Tuesday, 15 July 2014

What is Advertising Injury Coverage?

As you probably already know, there is no such thing as an insurance policy that covers everything. This rule of thumb also applies to Sharp INSURANCE's Red Deer commercial insurance.

Within the field of "commercial insurance", there exist numerous policies. One of these policies is known as advertising injury liability policy. As the name entails, this type of policy covers a business from lawsuits related to advertising injuries. According to the IRMI, an advertising injury can entail any of these offenses:
libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas
It is not uncommon for a business to sue another business, claiming that the latter has somehow damaged their business through an act, a practice or even a simple comment. As an example, think of a false claim made about a competitor's product by a company in an advertisement. In many cases, there would be enough ground for a lawsuit if the company had enough evidence to prove the offense and the related damage.

However, we are all humans and we sometimes make less than optimal decisions. As such, this type of insurance policy provides you and your business with adequate defense and indemnification for damage (assuming that the claim relates to advertising, of course).

If you are thinking of expanding your advertising presence (be it online or in the offline world), you should think twice about doing it without this coverage. Sometimes, all it takes is a simple mistake for your efforts to go to waste. The business world can be a tricky place and it's better to be insured than go bankrupt.


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