Modern online marketing is booming and it is quite easy to reach new prospects and establish relationships. Most of the brands make use of digital marketing methodologies such as blog submission, social media advertising and video streaming platforms to get communicated to a huge group of audience.
However, the issue is many publishers and authors face challenges and hence need Media Liability Insurance to be protected against such vulnerabilities. So, how much is the media liability insurance cost? Know here.
Media Liability Insurance Cost
The annual media liability coverage premium costs will vary depending upon the amount of coverage of the claim, deductible and the total coverage of the policy. For example, if the policy has a coverage limit of $250,000 and it has $1000 deductible, then it carries the annual premium cost of $370. This policy will offer $ 1 million coverage per claim and $3 million coverage if the annual cost goes to $1453 for the same deductible.
Media Liability Insurance – A look into it
Though this term seems to be a new one, it is still good to know about this kind of insurance as you can’t overlook it if you work in the media industry. The reason behind is, you carry a risk of what has been mentioned in the article, television, press release, radio or any other media.
Media Liability insurance covers the requirements of media clients who are involved in building or disseminating content. In general, this insurance offers broad protection for publishers and broadcasters, who carry risk due to their role of constantly updating methods of content distribution around the globe. Especially, for advertising agencies, insurance becomes a must as these people are involved in boldly building, planning and managing dynamic and innovative marketing campaigns.
The Media Liability insurance delivers the confidence to the Video and film producers that it is necessary to move without any worries about the liability claims in cases where the necessary clearances are received.
Factors that determine the cost of Media Liability Insurance
- The size of company or business
- Claim history
- Location of the business
- Experience of the business
- Consent and disclaimer policies
- The potential harms or risk carried by the business
- Size of employees in the business or company
Coverage under Media Liability Insurance
- Plagiarism – It is said to be a practice, where someone takes the words of another and makes them as own without any authorization.
- Legal defense costs – Media liability policy covers legal defense costs of the insured party.
- Claim settlement costs – With the media liability insurance cost, you are able to ease up the burden as low as zero based on the limits of policies and deductibles.
- Attorney fees – Legal cases of defamation and invasion of privacy may take a long period of time to get settled. Moreover, the business will be also at stake during such period of time. Media liability insurance gives coverage for intrusion of intellectual property and advertising regulation breaches.
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