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Why do digital marketers need insurance?
A drop in sales
Your evening work as a pay-per-click (PPC) consultant is rewarding – clients provide their campaign goals and you advise on the best way to reach them. Consulting may seem hands-off, but when your strategy misses a keyword set, your client might experience a drop in their return on ad spend (ROAS). This simple oversight comes with a price tag – so the client takes you to court. When professional indemnity insurance is built into your digital marketing policy, there’s support with legal fees – and if you need to pay compensation, we can help with this too.
In digital marketing, networking can be valuable for securing new business, so it might be useful for your insurance to cover the risks associated with these interactions. Perhaps you run a market research firm or focus on social media marketing – either way, attending events can widen your reach. An attendee might trip over your marketing stand or you could damage someone else’s laptop spilling coffee. Public liability insurance can help with legal costs and compensation pay-outs if someone claims your work has caused damage to their property or a personal injury.
The launch of your social media consultancy start-up is an exciting step. Your team is willing to pitch in with the heavy lifting – so when your computer system arrives they’re keen to help set up. Your SEO manager gets to work but injured their back – this turns out to be a slipped disc and the employee decides to file a claim for damages. Staff workplace health and safety is your responsibility, so employers’ liability insurance can help a digital marketing business pay for legal and compensation expenses.
What insurance is available for digital marketers?
Insurance for digital marketing: FAQs
What insurance do I need for working from home?
When you work from home, either temporarily or as part of a digital nomad lifestyle, you might find your marketing business needs additional insurance.
If you welcome clients to your home office for meetings, or even accept the occasional business delivery, public liability could be reassuring. You’re likely to take out the same contracts and offer the same advice and services so legal protection cover and professional indemnity insurance may both also be helpful.
Many insurance needs are the same for digital marketers who work from home – our home-based business insurance page sets out the options.
What insurance does an agency need?
A digital marketing agency might need insurance products such as:
- Professional indemnity to protect against service complaints
- Cyber insurance to safeguard the systems and data you rely on
- Public liability insurance for reassurance at client meetings
- Legal protection insurance in case of disputes over debt and contracts
- Employers’ liability insurance as soon as you take on your first member of staff
The Hiscox approach makes it possible to tailor insurance in line with your agency’s requirements, whether you’ve just launched a start-up or have a 20-strong team.
How much does digital marketing insurance cost?
The cost of digital marketing insurance depends on the products you add to your policy and the cover limits you set for each. In general, business insurance costs start at £10 per month with Hiscox, according to analysis of at least 10% of our customers’ policies in 2020.
Setting insurance policy limits is an important decision for any digital marketing business, since underinsurance can affect our ability to help if you need to make a claim. Policy limits should be as high as the value of a worst-case scenario claim. A digital marketing business with high-value client accounts might need more insurance coverage than a freelancer.
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