Florida Public Relations Insurance Policy Information
Florida Public Relations Insurance. Public relations agencies are primarily engaged in designing and implementing public relations campaigns for their clients. They also engage in lobbying, political consulting and media relations on behalf of their clients. They are paid large sums of money to engage in these activities. They are often needed because a situation is already delicate and their expertise is required to smooth things over.
But even the most tactful and strategic PR professionals sometimes find themselves on the receiving end of angry accusations of libel, slander, or defamation. Unintended plagiarism & client record theft are other common causes of claims against your firm. Defending yourself against negligence claims like these costs time, money and can damage your own & your firm's reputation - that's why it's important to be fully covered.
If a client sues your firm, how much would it cost? For most firms, the cost of a lawsuit - often six or seven figures - could be devastating. Fortunately, Florida public relations insurance can help offer protection by paying for your legal expenses.
Florida public relations insurance protects your PR firm from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do PR Firms Need Professional Liability Insurance?
In the constantly changing world of PR it can be easy to make a mistake and when your firm is representing others, you need to ensure that you have Florida public relations insurance protection. As an example, a FL PR firm could be sued because they failed to improve the image of a professional athlete, resulting in the loss of a corporate endorsement. Also, a PR firm could be sued by a lobbying organization because they did not succeed in changing public opinion regarding a certain issue.
Due to the possibility of facing expensive lawsuits, public relations consultants should consider purchasing professional liability, also know as errors and omissions (E&O) insurance. This Florida public relations insurance covers you for the financial consequences of any mistakes you, or your staff, may make in providing professional advice. It also protects against allegations of professional misconduct or negligence to help safeguard your personal and business reputation.
If you're sued, your legal bill could easily reach six figures. Think about all of the potential costs:
- Lawyers' fees.
- Expert witness expenses.
- Settlements costs.
- Damages owed to a client, customer, or other injured party.
Professional liability insurance can cover these expenses, shielding you from the high price of a lawsuit.
How Much Commercial Insurance Do PR Firms Need?
You have to decide what level of cover is enough for you. Consider what you do, who you do it for and how much it's worth. Think about worst-case scenario and what could go wrong. Always bear in mind that it better to have too much coverage a opposed not enough. Your legal defense can be very costly. Your Florida public relations insurance coverage has to be enough to cover all of this.
Other Types Of Public Relations Insurance
Commercial General Liability Insurance: General liability protects your firm from a variety of claims, including property damage and bodily injury. For example... If you're meeting with a client and spill coffee on their laptop, you're legally liable for causing the damage (and potentially for loss of documents and data, too). Also, slip and fall type accidents in your FL office are covered as well.
Workers Compensation: Workers comp for PR firms covers the cost of compensation if an employee of your business is injured or becomes ill as a direct result of the work they undertake for your firm. If your firm has any employees you are required to hold an employers' liability insurance policy by law in most states.
Directors and Officers Liability: This Florida public relations insurance protects directors and officers of your firm if there is a lawsuit claiming they managed it without proper regard for the rights of others. The policy will pay any judgment for which you are legally liable, up to the policy limit. It also provides for legal defense costs, which can be substantial even where there has been no wrongdoing.
Business Owner's Policy (BOP): BOP insurance bundles basic coverage from property and liability risks into one package. This type of Florida public relations insurance often includes coverage for property, liability, crime, and flood. BOP also often includes business interruption insurance, which reimburses you up to a year of lost revenue from damages. BOP insurance does not include coverage for E&O and commercial vehicles. FL workers' comp, health, and disability insurances are also not part of a BOP.
FL Public Relations Insurance
You know you need public relations insurance to protect your firm. But how much do you need to set aside in your budget to cover the costs? Your insurance costs vary depending on your firm's size, location, among a other factors. Talk to a professional insurance broker to get more information.
Florida Economic Data And Commercial Insurance Requirements
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Economic Trends For Businesses In FL
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Additional Resources For Advertising, Marketing & Media Insurance
Learn about small business media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Call Center
- Graphic Designers
- Market Research Firm
- Marketing Consultant
- Public Relations
- Search Engine Services SEO
- Social Media Consultant
Media operations are fast-paced businesses with unique property and liability insurance exposures. They depend more and more on computer systems and up-to-date software programs. These businesses usually have extensive contracts with both freelance individuals and corporations.
In addition, personal injury liability and confidentiality issues must be addressed. Insurance coverage for these concerns must be as comprehensive, flexible and responsive as the organization seeking it.
Advertising and Media Liability Insurance provisions are not standardized, so it is critical to carefully review a particular form's basic features and available coverage options. While some carriers offer coverage on an open perils basis, most will provide coverage only on a named perils basis.
The named perils generally include coverage against allegations involving defamation, disparagement of an individual's reputation, product disparagement, invasion or infringement of the right of privacy, infliction of emotional distress, plagiarism, piracy, infringement of copyright, trademark, or other intellectual property, newsgathering torts such as trespass and assault, unfair competition with respect to other covered communication perils, and errors and omissions.
Coverage can be written on a claims-made basis or on occurrence-based forms. The occurrence basis affords additional protection to the insured as coverage is provided for a claim or event occurring during the policy period, even if the coverage expires or is cancelled or nonrenewed.
Most media liability policies provide a Limit of Liability per event, plus an Aggregate Limit of Liability for all events covered during the policy term. Some carriers now offer coverage without requiring an Aggregate Limit of Liability. Such a policy is an advantage to the insured as this eliminates the fear that the policy limits will run out before the policy expires.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees' Customers, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional and Advertising Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Automobile Liability and Physical Damage, Foreign Automobile Liability and Physical Damage, Foreign Workers Compensation, Repatriation Expense and Stop Gap Liability.
Request a free Florida Public Relations insurance quote in Altamonte Springs, Apopka, Aventura, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Cape Coral, Casselberry, Clearwater, Clermont, Coconut Creek, Cooper City, Coral Gables, Coral Springs, Crestview, Cutler Bay, Dania Beach, Davie, Daytona Beach, DeLand, Deerfield Beach, Delray Beach, Deltona, Doral, Dunedin, Edgewater, Fort Lauderdale, Fort Myers, Fort Pierce, Gainesville, Greenacres, Haines City, Hallandale Beach, Hialeah Gardens, Hialeah, Hollywood, Homestead, Jacksonville Beach, Jacksonville, Jupiter, Key West, Kissimmee, Lake Worth, Lakeland, Largo, Lauderdale Lakes, Lauderhill, Leesburg, Margate, Melbourne, Miami Beach, Miami Gardens, Miami Lakes, Miami, Miramar, New Smyrna Beach, North Lauderdale, North Miami Beach, North Miami, North Port, Oakland Park, Ocala, Ocoee, Orlando, Ormond Beach, Oviedo, Palm Bay, Palm Beach Gardens, Palm Coast, Palmetto Bay, Panama City, Parkland, Pembroke Pines, Pensacola, Pinellas Park, Plant City, Plantation, Pompano Beach, Port Orange, Port St. Lucie, Riviera Beach, Rockledge, Royal Palm Beach, Sanford, Sarasota, Sebastian, St. Cloud, St. Petersburg, Sunny Isles Beach, Sunrise, Tallahassee, Tamarac, Tampa, Tarpon Springs, Temple Terrace, Titusville, Venice, Wellington, West Palm Beach, Weston, Winter Garden, Winter Haven, Winter Park, Winter Springs and all other cities in FL - The Sunshine State.
Also learn about Florida small business insurance requirements for general liability, business property, commercial auto & workers compensation including FL business insurance costs. Call us (954) 399-3996.