Hawaii Marketing Consultant Insurance Policy Information
Hawaii Marketing Consultant Insurance. As a marketing consultant, you likely own your own company, which may be a small or medium business where you provide assistance to other businesses and business advice. Perhaps you help with developing marketing plans and objectives, forecasting sales, introductions for new products, pricing advice, or implementation of marketing strategies.
No matter what your skill set in marketing, you are still susceptible to claims against you by third-parties and clients, and for this, you need Hawaii marketing consultant insurance. Let's look at market consulting insurance and how it can work for your business.
Hawaii marketing consultant insurance protects your consulting company from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Do You Need HI Marketing Consultant Insurance?
As a marketing consultant, you are responsible for taking care of the needs of your clients. This involves making recommendations, meeting deadlines, and providing services based on your expertise and skills. To protect your business, you must also plan for the unexpected. With a comprehensive Hawaii marketing consultant insurance plan in place, you provide your business with a buffer from the inherent risks you face.
Marketing Consultants and Risks
Although marketing and consulting both seem like innocuous professions, the truth is that marketing consultants face a variety of perils in their everyday operations. Some of the risks that you encounter on a daily basis include:
- Accidents, such as slips and falls
- Weather-related events, such as damage caused by wind, flooding, hail and other perils
- Fire damage and damage from smoke
- Vandalism and theft of property
- Injuries to employees
- Lawsuits from a variety of sources
- Negligence claims
- Damage incurred by clients
- Errors and omissions claims
A Policy to Meet Your Needs
Working with an independent agent who understands the nuances of HI business marketing consulting work is a good way to find the right level of business insurance for your particular business. Your agent may recommend a business owner's policy, also known as a BOP policy. This type of policy combines major property and general liability insurance into one policy. Agents usually recommend this Hawaii marketing consultant insurance policy for small or medium businesses in search of insurance that protects them while staying within the confines of their budgets.
A BOP policy includes property coverage, which handles claims arising from damage or loss to buildings, structures and their contents. This includes computers, furniture, office equipment, and more, and it protects your property whether you own it or lease it.
BOP policies usually also contain business interruption coverage. This type of coverage protects your business by providing compensation for any business income lost due to a covered peril or for operating expenses necessary for temporary closing when you experience a loss. For example, if your building is damaged by fire.
Finally, BOP policies also pay for claims that arise from property damage or bodily injuries due to your negligence or the negligence of your employees. For instance, if your client sustains an injury on your premises.
Additional Coverages For Marketing Consulting
Additional endorsements for your policy may also be a recommendation by a licensed HI agent. Some of these include:
- Coverage for computers and media - This type of policy is known as an electronic data processing policy, or EDP. This policy pays for related lost income and data if your business' computer system or network incurs damage due to theft, vandals, malware and viruses. This includes coverage for both computer equipment, hardware and software.
- Cyber liability coverage - If the data stored on your computer system experiences a breach, this coverage kicks in to help cover the financial fallout.
- HI Commercial auto insurance. This protection extends to all vehicles owned by your company, and it pays for injuries or property damage caused by you or your employees when driving these vehicles. This includes both owned and leased vehicles.
- Umbrella coverage - This coverage is a type of bundled policy that includes auto, employer and general liability policies. It extends higher policy limits that go beyond the current limits on your other policies, so if you are hit with a high-dollar claim, your business doesn't suffer.
- Worker's comp insurance - This coverage is likely required by Hawaii - all non-owner employees must have coverage. It pays your employees' medical expenses and lost income if they are hurt or injured or become sick due to a work-related peril.
Errors And Omissions Insurance
One of the most vital types of insurance to consider as a marketing consultant is errors and omissions insurance also called professional liability. No one is perfect; we're all infallible. We're subject to mistakes and errors. Unfortunately, when you make a mistake when rendering advice or services to your clients, you can be held liable in a court of law, leading to large sums of money given to your client in a judgement.
With errors and omissions insurance, this worry is lessened, since this type of policy can cover any award and help with legal expenses to defend you in court. It can also cover your employees and any negative consequences that result from errors they make. Even if the claims against you are unwarranted, you should still carry this type of policy, since our society is a litigious one and unfounded claims are a fact of life.
Marketing Consulting Coverage
Getting your own personalized quote for your business' Hawaii marketing consultant insurance is simple and easy. Talk to your licensed independent agent. Your agent understands the needs of your business and can make valuable recommendations to help you select the right coverage, the best type of policies, and any bundled policies that can save your business money.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Hawaii also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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
- Book Publishers
- Call Center
- Direct Mailing Services
- Graphic Arts
- Graphic Designers
- Magazine Publishers
- Market Research Firm
- Marketing Consultant
- Podcast Insurance
- Printers & Publishers
- Public Relations
- Radio Stations
- Search Engine Services SEO
- Social Media Consultant
- Television Stations
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.
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