The industry of publishing has changed significantly in recent years with the expansion of online options and self-publishing. But one thing remains the same: publishing of any sort can be a risky endeavor. Publishing insurance can cover some risks and exposures, as well as your particular operation’s special liabilities. Whether you own a building and operate presses, or conduct all of your publishing remotely or through third-party suppliers, your insurance needs to cover the risks you face.
Dispersing knowledge is a powerful business, and whether you’re a large operation producing printed material, or an individual helping others get their writing to audiences online, the right type of insurance in the right forms can help ensure that you continue to be part of an important endeavor.
Why Do Writers and Publishers Need Insurance?
With the wide variety of publishing options available today, it leads to an even greater chance of your words being seen—and misread. One wrong book chapter can lead to libel or slander lawsuits. If you make an error—or are accused of libel, slander, or copyright infringement—you need to have insurance in place to protect you. Why? These lawsuits can be costly and could easily bankrupt a small business.
Who Should Consider Writers + Publishers Insurance?
- Book Authors
- Magazine Publishers
- Publishing a Book
- Self-Published Authors
- Web Publishers
Anyone in the field of writing or publishing—online or paper—need to consider the following insurance options to protect their small business.
Media Liability Insurance
Media liability insurance—also referred to as errors and omissions (E&O) insurance, media perils coverage, and professional liability insurance—could be helpful if a lawsuit arises because of material you’ve printed. How does it work?
Intellectual property is protected by copyright law, so if someone accuses you of trademark infringement—using their work without proper attribution—you can notify your insurance company. Your media liability policy will step in and provide you with an attorney. They'll also cover your defense costs, legal fees, and any potential settlement up to the limits of your policy.
Consider a Business Owners Policy for Your Publishing Business
Three basic coverages can be combined into a “BOP” or Business Owner’s Policy, for a streamlined solution to acquiring the standard coverages for insurance. However, a publishing business often faces additional risks. You can enhance this primary plan by adding additional coverages to your BOP, depending on your needs.
General Liability Insurance
General liability insurance is the coverage that will provide coverage for third-party bodily injury or property damage on your business property. In the case personal injuries or damages occur that are found to be your responsibility, your general liability coverage will handle the claim. It can include coverage for attorneys’ fees and court costs in case of lawsuits–an important consideration for insurance. There is also some coverage for libel, slander, or other advertising injuries.
Product Liability Insurance
While you publish books there’s a risk that someone might decide your product caused them harm. If you are sued, product liability insurance would cover your legal fees and any required settlement.
Commercial Property Insurance
Another insurance a publishing business needs—especially if they print paperback or hard-cover books—is commercial property insurance. This business insurance provides coverage for your physical building (if you have one) as well as equipment (large machinery, printing presses, packaging equipment, forklifts, etc.).
Business Interruption Insurance
If a catastrophic event such as a fire temporarily halts production, your financial obligations may continue. Business interruption insurance (also called business income) can help cover operating expenses such as payroll, rent, taxes, and more. This is an important aspect of insurance that can keep your publishing business up and running.
Other Insurance for Printing and Publishing Businesses to Consider
There are numerous types of business insurance coverage that a publishing company should consider to mitigate risk.
Cyber Liability Insurance
A printing business with an online presence likely stores and uses customer information. If that information was compromised, cyber liability insurance comes into play. Your insurance company can help notify impacted customers and provide them with credit monitoring. They can also help negotiate with the perpetrators and pay a ransom demand.
Workers’ Compensation Insurance
If your publishing business hires even one employee, you're required to get workers' compensation insurance (in almost every state). Workers' compensation protects injured employees by covering their medical expenses and lost wages. If workers' compensation claims are filed, it also protects the business from being sued for the accident or illness.
Commercial Auto Insurance
If you use personal vehicles or commercial autos for anything from delivery to client meetings, you need commercial auto. It helps cover you if you're in an accident, which is often excluded from a personal auto insurance policy if insurance companies find out you were conducting business.
Equipment Breakdown Coverage
Equipment breakdown insurance—also referred to as boiler and machinery coverage—acts as a supplement to property insurance. If your printing presses, A/C system, etc. breaks down due to an electrical surge, this policy covers the resulting dame or loss.
Commercial Umbrella Insurance
A commercial umbrella insurance policy would kick in for qualifying events if damages are found that exceed your regular general liability insurance coverage. Some umbrella policies also include coverage for things excluded from the underlying policy.
How Much Does Printers And Publishers Insurance Cost?
The cost of insurance depends on multiple factors. But the average for a $1 million/$2 million general liability policy for the publishing industry ranges from $25–$60 a month or around $300–$600 a year. The cost depends on the services you offer, payroll and yearly revenue, and the type of insurance you choose.
Keep in mind that while managing costs may play an important role in what you’re able to do in your business, the insurance you choose could turn out to be one of the best investments you make for your company—it could make the difference in case of an unforeseen event. Speak with a knowledgeable insurance agent to get more information.
Get a Free Publishing Insurance Quote
You need cost-effective business insurance, but you also need the right coverage. Call us today at 877-907-5267 or complete the form at the top of the page to get a free quote for your printing and publishing business. If you're looking for business insurance solutions, or need to get insurance policies in place, we're happy to help.