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Working in the media industry, whether you produce TV programs, write newspaper columns or market advertisements, usually entails some degree of vulnerability to professional liability claims. If you’re in media and are wondering what sort of media insurance coverage you should get to protect yourself or your company, take a look at these insurance basics you should be aware of.
Look for a Tailored Policy
In order to get the most out of your insurance coverage, spend some time shopping around for a policy tailored to your field and your individual needs. Industries that are eligible for media insurance coverage include:
- Communications and telecommunications
- Software design
In short, if you regularly publish material, you may need liability insurance.
Protect Yourself Against Several Claim Types
When choosing your policy, make sure you or your company are protected against many types of claims. Some of the most common ones may include:
- Slander or libel
- Intellectual property infringement
- Breach of agreement
Without adequate coverage, you may leave yourself or your employees legally and financially vulnerable.
The media industry covers a broad range of professions, including journalism, marketing, content production and much more. If you work in these fields, consider getting a media insurance policy for protection in the event of a claim.
While most companies provide employee benefits programs, even the most generous packages can sometimes contain omissions that may lead to claims and liabilities. Some employee benefits claim examples include accidentally erasing employee files, discussing plans with non-employees, and failing to enroll an eligible employee. In order to protect yourself and your business, there are a few important facts to understand benefits liability coverage.
Ensure Your Benefits Program Qualifies
Before you can purchase liability coverage, you should ensure that your current benefits program fits requirements. Covered benefits typically include:
- Workers compensation
- Maternity leave
- Health insurance
- Life insurance
Once you’ve identified the benefits you need coverage for, you can begin looking for a policy. Be aware that many policies only provide coverage for claims made during the period you purchase.
Errors Covered May Vary
Because the errors covered by a policy may vary, be sure that your plan will help protect you in areas you need. Administrative mistakes and filing errors are common situations where your company may need help covering damages, for instance.
Even if your company offers a generous employee benefits package, you may still be vulnerable to claims due to errors or omissions. If you’ve looked at some employee benefits claim examples and wondered whether your company could use extra protection, you may want to look into benefits liability coverage. The right plan could give your business the coverage it needs.
Public official’s liability insurance covers defense costs or damages for claims brought against elected officials, government employees, and volunteers.
Why Do Public Employees Need Liability Policies?
Any business needs protection to cover expenses when faced with unexpected lawsuits and legal fees. Those who work in the public sphere also require this type of coverage. These kinds of jobs involve a high level of risk exposure to legal claims.
Public figures face a great deal of legal scrutiny within every project. People file lawsuits for issues involving discrimination or mismanagement of funds. There is also potential exposure to claims regarding things like zoning issues or failure to perform job-related tasks.
Public entities, their officials, and employees working in various capacities need this type of liability policy, including:
- Local governments – This includes towns, cities, boroughs, and counties.
- Special Districts – Districts such as water and sewer utilities, hospital, fire, irrigation, housing, transit, and parks, and recreation departments are part of this category.
- Airports and airport authorities
What Does Public Officials Liability Insurance Cover?
This type of policy protects the insured from wrongful acts claims. These claims consist of alleged misstatements, errors, negligence, or omissions while working as an elected official or public entity employee.
Public officials are liable for their actions while performing their professional duties. They should obtain coverage from an insurer who can meet their unique requirements as public figures.
Ship-owners and those who deal with marine transport or operations are exposed to unique risks. Marine insurance experts will tell you of the need for comprehensive coverage for your boat or operations. This could include or more of the following coverage types.
This coverage focuses on the hull of the vessel and the torse, as well as most of the furniture and articles on the ship. This probably the most commonly sought after coverage for loss protection.
With this policy, all of the essential machinery on the vessel will be covered in case of operational damages. Compensation required post-survey and approval by a licensed surveyor. Most often, hull and machinery coverage are combined into one policy.
Protection and Indemnity Insurance
This policy would address risks that are related to the ownership of the vessel from things like crew related claims. The indemnity potion addresses risks that are related to the services of the ship, such as cargo-related and client claims.
A general form of insurance, this is used when there is compensation being sought for an incident that occurred because the ship crashed, collided, or induced damage. This could address either bodily harm or property damage.
These are four of the most commonly used insurance policies in the marine industry. The right kind of coverage is important to securing the financial and legal responsibilities of your vessel when an adverse incident occurs.
Running a successful business involves striking a balance between innovation and risk management. With the different insurance policy options available, it is important to consider which ones provide the necessary coverage for potential liability. When it comes to risk management for business executives, these are some of the components to be aware of:
Employment Practices Liability Insurance
EPLI policies are vital for protecting a business from a wide array of employee-related events, which can often include:
- Wrongful termination
- Breach of employment contract
EPLI policies minimize the exposure of claims made against a company’s directors and officers. They can vary depending on the particular vulnerabilities of a business.
Additional Liability Insurance
Businesses can also become vulnerable to risk through indirect exposure. Companies can be held liable for any claims made against a third-party contractor or agent. They may also be obligated to fulfill any fiduciary responsibilities toward employee benefit plans. Business executives should consider whether they need coverage due to:
- Contingent liability: minimizes exposure to third party claims
- Fiduciary liability: provides coverage for employee benefit plans
- Miscellaneous liability: protects against employee errors and property damage
Proper coverage is crucial for maintaining a fruitful business and mitigating unforeseen risks. Work with your agent to find the right insurance policies for your business.
If you provide parking services to customers, chances are very good that your general liability policy doesn’t include provisions for damages to customer vehicles while your staff is behind the wheel. That can be a problem if there’s a claim to be made. It’s also a fact that traditional vehicle insurance policies for businesses do not anticipate a situation like valet parking. That’s why robust valet parking coverage options have been developed by insurers who focus on the entertainment and hospitality industries. With specialized coverage just for your valet services, you can be sure your business is protected in the event of an accident with customer vehicles.
The Value of Working With Specialized Insurers
While most businesses can find robust general liability, commercial vehicle, and property protection coverage from most business insurance providers, working with a company that specializes in the needs of one industry means having more options, getting the coverage that’s tailored to your needs more closely, and usually saving money. Many carriers can help you by building a comprehensive insurance plan that includes options like valet coverage alongside your general liability coverage while folding in other industry-specific insurance policies as needed. That saves you the time and effort of tracking down a provider for each new type of insurance you realize you need, and it usually saves you money too.
Things happen in a hurry when you buy a new home and sifting through the details of your homeowners’ insurance policy may not be a priority. Nonetheless, it is important that you understand your coverage limits and deductible amounts before filing a claim. Consider the following features of a homeowners’ policy when deciding on what is best for you.
What Is Covered?
Most policies provide protection for four main areas. Each of these will have some type of maximum limit that will be paid out for any given claim.
- Property – covers the cost to repair your home if it is damaged or destroyed. It is important to know that flood and earthquake disasters are not covered and require special insurance.
- Belongings – provides reimbursement costs of personal items that are destroyed or stolen.
- Liability – protects against claims by others against you for bodily injury or property damage.
- Expenses – covers additional costs such as hotel rooms or other expenses that are incurred while your home is being repaired.
How Much Deductible?
Choosing the right deductible depends on several factors and won’t be the same for everyone. The deductible is what you pay out of pocket before the insurance company starts picking up the tab. Keep in mind this applies to each claim. If you live in an area of high risk then you may want a lower deductible. If you want lower payments and are willing to pay more out of pocket if something happens, then a higher deductible could be right for you.
A lawyer, an accountant, and an engineer all fill important roles in a city’s business environment. They may make a similar income, and the prestige of their jobs may carry equal weight at social gatherings. Their business insurance needs, however, are very different. For example, any firm would be wise to consult an insurance professional to consider the unique needs of a particular industry before purchasing professional liability insurance. It’s a necessity of the modern business world to hedge against financial losses from contractual losses and litigation.
The Agent Must Know the Industry
While a surgeon considers insurance, he might be thinking immediately of a malpractice policy, which could cover an alleged mistake that affected a patient’s health negatively. For an architect or accountant, however, professional liability insurance might be a bit more subtle, dealing with paperwork that had errors, or even sections omitted. A good insurance agent should know the idiosyncrasies of the industries he serves. He can tailor his help by offering the following:
- Identifying gaps in coverage
- Building custom insurance programs
- Risk management knowledge
- Competitive pricing and responsive quoting
Investing in Insurance Makes Fiscal Sense
When a business owner considers how to allocate their budget, it’s easy to consider rent and utilities, technology infrastructure, office supplies, licensure, and labor costs. Insurance may not be the first thing that comes to mind. If, however, potential losses from lawsuits are factored into the equation, a good package of professional liability insurance policies may be one of the most important line items on the budget for an architect or financial planner.
Any sizeable company in the 21st century stores information on computer networks or in cyber clouds. That type of data storage brings the risk for security breaches. While tech professionals do their best to protect a network, hackers continue to find ways to break into such systems. When that happens, the damage can be far reaching. Privacy and network security insurance policies deal with such cyber liability. That’s helpful when considering coverage for protection of accidental exposures of personal information from clients as well as employees. This could include any of the following:
- Medical records
- Financial records
- Credit card numbers
- Social security numbers
Offsetting the Damage of a Cyber Breach
A package of cyber liabilityinsurance can help mitigate the costs of a breach of privacy. Even without any lawsuits from clients whose records were exposed, there are often regulations requiring certain reparations to set things right with the clients or people whose records were exposed. That might include any of the following steps:
- Notification letters sent to those affected
- Creation of a response call center
- Free credit monitoring for people affected
The company may also want to take the time for some public relations work when one of these unfortunate incidents occurs, and good insurance can help pay for that.
Insurance that Gives Peace of Mind
In addition to helping clients after a cyber breach, a company may actually have to pay fines to regulatory agencies. That can be one more financial burden, and it makes another argument for a good insurance package that includes cyber liabilitycoverage on top of the regular liability policies. It should help company management sleep better at night.