Is media and entertainment insurance right for my business?

Let’s banish the uncertainty. Here are five reasons why purchasing media and entertainment insurance could be a smart decision for your business.

1. Peace of mind against IP infringement and defamation

Big intellectual property (IP) cases have a knack of hitting headlines, but these are the just the tip of a huge iceberg. Anyone who produces or promotes content in the public domain at risk. That goes for whether you intentionally use a third party’s IP, thinking you have the right licenses and contracts in place, unknowingly use something that’s been trademarked by another party, or make a defamatory statement.

Thanks to media liability insurance, you can receive protection against a whole host of IP infringement allegations such as copyright and trademark infringement, and benefit from defamation cover—something most general liability policies exclude. 

1. Contingent bodily injury and property damage

While general liability policies provide cover for bodily injury and property damage claims resulting from a direct physical interaction, most policies will exclude claims resulting from content you distribute or services you provide. This is particularly pertinent given the shift online for most content distribution and consumption in the modern era.

If your services are carried out online, like on YouTube, you could equally be liable if a claimant injures themselves or damages property as a result of an incorrect instruction given in one of your videos. That’s why taking out a specific media policy is so vital. You can receive support for any bodily injury and property damage claim that results from your business activities, eliminating this gap in coverage.

1. The potential for breaching contracts is huge

In such a fast-paced industry, keeping to deadlines and maintaining professional standards are integral to success. Even with the best of intentions—contractual obligations can miss the mark and these can often be particularly costly when clients are relying on timely and effective delivery.

It’s tempting to think you’ll never have to make or face a breach of contract claim. Media errors & omissions insurance can provide broad and unambiguous cover, and cater to license agreements, endorsement deals and contracts for services—key steps in empowering today’s creatives to collaborate with confidence.

1. Protection for your outsourced functions 

Collaborating with freelancers and other businesses is often essential when operating in the media space and this inevitably opens the door to vicarious liability risk for work undertaken on your behalf. 

Going with a policy that offers sub-contractors’ vicarious liability as standard gives you protection in the event you are held liable. This means that you will have protection in place if you are held responsible for the actions of a third party, enabling you to make the most of your freelance network, safe in the knowledge you have the right protections in place.

1. Cyber security and support come free

Do you have the right security practices in place for your third-party data? How about the means to proactively prevent cyber attacks and preserve business uptime? 

Cyber insurance is evolving to keep pace with today’s technology-driven media and entertainment space. It’s already playing a vital role in safeguarding trading in the digital ecosystem, and it can come as standard in a media-specific policy, backed by expert incident response and claims handling support. 

Media insurance isn’t just a safety net for when you file or face a claim. No matter if you create or distribute content, the right policy empowers you to work with confidence, fully utilise your third-party network, and deliver engaging content that truly turns heads.

Ready to learn more? Get in touch with our expert team here.