Important insurance for the Creative industry

The creative industry in the UK is massive and accounts for one eighth of all UK businesses. It employs over 2million people¹ and in 2018 it contributed £111.7bn² to the UK economy.

Professional Indemnity Insurance

Professional Indemnity Insurance (PI) is an absolute must for all creatives. 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 be 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 is ideal for the creative industry and is specifically designed for any business offering professional services, designs 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. PI 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.

Examples of this include: sampling music for your own advertising without permission, copying someone else’s logo and branding.

For exceptional PI cover contact us on 0333 321 1403 or

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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.

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 guerrilla marketing activity.

Even if you’re office based, PL is essential, and you will certainly need it if clients visit your premises for meetings.

Employers Liability and Public Liability are available as part of a business combined insurance policy which also includes Professional Indemnity – contact us on 0333 321 1403 or

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Business Equipment Insurance

Most creative media businesses will use some forms of 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 need ie: photographic and film recording equipment can cost thousands of pounds per item. So it’s essential to protect your equipment in case of loss, breakage or theft.

We offer office contents cover up to £10,000 and portable equipment up to £5000, with the option to have world-wide cover. It is important to be aware that business equipment will not be picked up under most household insurance policies.

Tax Enquiry & Legal Expenses Insurance

Caunce O’Hara Tax Enquiry & Legal Expenses insurance provides you with £100,000 of cover (any one claim) for representation costs in the event of an HMRC investigation, meaning you aren’t fronting the cost yourself.

This policy is extensive in its coverage and provides a comprehensive level of insurance for most instances where legal costs and expenses are incurred, including:

• Employment disputes and compensation awards, including employee civil legal defence costs and expenses
• Legal defence – costs and expenses to cover the insured person’s legal rights including: criminal pre-proceedings cover, criminal prosecution defence, data protection and information commissioner registration, and wrongful arrest
• Contract disputes – arising from an agreement which has been entered into by you, or on your behalf, for the purchase, hire, sale or provision of goods/services.
• Debt recovery – recovery of money and interest due from the sale or provision of goods or services, including enforcement of judgments
• Personal injury – costs and expenses for an injured person’s and their family members’ rights following a specific or sudden accident that causes death or bodily injury to them
• Property protection – including trespass, legal nuisance, any event which causes physical damage to your material property
• Tax protection – a tax enquiry, an employer compliance dispute, a VAT dispute
• Identify theft protection – cover for the victim of identity theft for the costs incurred by the insured person for phone calls, faxes, postage for communications with the police, credit agencies, financial service providers, other creditors and debt collection agencies.
• Statutory licence appeal – an appeal to the relevant authority following a decision by a licensing or regulatory authority to suspend, alter the terms of, refuse to renew, or cancel your licence.
• Jury service and court attendance – to perform jury service, to attend any court or tribunal at the request of the appointed representative

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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 and 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.

For further information about any of the above insurance policies please contact us today on 0333 321 1403

Click here to find out more about professional indemnity insurance.

Sources:

1.https://www.thecreativeindustries.co.uk/uk-creative-overview/facts-and-figures/employment-figures

2.https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/863632/DCMS_Sectors_Economic_Estimates_GVA_2018.pdf

Author Phil Ainley, Marketing Manager