Insurance for Market Research Firms
Market research firms provide a wide range of services to many types of clients. You may find yourself working with a government body one week, and working on a major corporate branding campaign the next. This keeps you on your toes and keeps work exciting and enjoyable. Along with the customer work that you provide however, you must also take care of the day-to-day administration of your market research firm. One of the most important things you must put into place from the beginning is business insurance protection.
General liability is the base level of business insurance and the first choice of most businesses because it provides such a broad level of protection. This insurance expands alongside of your company so that when you add new offices, products or services you are automatically covering them from the start. General liability is designed to protect your market research firm and your customers at the same time.
General Liability Insurance Includes:
- Premises Liability – Premises liability coverage is a very important part of your general liability policy. When you have customers going in and out of your firm’s offices regularly, there is a risk that someone will have an accident. When accidents do happen, your premises liability insurance can protect you from the financial impact. It pays for your customer’s medical bills caused by the accident for example, and it can pay for repairs if a customer’s personal property is damaged while on your business premises as well.
- Products Liability – Products liability coverage includes advertising liability. If you sell products, this coverage will protect you from lawsuits that arise due to defects in those products. As a market research firm you may instead be more interested in the advertising liability coverage however. If you make a mistake in your company advertising materials, or a customer or competitor makes a claim against you due to your advertisements, this section of your general liability insurance can pay for damages, legal defense fees, settlements and more.
- Completed Operations – If problems arise after you have completed specific services or contracts for your customers, they may sue your firm for the damages. Completed operations coverage protects you from the cost of litigation. It can also pay damages, settlements and judgments as applicable.
Business Owners Policy
A business owners policy (BOP) includes general liability while adding asset protection for your market research firm. Tangible asset coverage is available for your office building and furnishings for example, and intangible asset protection can include accounts receivable and digital media. You can select only those options that you need for your market research firm. Types of coverage include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
If you or one of your employees is involved in an auto accident, it can be very costly for your firm. Carrying business auto insurance protects you from the standard accident expenses, and can protect you from other losses caused by theft, falling tree limbs, and other hazardous events.
Workers comp insurance is required by law in most states. This business insurance provides coverage directly for the employees of your marketing research firm. If an employee gets injured while performing their job duties, workers comp will pay for their medical care.
Professional liability insurance is also known as errors and omissions. If you make professional mistakes that cost your clients money or cause them to suffer damages, you are legally liable. Professional liability protects you from having to pay those expenses out of your own pocket.