Brand protection insurance is purchased to protect a company from events created by a sponsorship, spokesperson, or celebrity endorsement that has gone awry.
Brand Protection Insurance-Is Your Company Covered?
For many companies, their brand is everything. Whether using print, radio, television, or digital media, creating brand awareness is important to the companies with which we work. Often, it helps a brand to hire a recognizable celebrity or spokesperson and have them promote your company’s product or service.
If your brand/product campaign is enhanced by the hiring of a celebrity or anyone who is famous for just being famous, you need to protect yourself and your brand campaign against the celebrity in the event of their death, disability, or disgrace.
This policy, offered by Petersen International Underwriters, a coverholder for Lloyd’s of London, provides coverage to support brands that use celebrities to endorse their products or services. Should the policy be triggered, a lump sum payment to recover costs and expenses of the insured campaign is payable to the business.
Should the insured person pass away during your marketing campaign, the agreed upon benefit amount will be payable. This trigger is subject to certain exclusions which include suicide.
If a sickness or injury prevents your spokesperson from completing their contract as your paid endorser, then the policy benefit will be paid. The disability must prevent the insured from completing his or her contract, necessitating a cancellation or withdrawal of the marketing contract. Like death, collecting on one of these policies for disability will have exclusions, most notably drugs and alcohol.
Although the death or disability of a celebrity spokesperson can be financially damaging to your company’s image, protection against disgrace is where your brand protection insurance can really pay dividends (figuratively).
If your celebrity commits a criminal act or any offense against public taste or decency, your policy benefit can be triggered. In addition, acts that cause a negative reaction to the brand or reflect unfavorably on the campaign or product can also create a scenario which allows the company to make a claim.
The media can uncover details about your celebrity spokesperson’s life and what is exposed may be damaging to your company image.
Protect your business and your brand with brand protection insurance.
Call us today so we can have a confidential discussion about your needs. Our toll-free number is 888-636-2310. You can also complete the quote form on the left and indicate in the comments that you’d like to discuss this coverage privately. If you hire celebrity endorsers, contact us for help in purchasing this valuable insurance.