If you work in the media or publish a lot of content for your company, Media liability insurance is a type of coverage that helps protect against the risk of being sued for libel, slander, or invasion of privacy.
Also, it will guard you against claims of intellectual property infringement, confidentiality breaches, privacy invasions, and violations of laws governing comparative advertising.
Media liability insurance is designed to help protect a company from the potential risks of publishing information on all media platforms.
In this article, I will be explaining what media Liability Insurance is, what it covers, the benefits of having it, how much it costs etc.
What ‘Media Liability Insurance’ Entails.
Media liability insurance is a type of insurance that helps protect the media company from lawsuits and other legal issues.
Media liability insurance is important coverage for any media company, whether it’s a newspaper, magazine or TV station. This type of insurance protects the company against potential lawsuits and other legal problems that may arise from publishing articles, broadcasting stories or airing programs.
This type of insurance is typically purchased by publishers, broadcasters, and content providers to cover the legal expenses and settlements that might result from a lawsuit filed against them by an individual who feels they were wronged by something published in the mass media.
Media Liability Insurance can also be sold to individuals who are involved in publishing content on behalf of a company such as bloggers or journalists.
Media Liability Insurance covers the costs of defending a lawsuit and compensates for any damages, judgments or settlements which are awarded to the plaintiff or against the media company.
People and companies who need Media Liability Insurance.
Media Liability Insurance is a type of insurance majorly for the media. The media can be an organization, an individual or a product. It is also known as Media Professional liability insurance or Media Professional Errors and Omissions insurance.
The following are some people and companies who need to have media liability insurance:
– Media agencies
– Public relations professionals
– News organizations
– Social media managers
– Businesses with social media accounts.
– Media companies
– Graphics designers
– Radio stations
– TV stations
– Marketing Companies
– Movie producers
– Online media websites.
– Content Creators& Marketers.
Benefits of Having Media Liability Insurance Coverage.
Media Liability Insurance is a coverage that offers protection to the company in case of legal action. It protects the company against lawsuits and claims that might arise from the media, such as defamation and copyright infringement. The three major benefits of having this coverage are:
1) Media Liability Insurance provides protection for damages that might happen due to the content being published or broadcasted.
2) It also protects against any damages caused by an employee who is not authorized to publish or broadcast content on behalf of the company.
3) Lastly, it provides legal defence for any lawsuits, claims or other penalties arising from a third party’s use of the content.
Benefits of Having Media Liability Insurance Coverage.
Media liability insurance is insurance that protects against the potential legal and financial risks of publishing content.
It covers the publication of content that is libellous, slanderous, obscene or violates someone’s privacy. It also covers the publication of content that may lead to lawsuits for copyright infringement or invasion of privacy.
Here are 10 major claims media Liability Insurance covers;
1. Defamation: Defamation is an injury to the reputation or character of another person, including those caused by false statements or images in print, broadcast, film, video, or digital media. If an individual or a media company is being sued for defamation, Media Liability Insurance covers the financial loss or damages.
2. Libel: Anytime a written statement is published without the consent of the person it’s about and which is proven to be false, such a media company can be sued for this.
3. Slander: Slander is a spoken statement that’s harmful to someone else’s reputation and can be proven to be false (oral defamation). Media Liability Insurance covers the risk of this claim.
4. Invasion of privacy: Taking pictures or filming another person in an embarrassing situation without their knowledge for his/her own personal use is called the invasion of privacy and a media company or individual can be sued for this. But, Media liability insurance can offer a defence against accusations of invasion of privacy.
5. False advertising: This happens when someone advertises something as being better than what they really are (this could include not disclosing information about something like a defect or when it’s used for a specific use).
6. Infringement of privacy: Infringement of privacy occurs when someone takes images or films something that the person filming didn’t have permission to do.
7. Copyright violation: Copyright violation happens when someone takes images or films something without the owner’s consent or permission for his/her own personal use.
8. Errors or omissions, professional faults or negligence: These are errors that happen when a job or project is being developed for a third party. A client may file a claim for damages against you if you fail to deliver a good job, miss a deadline or breach an agreement.
9. False impersonation: False impersonation is when someone poses as another person online or in-person to gain someone’s trust or take something from them. A media company can be sued for this.
10. Data loss or destruction: Data loss or destruction is when a third party’s confidential information is lost. Media Liability Insurance provides coverage for this.
What Media Liability Insurance Does Not Cover.
Exclusions for media liability insurance policies can vary because they are frequently tailored to the insured and depend on the insurer. However, the following are the claims media liability insurance does not cover;
Bodily harm: Generally speaking, your Media Liability Insurance policy would not give coverage if your work resulted in bodily harm to a third party. Your commercial general liability policy often provides coverage for third-party physical injuries.
Maliciousness: Many insurers will decline to pay claims brought about by the insured’s malicious or fraudulent activities or omissions.
Controlling interest: Typically, any claims made against the insured by a party with a controlling interest in that party’s business or by a party with a controlling interest in the covered company.
Geographical restrictions: Any claims arising from subpar goods or services would typically require product liability insurance. Many insurers decline insurance claims that fall under North American jurisdiction, or they may charge more for coverage in the USA and Canada goods and services.
Contract violations etc.
Most importantly, before you purchase a plan, it is essential to discuss the terms, restrictions, and exclusions with the insurance provider or with a broker if you feel there is any possible confusion in your policy.
How Much Does Media Liability Insurance Cost?
Due to the numerous variables, there is no set cost for media liability insurance. Examples include the location of your business, the level of risk, and the industry you are in.
Several media and advertising agencies spend $35 per month or $415 per year on premiums. Policy limits for media liability insurance often range from $500,000 to $1,000,000. Already enough is a configurable limit of $500,000.
However, Prices vary based on deductible, exposure, firm size, claims history, and policy limits. For instance, a national publication with a large staff and a history of looking into litigious corporations will be charged far greater prices than a small local daily that concentrates on the activities of the town. Additionally, the cost of media liability insurance for a business will depend on the following particular factors:
- The focus area of your article
- The Source of the Content
- The Disclaimer and Consent Guidelines
- Your Income source
- Contracts with self-employed individuals
- Technology-based protection
As a newspaper publisher, public relations agency, site designer, or content writer, you can enjoy the protection offered by Media Liability Insurance. If you have Media Liability Insurance coverage, it means that your firm and staff are safeguarded from lawsuits arising from your expert services or place of employment.
Without this insurance, a business leaves itself vulnerable to lawsuits claiming negligence, subpar performance, libel, slander, copyright infringement, and other things. Customers and companies value their reputations highly. It might be to your best advantage to obtain the coverage you require through media liability insurance given the significant expenses that litigation of this sort can incur.