If you work as a media professional, publisher, influencer, or a business that creates advertisements, it's critical to protect yourself against various potential lawsuits that can arise from your work. You can be sued for defamation, copyright or trademark infringement, invasion of privacy, and other related claims. Fortunately, media liability insurance can help you pay for the cost of these disasters.
A local independent insurance agent can help you find the right kind of professional liability for media companies. They'll get you matched to the ideal amount of media insurance coverage for your business or trade. But first, here's a breakdown of media liability insurance, what it covers, and why it's important.
Key Takeaways - Media Liability Insurance
- Media liability insurance can reimburse your business for the cost of third-party claims of defamation, copyright infringement, invasion of property, and other harm caused by your content or advertisements.
- General liability insurance does not provide the right coverage to protect your business against these types of claims.
- Media liability coverage can pay for damages to third parties and the cost of your business's legal defense in a lawsuit.
- The average cost of media liability insurance is $78 per month or about $936 per year, but your specific policy's premiums can vary depending on your industry and other factors.
- It's strongly recommended to work with an independent insurance agent who can tailor a policy to meet the needs of your unique business.
What Is Media Liability Insurance?
The definition of media liability insurance is a special type of professional liability insurance designed to protect advertising and media professionals from third-party lawsuits related to claims of negligence, mistakes, and oversights. Media liability insurance provides protection for media and entertainment companies against many types of claims brought by third parties. The policies cover issues such as libel, slander, invasion of privacy, and copyright infringement, and can pay for damages to the injured party as well as for the cost of your legal defense in a lawsuit.
You might also hear media liability insurance referred to as media E&O insurance, copyright infringement insurance, or defamation insurance. These policies tend to be highly specialized and are not sold by all insurance companies. Media liability policies are often custom policies that are written to address the concerns and possible liabilities of the specific business being insured.
What Does Media Liability Insurance Cover?
Errors and omissions insurance for media businesses can cover several claims related to oversights or mistakes in your company's advertising or media content. These policies can offer the option to purchase only coverage for the specific liabilities your business may face.
The downside is that media liability policies usually offer "named peril" coverage, which means that coverage only applies to the perils listed on the policy; anything else is excluded. Media liability insurance typically covers the following types of claims:
- Defamation (i.e., libel and slander)
- Invasion of privacy
- Copyright and trademark infringement
- Plagiarism
- Misappropriation of ideas
- Unfair competition
- Breach of confidentiality
- Breach of license
- Piracy
- Errors and omissions in media content
An independent insurance agent can help you get set up with the right type of media liability coverage for your business.
What's Not Covered by Media Liability Insurance?
A media liability policy won't cover intentional or malicious acts against others. Media liability insurance covers the cost of defending a covered peril lawsuit, regardless of whether the claim is legitimate, up to the policy limits. However, if it is determined that you acted intentionally or maliciously, coverage will be denied. Some insurers also exclude certain types of media. Common media liability exclusions include:
- Adult content
- Gambling content
- Celebrity or gossip content
- Controversial content
An independent insurance agent can help you determine all of your specific media liability insurance policy's coverage exclusions.
The Main Types of Media Liability Insurance
Media liability insurance is usually available on an occurrence or claims-made basis, and understanding the difference can be helpful when shopping for this type of coverage.
- Occurrence: This type of policy covers any incident that occurs during the policy period, regardless of when the claim is actually filed. This means that if a claim is filed after the policy expires, as long as the incident occurred during the policy period, it will be covered.
- Claims-made: This type of policy covers a claim only if both the incident and the claim happen during the policy period. If a claim is filed after the policy has expired, it won't be covered. These policies remain in force and automatically renew as long as the premiums are paid.
If you're unsure of which type of media liability policy works best for your business, an independent insurance agent can help you decide.
Who Needs Media Liability Insurance?
You might need liability insurance if you work in any field that deals with reporting, advertising, or digital content creation. Content production and distribution have changed dramatically since the rise of the internet. In today’s fast-paced, 24-hour news cycle world, a lawsuit for libel, slander, or even copyright infringement can happen at any time.
While a general liability insurance policy will cover some media liability issues, others may be excluded, or your coverage levels may not be sufficient to cover a whole lawsuit. Media liability provides protection from lawsuits that result from issues such as slander, libel, copyright infringement, and piracy. This coverage is absolutely needed if you are involved in the media world.
These professionals and businesses need media liability insurance:
- Journalists, reporters, and authors
- Digital media companies and publishers
- Marketing and advertising agencies
- Social media influencers and content creators
- Filmmakers, broadcasters, and podcasters
An independent insurance agent can help you find the right kind of media liability insurance for journalists, bloggers' insurance, influencers' insurance, or publisher liability coverage.
The Benefits of Media Liability Insurance
There are a few key benefits of media liability insurance. The main appeal of this coverage is the protection it provides against the cost of expensive lawsuits. In addition, having media liability coverage can help your business establish and build trust with clients and sponsors.
Without a policy, your business could have to pay out of pocket for the cost of its legal defense in a lawsuit, as well as for settlement costs and damages to the third party who claimed injury by your advertising or content. An independent insurance agent can provide even more reasons why media liability insurance is important for your business.
How Much Does Media Liability Insurance Cost?
The average cost of media liability insurance is $78 per month, or about $936 per year for many media and advertising companies. However, the cost of your policy can vary depending on several factors, including:
- Business size and revenue
- Industry risks
- Coverage limits and deductibles
- Claims history
- The type of media or advertising produced
An independent insurance agent can help you find affordable media liability coverage near you.
Media Liability Insurance vs. General Liability Insurance
Though general liability insurance may cover some advertising injury claims, this coverage typically only applies when promoting your business. Other types of media liability claims are usually excluded by general liability coverage.
In contrast, general liability is designed to cover third-party claims of bodily injury or personal property damage, such as customer slip-and-fall injuries. As such, media liability insurance for small publishers and other industries that work in content creation or advertising is critical.
How to Choose the Right Media Liability Insurance Policy
Media liability insurance is highly specialized and not sold by all insurance companies. As such, it's important to consult with an independent insurance agent who understands the specific pitfalls that media companies face. Your agent can help you find the best media liability insurance for your specific industry and evaluate which policies offer the right coverage limits and exclusions.
An Independent Insurance Agent Can Help You Find Media Liability Insurance
An independent insurance agent who specializes in media liability coverage can help you narrow down the coverage you need and pinpoint which dangers are most relevant to your specific business. Whether you're in need of publisher insurance coverage, media insurance for agencies, media liability insurance for influencers, media insurance for bloggers, or any other type of media liability policy, your agent knows where to find it. They have access to several of the best media liability insurance providers in your area, so they can shop and compare policy options and quotes for you to find the best deal.
FAQs About Media Liability Insurance
What is the difference between media liability insurance and professional liability insurance?
Media liability insurance is a special type of professional liability insurance designed to cover lawsuits that can arise from advertising and content creation, such as claims of defamation, copyright infringement, errors, oversights, and more.
Does media liability insurance cover social media posts?
Yes, media liability insurance can cover social media posts. Ask an independent insurance agent to help you find the right policy.
Do freelancers and bloggers need media liability coverage?
Yes, freelancers and bloggers can benefit from having media liability coverage tailored to their niches.
Is copyright infringement always covered under media liability insurance?
Yes, copyright infringement is covered by media liability insurance policies.
Can small businesses and startups get affordable media liability insurance?
Yes, most businesses pay an average of only $78 per month for media liability insurance. An independent insurance agent can help you find affordable coverage in your area.
Does media liability insurance cover international claims?
The answer will depend on your specific policy. Ask your independent insurance agent to review your coverage to be certain of whether international claims are covered. If not, you may be able to switch to a policy that offers this coverage.
How do I know if my business needs media liability insurance?
If your business deals with content creation or advertising, it likely needs media liability insurance. An independent insurance agent can advise you of the exact types of business insurance you need for your company.
Sources
https://ipisc.com/understanding-the-cost-of-copyright-infringement-lawsuits/
https://www.insureon.com/media-business-insurance/professional-liability
https://www.thehartford.com/insights/liability/media-liability-insurance
