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Get insurance -> get contract -> get retainer -> start working -> get another client -> pitch to new clients with a deck slide named "WE HAVE INSURANCE"
Bump for the Malaysian folks
Bump for the east coast folks
^ Digitas or Razorfish or both?
Lol. Not Sapient, but very close. Nice workaround though.
Get insurance --> get policy number ---> submit to sapient (thats all they need) --> Cancel policy ---> pay nothing (there's a cooling off period) :)
That happened to me ... we got it down to $2m on GL and E&O, because we said we'd charge them for the extra costs for the extra insurance.
only one. and that was direct client not via agency. a big fat fortune500 corp, with strategic revenue from web app which we were working on. so understandable. wanted coverage for 2m.
we´re 9 people though and we only bought it after contract was go, so the thing paid for it itself. I´d personally not spend that kind of money on a spec basis. demanding this kind of insurance from a single external seems excessive, it´s the agency´s responsibility really.
Try partnering up with a small studio that already has business insurance and that you can collaborate with. If you can find a partner be sure to have a non-compete claus and NDA agreement with them.
So, an opportunity came about to be a vendor for an ad agency. Problem is, they require business insurance -- a lot of it. $5 Million in General Liability, $5 Million in Errors & Omissions, and Workers Comp. I just got quoted through The Hartford and it came out to over $18,000 per year (Errors & Omissions by itself was $15k).
So far the few that I have spoke to about this (who have their own small studios), say that they only carry at the most $2M in General Liability (which is only like $2k a year, not bad). However, this specific agency requires the big one -- Errors and Omissions.
Do any of you have business insurance and have any of you come across a situation with needing 'this' much insurance? I'm wondering what my options are and if any of you know anything about this. This is the first agency that has asked for this. $18K is a lot to dish out just to bid on projects. Keep in mind that I'm still a one man shop.