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.
The challenge for the media sector is to ensure that its insurance policies have evolved to keep up with the broader range of services and associated risks.
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.