Understanding Public Relations Firm Insurance
Expectations. No matter how much effort you put into managing your clients’, they still have subconscious or explicitly stated hopes of a desired outcome and they see it as your job to make it happen. And if those clients are enduring a crisis, it can be all too easy for them to point the finger at your PR agency for not making it better. Public relations firm insurance gives your PR firm the tools it needs to defend itself against negligence claims and legal allegations of breach of duty, false advertising and more.
Insurance Coverage for Public Relations Professionals
Managing a client’s public communications involves a multi-pronged approach. From press conferences to press releases to market research and social media, there are a lot of moving parts to public outreach. Which means a simple mistake in one can undo all the progress made in the rest.
Of course, even if an error wasn’t made, if a client is unhappy with the results of your advice or execution, they could bring suit claiming negligence, incompetence, loss of revenue and/or brand/reputation damage. Errors & Omissions (E&O) / Professional Liability Insurance for public relations firms can provide legal defence coverage including lawyers’ fees, costs to defend a claim, out-of-court settlements and damages awarded by a court or tribunal.
Unfortunately for PR firms, your professional liability doesn’t end there. As communication and media relations professionals, your work gets broadcast in the public sphere and is therefore subject to potential risks and accusations of:
- Plagiarism / intellectual property theft
- Libel or slander
- Invasion of privacy
and more. Media Liability Insurance is an extension of a Commercial General Liability insurance policy (see below) designed specifically to provide liability cover to publishers of media content.
As PR professionals, you are all too familiar with risk management and in the following section, we’ve summarized further insurance coverages to help your PR agency mitigate its own risks.
Other Coverages for Public Relations Firms
Along with risks assessment and contingency planning, the following coverages added to a PR agencies insurance package can help bolster your firm’s risk management strategy.
Commercial General Liability Insurance is standard coverage for all companies and can provide legal coverage for bodily injury and/or property damage lawsuits.
Commercial Property Insurance provides building and contents coverage for PR firms in case of fires, flooding, vandalism and other perils. See also:
- Business Interruption insurance which reimburses PR firms for lost income due to an insured peril; and
- Extra Expense coverage for the costs of opening a temporary workspace following an insured peril.
Cyber Liability & Privacy Insurance can protect public relations firm against the costs of a data breach of your devices or systems including third-party losses, investigations and the costs of restoring data and systems.
Employment Practices Liability (EPL) Insurance can provide business owners the legal expense coverage for lawsuits alleging wrongful employee dismissal, workplace harassment, discrimination and other employment-based suits.
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Let the commercial insurance specialists at ALIGNED save you time, money and stress. We are your advocate to get you exactly the insurance coverage you need at competitive rates. Contact an ALIGNED advocate to discuss your public relations firm’s insurance needs or use our online tool to get a quote on public relations agencies insurance in minutes.