Insurance for Media and Advertising Companies

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Overview

This is a huge category that includes some of the largest and fastest growing companies in the world. They all focus on communication. How are we disseminating information? How are we spreading our message, whether it’s news, product advertisement or simply our weekend plans? Media and advertising companies are finding solutions for improving communication and connectedness in new and constantly changing ways.

Publishers include Disney, Comcast, News Corp, Advance Publications and iHeart Media, to name a few. Advertising agencies also host a diverse group including WPP, Omnicom, Publicis, Interpublic and Dentsu. Once we look to the world of digital media, however, it becomes much more crowded at the top.

Google and Facebook fit into each of these categories in one way or another. They represent both the future of media and the biggest challenge to the industry’s new entrants. Whether it’s digital advertising, adtech or social media, these companies have figured out how to maximize the value of an advertising dollar. As a result, the advertising industry is shaping itself around them.

Why is Insurance for Media and Advertising Companies Important?

The larger scale companies operate with a higher degree of risk but everyone in the media and advertising spaces takes on risk. The most obvious would be what the insurance industry appropriately calls “media liability.” This is a type of professional liability coverage that protects companies from suits claiming their content defamed or infringed on the intellectual property of a third party.

Advertising liability coverage works in a similar way but protects the company from liability related to their own advertising. Together, media and advertising liability coverages provide a more comprehensive safeguard against liability that arises from media operations.

Unique exposures exist for each type of company under the “media and advertising” umbrella. A news company would want to have a policy that provides protection when the government tries to compel them to reveal a confidential source or when they have to defend their first amendment rights. The insurance industry has reacted to that and created bespoke policies.

The right tech and media professional liability would protect a company from, for instance, liability from a bug in their system causing an erroneous order being placed on their client’s behalf for ad space.

On the technical front, service outages can come from all directions. Anything from routine system maintenance to targeted DDoS or cyber extortion attacks can trigger a business interruption. If an advertiser can’t do their job or a social media network has to shut down, they’ll have to pay the price in the form of lost income or, worse, lawsuits

Contingent Business Interruption

What happens if the supplier’s data centers go down? Contingent business interruption results from an interruption of business at the premises of a customer or supplier. In 2016, data center network outages and contractual obligations caused numerous disputes.

Regulatory Compliance

New regulations and contractual risks are increasing for these organizations wit the increase in sharing economy regulations. 57% of companies say that regulatory risk is of great concern,yet only 23% of those companies believe they are adequately protected against regulatory risk.

Intellectual Property

Intellectual property (IP) theft doesn’t often result in a loss for media and advertising companies. Only 6% of survey respondents said they experienced an IP loss in the past few years. But the severity of the loss is potentially enormous when it does happen.

Types of Media and Advertising Companies that need insurance

  • Digital Advertisers
  • AdTech Platforms
  • Social Media
  • Publishers
  • Agencies

How it works

Finding insurance coverage doesn’t have to be painful. We aim to make the purchasing experience as streamlined & intuitive as possible.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

1
Get a quote

Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

2
Pair with a specialist

No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

3
Stay one step ahead

To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.

Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.

Wil Hamory, Vice President

Meet your specialist

Wil Hamory is a Vice President at Founder Shield. Wil’s aim is to match the pace of business of Founder Shield’s innovative clientele to provide tailored insurance solutions at scale. He has been involved in the mobility industry since its infancy and assisted many of Founder Shield’s On-Demand, Media and Advertising and FinTech clients meet legal requirements while positioning them to rapidly expand.

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