Montana Publishers Insurance Policy Information
Montana Publishers Insurance. A publishing business might seem like a business without many risks, but many things can happen daily to destroy your business. As the owner of a MT publishing company, you should always ensure you have the proper protection for your business. There are several different publishing house insurance polices and we'll take a look at how you can get the right one for your business. Getting the right Montana publishers insurance is a matter of knowing the risks you face and what you need to protect.
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.
Montana publishers insurance protects your shop from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
What Are The Risks Involved In The Publishing Business?
There are many dangerous equipment and chemicals used in the publishing business which you need to protect your business for. Equipment such as forklifts, printing presses, and packaging equipment can prove hazardous. The employees of a publishing business are always at risk. Not only are the employees affected but also the buildings you use for your publishing business. Unpredictable events could damage the buildings you use for operation outside of your control. If a storm destroys one of your buildings, then this could delay production in your business.
In addition to employees getting injured and the buildings, you use for your business being damaged there is also the risk of your business being sued for negligence. To fully protect we'll take a look at the different types of Montana publishers insurance.
Major Types Of Protection For Your MT Publishing House
Business Property Insurance - This insurance protects the buildings and their contents from damage. As a MT publishing business, this is critical to the success of your business. Having this insurance protects your computers, office equipment, furniture, supplies and other inventory if they get damaged. Business Interruption Coverage is also a part of this coverage. If you have to relocate your business or fire destroys your business, then compensation is provided with this coverage.
Commercial General Liability Insurance - Anytime bodily harm or damage to property happens as a result of your negligence you'll be protected with this type of Montana publishers insurance.
Equipment Breakdown Insurance - Any time equipment breaks down in your business you will be protected if you have this insurance. If a printing press or binding machine develops a problem this insurance will handle the costs associated with it.
MT Commercial Auto Insurance - Covers the vehicles you use for your business. What this insurance does is that it provides you with protection if a claim is made against your business for property damage or bodily harm cause by a vehicle owned by your business. Having this insurance gives you the protection you need for your publishing business vehicles.
Umbrella Insurance - The limit of your underlying liability insurance may be too low. If this is the case, you can always purchase excess liability coverage with umbrella insurance. When the limits of your other policies are exhausted, then this insurance provides the extra protection you need.
Publisher Liability Insurance - This Montana publishers insurance protects you from lawsuits made against your publishing company for the content you publish. As a publishing business, the content you produce on a mass scale can put you at risks for liability lawsuits.
Workers Compensation - While on the job there many times your employees could be injured. For this reason, you must ensure that you do everything you could to keep them protected while working. Workers' compensation coverage will give you the ability to protect your employees properly. In addition to be being mandated for any non-owner employees, MT workers comp is the most affordable way for you to protect your employees from work-related injuries. If an employee is injured and needs medical attention, then workers' compensation will help with any medical bills. If an injury on the job results in a fatality, then this insurance pays benefits to the surviving family.
MT Publisher'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.
The Bottom Line
Having the right protection for your business is important. To adequately protect your business you must have insurance. Getting the right insurance for your publishing business comes down to knowing your business and what you need to protect it. Speak with an experienced insurance agent about your publishing business and find the protection that is right for you.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Manufacturing & Wholesaler Insurance
Read informative articles on small business manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
- Canned Fruit & Vegetable Manufacturers
- CBD Oil And Hemp
- Machine Shop
- Product Liability
- Wholesaler Distributor
For manufacturers and wholesalers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
Manufacturing is an extremely broad category that includes countless potential hazards and exposures in virtually all coverage areas. Because of this, every individual manufacturer is unique and a specific risk survey of every operation is advisable.
The basic insurance needs for every class of business or operation includes property coverage for buildings, machinery and equipment, as well as for raw stock and finished products. Liability insurance for premises exposures is important but products liability insurance presents greater concerns so these exposures and coverage needs must be evaluated carefully.
In addition, protection for injuries to workers, environmental coverages and automobile insurance are priority items.
Wholesale and distribution operations have many of the same physical damage and property coverage concerns as warehouse operations. In both, the value of both real property and stocks of merchandise is very high. Loss control and other techniques appropriate to the types of merchandise involved are needed. For these reasons, adequate and appropriate property insurance coverages are important.
The commercial auto exposure can also be significant, based on the extent of merchandise delivery. In addition, transportation or motor truck cargo insurance on the merchandise must also be arranged.
Employee theft is always an issue and can be a significant exposure, depending on the type of property involved. Finally, the types of merchandise and material handled makes workers compensation insurance another very important coverage.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Bailees Customers, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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