MEDIA INSURANCE: Coverages, Brokers & All You Need To Know

One way or the other, as a businessperson, things go wrong unexpectedly and most times without our consent; if not all the time. Accidents, breaches of contracts, and any unforeseen incidents are the dangers that come with businesses, especially one as large as the media business, which encompasses all the digital markets such as publishing, advertising, production, entertainment, and broadcasting. Thankfully, media insurance is one coverage that is available and ensures protection against all these dangers that could possibly arise.  This article intends to guide you on how to go about obtaining media insurance, performance film & media insurance( if that’s your niche), getting the best brokers with offers that suit your requirements, etc.

Media Insurance 

Media insurance is professional liability insurance coverage meant to provide financial protection against any compensation claims lodged against your business.

Defence against charges of violation of contract, breach of professional responsibility, copyright infringement, defamatory (libel and slander), false and misleading statements, invasion of privacy, and trademark infringement is required for media businesses.

Media Insurance Coverages You Should Have In Place

The following are the coverages that media insurance provides:

• Professional indemnity insurance 
• Cyber insurance 
• Property damage insurance 
• Business interruption insurance 
• Employers’ liability insurance
• Public and product liability insurance 
• Legal expenses insurance 
• Employee crime
• Cancellation of event insurance 
• Marine cargo insurance 
• Kidnapping and extortion expenses

#1. Professional Indemnity Insurance 

Clients count on your experience, technical know-how, counsel, and diligent expertise to deliver a service. Professional indemnity insurance provides financial protection in the event that a professional fails to apply competence and care, and covers legal expenses and damages.

Media professional indemnity insurance protects you against faults in your job and actions that could cause a third-party financial loss. It also protects you from the following:

• A mistake made while providing a service
• Inaccurate or false counsel
• Default in a contract or a duty

#2. Public Insurance

Damage to someone’s property caused by your business, an injury or illness caused by your business activities, and accidental harm or injuries caused by your staff are all covered by public liability insurance.

#3. Employers Liability Insurance 

Under the Employers Liability Act 1969, the government requires UK employers to have employer insurance coverage. It’s intended to cover the costs of litigation and compensation, as well as other damages, if you or your workers (including those who no longer work for you) are harmed or become ill as a result of their employment for you. Not having this insurance coverage in place can attract a  daily fine of £2,500 for each employee not properly covered.

It can also cover accidental injuries or harm to a third party, such as your client, by an employee.

#4. Business Equipment Insurance

Business equipment insurance covers the business equipment you use to operate your media business, like laptops, cameras, etc., in case something goes wrong with them. For example, accidental harm, theft, flooding, and fire damage are all possibilities.

#5. Legal Expense Insurance

Legal expense insurance protects you against legal expenses incurred in connection with your media business, such as property damage, nuisance, or trespass, and the legal claims and compensation payments that result from these events; tax and compliance disputes and investigations that you require assistance with; access to professional guidance, such as a tax advice phone line, a private 24/7 legal phone service; and crisis PR services to help guard your company’s reputation.

#6. Cyber Insurance 

It is often referred to as “cyber risk” or “cyber liability insurance.” Cyber insurance is a type of coverage that is designed to safeguard your company from hazards that arise in the digital world, such as data breaches and harmful cyber hacks on business systems.

Every firm or business is responsible for its own cyber security, however, getting the appropriate insurance will ensure that you are not alone in the event of a cyber assault. Your cyber liability insurance will provide significant support in order to keep your company on track.

Cyber insurance covers the following:

• Most cyber insurance policies typically cover any monetary and reputational losses resulting from the loss of data or electronic systems when they occur.

• An investigation into a cybercrime, recovering lost data, and restoring computer systems are covered for the first party. Loss of income from a business closure is covered, as are extortion payments from hackers.

• Third-party coverages include damages, settlements, and legal fees resulting from third-party claims against you for GDPR violations.

Types Of Media Activities You Should Cover

A media policy can protect a wide range of corporate activities. Discussed below are instances of commercial actions as well as media responsibility claims.

#1. Advertising And Marketing

Improperly communicating a client’s brand and message to stakeholders might lead to costly claims. When dealing with well-known businesses, simple mistakes might lead to large damage claims. Hence, media buyers, social media agencies, market research firms, and advertising agencies will all need media liability insurance to protect themselves.

#2. Publishers Insurance 

Whether you produce your own content or content for others, the people responsible could face civil lawsuits.  The web’s accessibility has heightened the problems traditionally connected with print media, such as defamation, intellectual property violations, and privacy invasion. It’s worth remembering that the value of copyrighted and trademarked content or trademarks is still quite high, and firms will demand recompense if their reputation is jeopardized.

#3. Broadcasters Insurance

You can be held liable for the information you broadcast, whether you run a TV studio, a radio station, or a podcast. Libel, defamation, invasion of privacy, copyright infringement, trademark infringement, and contextual errors can have severe financial consequences. Unscripted discussion in live talk shows, documentaries, and reality shows is difficult to achieve. It can be tough to locate the correct policy coverage when the threat of defamation is difficult to handle and expensive. 

#4. Content Creation

New forms of media have become more accessible as the digital world has grown. Hence, media liability insurance will be required for content creators, copywriters, journalists, bloggers, digital marketers, video content makers, photographers, videographers, and editing services. Defamation claims, breach of privacy claims, copyright infringement claims, and breach of contract claims are all regular concerns for organizations that create content for their clients.

#5. Social Media Influencers

The marketing landscape has altered as a result of social media, and the way customers make purchasing decisions has evolved as well. As a result, Many companies have upped their social media spending, enlisting celebrities to advertise their products and services. Hence, breach of contract, advertising laws, and privacy laws should all be top of mind for all social media influencers.

#. TV And Film Production

It is important to buy the necessary policy coverage for your contractual obligations when making films, TV shows, or plays. Obtaining and clearing permits and consents from third-party contributors is the film and television producer’s biggest exposure. You may include it as an add-on service for any third party who has a financial stake in the production, such as buyers, distributors, co-producers, etc. Insurance for TV and movies might cover production for a specified period of time.

Media Insurance Brokers 

Because the media industry is so valuable, media insurance has become a must. Like not having insurance, it reduces your chances of being licensed or puts your business and materials at risk. Having a media insurance policy is vital, but so is having good media insurance brokers. We not only encourage you to acquire insurance, but we also advise you to get the best media insurance brokers, as this contributes to the success of your business.

• Chiswell insurance
• Hiscox
• Allianz 
• Beazley
• Cfc
• Chubby
•  Lloyd’s
• The Hartford
• Tokio Marine HCC
• Performance film and media insurance

Performance Film And Media Insurance 

The A-List pick is Performance Film & Media Insurance. Coverages for filmmakers, freelancers, studios, production/post-production companies, and equipment suppliers are available. There are also insurance solutions available on a yearly or short-term basis, so there is certainly something to meet your requirements.

Performance film and media insurance coverage is tailored to the specific needs of those working in a variety of media-related businesses, and they also offer a variety of highly competitive policies. 

For instance, the following are a variety of policies that performance film and media insurance offers:

• Camera Equipment (owned and/or hired), 
• Producers Indemnity, 
• Employers Liability, 
• Public Liability, 
• Post Production Liability,
• Legal Liabilities, 
• Group Travel, 
• Revenue Protection, 
• Personal Accident, and 
• Asset Protection

Film And Media Insurance

Film and media insurance products provide coverage for the additional expenses incurred by the production company as a result of the death, accident, or illness of the cast and crew, as well as damage to filming equipment and other property used in the production, as well as public and employer liability exposures incurred by the production company. So, writing for a variety of projects ranging from independent feature films to small one-off documentaries to music videos is what some media insurance brokers specialize in

Conclusion

In conclusion, Investing in film or television production may be a thrilling and profitable experience. Globally, the business is expanding, and video streaming services such as Netflix and Amazon have infused technological development along with fresh sources of investment into the sector. As a result, expenditures have increased, productions are more imaginative, and financial rewards are even more productive. 

However, the dangers and uncertainties involved with film and television production continue to exist. Therefore, any successful film investment strategy must include measures to reduce the likelihood of such hazards occurring. 

So, although we cannot give you an insurance policy, we hope this advice will help you understand why you should get one and what the available media insurance brokers have to offer. 

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