Every business owner should have some type of business insurance. The type of insurance a business owner needs will vary based on what kind of business they run. Public Relations business owners or agents need to have insurance that can not only protect themselves and their business if some physical harm comes to their clients or information is leaked or reported incorrectly.
Libel or Slander Protection
One of the most common types of insurance for PR agents is libel and slander protection. These are often grouped together, sometimes along with defamation insurance. There are a couple of differences between libel and slander. However, having insurance that covers all types of defamation is important for PR agents to have, as it can both protect themselves and their clients. Libel is a false statement, whether made accidentally or on purpose, that is written. This can be on a website, newspaper, or any other type of physical or electronic print. Slander is a false statement, again whether, on accident or purpose, that is said. This mainly poses itself as a problem if the slander is recorded. Generally speaking, libel is considered to be the more serious of the two crimes. Having insurance can help to cover any fines or related expenses related to these occurrences.
Information Leak Protection
In the age of the internet, it can be tricky to keep private or personal information from getting into the wrong hands. For this reason, it is best for PR agents to make sure that they use the best possible hacker protection. This can include getting virus and spyware protection. Using firewalls and other software to protect computers is a good idea.
So, where does getting insurance come in? Sometimes, PR agents are not able to get these preliminary precautions put into place before a hacker gets their hands on the information. This can lead to an information leak. Having insurance can help to protect both the PR agent and client.
Injury Protection
One thing generalized business insurance can protect against its clients getting injured in a PR agent’s office. These injuries are usually accidents caused by falling or bumping into something. Even though nobody is usually at fault for these accidents, PR agents can sometimes be sued if the accident occurs within their office. This could be due to floors being slippery or other small things that could have led to the accident. Having personal injury insurance can help to cover any costs from being sued or going through a lawsuit. According to The Hartford’s Business Owner Policy insurance claims, the average injury lawsuit can cost business owners around $20,000. Needless to say, it’s much better to have injury protection put in place than to need to pay that out of pocket.
General Business Protection
Getting general insurance quotes is a good idea too. Even though there are more specific types of insurance that PR agents should get, as noted above, getting more generalized business insurance, also sometimes called general liability coverage, is also a good idea. What types of things does generalized business insurance cover? Generalized business insurance usually covers bodily injury and reputational harm, like some of the more specific types of insurances listed above. Liability coverage also includes property damage, copyright infringement, and more. These types of insurances can do a lot to protect a PR agent’s physical workplace and intellectual property. This insurance can help to fix or replace large broken equipment, building maintenance repairs, and more. Copyright infringement can help to protect business owners if they accidentally use copyrighted material or if they need to file a lawsuit for someone using their copyrighted material.
Running a small business requires many safety precautions. Having various types of business insurance can go a long way to protecting both a PR agent’s business and their personal reputation. New PR agents would do well to look into these types of insurances to see which ones will work well for their budget and business.
