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Your work is a mix of art and science, and you’ve invested countless hours in getting to where you are today. As a result, your advertising agency helps your clients boost brand awareness and increase ROI. But do you have anyone looking out for your business while you focus on driving sales for your clients?
That’s where Simply Business can help.
We’re an online insurance platform that makes it simple for agencies like yours to protect your business. We help you find the general and professional liability coverage options that can mean the difference between an accident that is a minor inconvenience or the reason your business shuts down.
Finding and comparing customized quotes takes only a few minutes.
Ready to get covered?
Business Insurance Policies Available for Advertising Agencies:
If you’re new to the world of business insurance, welcome! We understand that sorting through insurance information and laws can be overwhelming, so we try to simplify the process. There are three types of insurance you may need as an advertising agency. Let’s review what they cover and who needs them.
You may have heard of professional liability insurance for doctors or lawyers, but it’s useful for advertising agencies, too. Since you’re providing a professional service, particularly one that makes claims, you could potentially face negligence claims. This type of policy can cover you and your business if your client claims that your business or you were negligent when providing your services.
Additionally, if you have people working for you, PL insurance can cover your employees.
For your business, negligence claims are based on “false advertising.” Imagine that your agency creates an ad that makes a promise about a product, but then it doesn’t perform in that manner. If consumers sue your client for false advertising, you could be found negligent as well.
Without insurance, you’d likely have to pay damages out of your agency’s funds. Even if you defend yourself in court and avoid damages, you’ll still rack up legal fees. The beauty of professional liability insurance is that it could help offset costs if a client sues your business, up to your policy limits.
To summarize, here’s what professional liability coverage for advertising can cover:
Keep in mind that PL insurance usually doesn’t cover:
While false advertising claims are pretty unique to running a marketing agency, accidents can befall any business. For example, imagine that a client comes to your office to review your ideas for a project. On their way out, your client trips and falls down the stairs.
Unfortunately, your client breaks several bones and has to be transported to the hospital.Your client could sue you for their injuries, and you could be responsible for all of the medical bills.
That is, unless you had general liability insurance.
This type of policy typically covers bodily injury, property damage, and third-party (e.g., customer or vendor) accidents. The average injury or damage claim a small business faces is $30,000, so unless you have a well-cushioned savings account, you’ll most likely need this help to keep your business going.
To recap, here’s what general liability insurance usually can cover:
Now check out what general liability insurance usually doesn’t cover:
You may have started as a one-person shop, but now you have an entire team. If you have employees — even one or two part-time helpers — you’ll likely be required to have workers compensation insurance. This type of policy, also called workers comp, covers medical bills, lost wages, and legal costs associated with an employee who gets sick or hurt on the job.
While your state may or may not require you to carry general or professional liability insurance, in most cases, you’ll need workers comp if you have employees.
Considering that the average cost of workers comp claims is $41,000, it’s a good idea to get covered even if your state doesn’t require it.
Generally, workers compensation insurance for advertising agencies can cover:
Trial and error or learning by doing may have worked in your early days of learning advertising, but some things are too important to leave to chance. In life and business, it’s good to expect the best, but be prepared for the worst.
Even though you spend a great deal of time trying to make your advertising business as robust as possible, it takes only one slip to turn your world upside down. Nobody plans to have an accident, yet 43% of small business owners polled reported being threatened with or involved in a civil lawsuit.
The average costs companies are exposed to without insurance include:
Even if you have tens of thousands of dollars set aside in your business, there most likely are things you’d rather invest in than paying legal fees and for damages. By spending on insurance coverage each month, you can offset the chances of having to take on loans, or worse, file for bankruptcy, because of an accident.
Your need for business insurance is underlined by the fact that you could face a negligence claim — even if you did nothing wrong. Your policy could help cover the cost of hiring an attorney and paying for claims (up to the policy limit) from a disgruntled client.
Advertising agency insurance isn’t all about “worst-case-scenarios,” either. There are plenty of ways that your plan is there for you on the best days of your business. When you get insured through Simply Business, you can request a certificate of insurance (COI), which can help you rent a space for your business or earn the trust of vendors and customers.
In some states, you need advertising agency insurance to run your business. However, not every state has those requirements for general liability or professional liability insurance.
We always suggest considering business coverage, and our quote process and licensed agents can help you see what your options are based on where you’re located.
Keep in mind that in most cases, you’ll need workers comp coverage if you have employees.
Sometimes, yes. It’s common for agencies to be able to deduct insurance premiums on their tax filings, but we always recommend checking with a local accountant regarding your state’s laws.
You shouldn’t have to overpay for insurance that you don’t need, which is why our quote process gives you free quotes that are customized to your business based on your responses. Your ideal level of insurance depends on:
Our quote process takes all of this information into account to provide coverage options. If you have additional questions, our licensed agents can assist you.
It takes only a few minutes to complete our quote process, but having information on hand makes answering questions easier. Here’s the information you should have available to get an accurate quote:
Each state sets its small business insurance requirements. Luckily, our quote process considers your location, so you don’t necessarily need to research before getting started. Our licensed insurance agents also are happy to answer any questions you have.
A comprehensive insurance product — one that includes general liability and workers compensation — can cover:
It’s tough to give an exact number since insurance costs vary among businesses. Your policy depends on your services, how many employees you have, and the following:
If you’d like to see how much your premiums may cost, simply answer a few questions here to get free quotes and compare prices.
If you’re a multi-talented business owner, our licensed agents can work with you to find protection for all of your services.
Between managing clients, campaigns, and click-through optimizations, you have a lot on your plate. Sorting through all of your business insurance options can be overwhelming, which makes it easy to put it off for another day. Your future self will thank you for checking this off your to-do list, and we want to make it as easy as possible.
Simply Business is an online insurance platform that helps protect all that you’ve invested in your business to make it a success. Thanks to the thousands of customers who already trust us to protect their work, we’re one of the fastest-growing online providers of small business insurance.
So why choose Simply Business? It’s, well, simple:
We’re fast and affordable. It takes only a few minutes to find, compare, and choose an insurance plan that you’re comfortable with.
We’re flexible with coverage. Whether you need your first COI, are growing your team, or need to expand coverage, we’re here to help.
We get your business. Would you give every one of your clients an identical campaign? We know you wouldn’t, so you can expect the same from us. Every insurance quote is tailored to your needs, based on the information you provide.
Patience and perseverance have gotten you where you are today. Now let us help you protect your tomorrow.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.