2014

Must-Know Insurance Policies for Publishing Offices (Nonprinting)

Whether you're publishing books, magazines, or e readers, your business is exposed to liabilities and other potential dangers that insurance can guard you from.

To cover your business's publishing liabilities, your business will need a combination of the following policies…

General Liability Insurance for Publishers

Most publishing businesses need to purchase General Liability Insurance in order to meet their state requirements. But in addition to being mandated, this insurance covers libel, copyright, and other common causes of lawsuits for publishing companies.

GLI pays for third party lawsuits (i.e. ones filed by customers, clients, authors, competitors, vendors, and other non-employees) when you are sued for…

  • Property damage.
  • Harm to someone's reputation.
  • Physical injury.
  • Advertising injury.
  • Libel / slander.

General Liability Insurance will pay for many of the different aspects of your legal defense, including lawyer's fees, judgments, and settlements.

Judgments and settlements are often the major expense in a lawsuit. A judgment is the monetary amount that your business needs to a pay to the injured party for their "damages." The judge and / or jury usually sets this amount.

Settlements are lump sum payments that lawyers on both sides negotiate over. These are payments to the plaintiff that keep the lawsuit from going to court.

Imagine a magazine publisher sued over an advertisement they publish or a book publisher sued when a biography makes libelous claims. In these situations, General Liability Insurance can pay for your publishing liability lawsuits.

In addition to publishing-related lawsuits, GLI also covers many other common liabilities, like when customers, deliverymen, or other people hurt themselves on your property.

Cover important publishing liabilities and meet your state requirements with General Liability Insurance.

Property Insurance for Book and Magazine Publishing Companies

Property Insurance protects your magazine and book publishing company's commercial property. Covered property includes…

  • Computers.
  • Publishing equipment.
  • Office equipment.
  • Furnishings and furniture.
  • Office space.
  • Buildings.
  • Supplies.
  • Inventory.

Property Insurance covers your business's commercial property from many common scenarios. Your policy can reimburse your business for lost or damaged property caused by…

  • Fire damage.
  • Theft.
  • Wind storms.
  • Ice storms and other winter storms.
  • Vandalism.
  • Other covered weather events.

Here's a situation where Property Insurance can help your business bounce back. Over the weekend, a fire breaks out in your offices. The old wiring in your building may have been the culprit. The sprinklers put it out fairly quickly, but the computers in your production department are all drenched. It will take tens of thousands of dollars to replace them and repair the other fire damage. Luckily, your business has adequate Property Insurance, which is able to give you money for the cost of repairs and replacement computers.

Business Owner's Policies for Book, e Reader, and Magazine Publishing Houses

For publishers, Business Owner's Policies (or BOPs) package Property Insurance and General Liability Insurance together under one premium. The good news is that these policies usually cost less than purchasing GLI and Property Insurance separately.

Your publishing business can qualify to purchase a BOP if it…

  • Has fewer than 100 employees.
  • Doesn't have large premises / offices / buildings to insure.
  • Doesn't work as part of a high-risk industry.

BOPs don't include all of the higher levels of insurance that some more expensive GLI or Property Insurance policies offer. For instance, BOPs won't include Business Interruption Coverage for longer than 12 months.

Business Interruption Coverage is sold with Property Insurance to cover the lost income your business suffers if a claim forces you to shut down your offices. A fire or heavy storm may lead to extensive property damage, which forces you temporarily to close your doors while you rebuild. Business Interruption Coverage will refund your business for the income it loses when that happens. Your BOP can only offer 12 months of this coverage.

If you meet the small-business requirements for a BOP, it might make sense for your business to save some money on its insurance and purchase a Business Owner's Policy.

Cyber Liability Insurance for Publishing Offices

Cyber Liability Insurance (also called Cyber Risk Insurance or Data Breach Insurance) protects publishers from the costs associated with a cyber attack.

Cyber attacks occur when hackers try to break into your network to steal money or data. Credit card information, SSNs, bank account info, or other personal data you have on your computers can all give hackers access to other people's financials.

When your business is hacked, you'll most likely be legally obligated to inform your customers and other people whose data was compromised. In addition to the hassle of contacting all those people, your business reputation could be damaged.

Cyber Liability Insurance pays for…

  • P.R. and advertising campaigns to rebuild your reputation.
  • Communications costs to contact clients, customers, authors, and other people whose data has been affected.
  • Forensic expenses to investigate the attack, who hacked your business, and where your security was weak.
  • Crisis management and additional staff to help with the additional responsibilities as your business responds.
  • Reimbursements for cyber extortion attempts.

These costs are all included with First-Party Response coverage under your Cyber Liability Insurance. There is second type of Cyber Liability Insurance - called Third Party Defense and Liability - but most publishing companies don't need this coverage.

Errors and Omissions Coverage for Non-Printing Publishers

Errors & Omissions Insurance (also called E&O or Professional Liability Insurance) covers a publisher's professional liabilities. If your business makes a mistake, publishing incorrect information or committing other professional mistakes, it can be held liable.

Errors and Omissions Insurance pays for lawsuits when your customers or authors claim your business…

  • Was negligent in its professional duties.
  • Made errors or omissions in it publications.
  • Delivered incomplete or shoddy publications.
  • Failed to deliver the promised goods and services or delivered incomplete or unsatisfactory work.

If an author is frustrated with how you designed or marketed their e book, they could sue your business. If one of your editors fails to catch a mistake, your business could be liable. Like all lawsuits, Errors and Omissions suits can get expensive in a hurry. Your insurance can pay for your legal defense and make sure you don't have to start cutting staff or making other sacrifices to pay your lawyers' bills and other costs.

Workers' Compensation Insurance for Book and Magazine Publishing Companies

Required in nearly all states, Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) helps publishing companies pay for medical bills and legal expenses when an employee suffers an on-the-job injury or illness.

Workers' Comp pays for…

  • Employee medical bills for a covered accident or illness.
  • Employee wages while they recover.
  • Employer's legal defense when an employee sues them over a workplace injury or illness.
  • The cost of a funeral for an employee killed at work.
  • Support payments for family and / or dependents of an employee who is killed at work.

Workers' Comp contains Employer's Liability Insurance, which can pay for the cost of a WC lawsuit. Workers' Comp cases are a difficult and sensitive matter. In addition to paying for an employee's medical expenses, you can be sued for other costs like disability or pain and suffering.

Having Workers' Comp Insurance not only protects you from these costs, but can also prevent them. Workman's Comp can pay for an employee's medical bills as they arrive in the mail. This means that as an employer, you'll be able to take care of your employees, show them that you are on their side, and prevent any discord or miscommunication from developing.

Insureon: Custom-Built Small Business Insurance for Book, e Reader, and Magazine Publishing Houses

Your publishing company deserves to have more than a generic insurance policy. Each business has its own liabilities. The type of publishing you do, the numbers of titles you put out, and other considerations all change your liabilities.

Insureon's agents each specialize in certain small-business industries. Your agent will be an expert in publishing liabilities, which will enable them to tailor an insurance package to fit your particular needs.

Fill out our simple online insurance form, and receive a free quote, usually in a matter of minutes.

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