Podcast Insurance Policy Information
Podcast Insurance. As a podcaster, you may be wondering what types of podcast insurance you should have.
You may want to consider Commercial property insurance, general liability coverage, and guest star coverage. In addition to the types of insurance listed above, you may also want to include Worker's compensation insurance with erros and omissions insurance (E&O).
In addition, consult with your insurance agent if you need any other types of coverage. In this article, we'll discuss some of the most common types of podcast insurance.
Podcast insurance protects your podcasting business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked podcast insurance questions:
- How Much Does Podcast Insurance Cost?
- Why Do Podcasters Need Insurance?
- What Type Of Insurance Do Podcasters Need?
How Much Does Podcast Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for smaller podcasters ranges from $27 to $39 per month based on location, audience size, claims history and more.
Why Do Podcasters Need Insurance?
If you are familiar with the podcast industry, then you likely understand the process of securing contracts for the development of certain projects. Some contracts specifically address issues of indemnity. For instance, if a product that you design results in a glitch that causes the loss of revenue and business for the company that contracted you to make the podcast, then you are held liable for that loss.
However, with the right type and level of podcast insurance protection in place, you are protected from the fallout of your responsibility, and claims arising from such losses will not put your business at financial risk.
Insurance for podcast businesses provides a safety net that lets you confidently conduct business. This valuable coverage can pay for legal claims and awards against you, and it can help you maintain your business without a financial setback.
Some types of podcast insurance coverage to think about as a development company that can help you mitigate your inherent risks are fairly straightforward and standard, while others are industry-specific. By finding the right mix of both when working with a seasoned insurance agent, you keep your business on the right track and moving forward.
What Type Of Insurance Do Podcasters Need?
Some specific types of coverage that can protect your podcast business from claims and related loss include:
Errors And Omissions Insurance (E&O)
A podcaster is essentially a content creator, and like all content creators, there will be errors and omissions. To protect yourself, it is essential to have errors and omissions insurance. E&O insurance can help protect you from defamation and copyright infringement. The insurance will cover the costs of:
- Litigation if you are accused of breaching copyright
- Concerns regarding privacy
- Legal action against you for misrepresentation and mistakes
You will want to purchase a podcast insurance policy that covers the costs of investigations, legal defense, and settlements.
Commercial Property Insurance
Podcast producers are exposed to several risks, from liability to property damage. A podcast may be recorded at a live event or at home. Although most home insurance policies cover such events, they aren't comprehensive enough to cover podcasting-related equipment.
Ideally, you will want to choose a comprehensive property insurance policy. A general liability policy will cover most perils, but you may also need other types of insurance.
Many podcasters opt to purchase $1 million of general liability coverage. Consider a Business Owners Policy (BOP) if you'd prefer a more comprehensive podcast insurance policy, consider a Business Owners Policy (BOP).
General Liability Insurance
General liability insurance is something every podcaster should consider. This type of podcast insurance covers several potential risks you might encounter as a podcast producer. These risks include exposure to unflattering information about your subject matter, property damage, and legal costs.
While podcasting may seem like a non-risky activity, you should ensure that you're protected in the event of an accident.
Production costs can add up quickly, so it's important to consider general liability insurance for podcasts as part of your overall insurance strategy.
For instance, if you invite guests to your recording studio, you may be held financially liable for any medical expenses if a guest becomes ill from allergies to the food or drinks you serve.
While you're not likely to be used by your guest stars, there is always the possibility that they may get injured. This kind of liability insurance helps cover any costs incurred by your guest, from medical bills to legal fees.
You may also face lawsuits from sponsors or advertisers for allegedly undermining the integrity of their content or misrepresenting them.
Worker's Compensation Insurance
Most states require businesses to carry worker's compensation insurance. This insurance pays benefits to injured employees. It covers medical costs and disability benefits. While this type of coverage is generally sufficient for most businesses, podcasters may need additional types of coverage.
A podcaster may require workers compensation insurance if they have employees running the servers, setting up lighting equipment, and editing videos. Having employees means that if something goes wrong, like the person setting up your server gets electrocuted, their medical expenses are covered.
You will also benefit from this type of podcast insurance if you have people working in the field, like podcasting from a live event.
Home-Based Business Insurance
While general liability insurance for your home-based podcast business may appear to suffice, this type of policy does not cover the extra costs of accidents related to your business.
If podcasters are operating a podcast from home, either recorded or live, they are technically running a business or, more appropriately home-based business. A regular homeowner's insurance policy will not cover any accidents related to your podcast business. For instance, if your equipment causes a fire, the homeowner’s policy may not cover the expense.
The insurance industry lumps home-based businesses into one group, a category of businesses that generate under $1 million in revenue. While this group represents the majority of home-based businesses, the reality is that most of these small companies are micro-consumers - businesses with revenue below $1 million.
While 91% of home-based business owners are aware that they need insurance, most of them do not know what type of liability coverage is necessary for their specific business model.
Home-based business insurance should cover your podcasting equipment and any damage to your home as a result of using it. However, the specifics of the policy may vary.
Podcasters' Risks & Exposures
Premises liability exposure is minimal since most client contact is done electronically or by mail. Off-premises exposures arise from sales visits, training sessions, and installation of podcast or hardware at the customer's premises. There should be policies and training regarding acceptable off-premises behavior.
If the developer works on the client's computer, the client's property could be damaged, either the actual hardware or by corrupting code on the existing podcast. Personal injury exposures arise from breach of confidentiality as employees dealing with clients have access to their records.
Professional liability and errors and omissions exposures are extensive but vary by the type of podcast and its intended use. If the customized podcast is essential to the business's operation or used to provide safety services, the errors and omission exposure will be higher as there may be long-term consequences.
Workers compensation exposure is limited to that of an office, although there may be significant off-site work. As work is done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. Back sprains and strains can result from lifting and other material handling if there is any moving of computers or related equipment.
Property exposures consist of an office operation, as well as any incidental storage and areas for service work on computers. Ignition sources include extensive electrical wiring to support computers and servers, heating and air conditioning systems, wear, and overheating of equipment. Fire, smoke, and water can cause significant damage to equipment. Fire protection should consist of chemical applications instead of water.
Although computer equipment can be included as part of the business personal property coverage, more complete protection is available under a computer or EDP policy. A detailed emergency plan should be in place since downtime is not an option. Extra expense coverage is needed more than business income due to contract deadline dates and should be purchased as a part of the EDP policy. The concentration of electronic equipment may be targeted by thieves. Appropriate security controls should be taken including physical barriers to prevent access to the premises after hours and an alarm system that reports directly to a central station or the police department.
Equipment breakdown exposures are typically moderate. Climate control is essential to proper computer function, and breakdown of the air-conditioning units may cause serious loss. There is also significant potential for direct or indirect loss due to computer breakdown or damage by power surges and power failure, affecting hardware, data, and media. Coverage may be addressed under either an EDP or equipment breakdown policy.
Crime exposure is from employee dishonesty and computer fraud. Developers may have access to private financial information of their clients, especially for billing purposes, and represent a target item for identity theft. Hazards increase in the absence of proper background checks and monitoring of the insured's workers who may have such access.
Inland marine exposure includes accounts receivable if the programmer offers credit, computers, and valuable papers and records for customers' information. A computer or EDP policy is critical since it covers hardware, podcast, and media. There should be frequent backup and off-site data storage. Typically the developer works at the client's premises, presenting transit and off-premises exposures.
There is a high risk of theft, both of portable hardware such as laptops and handhelds and of the podcast programs. Extra expense is an important option to purchase because of the need to quickly return to operation after a loss and meet contractual obligations. Information used to document the programming is not podcast and must be insured as valuable papers or its digital equivalent. All contracts, documentation, podcast design, copyrights, and patents, on paper, disks or other media, should be duplicated and the duplicates should be kept off site.
Business auto exposure may be limited to hired and non-owned. There will likely be extensive off-premises work by sales representatives, programmers, and technicians. The developer may have a fleet of private passenger vehicles, require that employees use their own vehicles, or may use rental vehicles. If vehicles are provided to employees, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Commercial Insurance And Business Industry Classification
- SIC CODE: 4832 Radio Broadcasting Stations
- NAICS CODE: 519130 Internet Publishing and Broadcasting and Web Search Portals
- Suggested Workers Compensation Code(s): 7610 Television or Radio Broadcasting Station - All Employees & Clerical, Drivers
Description for 4832: Radio Broadcasting Stations
Division E: Transportation, Communications, Electric, Gas, And Sanitary Services | Major Group 48: Communications | Industry Group 482: Telegraph And Other Message Communications
4832 Radio Broadcasting Stations: Establishments primarily engaged in broadcasting aural programs by radio to the public. Included in this industry are commercial, religious, educational, and other radio stations. Also included here are establishments primarily engaged in radio broadcasting and which produce radio program materials. Separate establishments primarily engaged in producing radio program materials are classified in Services, Industry 7922.
- Radio broadcasting stations
Podcast Insurance - The Bottom Line
While podcasting may be a pretty safe occupation, you still need to be insured. If in doubt, speak with an insurance agent, and make sure that there aren't any gaps in your podcast insurance coverage.
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
The advertising and marketing industry is a fast-paced and constantly evolving field that involves creating and promoting products or services to consumers. This industry is constantly trying to stay ahead of trends and attract new customers, and as a result, it is prone to risks and uncertainties.
One of the biggest risks that the advertising and marketing industry faces is the potential for legal disputes. For example, a company may be sued for false advertising, copyright infringement, or for using someone else's intellectual property without permission. These types of legal disputes can be costly and time-consuming, and they can damage a company's reputation.
Business insurance is an important tool for protecting businesses in the advertising and marketing industry from these types of risks. Insurance can provide financial protection in the event of a legal dispute, which can help a business to avoid financial ruin. Additionally, insurance can help to protect a business's reputation by helping to manage the cost and impact of any negative publicity.
In addition to legal risks, the advertising and marketing industry is also at risk of financial losses due to errors and omissions. For example, a marketing campaign may not be successful, or a company may make a mistake in the production or distribution of a product. These types of errors and omissions can be costly, and insurance can help to protect a business from these types of losses.
Overall, insurance is an important tool for protecting businesses in the advertising and marketing industry from the various risks that they face. It can provide financial protection in the event of legal disputes or financial losses, and it can help to protect a company's reputation and financial stability.
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.