Media buying agencies purchase advertising time or space from media owners (TV stations, radio stations) and resell it to advertising agencies or individual businesses. Some media buyers function independently while others work as part of a general advertising agency.
Media representatives sell advertising space or time on behalf of media owners, such as newspapers, radio stations and televisions stations. These representatives sell ad space to ad agencies or individual companies.
Both types of media companies are involved in the buying and selling of advertising space and face the risks related to operating a business, including some risks that are unique to advertising and media companies.
Media buying agencies and independent media representatives need customized business insurance policies to protect their assets from catastrophic events and lawsuits.
Media buyers and media representatives are subject to several property and liability risks that should be addressed with comprehensive business insurance portfolio insurance. Unforeseen events, such as the following, can threaten your livelihood at any time if you do not have the right insurance coverage:
Working closely with a Trusted Choice® Independent Insurance Agent, you can determine exactly what risks you have and find tailored insurance policies to address them.
If you operate a small- to medium-sized company, you may be able to bundle your basic property and liability coverage together into a packaged policy designed for small businesses owners. A business owners policy (BOP) provides comprehensive, affordable coverage, including:
You might also want to consider endorsements to your business owners policy or standalone policies that provide the following types of coverage:
Your clients hire you because of your expertise in purchasing advertising time and space. But what if you or an employee makes a mistake that leads to a financial loss for a client? Imagine if the wrong airtime was purchased and an advertisement failed to run at an optimal time. What you promised to do in return for your client’s investment in your services clearly did not turn out as planned. The client may want to be compensated for lost sales or other financial losses that result from your negligence.
If a client claims that you have not performed your work as promised or that your work was somehow negligent and caused a financial loss, that client can sue you. And even if the claim is without merit, you have to defend yourself. It is no secret that lawsuits are costly, and if you don’t have enough funds to defend yourself, you could easily lose your business.
Professional liability insurance, or errors and omissions insurance, protects your business if you are sued for professional negligence, such as errors, omissions or oversights. It pays for your legal defense, including attorney fees and court costs. Professional liability insurance also pays for settlements or court-ordered judgments that you must pay.
Cyber liability is a serious concern for nearly every business. Sixty percent of small businesses that experience a cyber attack or some type of data breach close their doors within six months.
Cyber liability involves a range of potential liability exposures that can occur as a result of using, storing or transferring data electronically for business purposes. If you fail to protect personal or corporate information that is stored on your business computers, networks, smartphones, laptops and even paper files, sensitive data can be compromised.
Regardless of how a data breach happens, the costs can be devastating for your business. Just some of the costs associated with a data breach include the following:
If you are concerned about your cyber liability exposure, talk to your Trusted Choice insurance agent about cyber liability coverage. It covers defense costs, settlements and judgments related to cyber liability lawsuits. Cyber liability insurance also covers public relations and other related expenses that you incur in order to salvage your reputation.
You can add cyber liability coverage to a business owners policy or a commercial general liability policy or you can purchase standalone coverage. Your agent can help you determine what type of coverage is best for your business.
Whether you are an independent media buyer or a larger business owner, a Trusted Choice agent can get you fast quotes for tailored business insurance. Our independent agents are not locked in to working with one insurance company, and they know that a one-size-fits-all approach is never best. You need tailored coverage that addresses your unique business risks and a you need local agent who will get to know you and be your trusted adviser for the long term.
When comparing quotes from multiple highly rated insurance companies, be sure you are using an apples-to-apples approach for evaluating the coverage being offered. One company may not offer the exact same coverage, limits or exclusions as the next — so don’t make your decision based on cost alone. You may find the less expensive proposal offers lower limits or inferior coverage, leaving you with unwanted gaps. Your independent agent can help you evaluate any quotes that you receive so you can make the best choice for your needs and budget. Contact a local agent today.