User Generated Content, Libel, Slander and intellectual property rights……just some of the reasons why Media companies need Professional Indemnity Insurance!
The media industry has developed exponentially in recent years. Along with the IT industry, media risks used to be treated as “Miscellaneous” but, as the marketing and communications industry has developed worldwide, including the introduction of social media, the understanding of the insurance market has had to improve so that media businesses can be adequately protected. At Macbeth Chartered Insurance Brokers, we treat media as a class of its own. We offer media businesses the confidence that when we provide them with a policy it is designed for their industry:
Below are examples of typical things that could go wrong for Media Professionals.
•The insured was involved in a marketing strategy for a TV manufacturer. The product was marketed with a name that was subsequently found to have been used by another electronics company. A claim for breach of copyright was made and the strategy had to be withdrawn. Amount Paid: £150,000.
•The Insured carried out a direct mailing in connection with a new product launch. A large number of addresses proved to be incorrect requiring a complete re-mail. Amount paid: £500,000
•An advertisement broadcast on television contained the wrong soundtrack. Amount paid: £120,000
•Failure of marketing campaign due to the misinterpretation of the initial information provided by the client to the marketing agents. Amount paid £250,000
•The Insured created a web site for a client but used unauthorised images leading to a complex overseas copyright claim. Amount paid: £25,000
For help and advice about Professional Indemnity insurance please contact Ben Butler on 0118 9165481, or complete one of our enquiry forms