Regardless of whether your business utilises billboards, street furniture, or digital screens to offer impact to your advertiser clients, your company needs to be protected from risks that could lead to expensive claims.
No matter how careful you are, every business is exposed to situations that can lead to a claim – that’s just a part of doing business – customers come to you and bring risk with them. There are several insurance policies you should hold as media owners to protect your business:
- Public Liability Insurance
- Property Insurance
- Cyber Liability Insurance
- Professional Indemnity Insurance
- Fleet Insurance
- Excess Liability
In this week’s blog post we will explore four critical covers within the range of insurance policies that media owners should consider: public liability, property, cyber and professional indemnity insurance.
Public Liability Insurance
Public Liability Insurance is not a legal requirement but it is good business practice. This policy covers your business in the event of claims brought against you by other people (not your employees) for injuries or property damage caused in consequence of your business activities. These third parties can include customers, contractors, vendors and deliverymen. Having cover is often a prerequisite of working for a local authority.
Public Liability Insurance can protect your media campaign against the following risks:
- An installation that has damaged property.
- Media that has fallen and injured someone.
If your business injuries someone, damages their property, infringes on their copyrights / trademarks or causes an advertising injury, you could be exposed to a public liability claim.
Property Insurance helps your media business recover from unexpected losses of property caused by:
- Covered weather events
Media owners normally have a lot of tools and equipment (scaffolding, printing equipment, paint or paste and the accompanying equipment) that would cost thousands to replace if they were lost or damaged. They may also have a lot of chemicals on their property. If you own or manage digital media, the cost to replace screens or ancillary equipment can be severe.
Property Insurance can cover this equipment, as well as inventory, supplies, furniture and your other commercial property, such as offices or warehouses.
Cyber Liability Insurance
Cyber Liability Insurance helps to protect media companies from the costs and reputational damage they may suffer if they are victims of a cyber-attack.
The risks and damages from a cyber-attack are on the increase. Earlier this week, Google, Yahoo and Microsoft email account serves suffered a huge data breach – even the top names in the tech industry are being hit. Although the impact of this breach is yet to be disclosed, Cyber Liability Insurance can protect against the costs of a claim if something like this happened to your business.
Working in the Out of Home industry is moving into the minds of the cyber attackers, as the evolving changes in the market (such as programmatic advertising and the increasing use of beacons) is making the sector a prime target. One tragic cyber-attack can damage media owner’s reputation, as disruption to an advertisers’ campaigns can lead to distrust in stability and visibility of the service you offer. We advise speaking to a broker with the knowledge and insight to help protect your property and your income from these threats.
To see the range of cyber solutions we can arrange cover for, click here
Professional Indemnity Insurance
Professional Liability Insurance protects media owners from claims regarding the quality or delivery of their work.
Claims that can be brought against the media vendor include…
- Mistakes or errors made on your advertising space.
- Failure to deliver the expected quality of advertisement by the customer.
Media owners and designers can face legal action from dissatisfied customers when their services fail to live up to expectations or don’t deliver the results the customer desired. Because the effects of marketing can be subjective, media producers could face claims over difficult-to-quantify results.
Operating in the currently fast-changing D/OOH and media industry can be highly rewarding. With the market set to see so many changes over the next couple of years, there is no better time to review the level of cover you and your company have to ensure you are protected for the future.
Adler Insurance Brokers are proud to be a market leader in the D/OOH insurance industry. We will soon be announcing the features and benefits of our new scheme, specially designed for the OOH industry. To see what we cover click here