There’s no doubt about it, running a marketing agency in 2024 is tough. Whether it’s keeping up to date with the latest technological changes, attracting and retaining the best talent or managing increasingly high expectations from clients, there’s A LOT on a marketing agency owner’s plate.
The correct insurance for your marketing agency is sometimes the one very important thing that can slip to the back of your mind. Whether you took out a policy from an online service many moons ago when you were setting up for your first few clients in your spare room, or if you regularly shop around, it’s important to make sure you’re getting the best insurance policy as your marketing agency grows and evolves.
In this blog, we look at the different reasons why you might need to look very closely at the small print of your marketing agency insurance policy.
Specialist cover to minimise increasing risks
Lots of marketing agencies need specialist insurance cover for intellectual property infringement and cyber liability. There are increasingly sophisticated ways to collect customer data thanks to technological developments, but that means equally sophisticated ways to hack into your systems – putting your client's data at risk.
Any data security breaches or cyber-attacks can leave your marketing agency vulnerable financially and impact your reputation. These claims can have a huge impact on your business operations while they are ongoing, so it’s worth making sure you have adequate cover in place.
Policy might have limitations
Insurance can be a complex business, and it’s easy to misunderstand the extent of your policy cover. It’s worth speaking to an expert who understands what you do and what your clients expect from you, so that you are confident that the policy you have chosen will cover you in the event of a claim.
Don’t forget the exclusions
If a policy looks too good to be true, then there’s a chance that something critical might be excluded. Don’t overlook the details and make sure all your risks are covered explicitly. Don’t leave yourself vulnerable.
Lack of tailored policies
The more specialist your marketing agency, the more specialist insurance you will need. An off-the-shelf package from an online broker is likely not worth the paper it’s written on if it hasn’t been designed with your specific agency in mind. If your client is dissatisfied with your work or you’ve made some key errors, you want to make sure that you have an insurance policy in place that will cover your financial loss.
Legal and regulatory changes
Updates and changes to regulations often create new liabilities that existing insurance policies do not cover. If you’re not sure whether your existing policy includes any recent legislative changes, it’s worth checking it over to see if you’re at risk of not having enough cover.
What types of insurance policy should you consider for your marketing agency?
Professional Indemnity Insurance – this will cover you in the case of negligence, where infringements have been made or where confidentiality or regulations have been breached.
Cyber liability – essential given the ever-increasing risk of cyber-attack. If there is an attack on your systems, cyber liability insurance will cover you.
Contents and Equipment insurance – if you’ve got a team of people with expensive equipment and computers, you’ll need contents insurance in case of fire, theft, accidental damage or a natural disaster.
Public Liability - to protect you from being responsible for any accidents or incidents that cause harm to others.
Employers Liability - to protect your employees who become ill or injured as a result of their work.
How do I get in touch?
Call the team on 0207 382 7710
Use our contact form and we’ll call you back.
If you’d prefer to email us, it’s creative@eggarforrester.com
About Rhys Owen-Conway
Rhys is the lead associate for marketing and creative agencies at Eggar Forrester Creative. With a background in technology insurance, Rhys is the perfect person to speak to about your marketing agency and making sure you’ve got everything you need to protect your business. Rhys joined Eggar Forrester Creative in 2023 and would love to speak to you about your marketing agency insurance. https://uk.linkedin.com/in/rhys-owen-conway-dip-cii-641584196