It’s estimated that seven out of ten Americans regularly use social media. There’s no denying that social media has completely changed the way we create and consume content.
However, it’s not just individuals that are making this type of media content. Many businesses and freelancers are creating it for their livelihood. While this new type of social media content certainly brings new job opportunities it also brings risks too.
A simple mistake, whether that’s a missed deadline or accidental plagiarism, is all it takes to result in a serious lawsuit. That’s why many professionals are investing in media liability insurance.
But what is media liability insurance? And who can benefit from it? In this guide we’ll go over these questions and more so you can get a better sense of how this niche type of insurance works.
What Is Media Liability Insurance?
Media liability insurance is a specific type of coverage designed for people who create and release content through various media channels. These days, more often than not that consists of social media content, but it can also include podcasts, advertisements, films, music, radio, and art.
A small mistake is all it takes for a digital media producer to land in hot water. For example, let’s say you have a podcast. You have a deal with a sponsor to mention them during your ad breaks.
However, one day you accidentally forget to talk about the sponsor. They could sue you for a breach of contract which would result in costly court fees and devastating settlements if the court rules in the sponsor’s favor.
If you face these types of legal costs, media liability insurance will help you cover them. However, it’s not just contract law that it can help with. As we’ll see, it can provide your business or brand with a variety of different types of coverage surrounding your digital presence.
What Type of Coverage Can You Get?
One of the most popular types of coverage creators seek out is protection from mistakes or accidents. Freelancers likely know this situation well. You spend a lot of time on some content for a client.
However, whether through mistakes or personal preferences, it doesn’t meet their standards. While often these situations can be resolved some clients seem bent on taking the issue to court.
In these cases, media liability insurance will cover your costs even if you are at fault. Another common type of coverage also covers legal fees if you break a contract and miss a deadline.
When creating content, it’s also easy to step on other people’s toes. In some cases, this can lead to defamation either in the form of libel (when you write something false about someone) or slander (when you say something false about someone).
All it takes is one careless statement to end up in court. Many people also use media liability coverage to deal with invasion of privacy lawsuits. For example, if you publish a photo or information of someone without their consent, they could take you to court.
Lastly, some writers will use this type of coverage if they are ever accused of plagiarism. As you can see, this type of coverage provides insurance for liability risks outside the realm of a general liability policy.
Who Can Benefit From Media Liability Insurance?
At the end of the day, anyone who takes part in the creative direction of content creation can benefit from media liability insurance. This is especially true if you create the content not for yourself but for potentially high-profile clients.
Specifically, some of the job roles that should consider this type of insurance include:
- Social media creators
- Professional photographers
- New broadcasters
- Television broadcasters
- Advertising companies
- Writers and bloggers
- Film directors and producers
- Podcast creators
- Newspaper publications
If you aren’t sure whether or not you can benefit from media liability insurance we recommend reaching out to an insurance agent. Describe your job and the type of content you create.
From there, they’ll be able to help you decide if this type of insurance is right for you. In some cases, you might be fine with just general liability insurance.
How Much Media Liability Insurance Should You Get?
The specific amount of media liability insurance you should get will ultimately depend on the type of business you run. For example, a freelancer or small business likely won’t have the same needs as a massive corporation.
Some factors you should consider when deciding how much coverage to get include how many employees you have, where your business is located, and the industry you operate in.
How to Find Good Media Liability Insurance
Media liability insurance is a fairly niche form of business insurance. As such, it can be hard to find a company that offers it, let alone a good version of it. As such, you will need to do your research.
The good news is that you don’t necessarily need to find an insurance company in your local area to find this type of media liability coverage. Many companies offer their services nationwide.
However, we do recommend you find an independent insurance provider. If you have a captive agent, there’s a good chance you’ll get a bad deal since they can only work with one company.
Independent providers, like this insurance agency in Kentucky, can shop around to get you the best coverage for you and your business’s specific needs. Make sure you carefully review the terms of your contract with the insurance company.
That way, you know exactly what you’re covered for. The last thing you want is to think that you’re insured for a specific problem only to discover you don’t have coverage when you need it most.
Appreciate Learning About Media Liability Insurance? Keep Exploring
We hope this guide helped you learn more about how media liability insurance can protect your business. These days if you’re in a media company, you should seriously consider this type of insurance.
While it does represent a monthly cost, the consequences of not having it are too high for many professionals. Want more business advice? We have plenty of similar content you can take advantage of by exploring our website now.
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