Michigan Magazine Publishers Insurance Policy Information
Michigan Magazine Publishers Insurance. Tight deadlines, client and customer demands, employee needs, managing expenses; magazine publishers are under a lot of pressure. While you love your job, with so many demands on your shoulders, things can get very stressful.
Of all the things that you're responsible for, perhaps the most stressful of all is the fact that you're liable for any issues that may arise. In other words, in the event that something goes wrong, you're responsible for any of the related expenses.
Magazine publishers produce periodicals that provide articles, cartoons, news, photographs, reports, and stories relating to the interests of magazine's subscribers. They may be published on a weekly, bimonthly, or monthly basis, or at other periodic intervals.
Magazines may include advertising, advice, commentary by editors or subscribers, community calendars, coupons, and entertainment for their readers.
Magazine publishers may limit print content to that provided by staff or buy or commission works by independent authors or artists. When a work is approved for publication, an author's manuscript is edited and proofread, and an artist's graphic design is finalized.
Processing steps include computer text and artwork programs, printing, binding, marketing, and shipping directly to customers or to wholesalers or retailers. Each process may be completed by either employees or independent contractors.
Some periodicals are now published on the Internet, where customers pay a fee to view or download the contents of the magazine.
How can you protect yourself from unexpected and exorbitant costs? By making sure that you have the right type of Michigan magazine publishers insurance coverage.
Why is commercial insurance so important for magazine publishing companies? What type of coverage do you need to invest in? Read on to find the answers to these questions and more.
Michigan magazine publishers insurance protects your publishing business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do MI Magazine Publishers Need Insurance?
As with any other industry, there are a lot of risks associated with owning and operating a magazine publishing company. Failure to prove the authenticity of work, defamation, plagiarism, copyright and trademark infringement, and publishing errors are just some of the issues that could arise.
You're also responsible for providing your employees with a safe work space, and as such, will have to pay for any medical expenses and will have to compensate them for lost wages in the event that they suffer a work-related injury.
On top of that, you're also responsible for pay for any damages that the property your publishing house is situated in may sustain. In other words, in the event that something does go wrong, you could be looking at significant expenses.
To protect yourself from having to cover unexpected and exorbitant costs, commercial insurance is an absolute must. Should something unexpected occur - if someone were to file a lawsuit against you, a fire were to break out in your publishing house, or you a member of your staff suffered a work-related injury, for instance - instead of having to pay for the related expenses out of your own pocket, your insurance company will cover the costs for you.
In other words, having the right type of Michigan magazine publishers insurance can help to protect you from serious financial losses.
What Type Of Insurance Do Michigan Magazine Publishers Need?
The specific type of business insurance coverage that magazine publishing houses will need to invest in depends on a variety of factors; where your business is located, the size of your operation, and whether or not you employ a staff, for example.
With that said, however, there are certain types of Michigan magazine publishers insurance policies that are always needed. These include:
- General Liability - This kind of insurance protects you from third-party personal injury and property damage claims. In the event that a client or a vendor were to sustain an injury while visiting your publishing house and they filed a lawsuit against you, your commercial general liability insurance would cover the cost of any related expenses; your legal defense fees and any damages that you a judge may find you liable for, for example.
- Commercial Property - This type of State} magazine publishers insurance covers the cost of the physical property that your magazine publishing house is situated in, as well as the contents within your building, from acts of nature, theft, and vandalism. For instance, if someone were to break into your business and steal any of your equipment, your commercial property insurance company would cover the cost of repairs.
- Workers Compensation - If you employ a staff, you're responsible for providing them with a safe work space. Should someone on your team suffer a work-related injury, you'll have to cover the cost of any medical care that they might require; additionally, you'll need to compensate them for lost wages if they are unable to work while they're recovering. Instead of paying these expenses out of your own pocket, workers' comp would cover them for you.
The above are just a few of the different types of coverage that magazine publishers should invest in.
To find out more about any other Michigan magazine publishers insurance policies that you might need and how much coverage you should carry, speak with a reputable agent that has experience with medial business insurance.
MI Magazine Publishing's Risks & Exposures
Premises liability exposures are limited as visitors are generally confined to designated waiting areas and offices. If there are tours or events on premises, slips and falls can be reduced through good housekeeping and maintenance. Floor coverings must be in good condition, with no cracks or holes. Steps and uneven floor surfaces should be prominently marked.
There should be well-marked sufficient exits with backup lighting systems in case of power failure. Parking areas and sidewalks should be in good repair and free of ice and snow.
Fumes, dust, and noise may be nuisance hazards to neighboring properties. Employees who serve liquor should be trained to recognize the effects of intoxication. A procedure should be in place to deny service to underage or intoxicated visitors.
Off-site exposures include employees selling advertising and marketing products. There should be procedures as to how they carry out their duties, particularly policies regarding entertainment of authors, graphic designers, and customers.
Professional liability exposure is from publishing activities, including allegations of copyright infringement, libel or slander, defamation of character, invasion of privacy, failure to check the authenticity of the material, and breach of confidentiality. Contractual agreements with authors and graphic designers should be written and include verification of originality and authenticity.
All copy, including changes, must be documented in writing before the run begins. There should be a procedure in place for correcting factual errors, including posting corrections on the Internet. All ad copy must be in writing from the customer with a sign-off.
An editor must review all stories prior to publication and check for plagiarism, libel, and copyright infringements.
Environmental impairment exposure is minimal if no printing is done by the publisher. If there is printing on the premises, inks, and solvents used may be toxic or corrosive and may contaminate the air, ground, or water. Spill procedures must be in place to prevent the accidental discharge of inks through the drains. Contracts should be in place to dispose of all environmentally dangerous chemicals in accordance with federal and state guidelines.
Workers compensation exposure may be limited to those of an office and warehouse if all publishing processes are handled by independent contractors. Repetitive motion injuries due to computer work can be prevented with ergonomically designed workstations.
Back injuries, sprains, and strains should be controlled in the warehouse area by teaching proper lifting techniques and supplying dollies and forklifts for heavy items. If full press printing is used, hearing impairment from noise, foreign objects in the eye, and slips and falls are common. Equipment operators must be thoroughly trained.
Machinery must have safety guards to prevent accidental injury to employees, such as cuts or crushing. The use of inks, solvents, and other chemicals can result in eye injuries, respiratory problems, or contact dermatitis. Injuries can result from loading and unloading vehicles. Drivers of forklifts and vehicles may be injured in collisions.
Additional exposures arise from the use of independent contractors and whether employees go on overseas assignments, visit dangerous or exotic locales, do undercover investigations, or participate in contests and dangerous or hazardous activities while on the job.
Property exposures from fire depend on the processes performed by the publisher. If no printing is done on premises, exposures will be limited to electrical wiring, heating and air conditioning systems used in offices and warehouses for storage of combustible finished stock, which is susceptible to damage from fire, smoke, and water.
Many publishers are now using computers to print their materials. Many others use independent printers. If printing is done on premises, ignition sources may include overheating of presses, accumulations of dust from cutting operations, and flammable liquids and solvents.
Electrical wiring must be well maintained and meet current codes for the occupancy. Flammable liquids should be stored away from processing machinery and finished items. There should be automatic shutoffs to prevent overheating.
Without adequate ventilation systems, dust can explode and cause a fire. Flammable liquids should be stored away from the machinery with only one day's supply in the processing area. Smoke detection and fire suppression devices are highly recommended. Finished items should be stored separately from raw materials and the processing area. Poor housekeeping may be a serious fire hazard.
Unless disposed of properly, greasy, oily rags (such as those used to clean the machinery) can cause a fire without a separate ignition source. Smoke detection and fire suppression devices are highly recommended. Refueling and recharging of forklifts should be limited to well-ventilated areas away from combustibles. Smoking should be prohibited.
Theft is a consideration due to the number of computers and printers on premises. Security should be appropriate to the area.
Business interruption and extra expense exposures can be high if foreign-made or specialized printing presses are used due to the length of time needed for repairs or replacement. Magazines must be mailed on time to meet commitments to advertisers. If a loss should occur, extraordinary expenses must be expended to meet these expectations.
Equipment breakdown exposures include malfunctioning production equipment, ventilation electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in a severe loss, both direct and under time element.
Crime exposure is from employee dishonesty. Background checks, including criminal history, should be performed on all employees handling money. An effective check and balance system must be in place to prevent the creation of fraudulent vendors and siphoning off money into those accounts. All billing, ordering, and disbursements should be handled as separate duties.
Regular reconciliation and audits are vital. Physical inventories of all equipment and stock should be conducted on a regular basis to prevent inventory theft.
Inland marine exposure is from accounts receivable if the publisher bills customers, computers (which may include computer-run production equipment), and valuable papers and records for artwork, contracts, copyrights, and manuscripts. Copies should be made of all data and kept off site for easy replication in case of loss.
Original manuscripts and other rare papers should be copied and stored in a separate area with specialized controls and security. There may be a bailees exposure from art or manuscripts owned by others. Goods in transit is an exposure if the publisher delivers finished products to customers.
Business auto exposures may be limited to hired and non-owned for employees running errands. If the publisher picks up supplies or delivers products to customers, the exposure increases due to the potential for overturn and spillage.
If vehicles are provided to reporters and salespersons, there should be a written policy regarding personal and permissive use. All drivers must have appropriate licenses and acceptable MVRs. All vehicles must be maintained with records kept at a central location.
Michigan Magazine Publishers Insurance - The Bottom Line
To learn more about the types of Michigan magazine publishers insurance policies you'll need to consider, how much coverage you should carry and the costs - consult with a reputable broker that is experienced in business insurance.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
Additional Resources For Advertising, Marketing & Media Insurance
Learn about small business media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Book Publishers
- Call Center
- Direct Mailing Services
- Graphic Arts
- Graphic Designers
- Magazine Publishers
- Market Research Firm
- Marketing Consultant
- Podcast Insurance
- Printers & Publishers
- Public Relations
- Radio Stations
- Search Engine Services SEO
- Social Media Consultant
- Television Stations
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.
Advertising and Media Liability Insurance provisions are not standardized, so it is critical to carefully review a particular form's basic features and available coverage options. While some carriers offer coverage on an open perils basis, most will provide coverage only on a named perils basis.
The named perils generally include coverage against allegations involving defamation, disparagement of an individual's reputation, product disparagement, invasion or infringement of the right of privacy, infliction of emotional distress, plagiarism, piracy, infringement of copyright, trademark, or other intellectual property, newsgathering torts such as trespass and assault, unfair competition with respect to other covered communication perils, and errors and omissions.
Coverage can be written on a claims-made basis or on occurrence-based forms. The occurrence basis affords additional protection to the insured as coverage is provided for a claim or event occurring during the policy period, even if the coverage expires or is cancelled or nonrenewed.
Most media liability policies provide a Limit of Liability per event, plus an Aggregate Limit of Liability for all events covered during the policy term. Some carriers now offer coverage without requiring an Aggregate Limit of Liability. Such a policy is an advantage to the insured as this eliminates the fear that the policy limits will run out before the policy expires.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees' Customers, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional and Advertising Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Automobile Liability and Physical Damage, Foreign Automobile Liability and Physical Damage, Foreign Workers Compensation, Repatriation Expense and Stop Gap Liability.
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Also find MI local small businesses by General Liability Class Code and learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.