In addition to requesting donations and gathering information, telemarketing businesses handle the selling of products and services by making outgoing phone calls to both individuals and businesses. They may sell just one product, but most telemarketing firms are responsible for selling a variety of different products and services. They will use different customer service and sales tactics in order to make sales, while most telemarketers make an hourly wage plus commission on all completed sales. Telemarketers also record payment information and orders, therefore opening themselves up for different risks, such as recording the wrong credit card information. Additional business risks are related to general business operations, and include crimes, employee injury, or property damage. These and other related risks should be mitigated through telemarketing insurance.
Types of Telemarketing Insurance
There are different types of telemarketing insurance policies that will offer your business protection from your different risk exposures. The following are some of the more important insurance policies.
Telemarketing General Liability Insurance
If you get just one business insurance policy, it should be general liability insurance. This is because it covers customer injuries at your business along with completed operations. For example, a customer visiting your office that suffers an injury from a loose computer wire can sue you for the medical costs. In this case, your general liability insurance policy would keep him to help you by paying these costs.
Telemarketing Professional Liability (E&O) Insurance
Professional liability insurance, also called errors and omissions insurance, offers coverage for your telemarketing business in the event of errors or omissions with regards to the products or services you are selling. For example, if one of your employees fails to inform (or even misinforms) a buying customer of some pertinent aspect of the product, the customer can later come back and claim they didn’t receive the product they originally thought they were getting. This claim is covered by the professional liability insurance policy.
Telemarketing Commercial Auto Insurance
You may not think you need business auto insurance because you don��t use a company vehicle often, but every time you make a bank deposit or pick up office supplies, it can be considered a business errand. Protect yourself from accidents, theft or vandalism by getting a business auto insurance policy. An accident might cause vehicle damage, property damage or bodily injury, all of which can be covered with the auto insurance policy. Speak to your insurance agent to see if a non-owned vehicle insurance policy is right for you.
Telemarketing Cyber Liability Insurance
If your telemarketing company also sells products or services online, you should get cyber liability insurance as part of your telemarketing insurance protection. Any time a transaction is completing from an online store, you and the customer are at risk from cyber crimes like theft of their personal or banking information. To protect from this type of crime, you should get cyber liability insurance which will cover any losses you or the customer experiences.
Telemarketing Business Property Insurance
A variety of unexpected events could occur at any moment and completely destroy your telemarketing business offices. Your business property and its contents could become damaged from natural disasters, extreme weather like hail or heavy winds, or other events like a fire. This could not only destroy your property, but the contents inside. Business property insurance helps replace electronics, computers, phones, and other important equipment that you use in your telemarketing business, as well as helping to repair the property itself.
Telemarketing Workers Compensation
Worker’s compensation is required by law in most states and is meant to cover employees who suffer a work-related injury or illness. Your telemarketers are at risk for injuries such as neck, back or wrist injuries related to repetitive motion injuries and should be covered by worker’s comp. If an employee needs to visit the doctor for wrist pain, the medical costs and recovery time will be covered by the policy.
Telemarketing Crime Insurance
Telemarketing businesses run the risk of certain crimes, such as embezzlement from employees, vandalism of your business property, or checks that are counterfeit. To protect your telemarketing business from these types of crimes, you should get a crime insurance policy. Insurance for telemarketers that includes crime insurance will offer coverage for crimes committed and avoid financial struggle as a result.
You may not be able to avoid certain risks, but you can protect yourself from them by getting telemarketing insurance. Consider the losses that are most likely to occur and cover those, with a good insurance program.
