The Creative Media sector in the UK is massive and accounts for one-eighth of all UK businesses, employs over 100,00 people and contributes over £21bn to the UK economy.
Professional Indemnity Insurance
Applying creative license to projects and taking risks with advertising and design concepts lies at the heart of the creative industry and has done for decades.
Yet, because creative work is subjective, it can be open to interpretation. This means you could spend hours on a commission or project and feel really proud of what you have created, only for the client to be unhappy with it and feel that you have not fulfilled your part of the agreement.
A situation such as this could potentially result in a professional indemnity claim against you if the client feels the situation cannot be rectified and they feel they have lost money as a result.
PI cover is specifically designed for any business offering professional services or advice and will help protect you if:
- You make a mistake, or if one of your clients claims to experience financial loss as a result of your work. A PI policy will cover your defence costs and any damages awarded.
- You break the terms of a contractual agreement. Professional Indemnity will cover your defence costs in the event that a claim is brought against you.
- You become embroiled in a dispute over intellectual property (IP). This could include defending yourself against infringing on someone else’s IP.
Public Liability Insurance
PL will cover you if you or one of your employees causes injury or property damage to a third party. You could be meeting a client at their premises, or conducting a location photoshoot, or taking part in some guerilla marketing activity. Even if you’re office based, you will need PL if clients visit your premises for meetings.
Employers Liability Insurance
As soon as you take on staff, whether they be permanent or part-time, freelance or working for you on a contract basis, you are legally required to have employer’s liability insurance (EL).
EL will provide you with the cover you need if an employee has an injury at work. It will also help pay for your legal representation should a claim be brought against you.
Most creative media businesses will use expensive technologies and other equipment such as furniture, but the creative industry is synonymous with using high-end technologies that most other industry sectors don’t, ie: photographic and film recording equipment. So, it’s essential to protect your equipment in case of loss, breakage or theft.
Directors and Officers Liability (D&O)
Many business founders of limited companies don’t realise that you can still personally face legal action, fines or prison sentences. You can also be disqualified from being a company director.
D&O will help you with this, it will also show you take your responsibilities seriously to potential investors when they perform their due diligence on your company.
Many founders of limited companies don’t realise that it’s not just their business at risk. Business owners can personally face legal action, disqualification, fines or even prison sentences. Having D&O insurance covers the costs of legal representation if your policy cover is triggered.
Call 0161 833 2100 for a quote or visit www.caunceohara.co.uk/products/professional-indemnity