Media Insurance FAQ Information
Media Insurance FAQ. Media operations are fast-paced businesses with unique property and liability insurance exposures. They depend more and more on computer systems and up-to-date software programs.
These businesses usually have extensive contracts with both freelance individuals and corporations. In addition, personal injury liability and confidentiality issues must be addressed. Insurance coverage for these concerns must be as comprehensive, flexible and responsive as the organization seeking it.
We wanted to provide a deeper dive into small business insurance to help our readers get a better understand of the commercial insurance policies they want and need with the Media Insurance FAQ.
Read the Media Insurance FAQ to learn what type of commercial insurance coverages are right for your company - including liability, property, workers compensation and other specialty policies.
What Is A Service Business?
According to Dictionary.com - the media is, " the means of communication, as radio and television, newspapers, magazines, and the Internet, that reach or influence people widely."
Media companies include - but are not limited to - the following types of businesses:
- Book Publishers
- Cable Television Systems
- Magazine Publishers
- Miscellaneous Publishers
- Motion Picture Productions
- Radio Stations
- Sound Recording Studios
- Television Stations
You can reference the Insurance Definitions, Dictionary And Glossary to better understand the commercial insurance policy terms and language used in our Small Business Insurance FAQs.
What Kinds Of Insurance Do Media Businesses Need?
- At the minimum, media businesses need general liability insurance.
- If they have employees they will need workers compensation in most states.
- If they have vehicles registered to the business, or use vehicles for the business purposes, they will also need commercial auto.
- There are also other specialty coverages and endorsements that might be needed based on their operations.
Following are some suggested commercial policies and coverages applicable for media related businesses:
You can skip to the following types of media businesses small business insurance policy coverage types using these links:
Media Businesses Commercial Insurance Policies:
- What kinds of commercial package policies do media businesses need?
- What kinds of commercial property insurance do media businesses need?
- What kinds of inland marine insurance do media businesses need?
- What kinds of crime insurance do media businesses need?
- What kinds of surety coverage do media businesses need?
- What kinds of commercial liability insurance do media businesses need?
- What kinds of commercial auto insurance do media businesses need?
- What kinds of workers compensation insurance do media businesses need?
- What kinds of excess and umbrella insurance do media businesses need?
- What kinds of specialty insurance do media businesses need?
What Kinds Of Commercial Package Policies Do Media Businesses Need?
The personal injury liability aspects of these operations render them ineligible for most businessowners policy programs. The commercial package policy is the primary means by which a number of different coverages needed by a media operation can be combined in one policy.
Professional liability coverages for these operations are normally written separately, on a monoline policy basis.
Types Of Media Package Policies:
- Commercial Package Policy (CPP)
What Kinds Of Commercial Property Insurance Do Media Businesses Need?
A major part of insuring the property exposures for media operations is determining the types of property involved and the most appropriate coverage form to use. Personal property in some categories is better covered under inland marine forms than by property forms.
Time element exposures and available coverages should be reviewed carefully with an emphasis on possible extra expenses that must be incurred to continue operations and meet deadlines.
Types Of Property Coverages:
- Business Personal Property
- Personal Property of Others
- Improvements and Betterments
What Kinds Of Inland Marine Insurance Do Media Businesses Need?
The commercial articles floater, scheduled property floater, and various electronic data processing forms and coverages are the primary inland marine coverage forms used for most media operations. Others may be appropriate, depending on the situation. Valuable papers and records coverage can be very important especially when archives are maintained.
Types Of Inland Marine Coverages:
- Accounts Receivable Coverage
- Bailee Customers Coverage
- Broadcasting Tower/Equipment Coverage
- Commercial Articles Floaters
- Difference in Conditions (DIC) Coverage
- Electronic Data Processing Equipment Coverage
- Film Coverage
- Fine Arts Coverage
- Scheduled Property Coverage
- Signs Coverage
- Theatrical Property Coverage
- Transportation Coverage
- Valuable Papers and Records Coverage
What Kinds Of Crime Insurance Do Media Businesses Need?
Employee theft is a major concern for any media operation because of difficulties in keeping track of valuable equipment and the need to trust employees to return property once they are finished with it. Employees of media businesses are potentially attractive targets for extortion, kidnap and ransom demands so those coverages should be seriously considered.
Types Of Crime Coverages:
- Computer and Funds Transfer Fraud Coverage
- Employee Theft Coverage
- Forgery or Alteration Coverage
- Inside The Premises-Theft of Money and Securities Coverage
- Inside The Premises-Robbery or Safe Burglary of Other Property Coverage
- Money Orders and Counterfeit Money Coverage
- Outside The Premises Coverage
What Kinds Of Surety Coverage Do Media Businesses Need?
Licenses and permits are required by most municipalities whenever filming takes place in public areas. There are also other bonds that are required to be posted in order to conduct operations.
Types Of Surety Coverages:
- License and Permit Bonds
- Miscellaneous Surety Bonds
What Kinds Of Commercial Liability Insurance Do Media Businesses Need?
Premises and operations exposures, at both owned locations and off site, may be minimal or very significant, depending on the particular media operation involved. Almost without exception, personal injury exposures are covered by a separate media policy.
Types Of Liability Coverages:
- Commercial General Liability (CGL) Coverage
- Employee Benefits Liability Coverage
- Employment-Related Practices Coverage
- Owners and Contractors Protective (OCP) Liability Coverage
- Special Events Liability Coverage
What Kinds Of Commercial Auto Insurance Do Media Businesses Need?
Owned automobile exposures can range from the very limited, such as a salespersons private passenger fleet, to those that include off-site broadcast vans and cable-laying trucks. All operations conducted must be evaluated in order to determine the needed coverages.
Types Of Business Auto Coverages:
- Auto Medical Payments
- Business Auto Coverage
- Collision Coverage
- Comprehensive Coverage
- Hired & Non-owned Auto Coverage (HNOA)
- Uninsured/Underinsured Motorists Coverage
What Kinds Of Workers Compensation Insurance Do Media Businesses Need?
Most employers are required by state statute to provide coverage with a workers compensation policy for injuries employees sustain on the job. Freelance workers are an important part of the media industry. These workers are considered independent contractors by the media organization and are not covered under workers compensation.
It is important that the relationships be very clear in order to avoid complications when an injury occurs.
Types Of Workers Comp Coverages:
- Excess Workers Compensation Self-Insurance Bonds
- Longshore and Harbor Workers' Compensation Act Coverage
- Stop-Gap or Employers Liability Coverage
- Voluntary Compensation Coverage
- Workers Compensation and Employers Liability Coverage
What Kinds Of Excess And Umberlla Insurance Do Media Businesses Need?
Excess liability coverage and limits are especially needed over the personal and advertising exposures of a media operation. Because media liability is often written on a claims-made policy, excess limits specific to that coverage are required
Types Of Excess Liability Coverages:
- Excess Liability Coverage
- Retroactive Excess Liability Coverage
- Umbrella Coverage
What Kinds Of Specialty Insurance Do Media Businesses Need?
The insurance needs of any service business may go well beyond the coverages provided by standard industry coverage forms or policies. As an example, a number of service operations using drone technology as a part of the services they provide to their client. When coverages beyond the standard forms are needed, one or more of the following may be very important to a particular insured:
Types Of Specialty Coverages:
- American Expatriate Coverage
- Business Legal Expense Coverage
- Cable TV Liability Coverage
- Cyber Liability Coverage
- Data Security Breach Coverage
- Directors and Officers Liability Coverage
- Electronic Data Liability
- Fiduciary Liability (Pension, Welfare and Employee Benefit Funds) Coverage
- Identity Theft Insurance Coverage
- International Insurance Coverage
- Media/Communications Liability Coverage
- Risk Retention Group Liability Coverage
- Tax Liability Coverage
- Tender Offer Defense Expenses Coverage
- Terrorism Insurance Coverage
- Unmanned Aerial Vehicles (UAV) (Drones)
- Weather Coverage
Media Insurance FAQ - The Bottom Line
There are many commercial insurance policies available for Media. To find out what types of coverage your business needs, speak to a professional insurance broker with experience in insuring media businesses.
Frequently Asked Questions By Industry
Learn about the coverages available for specific industires with the Insurance FAQs below:
- Artisan Contractors
- Automotive Sales and Service
- Aviation Risks
- Boats and Yachts
- Construction Contractors
- Eating and Drinking Establishments
- Educational Institutions
- Farm and Ranch
- Financial Institutions
- Food Processing Plants
- General Liability
- Government, Institutions and Utilities
- Health Care Providers
- Lodging Places
- Logging, Mining and Quarries
- Printing Services
- Real Estate and Rental Property
- Recreation and Sports
- Retail Food and Beverage
- Retail Stores
- Services Businesses
- Trucking and Transit
- Warehouses and Storage
- Wholesalers and Distributors