Yearbooks serve as a lifetime memorial for a person’s experiences in school, and many people treasure them for as long as they live. Yearbooks should also reflect the school and the times in which they are printed.
Printing a yearbook is a big undertaking, and yearbook printers must work closely with their customers to make sure that every “T” has been crossed and every “I” has been dotted before the final product is printed and delivered to each customer.
If you operate a yearbook printing business, you need to make sure you understand your business risks, so you can protect yourself and recover financially if you have a loss. Yearbook printing insurance can help you protect all aspects of your business, including your customers, your employees, and your property and equipment.
Why Do You Need Yearbook Printing Insurance?
Yearbook printers help schools and other organizations memorialize students and activities during a given year. Yearbooks reflect the school’s or organization’s personality or culture, and are important mementos for nearly every student.
Yearbook printers typically offer full-color printing services, as well as binding, graphic design, copywriting, embossing, and stamping. In addition to school yearbooks, you may offer similar printing services for military or government organizations, employers (e.g., corporate photo directories), sports teams (e.g., official rosters or programs), churches, and other organizations.
It’s your job as a yearbook printer to make sure that everything is perfect before the yearbook is printed and shipped. You help your clients with designing their yearbooks, as well as selecting papers, colors, inks, and binding. If anything goes wrong at any time in the process, the outcome can be disastrous.
What’s more, you’ve got expensive buildings, equipment, papers, inks, and other inventory on supplies that are not only valuable, but that are highly susceptible to fire, smoke, and water damage. What would you do if you faced a partial or total loss?
And you face a variety of other risks to your business as well.
- Customers visiting your premises to make an order or vendors delivering supplies can get injured in a simple trip and fall incident, or worse.
- Your printing environment is dangerous to your employees.
- Your printers, computers, and other machines and equipment can malfunction or suffer damage and take a serious bite out of your productivity.
- A loss of important electronic records could lead to a serious and unrecoverable productivity and revenue shortage.
That’s where your yearbook printing insurance can help. It helps you cover the costs of property and liability claims, so you can recover and stay in business.
Why Do You Need Property Insurance?
As a yearbook printer, it’s important to understand your risk for property losses. You have numerous flammable materials on hand (papers, inks, other chemicals), as well valuable inventory, equipment, machinery, and more. Your buildings, equipment, and inventory are susceptible to fire, theft, vandalism, and natural disasters. How would you recover if you faced a partial or total loss?
- Commercial property insurance: This protects your building and other property in the event of a covered loss, such as fire, vandalism, smoke, or theft. It provides coverage for lost inventory, printers, machinery, tools, warehouses and office space, office equipment, computers, and more. It may also provide coverage for neighboring facilities and completed products housed on your premises. Coverage applies whether you own or lease your business property.
- Business interruption coverage: This protects your earnings and helps to pay expenses if your business is unable to operate because of damage caused by some type of covered disruption (fire, hail, wind, equipment breakdown). You can even include coverage for breakdowns in utility services (water, electrical) if a storm or some other event takes down power lines and cuts off your electrical and telephone service, and you’re forced to temporarily close your doors.
You need to work with an experienced independent insurance agent who can help you evaluate and calculate how much and what type of coverage you need for your printing operations, equipment, and inventory.
You may also need additional coverage for any property that is being transported from place to place or that is being stored away from your commercial premises.
- Inland marine insurance: This protects you from losses when cargo is damaged in transit. Any piece of property that is moved from one location to another can be covered with an inland marine policy.
How Can You Protect against Equipment Breakdown?
Another potentially devastating property risk for yearbook printers is damage to or breakdown of equipment. Without your specialized printing presses and other equipment, your business would be unable to operate, pay for expenses, and earn revenue.
Equipment breakdown insurance: This is often referred to as boiler and machinery coverage and it supplements your property insurance. It covers certain costs associated with accidental breakdown of machinery or equipment and the resulting property damage or loss.
Equipment breakdown coverage protects against breakdowns caused by power surges, motor burnout, boiler malfunction, and operator error. It covers all sorts of equipment, including new technology. Equipment breakdown coverage may pay for the cost of repairing the damaged equipment, the costs associated with the time and labor to repair or replace the equipment, business income losses when a covered breakdown causes a business interruption, ad the cost to replace spoiled stock or materials.
Why Do You Need Liability Insurance?
Yearbook printers face numerous liability risks, including copyright infringement, libel, slander, defamation of character, and advertising liability. What’s more, at any time one of your customers, business partners, or anyone who visits your premises can be injured or sustain some kind of property damage.
You can protect your operations, products, and customers with a variety of business liability policies designed for yearbook printers.
- Commercial general liability (CGL) insurance: This coverage is necessary for occasions in which your business is negligent and causes bodily injury or property damage to a third party. Your CGL policy protects you in the event of third-party lawsuits, with coverage for attorney fees, court costs, settlements, and judgments up to the limits of your policy.
- Cyber liability insurance: When clients, employees, vendors, or others have their sensitive data compromised, you’re responsible for paying for much of the damage, and you may also be sued. Cyber liability insurance protects you from the risks associated with cyberattacks, data breaches, viruses, and other cyber-related issues.
- Environmental liability insurance: The inks and solvents that you use in the printing process could be toxic and may contaminate the air, ground, or water if they are not handled properly. Environmental liability insurance covers a variety of pollution exposures.
- Commercial auto insurance: This covers your vehicle fleet and drivers in the event of an accident or other vehicle damage that occurs. Commercial auto insurance provides coverage for property damage and bodily injury liability claims related to any accidents that your drivers cause. It also pays for your legal defense if you're sued because of an auto accident involving one of your vehicles.
- Commercial umbrella insurance: This provides an extra layer of liability protection to any of several other policies you might have. Commercial umbrella insurance kicks in when the limits of your other applicable insurance policies have been exhausted, protecting you in the event that a claim exceeds the amount of coverage available from any other applicable policy.
Why Do You Need Printers and Publishers Professional Liability Insurance?
Your clients trust you to provide a timely, high-quality product. But what if you make a mistake or fail to deliver as promised? What if you excluded an entire section from a finished yearbook? What if you printed erroneous or defamatory information about a teacher or student?
In these and many other cases you could be accused of professional negligence and caught up in a lawsuit.
Printers and publishers professional liability insurance is a special type of errors and omissions insurance designed for commercial printers and publishers, including yearbook printers. It protects you if you make a mistake or an error during the printing process or if you fail to deliver products as promised (such as missing a deadline).
In these cases, your professional liability insurance may cover the costs of any legal action against you, even if the claims are unfounded. It can also protect you from accusations of copyright infringement, defamation, libel, and slander.
If you’re sued for an error or oversight in your services, a printers and publishers professional liability policy will likely pay for the following.
- Attorney fees and court costs
- Court-ordered judgments
Some policies may also cover the costs to remove or destroy the erroneous work as well as cover the costs associated with re-printing it.
What Other Insurance Policies Do You Need?
In addition to property and liability insurance, yearbook printers likely need several other business insurance policies to reduce any gaps in coverage. Here’s a rundown of what to discuss with your independent insurance agent.
- Workers’ compensation insurance: This provides insurance coverage when accidents happen at the workplace. It ensures that the injured worker gets medical care and income protection while unable to work. Workers’ compensation insurance provides benefits to injured workers regardless of who is at fault for their injury. And it will provide death benefits for a worker’s dependents if the worker is killed.
- Computers and media coverage: This helps you pay to replace lost data and related lost income if your computers are damaged by a covered loss, such as theft, vandalism, viruses, or malware. It may also pay for physical damage to computers or hardware.
How Much Does Yearbook Printing Insurance Cost?
In general, yearbook printing insurance costs will vary depending on the size of your business, the number of employees you have, the amount and value of your commercial property, the location of your business, and a number of other variables.
An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right yearbook printing insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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