The marketing industry has been thriving in recent times, especially when it comes to digital marketing. Businesses of all sizes and in all industries need to use marketing to get noticed and attract customers, but this is not easy when every company is fighting to get noticed. Using a marketing company is a way to guarantee results, so many marketing agencies have flourished in recent times. While you do not face the kind of hazards that might in industries like construction, you will find that there are still threats in this field and it is vital that marketing companies have protection in place. Keep reading to find out why.
Protection Against Performance Issues
One of the main reasons that you need to have insurance is to protect your company against any performance issues. If your agency were to make any mistakes, it could end up costing a client a fortune and impact their long-term success. Business insurance can protect your business against lawsuits over professional negligence, mistakes and missed deadlines.
General Liability Protection
All businesses need to have protection in place in terms of general liability. While a marketing agency is not the most dangerous work environment, you will still find that accidental injuries can occur in an office environment, such as a slip, trip or fall. Additionally, you could accidentally cause damage to client property that could prove to be costly. General liability insurance can provide protection against the basic risks, such as personal injury lawsuits and property damage.
Another important reason to have insurance in place is the (growing) threat of cybercrime. Cybercrime has become a major threat during the pandemic and companies like marketing agencies are frequently targeted due to the data from various organizations that is held. Obviously, proactive defense is essential, but it is still important to have cyber liability insurance in place to help your business to recover from a cyber-attack. A cyber-attack has the potential to destroy a business but having the right insurance in place will help you to recover and minimize impact.
It is also a requirement in most states to have workers’ compensation insurance place if you have employees. This is a policy that will cover the costs associated with an employee injury or illness, including medical bills and lost wages.
As you can see, having insurance in place is hugely important for a marketing agency. To ensure that you are covered from all angles, it is helpful to speak with an insurance broker, for example KBD Insurance, who will tell you what coverage you need and find the best quotes. This can take the stress out of getting covered and could help you to make savings.
While marketing may not be an industry with obvious hazards and risks, you will find that it is still hugely important to have insurance in place. Mistakes in marketing can be costly and there are then the basic risks that all businesses face to consider, so you want to make sure that you have the right protection in place.