Paul Sanchez
Podcasters need insurance to protect themselves from legal risks such as copyright infringement, defamation, and invasion of privacy. Podcasting businesses need to be protected against things like copyright infringement, intellectual property infringement, and defamation. Media liability insurance, a specialized type of errors and omissions insurance (E&O), provides coverage against these types of claims. General liability insurance is one of the most important types of insurance for podcasting businesses, covering basic risks such as guest injuries during interviews. Other types of insurance that podcasters may need include commercial property insurance, workers' compensation insurance, and cyber liability insurance.
| Characteristics | Values |
|---|---|
| Why do podcasts need insurance? | To protect against costly lawsuits, theft of equipment, and accidents in the studio. |
| What does insurance cover? | Basic risks, such as injuries to guests, property damage, copyright infringement, slander, defamation, etc. |
| Types of insurance | General liability insurance, media liability insurance, commercial property insurance, workers' compensation insurance, home-based business insurance, cyber liability policy, commercial auto insurance, etc. |
| Insurance providers | Traditional brick-and-mortar insurers, online insurers (e.g. Tivly, Next Insurance, PPIB) |
| Cost of insurance | Varies depending on factors such as revenue, number of employees, policy limits, etc. General liability insurance for podcasters typically costs between $300-$600 per year for $1 million in coverage. |
What You'll Learn
Media liability insurance
The typical E&O policy for podcasts provides coverage on an occurrence basis with limits of $1,000,000 per occurrence and $3,000,000 in the aggregate. The annual premium for an average E&O policy is between $3,000 and $7,000 per year and can vary based on factors such as budget and revenue, genre, clearance and risk management, and the number and length of episodes.
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General liability insurance
Podcasters need insurance to protect themselves from costly lawsuits, theft of equipment, and accidents in their studio that harm someone or damage property. General liability insurance is one of the most important types of insurance for podcasting businesses. It covers basic risks, such as injuries to guests who slip and fall during an interview, and property damage lawsuits.
The cost of general liability insurance for podcasters depends on various factors, including the per-occurrence limit and the general aggregate limit. In the US, podcasters spend on average between $300 and $600 per year for $1 million in general liability coverage. It can be purchased as part of a business owner's policy (BOP) along with commercial property insurance, or as a standalone policy.
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Commercial property insurance
The cost of commercial property insurance depends on various factors, including the value of the business property, the location of the business, the construction of the building, and the industry. It typically has a median cost of $67 per month or about $800 a year.
When determining the value of business property, commercial property insurance plans offer two types of coverage: replacement cost and actual cash value. Replacement cost coverage will pay to replace business property with similar new items, without deducting depreciation. Actual cash value coverage, on the other hand, reimburses the present-day value of the property, taking depreciation into account. As a result, the claims check may not be sufficient to cover the cost of replacing the lost items with new ones.
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Workers' compensation insurance
It is important to note that workers' compensation insurance has its limitations. For instance, it won't provide coverage if employees intentionally caused their injuries, were injured while intoxicated or playing around, or were injured outside of work-related activities. Additionally, if an employee is injured by an "act of God," such as a natural disaster, the insurance may not cover it unless the job had a high exposure to such events.
As a podcasting business owner, it is essential to understand the specific requirements and regulations of your state regarding workers' compensation insurance. While most states mandate this insurance for businesses with employees, the details may vary. Therefore, consulting with a reputable insurance provider or seeking legal advice can help ensure you comply with the law and adequately protect your employees and your business.
When shopping for workers' compensation insurance, consider factors such as the number of employees, the nature of their work, and the specific needs of your business. Additionally, look for reputable insurance providers who can offer competitive rates and comprehensive coverage. It is also beneficial to explore options like self-insurance groups or purchasing insurance through licensed companies to find the best fit for your podcasting business.
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Home-based business insurance
An endorsement can double your standard policy limits for business property from $2,500 to $5,000 for less than $20 annually, according to the Insurance Information Institute. This would be suitable for a very small business with annual sales of around $5,000 or under.
A standalone business insurance policy can offer more robust coverage with higher limits. This type of policy can provide better coverage for business equipment and liability than a typical homeowners insurance endorsement. A business owners policy (BOP) combines coverage for business property and liability, and it is typically cheaper to buy a BOP than to purchase each policy separately.
- General Liability Insurance: This covers accidental injuries and property damage caused by your business operations. It also covers legal fees, judgments, and settlements in case you are sued over an accident.
- Commercial Property Insurance: This covers your business property if it is stolen, lost, or damaged by a problem covered by your policy, such as a fire.
- Business Interruption Insurance: If you are forced to close your business due to a problem covered by your policy, this insurance covers expenses such as lost income, payroll, and relocation costs.
- Commercial Auto Insurance: If you use a car for work purposes, you will need this insurance.
- Professional Liability Insurance: This covers your business from claims of mistakes made during the course of running your business.
- Workers' Compensation Insurance: If your employees get injured or sick due to work, this insurance pays their medical bills. Sole proprietors are often exempt from workers' comp requirements, but if you have employees, be sure to understand your state's laws.
Other specialized coverage to consider includes commercial umbrella insurance, cyber liability insurance, and employment practices liability insurance.
The cost of home-based business insurance will depend on factors such as the type of business, the coverage types, business equipment and property, and coverage limits and deductibles.
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Frequently asked questions
Podcasts need insurance to protect themselves from paying out of pocket for costly lawsuits. Lawsuits can arise from podcast content, which may include copyright infringement, libel, slander, defamation, and breach of privacy. Business insurance also provides a financial safety net against theft of recording equipment and accidents in the studio that harm someone or damage property.
There are several types of insurance that podcasts should consider, including general liability insurance, media liability insurance, commercial property insurance, workers' compensation insurance, and cyber liability insurance.
The cost of insurance for podcasts can vary depending on the size of the business, the types of insurance purchased, and the coverage limits. On average, podcasters in America spend between $300 and $600 per year for $1 million in general liability coverage. The annual premium for an average media liability insurance policy is typically between $3,000 and $7,000 per year.
