Vermont Television Station Insurance Policy Information
Vermont Television Station Insurance. Television stations broadcast advertising, concerts, episodic shows designed for entertainment, instructional shows, investigative reports, movies, news, religious services, sporting events, talk shows, variety shows, and weather reports. Some have call-in shows where viewers can ask hosts for advice on assorted topics.
Broadcasting can be transmitted over airwaves, digitally, by satellite, or over the internet. As many stations are now on the air 24 hours each day, the programming can be tailored to a specific audience, such as children or college students.
Broadcasters are licensed and regulated by the Federal Communication Commission (FCC), which monitors each station for content appropriate for broadcasting. Stations need to maintain logs of all programming for FCC review.
While you always do your best to ensure that everything functions properly, sometimes, things can happen that are out of your control. In order to protect yourself from the unexpected, investing in the right type of Vermont television station insurance coverage is an absolute must.
To find out why commercial insurance is so important for television station broadcasters and what kind of coverage you need, keep on reading.
Vermont television station insurance protects your TV broadcasting business from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do VT Television Stations Need Insurance?
The TV and media industry is constantly evolving, as it needs to stay current with the latest news, information, and entertainment, as well as the most state-of-the-art technologies.
Businesses that are in this growing and dynamic industry are faced with a variety of unique risks, and like the industry itself, those risks are ever-changing. In the event that unforeseen circumstances arise, you are liable for any expenses that are related to those issues; and, as you can imagine, those expenses can be quite exorbitant.
Whether an entertainer sues you for liable, a member of your crew suffers a work-related injury, your business is the victim of a cyberattack, or the property you broadcast your VT TV station out of is damaged, you're responsible for those expenses. That's why it's so important to invest in the right type of insurance.
Without Vermont television station insurance, if anything goes wrong, you'll have to pay for the related expenses out of your own pocket; however, if you're insured, instead of having to pay for those expenses yourself, your insurance provider will cover them for you. In other words, insurance can protect you from serious financial losses.
What Type Of Insurance Do Vermont Television Stations Need?
The kind of insurance coverage that television stations require depends on a variety of factors; the size of your operation, where your television station is located, how many people you employ, and what kind of services you offer, for example.
Because the kind of coverage that a VT TV station requires varies, in order to ensure that your company is properly covered, consulting with a reputable agent that has experience in commercial insurance is a must.
With that said, however, there are some key types of Vermont television station insurance coverage needed. Examples of that coverage include:
- Commercial Property - In the event that your commercial property or the contents within it are damaged by an act of nature, theft, or vandalism, this type of insurance coverage will cover the related costs. For instance, if your television station were to experience a fire, this type of insurance would help to pay for replacing or repairing any equipment or technologies that might need to be replaced, as well as any repairs that your building may require.
- General Liability - This type of Vermont television station insurance overage protects you from third-party bodily injury and property damage liability, including protection for functions and operations that occur both on and off of your property. For instance, if vendor were to suffer an injury on your property and file a lawsuit against you, this type of insurance would cover your legal defense fees, as well as any compensation that you might be required to pay.
- Management Liability - This coverage includes Directors, Officers, and Entity Liability, Employment Practices Liability, and Fiduciary coverage. In other words, management liability coverage will protect you from any risks that are associated with management liability.
- Workers Compensation - As an employer, you're responsible for any work-related illnesses or injuries that your staff may suffer. Workers comp insurance will help to pay for any medical care that your staff may require. It will also help to compensate for lost wages while they're recovering.
These are just a few examples of the different types of Vermont television station insurance coverage that TV station owners and operators should carry. To find out more about other forms of coverage you should have and what your policy limits should be, speak with an broker with media liability experience.
VT Television Station's Risks & Exposures
Premises liability exposure at the station is limited as public access is generally restricted to designated waiting areas and offices. If members of the public are allowed into the station for community events and broadcasts, or if the station offers tours to schools and other organizations, slips and falls can be reduced through good housekeeping and maintenance.
Floor coverings must be in good condition, with steps and uneven floor surfaces prominently marked, and free from obstacles. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure. Parking areas and sidewalks should be in good repair and kept clear of ice and snow.
Premises security is important, particularly if the station operates 24-hours-per-day.
Off-site exposures include reporters and equipment at the scene of newsworthy events, and salespersons calling on current and prospective customers. There should be procedures as to how they carry out their duties.
If the station owns transmission towers, proper maintenance is needed to prevent towers from collapsing during inclement weather, releasing chunks of ice and snow on adjacent properties, and to restrict unauthorized access by children or trespassers.
Functional lighting is required at all times to prevent aircraft from crashing into towers.
Professional liability exposure comes from broadcasting activities, including allegations of copyright infringement, libel or slander, defamation of character, invasion of privacy, failure to check the authenticity of the material, breach of confidentiality, or failure to broadcast commercials at the scheduled times.
Contractual agreements should be written and include verification of originality and authenticity of any broadcasted material such as commercials. All advertising, including changes, must be documented in writing. The exposure will be heavier for stations that cover local news events, do investigative reporting, or host talk shows or call-in listeners.
The defense for civil suits and FCC fines due to the broadcasting of obscene material is generally excluded from professional liability policies.
Workers compensation exposures are high both on or off premises due to the potential for slips and falls, electric shock from ungrounded equipment, falling items, injury from the lifting of cable or other equipment, hearing impairment from noise, and contact with clients or the public.
Repetitive motion injuries due to computer work can be prevented with ergonomically-designed workstations. Employees maintaining towers can fall, be struck by lightning, or receive high-voltage electric shocks from improperly grounded electrical wiring. Safety equipment is critical to prevent injuries.
Additional exposures arise from the use of independent contractors and whether employees go on overseas assignments, do undercover investigative reporting, visit dangerous or exotic locales, or participate in contests and dangerous or hazardous activities while on the job.
Property exposure is high. Ignition sources include electronic equipment used throughout the operation, heating, and air conditioning systems. All wiring should be up to date, well maintained, and meet codes for the occupancy. Studios are set up for taping local shows. Other programming comes through either live feed or tapes.
As newer equipment is added, wiring should be upgraded as needed. Electronic equipment is susceptible to damage by fire, smoke, and water. Fire extinguishers and automatic fire extinguishing or suppressant systems should be of a dry chemical nature and not water based.
Broadcasting equipment is expensive and may be targeted by thieves. Security should be appropriate for the value of the equipment and the area where located.
Business income and extra expense exposure is high as broadcasting must be done even after a loss. A disaster recovery plan, including the use of alternate facilities, should be in place due to the time needed to repair or replace broadcasting equipment.
Equipment breakdown exposures are high due to the reliance of the station on electronic broadcasting systems. A lengthy breakdown could result in a severe loss, both direct and under time element.
Crime exposures are from employee dishonesty and theft. Background checks, including criminal history, should be performed on all employees handling money. All billing, ordering, and disbursements should be handled as separate duties. Regular reconciliation and audits are vital. Stations will have expensive broadcasting equipment on premises that are susceptible to theft. These should be physically inventoried at regular intervals.
Inland marine exposures include accounts receivable if the station bills customers, broadcasting equipment, computers, towers, and valuable papers and records for clients' and regulatory information.
Towers, guy wires and all portable audio and camera equipment used on remote sites should be included in a broadcasting equipment floater. Towers can be struck by lightning, be blown over in heavy winds, or collapse due to the weight of ice and snow. Proper grounding, the use of appropriate guy wires, and de-icing equipment in northern areas will prevent or reduce these losses.
Satellite dishes may be considered property or inland marine, depending on the insurer, but inland marine forms generally offer broader coverage. Since most television stations use distance feeds, the satellite coverage is important.
Valuable papers and records include the FCC license to operate, broadcasting logs required by the FCC, and station archives. Duplicates should be made of all records and sound recordings and kept in an off-site backup facility for easy reproduction following a loss.
There may be theatrical property such as sets, props or costumes if the station tapes its own programming.
Business auto exposures include mobile vehicles with permanently attached equipment that may be taken out of local areas to the scene of a newsworthy event. The drivers should have training in driving these vehicles, including special training for driving in adverse conditions.
If the company supplies vehicles to reporters and salespersons, there should be a written policy on personal and permissive use of the vehicles. All drivers must have appropriate licenses and acceptable MVRs. All vehicles should be maintained, and records kept at a central location.
Vermont Television Station Insurance - The Bottom Line
To learn more about the kinds of Vermont television station insurance policies you'll need, how much coverage you should have and the costs - speak with a reputable broker that is experienced in business insurance.
Vermont Economic Data, Regulations And Limits On Commercial Insurance
For business-minded individuals who are either thinking about launching their first organization or established entrepreneurs who would like to expand their operations, there are several factors that need to be taken into consideration before proceeding. Of those factors, top on the list of importance is location.
The target market and demographics of a location must be favorable for the industry in order for a business to be successful. By analyzing the unemployment rate of a specific state and the key industries that are flourishing with that state, business owners can determine whether or not the will amass the success they are hoping to achieve.
In addition to understanding the economic data of a state, it's also important for proprietors to know what type of commercial insurance they are required to carry.
If you're considering Vermont as the headquarters of your operation for a branch of your already existing business, read on to for an overview of the economic data and commercial insurance requirements in the Green Mountain State.
Economic Trends For Business Owners In Vermont
In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in Vermont was 2.3%; 1.2% lower than the national average of 3.5% during the same time period. While the state's unemployment rate did rise slightly – it was 2.1% in July of 2019, for example – these statistics sill indicate that Vermont has a healthy economy that is conducive for business owners and residents of the state.
The favorable tax climate, the healthy environment, and the overall quality of life in Vermont are just some of the reasons why the economy in this state is booming.
As in most states, densely populated urban areas offer the most promise for businesses. These regions offer a larger workforce and market than smaller suburban and rural areas, they're easier to access, and they are more closely connected with surrounding states and the region of New England, as a whole.
With that said, the top places to start a business in Vermont include:
Several industries are seeing significant growth in Vermont. At the time of writing, the following sectors were seeing the most growth in the state:
- Food and beverage
- Health care
- Hospitality and tourism
- Professional services
Commercial Insurance Requirements In Vermont
The Vermont Department of Financial Regulation regulates insurance in VT. Vermont mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Vermont 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.
Vermont 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 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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