The cost of media and advertising business insurance depends on the size of your business, along with its risks. Cost estimates are sourced from policies purchased by Insureon customers.
Media and advertising companies pay a median premium of $35 per month, or $415 per year, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage.
Insureon’s licensed agents typically recommend a business owner’s policy, which includes both general liability and commercial property insurance at a discount. A BOP for media professionals costs a median of $550 annually.
Among media and advertising businesses that purchase general liability with Insureon, 48% pay less than $400 per year and 37% pay between $400 and $800 per year. High-risk businesses tend to pay more for general liability insurance.
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum amount your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.
Most media and advertising businesses (89%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
Businesses with large premises, such as an advertising agency with multiple floors, typically pay more for general liability insurance than smaller businesses, such as a home-based graphic design shop. Your industry risk, building maintenance, years in operation, and your location will also affect your premium.
The annual median cost for an advertising agency is $427, while the median for a graphic designer is $350 – or less than $30 a month. The chart below depicts how insurance costs can vary significantly across professions.
Media and advertising businesses pay a median of about $45 per month, or $550 per year, for a business owner’s policy. This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.
Among media and advertising businesses that purchase a business owner’s policy with Insureon, 16% pay less than $400 per year and 50% pay between $400 and $800 per year. The cost depends primarily on the value of your business property.
Media and advertising professionals pay a median premium of about $70 per month, or $845 per year, for media liability insurance. Also known as professional liability insurance, this policy offers critical coverage for media and advertising businesses, including legal fees related to professional mistakes, missed deadlines, libel, and slander.
Among media and advertising businesses that purchase media liability insurance with Insureon, 30% pay less than $600 per year and 34% pay between $600 and $1,200 per year. The cost increases depending on the risk of a business being sued over a professional mistake.
Most media and advertising businesses (61%) choose media liability policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Other common limits are $500 / $500 and $2 million / $2 million.
High-risk businesses typically pay more for media liability insurance than low-risk businesses. In industries where a work mistake can have serious financial repercussions for a client, such as advertising or public relations, you may find yourself paying more for this policy.
The annual median cost for an advertising agency is $1,190, while the median for a graphic designer is $615 – or about $50 a month. The cost varies significantly depending on your profession.
To meet your state’s requirements and avoid penalties, media and advertising businesses with employees typically must purchase workers’ compensation insurance. With a median premium for media and advertising businesses of about $40 per month, or $485 per year, policy cost is determined by your number of employees and their occupational risk, among other factors.
This policy helps pay medical fees and lost wages for employees who are injured on the job. Most policies include employer’s liability insurance, which protects business owners against lawsuits related to workplace injuries.
Among media and advertising businesses that purchase workers’ compensation insurance with Insureon, 35% pay less than $400 per year and 39% pay between $400 and $800 per year. The cost varies based on the number of employees and the level of risk involved with their jobs, among other factors.
Cyber liability insurance is vital for media and advertising businesses that handle sensitive information. It helps cover expenses related to a data breach, such as legal fees and customer notification costs. The cost is typically determined by how much sensitive client information your company handles, among other factors.
Insureon’s media and advertising business insurance agents work with top-rated U.S. carriers to find the best coverage for your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of TV and radio broadcasters, graphic designers, publishers, and social media companies.