About Business Insurance For Market Research Firms
Many people believe that market researchers have it easy. This couldn’t be further from the truth. In reality, Canadian market research firms have a lot of responsibilities on their hands. They have to do a lot of research and attempt to gauge public opinion. People are completely unpredictable and that makes their job tremendously hard. There is always a risk that the information your market research firm is going to deliver inaccurate data. That could result in the client losing a lot of money. If that happens, you may be facing a lawsuit in the near future.
At the same time, market research firms are constantly working with several clients and they manage numerous projects each day. It would be easy to lose track and deliver the wrong information to another client. The risks are grave and this is why you need to shield yourself from liability exposures.
Risks You Face
The truth of the matter is that market research firms have a lot of risks. It might not seem like it in the beginning, but the risks sit below the surface. You face tons of risk and they’re all unique. Just think about it. Your clients will most likely visit your office at some point. When they step foot through your door, you are responsible for their health. If they suffer from a fall, it could easily be blamed on your company. That could possibly lead to a lawsuit and a hefty settlement. You also have to worry about Mother Nature.
Some Canadian provinces are prone to tornadoes. If one blows through your area, it could cause a lot of damage to your offices. It might even force you to stop working briefly. And of course, all Canadian businesses have to be concerned about fire hazards. As a market research firm owner, it is vital to recognize your risks and find ways to protect your company. Market research insurance can definitely help.
Market Research Firm Business Insurance
The good news is that you can protect your company by acquiring the right insurance. As a market research firm, there are several key coverage options that you’ll want to add to your insurance policy. The most important will be explored in greater depth below.
- CGL – It is absolutely essential to protect your company with commercial general liability insurance. This insurance policy will provide you with protection from 3rd party injuries and property damage. It also offers protection from copyright infringement, libel, advertising liability, and slander. If you’re sued for one of these reasons, you’re going to be paying out of pocket to defend yourself. With this insurance, you won’t have to it. Your insurance will cover the court costs and the potential settlement or judgment.
- Business Interruption – There are plenty of things that could cause your business to stop temporarily. A fire would ruin your offices and that would probably make it impossible to work. During this period of time, you’re going to be losing a lot of money. If you’re required to avoid working for too long, you may no longer be able to pay your bills. This is why you need business interruption insurance. Add it to your policy and the insurance will help you deal with the wages that are lost.
- Business Property – When signing up for insurance, you will definitely want to get a business property insurance policy. After all, you depend heavily on your offices and your computer equipment. Without them, you won’t be able to fulfill your duties each and every single day. In the event of a storm or fire, the insurance will cover the cost of damage.
Wouldn’t it be easier to get all of these policies in one? The answer is yes and you can do just that. You just need to ask your insurance provider about a commercial general liability insurance package. This type of insurance combines all of the aforementioned policies into a convenient package. Just remember that it is not available for all businesses. Get in touch with the professionals at LiabilityCover right now to find out whether or not you can get this policy right now!
The Importance Of Professional Liability Insurance
Despite working your tail off every single day, there is going to be a risk that your clients are not going to be happy. They may not trust your work. If that happens and you cause them financial loss, you can almost guarantee that your company is going to get sued at some point in the near future. The risk is real. With this in mind, you should most definitely think about acquiring a good amount of professional liability insurance. It is absolutely vital for you and your employees. There is always room for mistakes and this type of insurance will protect you in the event that something goes wrong.
Professional liability insurance is also referred to as errors and omissions insurance. It will provide you with protection in many situations, including when you cause the client financial loss due to inaccurate information. You may also be sued if your employees have used unethical methods to obtain the information that you need. The truth of the matter is that every single market research firm in Canada is prone to these problems. Even if you have a small head count in your roster, you should still get this type of insurance. Do not delay or you may regret it soon.
LiabilityCover Can Help
It is true that getting insurance can be tougher than you could ever imagine. You really need to know about your risks and what type of coverage is needed. Unless you know all about insurance, you are probably going to get it wrong. This is why you should work with a professional. Get in touch with the pros at LiabilityCover. The company will walk you through the process and help you get the exact coverage that you need to protect your company to the fullest. Signing up couldn’t be easier. With that being said, there is really no good reason not to sign up right now!