Business Insurance for Publishers
Whether you publish books, newspapers, or magazines, your publishing business takes on a lot of responsibility by adding to the media landscape. For example, if you don't thoroughly fact check or you accidentally publish defamatory statements, you could get sued.
Publisher insurance can help. These insurance policies may help your business pay for legal expenses and more.
General Liability Insurance
General Liability Insurance can help pay for legal expenses when a third-party (non-employee) sues your publishing business over:
- Property damage.
- Physical injuries.
- Advertising injuries*.
For example, if you accidentally spill coffee on a business associate's laptop, your General Liability coverage may pay for its replacement. Or if a client slips on your office's icy front steps and breaks an arm, General Liability can cover their medical expenses or your legal costs if they sue.
Publishers typically pay $425 a year for this coverage – that's around $35 a month.
*Worth noting: While General Liability policies usually cover advertising injuries like libel and copyright infringement, this coverage is typically excluded for publishers. Your Professional Liability Insurance can address this risk, though. More on that shortly.
Business Owner's Policy
Publishing businesses with a low-risk profile may qualify for a Business Owner's Policy (BOP), which bundles Commercial Property Insurance and General Liability Insurance. It typically costs less than buying each policy separately. Even if you don't qualify for a BOP, you can still purchase Commercial Property coverage on its own.
Commercial Property Insurance can protect your publishing company's physical assets, such as…
- Publishing equipment.
- Furnishings and furniture.
Your policy can reimburse your business for lost or damaged property caused by theft, vandalism, fire, and certain covered weather events.
For example, let's say your building's old wiring causes a fire. The sprinklers put it out fairly quickly, but the computers in your production department are drenched. It will take tens of thousands of dollars to replace them and repair the damage from the fire. Luckily, your Commercial Property coverage may help pay for the repairs and replacements.
Professional Liability Insurance
Professional Liability Insurance, also called Errors & Omissions Insurance, can help your business pay for legal expenses if you're accused of making a mistake, publishing incorrect information, or missing promised deadlines.
For example, if an author is frustrated with how you designed or marketed their eBook, they could sue your business. If one of your editors fails to catch a mistake, your business could be liable.
Like all lawsuits, professional liability lawsuits can get expensive quickly. Your insurance can help pay for your legal defense so you don't have to cut staff or make other sacrifices to pay your lawyers' bills. Most of our publishing customers pay about $1,000 per year for this policy (roughly $83 per month).
Worth noting: Professional Liability Insurance for publishers usually includes media liability insurance. This can address lawsuits over:
- Copyright infringement.
- Trademark infringement.
- Misappropriation of ideas.
Talk to your agent to make sure your Professional Liability coverage includes this protection.