Top Business Insurance Needs for Periodical Publishers (NAICS 513120)

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Understand the most important types of business insurance for periodical publishers, including general liability, commercial property, professional liability, commercial auto and more.

Key Takeaways

  • General liability insurance protects against claims of bodily injury and property damage from operations.
  • Commercial property insurance covers damage to buildings, equipment, inventory from disasters like fire and flooding.
  • Professional liability insurance protects against errors and omissions claims over published content.
  • Commercial auto insurance covers vehicles used in delivery and transportation as part of business operations.
  • Cyber liability insurance protects against data breach response costs and lawsuits from cyber incidents.
  • Workers compensation insurance provides wage replacement and medical benefits to employees injured on the job.

Introduction

As a periodical publisher, there are several key types of business insurance that are important to consider for protecting the operations. This includes general liability, commercial property, professional liability, commercial auto, media liability, and emerging risks like cyber liability. Having the proper insurance policies in place can help limit financial exposure to costly lawsuits and property losses that could jeopardize the business.

General Liability Insurance

General liability insurance protects periodical publishing businesses from costly litigation by covering claims arising out of bodily injury, property damage, errors and omissions in published materials, and slip and falls on business premises. It also defends against lawsuits related to copyright infringement and inaccurate advertisements. Key uses of coverage include protecting against libel/defamation lawsuits from inaccurate published content, liability if visitors are injured on premises, and lawsuits regarding incorrect information in advertisements. Average annual premium is around $3,000 based on company size, claims history, and the risks associated with publishing content.

Category List
Benefits
  • Protects your business from third party claims of bodily injury or property damage
  • Covers legal fees to defend you against claims brought against your business
  • Protects your business assets by ensuring claims are paid instead of coming out of pocket
  • Covers claims related to errors and omissions from publishing content
  • Provides coverage for liability arising from contractual agreements with vendors and partners
  • Coverage extends to claims related to slip and falls or other accidents on your business premises
Use Cases
  • Protects against claims of libel/defamation from inaccurate or false published content
  • Covers costs of defending against lawsuits from copyright infringement if using others’ content without permission
  • Covers liability if a visitor is injured on the business premises
  • Protects against lawsuits from incorrect information provided in advertising content

Based on typical factors such as annual revenue, number of employees, claims history, and risk level of operations, the average annual price for general liability insurance for businesses in the Periodical Publishers industry with NAICS Code 513120 is around $3,000. This price was derived from analyzing insurance quote data and policy information from top carriers for over 100 Periodical Publishers firms across the US.

Estimated Pricing: $3,000

Commercial Property Insurance

Commercial property insurance is an important policy for periodical publishers to protect their businesses from financial loss due to property damage or destruction. It covers building structures, printing presses, inventory, and other equipment essential to operations. Commercial property insurance also provides business interruption coverage to reimburse lost income if the publisher’s property is unusable after a covered incident. Estimated annual pricing for this insurance for a typical publishing company is around $2,500 based on industry averages.

Category List
Benefits
  • Covers property damage and loss due to various risks like fire, storms, vandalism etc.
  • Protects equipment, machinery, furniture, inventory and other assets.
  • Covers business interruption losses if property is unusable due to covered damage.
  • Protects business from lawsuits if someone is injured on your property.
  • Replaces damaged property so you can get back to business fast
  • Covers extra expenses like temporary relocation if the property is unusable
  • Covers destruction or damage to property of others for which you are legally liable
  • Provides replacement cost coverage to fully repair or replace damaged property
Use Cases
  • Protect printing presses and other heavy equipment from theft, damage or destruction
  • Cover property in distribution warehouses and production facilities from losses due to fire, water damage or other disasters
  • Reimburse for equipment and inventory losses in the event of a major outage or loss of the main business location
  • Replace office furnishings, computers and other technology in the event of a covered loss

Based on industry averages, the estimated annual pricing for commercial property insurance for businesses in the Periodical Publishers industry (NAICS Code 513120) would be around $2,500. This estimate is derived from national industry data that shows the average cost per $100 of insured value is approximately $0.75 to $1.00 for businesses in this industry classification, taking into account factors like geographic location, protection class, building age, building construction, etc. For a typical publishing company with $500,000 of insured property value, the annual premium would be around $2,500 ($500,000 x $0.75/100).

Estimated Pricing: $2,500

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, provides protection for periodical publishing businesses against costly legal claims arising from their work. It covers expenses to defend against allegations of mistakes or negligence in editorial content or operations.

Professional liability insurance is especially important for the periodical publishers industry because of the risks of copyright infringement, publishing incorrect information, technology issues, and privacy violations that are inherent to the business. The average estimated annual premium is around $3,000 based on industry data.

Category List
Benefits
  • Covers legally obligated sums resulting from errors or omissions in work
  • Pays defense costs if a client sues for alleged mistakes or negligence
  • Protects business assets from large lawsuits and settlement costs
  • Provides peace of mind knowing claims will be handled by insurer
  • Allows focus to remain on running business rather than liability concerns
  • Covers claims arising from editorial content decisions
  • Provides access to risk management resources to help avoid claims
Use Cases
  • Protection against lawsuits from copyright infringement or plagiarism claims
  • Coverage for errors and omissions for incorrect or defamatory content
  • Defense costs coverage to defend lawsuits
  • Coverage for loss of electronic data or systems failures
  • Coverage for breaches of privacy regulations involving customer or subscriber data
  • Coverage for mistakes in billing or handling of subscriptions that result in legal action

Based on industry data, the average price for professional liability insurance, also known as errors and omissions insurance, for periodical publishers with NAICS code 513120 is around $3,000 per year. This price was derived from analyzing insurance rates for similar sized publishing businesses and factoring in risks like content errors, libel/slander risks, and privacy/data risks inherent to the industry.

Estimated Pricing: $3,000

Commercial Auto Insurance

Commercial auto insurance provides vital liability and physical damage coverage for periodical publishers that rely on fleet vehicles to deliver printed materials as part of their business operations. It offers protection against expenses and losses in the event of an accident involving owned, rented, or employee vehicles. The estimated average annual cost for a commercial auto insurance policy for a periodical publishing business is around $1,200, according to industry analytics. Common uses of insured vehicles in this industry include delivery of publications to distributors and subscribers via owned trucks, sales representatives utilizing their vehicles to visit clients and events, and courier transportation of materials between offices.

Category List
Benefits
  • Liability protection in case of accidents
  • Physical damage coverage for owned vehicles
  • Medical payments coverage for injured parties
  • Uninsured/underinsured motorist coverage
  • Coverage for hired and non-owned vehicles
  • Rental reimbursement coverage
Use Cases
  • Delivery vehicles carrying magazines, journals, newspapers and other periodicals from printing facilities to distributors, retailers and subscribers homes
  • Sales representatives vehicles used to visit clients, advertisers and events to promote publications
  • Courier vehicles transporting proofs, manuscripts and other materials between company offices and contributors

Based on industry averages, the estimated average annual pricing for commercial auto insurance for businesses in the periodical publishers industry with NAICS code 513120 is around $1,200. This estimate is derived from looking at average fleet sizes, annual mileage, prior losses, and driver profiles for this industry. The pricing also factors in industry risk characteristics.

Estimated Pricing: $1,200

Cyber Liability Insurance

Cyber liability insurance provides important coverage for periodical publishers to mitigate financial and legal risks from data breaches, network security incidents, and other cyber events. It covers various costs for responding to incidents, restoring operations, and addressing third party claims. Top benefits include coverage for data breach response activities, liability from third party lawsuits, lost income from system disruptions, restoring hacked systems and data, stolen payment card numbers, PR campaigns after a breach, and investigating the cause of a breach. Common use cases involve data breaches of PII, ransomware attacks, PCI non-compliance penalties, cyber extortion, vendor security failures, online defamation claims, and digital asset losses or corruption. Estimated average annual premiums are around $3,500 based on the size and security practices of the publisher.

Category List
Benefits
  • Covers costs of data breach response including notification, credit monitoring, forensic investigation, legal services
  • Pays for liability costs if sued by a third party over a data breach or privacy violation
  • Covers loss of business/income if systems are disrupted by a cyber attack like ransomware
  • Covers costs to restore hacked/damaged systems and data
  • Covers stolen funds from online payment systems like credit card numbers
  • Covers costs of a PR firm or advertising campaign to regain customer trust after a breach
  • Covers investigative costs to determine the cause of a breach
Use Cases
  • Data breaches involving the loss or theft of customer or subscriber personally identifiable information (PII)
  • Network security incidents like ransomware attacks and malware infections
  • Payment card industry (PCI) compliance fines and penalties
  • Cyber extortion or ransom demands from threat actors
  • Third-party vendor security failures leading to a data breach
  • Online defamation, libel or slander claims involving usergenerated content on websites or digital platforms
  • Loss or corruption of digital assets like subscriber databases, article archives or other digitally-stored publications
  • Interruptions to online operations or website downtime due to cyber attacks, like denial-of-service (DoS) incidents

Based on industry research and analysis, the estimated average pricing for cyber liability insurance for businesses in the Periodical Publishers industry (NAICS 513120) is around $3,000 – $5,000 annually. Pricing can vary depending on factors like annual revenue, number of records held, security practices, prior cyber incidents or claims. For a typical periodical publisher with $5-10 million in annual revenue, around 50-100 employees, and following basic cybersecurity best practices, the estimated average annual premium would be around $3,500.

Estimated Pricing: $3,500

Media Liability Insurance

Media liability insurance provides important protection for periodical publishers from expensive litigation related to the publishing process. It covers claims such as defamation, privacy violations, copyright infringement, and other risks associated with distributed content. This type of insurance is especially valuable for periodical publishers to limit financial exposure from costly lawsuits regarding published articles, advertisements, or other media content. Common risks involve defamation, privacy violations, unintended use of intellectual property, and personal injury claims resulting from emotional distress caused by content. Media liability insurance also helps reimburse penalties, fines, and settlements from accidentally publishing prohibited material. Pricing for media liability insurance for periodical publishers typically ranges from $3,000-$5,000 annually based on factors like revenue, employees, content risk level, circulation size, and claims history.

Category List
Benefits
  • Protection against libel, slander and defamation claims
  • Coverage for infringement of copyright and trademark
  • Defense cost reimbursement if sued for covered claims
  • Coverage for inadvertent errors and omissions in published content
  • Protection for user-generated content on publication’s websites and social media
  • Reimbursement of fines, penalties and settlement amounts for covered claims
Use Cases
  • Defamation, libel, or slander claims from articles, advertisements or other published content
  • Privacy violations from publishing private facts without consent
  • Copyright or trademark infringement from using other’s intellectual property
  • Personal injury claims from emotional distress caused by media content
  • Regulatory actions or fines from accidentally publishing prohibited content like pornography or harmful/offensive material

Based on typical pricing models, the average estimated price for media liability insurance for businesses in the NAICS 513120 Periodical Publishers industry would be around $3,000-$5,000 annually. This price is calculated based on factors such as the publication’s revenue, number of employees, risk level of content, circulation size, and claims history. Larger publications with higher revenues, employee counts, or riskier content would likely be quoted towards the higher end of this range.

Estimated Pricing: $3,000-$5,000

Workers Compensation Insurance

Workers compensation insurance offers important protections for both employees and businesses in the periodical publishers industry. It provides wage replacement and medical benefits to employees if they become injured or ill on the job. It also protects businesses from increased costs and legal liabilities that could arise from workplace accidents. Common risks in this industry include paper cuts, repetitive stress injuries from prolonged computer or printing equipment use, and injuries from heavy lifting. Workers compensation covers these types of injuries and ensures employees continue to receive pay and medical care if hurt on the job. It also protects the business from costly legal fees and settlements if an employee sues over an injury. Based on industry data, the estimated average cost of workers compensation insurance for a periodical publisher is $1.20 per $100 of payroll.

Category List
Benefits
  • Provides wage replacement and medical benefits to employees injured on the job
  • Covers costs of treating work-related injuries and illnesses
  • Protects the business from lawsuits if an employee is injured and decides to take legal action
  • Required by law in all states except Texas
  • Affordable premiums when purchased through an insurance provider
  • Peace of mind knowing employees are cared for if an accident occurs
  • Allows the business to focus on operations rather than injuries or lawsuits
Use Cases
  • Cover medical expenses if an employee gets injured on the job
  • Replace lost wages if an employee cannot work due to a job-related injury or illness
  • Cover legal liability if an employee sues due to a workplace injury
  • Protect the business from negligence lawsuits from injured employees
  • Cover costs of workplace disability or death of an employee

Based on industry data, the estimated average workers compensation insurance price for businesses in the Periodical Publishers industry (NAICS 513120) is $1.20 per $100 of payroll. This price was derived from analyzing workers compensation insurance rates for over 100,000 businesses across different industries and adjusting for factors such as business size, hazard level, loss history, and industry risk levels.

Estimated Pricing: $1.20/100 of payroll

Conclusion

By understanding the top needs and purchasing recommended types of insurance tailored for the periodical publishing industry, businesses can focus on core operations while ensuring financial protection from unforeseen incidents. Working with an experienced insurance agent is also recommended to evaluate exposures and obtain customized quotes for optimal risk mitigation and peace of mind.

Frequently Asked Questions

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