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.
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:
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.
Following are some suggested commercial policies and coverages applicable for media businesses:
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:
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:
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:
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:
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:
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:
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:
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 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:
Some larger media operations own or lease aircraft in order to travel between locations more quickly and comfortably.
Types Of Aviation Coverages:
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:
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.
Learn about the coverages available for specific industires with the Insurance FAQs below: