Most businesses have a digital footprint nowadays. As technology continues to develop, new business liabilities also develop. Media companies have specific risks. This includes broadcasters, advertising agencies, film producers, publishers and more. When choosing cyber insurance, media companies have to consider specific options for media liability.
Why Do You Need Media Liability Coverage?
Media liability coverage is customized to the needs of media companies. For instance, some of the risks to media companies include the following:
- Copyright infringement
- Invasion of privacy
- Breach of agreement
If someone files a lawsuit against you, media liability coverage will help cover the costs of settlements or judgments. Coverage may also cover most legal fees and defense costs that you might incur while fighting a lawsuit.
Keep in mind that it doesn’t matter if the lawsuit is unfounded. You still have to pay legal fees to fight against a frivolous lawsuit. Even unfounded suits can be devastating to your company. In addition to covering your company, you may also need to cover employees, contract employees, directors and officers.
Most media companies have a massive digital footprint. It makes sense that your company would need cyber insurance just like every other business. When you work in the media industry, however, you have very specific risks against your company that your insurance options must cover.