As a small broadcasting business, you know that once a broadcast is on the airwaves, anything can happen. So are you ready for a worst-case scenario? For example, would you be able to handle a lawsuit if someone accused your business of slander or defamation in a broadcast? What if someone visiting your studio tripped over a cord and broke their wrist? Would you be able to pay for an ambulance and any medical care they needed?
These may seem like idle (and dark) musings, but the liability you face as a broadcasting business is very real. And when things go wrong, recovering is never cheap. Lawsuits can cost between $3,000 and $150,000, but most broadcasting insurance policies are less than $1,000 per year.
Here’s a quick overview of how three key business insurance policies may help protect your broadcasting business:
- General Liability Insurance: This policy can cover the costs associated with third-party injuries that happen at your office, including the costs of a lawsuit if the injured person decides to sue. Think of GL as a policy that can take care of things that go wrong that don’t directly relate to the work you do.
- Errors and Omissions Insurance: This policy can cover the costs associated with lawsuits over your work. So if you’re accused of slander, libel, defamation, or even copyright infringement, your Professional Liability (also called media liability or Professional Liability Insurance) policy can likely cover the associated legal costs.
- Commercial Property Insurance: Obviously, you can’t do your work without a fair amount of equipment. Commercial Property Insurance can pay to repair or replace that equipment if a covered event (like a lightning storm or robbery) puts it out of commission.