Today’s media businesses typically operate in the print and digital worlds, with much less clearly defined orbits of activity. Separate divisions may organise trade conferences, sponsor major events, support award ceremonies and more.
The broadcast and digital media and sectors are in many ways the precursors of the cyber liability marketplace. Just as cyber is concerned in part with the risks arising from Internet content made available to others (the so called media risk), so ”cyber” risks for traditional publishers might be defined as the readership-circulation reached by any individual publication, marketing or advertising campaign. Essentially the professional liability risk for publishers and media firms is that old chestnut of libel. The concept of “libel” is fundamentally the right for a third party to seek compensation for an untruth, or breach of duty of care, or other infringement of a third party’s rights in law.
Digitally savvy firms will be looking for a much more sophisticated set of solutions for areas such as event insurance to cover high Public Liability risks; cancellation cover for dependencies on major venues, weather, terrorism risks and unplanned disruption; Cyber cover for data breach risks; Business Interruption cover for its supply-chain relationships in both the hosted zone and traditional print arenas; and Travel insurance for overseas events and business travel.
Information
Cyber Threat
Defamation, Brand Protection
Fraud & External Crime
Travel Insurance
Key Man Covers
Cancellation
Kidnap
Credit Insurance
Production Risks
Commercial Insurance
The traditional risks of a business can normally be grouped under a “commercial insurance package” which combine a number of standard covers for assets, revenue interruption, cash, employers liability, public and product liability, and legal expenses. This grouping controls cost and enables very wide policy wordings and “add on covers” to be obtained easily and efficiently.
“In 40% of claims the business interruption interruption sum insured was too low by a factor of on average 45%”
Chartered Institute of Loss Adjuster’s Report, 2012
Whilst commercial policies are seen by many as straightforward they are far from this, often running to more than 100 pages of print. Particular attention needs to be paid to, inter alia:
- Basis of valuing assets
- Revenue sum insured calculation
- Supply chain dependencies
- Adequate business description
- Insurers standard security conditions
Claims Management
An insurance policy is only as good as the claim payment. Some claims however can be complex and protracted particularly liability claims.
Early notifications using the excellent claims notification services provided by insurers can often hugely reduce cost and disruption. On occasions however you will require guidance both from us as brokers, and from other professionals such as loss adjusters or lawyers.- and Innovation Broking have an arrangement with some tried and tested specialists to act on your behalf. For more information visit our claims page.
Unfortunately insurers have less expertise on the street to deal with complex claims than ever before – and this makes the role of the broker in delivering the correct expertise to you even more relevant.
Howard Pearson
It is possible to “pre book” the services of your own specialist loss adjuster working for you rather than for the insurers on larger property and interruption losses for a small additional charge. The current pressures many insurers are under to control claims costs makes this a very prudent purchase.
Employee Benefits
The correct Employee Benefit package is an integral part of the toolkit for every employer. Whilst a workplace pension offering is now a compulsory base layer in the UK, other benefits will vary in value to employees and cost to employer depending on the age of the workforce and the size of the pay roll.
Having run several larger businesses I see the issues as simple: what must we absolutely have, to win the battle to attract and retain staff in this increasingly competitive market; how do we buy this at a sustainable cost over time recognising the demographics of our workforce; how do we avoid “benefit creep” and the need to rein in benefits at a later stage.
Howard Pearson
In addition to the traditional risk benefits such as death in service, critical illness and income protection, there are a number of key areas to be examined for each employer. The most likely issues for modern employers are:
- when is it right to provide private medical insurance and should this extend to families.
- now that a baseline workplace pension is compulsory, how are the employer’s contributions correctly set to attract staff and be affordable
Considerations
- Workplace Pensions
- NEST
- Individual Pensions
- Company Pensions
- Death in Service
- Very High Earners
- International employers
- Income Protection
- Critical Illness
- Private Medical insurance
- Multinational Pooling
- Use of Trusts
- Cash Plans
- Dental Plans
- Key Man covers
Contract Reviews
It is important to understand the extent to which liabilities entered into in commercial contracts are protected by insurance.
A key part of an insurance broker’s service is looking at insurance and indemnity clauses in contracts and providing informed comment.
Any commercially aware insurance broker will work with you to look at your contractual exposures
Paul Dickson
Innovation use a template approach to examine contract clauses, enabling the insured and uninsured exposures to be understood. This approach works just as well in both simple contracts like leases and more complex agreements like software supply or construction work
Considerations
- Leases
- Software contracts
- Service supply contracts
- Construction contracts
