurance policies cover team members in all public spaces, and will pay out if teams accidentally cause any damage or injuries to third parties, such as members of the public. These policies will also come into play if any damage or injuries are accidentally caused in a client’s office, or at an event while staff are working. Public liability insurance is always advised for agencies, and is a key factor in many specialised insurance policies for those in the creative industry.
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The risks faced by creative professionals are varied, but leading insurers offer comprehensive policies designed to protect these companies from the exposures they most commonly face. Read up on the wide range of insurance options for creatives to find out more about the huge array of different policies that are currently available.
Speak to your insurer about the risks that could apply to your company, and ensure that every potential exposure is fully covered by your policies. When it is, you’ll be able to be as creative and inspiring as you want to be – free from the fear of what could happen if your big ideas aren’t adequately insured.
You can find more information about our specific services for your digital marketing or creative agency at the following links: music events insurance; venues & buildings insurance; photography insurance and film insurance.
