The litigation risks that media companies face are seemingly endless. Even companies that take the utmost precautions can find themselves the target of a claim for doing something wrong, whether it’s a small typo taken to print or a global ad campaign that has infringed multiple copyright laws. If the content in question has reached far and wide, companies can quickly run up a six-figure compensation payout to the claiming party.
Media liability insurance can protect companies in the media sector from their elevated exposure to claims of wrongdoing. It’s a form of professional indemnity insurance, sometimes known as errors and omissions insurance, which protects businesses from claims relating to mistakes, errors, omissions or work which is of substandard quality. Media liability insurance is designed to cater to the specific risks faced by media companies, including international coverage for claims coming from abroad.
When exploring the market for a media liability product, make sure that the policy can cater to an appropriate level of indemnity. Some insurers can offer added extras as part of a plan, such as crisis PR management following a claim. This list provides an overview of some of the media liability solutions on the market.
Assessing Coverage Needs & Tailoring to Your Business
The key things to establish before seeking a policy are the features of cover you need, the indemnity limit you require and your budget. This information can help you narrow down your initial search and find providers that can cater to the insurance requirements of your business.
Media liability insurance is a specialised product tailored to companies in the media industry. Some insurers may only offer general professional indemnity insurance or E&O cover, particularly in the UK, in which case you must check that they can protect you against the unique risks which threaten companies in the media sector.
It’s also worth looking for packages that are specific to your business, both for lower costing and also to ensure the policy covers the specific activities of your business, many insurers have prebuuiolt models to give quotes for media liability on businesses including advertising agents, marketing and digital marketing consultants, graphic designers, brand development agencies, copywriters, publishers, broadcasters, radio stations, recording studios, social media consultants, market researchers, proofreaders, editorial consultancies, telemarketing companies, artists and public relations agencies.
Finding a Policy & Provider
- Approaching insurers directly – The simplest way to find an insurer is to carry out some market research on the internet. Many insurance providers have detailed websites displaying the insurance products they have on offer, complete with policy benefits and exclusions, and even the policy documents in some cases. Often, you can generate a quote for a particular product on their website by entering your company details.
- Going through a broker – Brokers provide the added benefit of years of industry experience and insight. This expertise puts them in the best position to understand your company’s needs, as they are familiar with the types of liability claims typically faced by media companies. Many insurers also offer products exclusively to brokers, meaning they typically have access to a broader share of the market than the public. This can translate into lower prices for more extensive coverage.
- Using comparison websites – It can be both time-consuming and overwhelming to search the insurance market, with hundreds of suppliers and thousands of products available. Comparison websites can be an efficient way to get an overview of the products on offer. By compiling various products and providers into a list, you can quickly scroll through the features, prices and benefits of each policy, allowing you to easily compare solutions. Many websites allow you to set specific search criteria to narrow down your search.
Media Liability Insurance Providers
Hiscox
Marketing and media companies can find tailored cover from Hiscox, who have over 100 years of experience providing insurance solutions. They offer a comprehensive packaged policy which can include professional indemnity insurance, cyber insurance and public liability insurance. Companies can work with Hiscox to build a bespoke solution tailored to the needs of the company.
Their media packages can cover incidents relating to errors, copyright infringement and data breaches, as well as a range of other risks. An indemnity limit is available up to £10 million for media liability, and an award-winning claims service handles all claims. You can generate a quote online in a matter of minutes.
Markel
As a Fortune 500 company, Markel boasts strong financial ratings. They are a specialist SME insurer, with a deep understanding of the challenges faced by smaller organisations. Their creative and media solution is a comprehensive packaged policy. Companies can build a plan catered to their needs, choosing from a wide range of cover options including professional liability, general liability, employers’ liability, directors’ and officers’ liability, employment law protection, cover for cyber and data risks and much more.
Their professional liability cover can protect against a range of risks, such as breach of contract, negligence, copyright infringement, defamation and violation of intellectual property rights. Included in the policy are mitigation costs, to minimise the chances of a claim before it happens. Another perk to Markel’s product is their public relations crisis management service following a wrongful act, with up to £25,000 available. Markel’s products are available exclusively through brokers.
CFC Underwriting
A flexible, worldwide media liability product is available from CFC, designed to cover the risks faced by companies creating, collecting and distributing content in a variety of formats and on a multitude of platforms. The product covers claims made anywhere around the world as standard. Their solution also addresses the overlap between media and technology exposures to ensure there are no gaps in your coverage. Many cyber risks also have cover under the policy, including virus and hacking cover. To apply for insurance, you can download their application form from their website.
AXIS Capital
The Media and Entertainment Liability insurance product available from AXIS Capital can cover a range of risks affecting traditional media companies, digital media firms and non-media companies engaged in relevant activities. It can cover claims relating to defamation, invasion of privacy, copyright infringement, breach of licence and negligent publication.
Companies can choose a policy on a claims-made basis or an occurrence basis and can enjoy worldwide coverage. Up to £10 million of indemnity is available, with options to extend a policy to include cyber risks and business interruption loss. You can submit an enquiry through their website or speak to a broker to arrange cover.
Royal & Sun Alliance (RSA)
With over 75 years of experience handling professional indemnity risks, RSA offers a customised professional indemnity product specifically for media professionals. It can cover a range of civil liabilities relating to the conduct of business, including breach of professional duty, liability for dishonest acts, defamation, infringement of intellectual property rights and contractual liability.
The policy also includes mitigation costs as standard, as well as compensation for court attendance. Their policies are written on a claims-made basis as standard, but cannot cover claims brought in North America. All policyholders have to a free legal helpline and a tax helpline for advice and queries. RSA’s products are available exclusively through intermediaries.
Allianz
A range of products for media professionals is available from Allianz, who insure customers in over 200 countries and territories. They offer a tailored media liability insurance product or a comprehensive package solution offering a range of other forms of cover, including directors’ and officers’ liability and cyber insurance. Their E&O cover can pay for a range of civil liabilities resulting from the company’s professional services, as well as court attendance, mitigation costs and cover for lost documents. You can arrange cover from Allianz through a broker or intermediary.
MPR Underwriting
This Manchester-based insurance firm can offer media professional indemnity insurance to cover a range of risks faced by media companies, including breach of professional duty, defamation, intellectual property infringement and breach of confidence. They can offer up to £10 million for any one claim and can provide policies with worldwide coverage, including the USA. Other perks to a plan with MPR are PR and crisis costs included as standard as well as access to a free 60-minute consultation with an award-winning law-firm specialising in professional indemnity cover.
MPR offers a flexible approach to insurance, with flexible pricing systems and adjustable coverage options, allowing them to create bespoke policies. They use simple, clear policy language to create straightforward solutions and remove ambiguity. To obtain a quote, you can get in touch via their email or over the phone.
Radius insurance
Flexible professional indemnity insurance options are available from Radius Insurance. Their media industry consultants policy is tailored to companies in the media sector. It can cover defamation, infringement of intellectual property, data protection breaches, misuse of information and a range of other risks.
Radius can offer flexible indemnity limits, starting from £100,000 with an upper limit of £10 million. Customers can pay online either monthly or annually, and have access to their free legal helpline for advice and guidance. All policyholders have their own specialist claims handler for support if something goes wrong. You can generate a quote online on their website.
Whimney Insurance (Broker)
Whimney Insurance Brokers are a specialist media insurer with extensive experience insuring a broad range of companies in the media sector. They offer a range of tailored products designed for advertising agencies, marketing companies, publishers, broadcasters, copywriters, PR companies and more. Risks covered by the policy include breach of licence, breach of contract, defamation, client complaints, copyright allegations and intellectual property infringement. You can contact them over the phone for advice on a policy.
Manchester Underwriting Management
A range of business types in the media industry can find liability protection from MUM to cover their professional activities. They offer a series of solutions tailored to specific areas of the media sector, including their Multimedia and Broadcasters PI insurance, their Media Professions PI cover and their Publishers PI cover.
All policies offer civil liability, including defence costs and expenses, as standard, as well as liability for lost documents and mitigation costs. Their plans also include coverage for data protection proceedings and hacker protection. Their standard policies are written on a claims-made basis and can offer up to £5 million in professional indemnity. You can use their Quick Enquiry tool on their website or contact them by email or phone for more details.
BJP Insurance (Brokers)
BJP Insurance Brokers are an independent insurance broker in the UK, who have access to a range of UK insurers offering professional indemnity insurance for media companies of any size. A media liability policy arranged through BJP Insurance can cover a range of risks, such as professional negligence, copyright infringement, loss of documents, defamation and breach of confidentiality. Their plans can offer financial protection for the legal costs and any settlement awards. You can generate a free quote through their website, or call them directly for advice on arranging a policy.
QBE
With over 40 years’ industry experience, QBE Europe is a market leader in professional indemnity insurance. They are able to insure a range of businesses, varying from SMEs to global enterprises and can offer one of the most extensive indemnity limits on the market, with limits available up to £25 million. QBE can create bespoke package policies, integrating cyber protection, public liability and employers’ liability.
The scope of their media liability policies extends to invasion of privacy, breach of confidence, misuse of information, infliction of emotional distress, loss of data, hacker protection, defamation and crisis management services as standard. They offer tailored coverage specifically for broadcasters, publishers, marketing, advertising and communication businesses as well as those in film and television. A significant benefit of QBE is its global capabilities, as they can provide cover for claims made in worldwide territory and jurisdiction. You can get in touch with an underwriting specialist on their website.
