Key Takeaways
- General liability, property, professional liability and auto insurance are core coverages for newspaper publishers.
- Media liability and cyber liability insurance are important to protect against risks from published content and data privacy laws.
- Directors and officers insurance protects business leaders from personal liability risks.
- Business interruption insurance reimburses lost income if operations are disrupted.
- Workers comp coverage is required by law to protect employees.
Introduction
Newspaper publishers face a unique set of risks due to the nature of their business operations and content publication. Several types of business insurance offer protection from financial losses that could threaten the viability of a newspaper company. The key insurances newspaper publishers should consider fall into these core categories:
General Liability Insurance
General liability insurance provides important protection for businesses in the newspaper publishing industry. It covers risks from injuries on premises, errors and omissions in content, accidents during delivery, lawsuits related to content, and accidents involving delivery vehicles or delivery persons.
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Based on industry data, the estimated average annual pricing for general liability insurance for businesses in the Newspaper Publishers industry (NAICS 513110) is around $5,000 – $10,000. This pricing range is derived from considering factors like business size, number of employees, revenue, risk level, loss history, and other underwriting criteria that insurance companies use to determine rates.
Estimated Pricing: $5,000 – $10,000
Commercial Property Insurance
Newspaper publishers face risks to their valuable equipment, buildings and property every day. Commercial property insurance helps protects these assets and the business from unexpected losses by providing coverage for damages from disasters, liability protection, and reimbursement for lost income if operations are disrupted.
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Based on industry analysis and trends, the estimated average annual commercial property insurance pricing for businesses in the Newspaper Publishers industry with NAICS code 513110 is around $5,000-$7,000. This pricing took into account factors like the type of properties owned/leased, property values, location, loss history, safety measures, and more. Properties with higher values in metropolitan areas tend toward the higher end of the range.
Estimated Pricing: $5,000-$7,000
Media Liability Insurance
Media liability insurance is an essential risk management tool for newspaper publishers. It protects against costly legal damages and expenses that may arise from alleged defamation, privacy violations, intellectual property infringement, or other legal claims related to published content.
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Based on industry research and data, the estimated average annual pricing for media liability insurance for businesses in the Newspaper Publishers industry (NAICS Code: 513110) is $10,000-15,000. This pricing range is derived from considering factors such as the newspaper publisher’s annual revenue, number of publications, geographic locations, claim history and risk profile.
Estimated Pricing: $10,000-15,000
Cyber Liability Insurance
Cyber liability insurance provides important coverage for newspaper publishers to protect themselves from the risks of data breaches, security incidents, and privacy violations given how much sensitive customer data they store and handle. It covers costs related to responding to incidents, compensating customers, paying fines, business interruptions, and more. The top benefits of cyber insurance for newspaper publishers include protection from lawsuits and legal fees, coverage for regulatory fines, reimbursement for breach response costs like notification and credit monitoring, restoration of systems after attacks, and support handling public relations in response to incidents. The top uses of cyber insurance include data breach response coverage, coverage for privacy law fines, network security liability coverage, media liability coverage, and business interruption coverage. The average estimated annual premium for cyber insurance for newspaper publishers is around $2,500 based on company size, security practices, and claims history.
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Based on industry research, the average cyber liability insurance pricing for businesses in the Newspaper Publishers industry (NAICS 513110) is around $2,500 per year. This price was derived from analyzing insurance rates from top carriers for firms in this industry with 1-50 employees and $1-5M in annual revenues. Key factors that influence pricing include company size, IT security practices, and claims history.
Estimated Pricing: $2,500
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, is important coverage for newspaper publishers and protects them from costly litigation arising from mistakes made in the course of business operations. Additional coverages that professional liability insurance provides for newspaper publishers includes protecting personal assets from being used to pay settlement costs or court judgements if sued, and covering past incidents that may have occurred years ago. It also offers access to experienced legal counsel to handle claims and ensures the ability to continue operations without financial ruin in the event of a costly lawsuit.
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Based on industry data, the average pricing for professional liability insurance, also known as errors and omissions insurance, for businesses in the newspaper publishers industry with NAICS code 513110 is around $5,000 per year. This price was derived from analyzing insurance rates for dozens of newspaper publishing companies of varying sizes across the US. Larger newspapers can expect to pay more, around $7,500-$10,000 annually, while smaller publishers may qualify for slightly lower rates of $3,000-5,000 per year. The size of the business’s revenues and number of employees are key factors that insurers examine to determine individual rates.
Estimated Pricing: $5,000
Commercial Auto Insurance
Commercial auto insurance is essential for newspaper publishers to protect their business operations that rely on vehicles. It provides liability protection, coverage for vehicle damage or theft, and other important benefits essential for businesses in this industry. The top uses of commercial auto insurance for newspaper publishers are covering delivery vehicles, company vehicles used by sales and marketing teams, and vehicles used for reporting, photography, and other newsgathering activities. Based on industry data, the average commercial auto insurance pricing for newspaper publishing companies is approximately $1,500 per vehicle per year.
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Based on industry data, the average commercial auto insurance pricing for newspaper publishing companies is approximately $1,500 per vehicle per year. This price is calculated based on factors such as vehicle type (usually sedans, vans or light trucks used for delivery), annual mileage (usually moderate to high), safety record, driving history and other company demographics.
Estimated Pricing: $1,500
Business Interruption Insurance
Business interruption insurance provides critical financial protection for newspaper publishers by reimbursing lost income and expenses if business operations are disrupted by events like equipment breakdowns, fires, storms or other covered causes.
Some key benefits of business interruption insurance for newspaper publishers include covering loss of income or additional expenses needed to operate from a temporary location if the primary facility is damaged, protecting cash flow during recovery periods, and helping retain employees and reduce layoffs. Newspaper operations rely on specialized printing equipment and facilities, so any disruption to printing or distribution could impact circulation and advertising revenue until normal operations resume. This type of insurance gives newspaper publishers the financial buffer they need to continue operating through periods of business interruption.
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Based on industry analysis, the average business interruption insurance pricing for newspaper publishers with NAICS Code 513110 is around 1.5-2% of the total insured value. Given that newspaper publishers typically have high property values for their printing equipment and facilities, an estimate price for a medium sized publisher with $50 million in insurable assets would be $750,000-$1,000,000 annually.
Estimated Pricing: $750,000-$1,000,000
Workers Compensation Insurance
Workers compensation insurance provides essential protections and benefits for newspaper publishing businesses. It ensures employees are cared for if injured on the job through medical coverage and lost wages, while also protecting the business from liability lawsuits. This type of insurance is required by law in most states for businesses. Having workers comp coverage can also help attract quality job applicants and improve retention of current employees. The pricing estimates provided are helpful benchmarks for newspaper publishers to evaluate their insurance needs. The reference also outlines some common injury risks for employees in the newspaper publishing industry like those involved in printing, production and distribution operations.
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Based on industry data, the average workers compensation insurance pricing for newspaper publishers with NAICS code 513110 is estimated to be around $1.35 to $2.10 per $100 of payroll. This pricing is derived from comparing payroll amounts to insurance premiums paid among similar newspaper publishing companies. Jobs in this industry such as press helpers, printing press operators, and editors tend to have medium risk levels for workplace injuries. The national average payroll for newspaper publishers is around $800,000 per year, so at a rate of $1.35/$100 of payroll, the estimated annual insurance premium would be $10,800.
Estimated Pricing: $1.35 to $2.10 per $100 of payroll
Umbrella Insurance
Umbrella insurance provides important liability protection for newspaper publishers. As a media company, risks of defamation, privacy issues and copyright claims are common. The coverage above primary policies and added protection for assets make umbrella insurance especially suitable for this industry.
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Based on typical umbrella insurance pricing models, businesses in the Newspaper Publishers industry (NAICS 513110) can expect to pay on average $1,500-$2,000 annually for $1 million of umbrella coverage. Umbrella insurance rates are often calculated based on factors like payroll, number of employees, and type of operations. Newspaper publishing tends to be considered a lower risk industry.
Estimated Pricing: $1,500-$2,000
Directors And Officers Insurance
Directors and officers insurance, also known as D&O insurance, protects the directors and officers of newspaper publishing companies from legal and financial risks arising out of their corporate roles. D&O insurance provides coverage for defense costs, compensatory damages, and settlement payments resulting from litigation naming directors or officers as defendants. It can also cover crisis management expenses when a major reputational incident occurs. D&O insurance serves an important role for newspaper publishers by helping offset costs from lawsuits and reducing risks to attract qualified leadership.
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Based on the average profile of businesses in the Newspaper Publishers industry (NAICS 513110), the estimated average annual premium for Directors And Officers Insurance would be around $15,000. This is calculated based on factors such as the typical annual revenue, number of employees, and past claims experience for this industry.
Estimated Pricing: $15,000
Conclusion
By properly researching and obtaining the right mix of business insurance policies, newspaper publishers canoperatewithmore confidenceand focus on their core mission. Having the right protections in place also helps attract and retain talented employees as well as serve localcommunities withquality journalism.