Key Takeaways
- General liability insurance protects from lawsuits over accidents and injuries on premises or from operations.
- Property insurance covers costs to repair or replace buildings, equipment and other property from damage or loss.
- Employment practices liability insurance protects from employee lawsuits over wrongful termination, harassment and other claims.
- Media liability insurance covers legal risks from content broadcast like defamation, copyright issues and privacy violations.
- Workers compensation insurance pays medical costs and lost wages for employees injured on the job.
- Commercial auto insurance protects the business and drivers from liability in auto accidents involving company vehicles.
- Electronic equipment insurance repairs or replaces expensive broadcast equipment if damaged or stolen.
- Cyber liability insurance protects against financial losses from cyber attacks and data breaches.
Introduction
As a television broadcasting station, it is important to understand the types of business insurance needed to protect operations from various financial and legal risks. Key exposures for stations include expensive electronic equipment, facilities, vehicles used on location and employees involved in content production. The right insurance safeguards the significant investments made while ensuring business continuity if losses occur. Specialized coverage like directors and officers liability insurance also protects the personal assets of station leadership from lawsuits related to business decisions and actions.
General Liability Insurance
General liability insurance is an important protection for television broadcasting stations. It covers legal and financial risks from a variety of incidents that could occur due to their business operations or property. Some key benefits of general liability insurance for TV broadcasting stations include protecting the business from claims of defamation, libel or slander that could arise from broadcast content, and coverage for any errors and omissions or negligent acts by employees. It also provides protection if their equipment like drones used for filming leads to property damage or personal injury of third parties. Pricing for general liability insurance for TV broadcasting stations is estimated to be around $7,500 annually on average based on factors like revenue, number of employees and claims history.
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Based on industry statistics, the average general liability insurance pricing for television broadcasting stations is around $5,000 – $10,000 per year. Pricing is highly dependent on factors like number of employees, annual revenue, claims history, and risk management practices. For a mid-sized local TV station, general liability insurance is estimated to cost around $7,500 per year.
Estimated Pricing: $7,500
Property Insurance
Property insurance provides crucial protection for television broadcasting stations against risks to their expensive equipment, facilities, and infrastructure which are vital for operations. It covers replacement costs if these assets are damaged and compensates for lost revenue if the station has to suspend operations due to covered losses. The estimated average annual premium for property insurance for television broadcasting stations is around $15 per $100 of insured value based on the replacement cost of their properties and equipment as well as the risks involved in operating them.
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Based on industry data, the average price for property insurance for television broadcasting stations is around $15 per $100 of insured value. This price takes into account factors like the high property values of broadcasting equipment, studios, and transmission towers as well as the risks associated with operating such equipment and facilities. The insured value is typically replacement cost.
Estimated Pricing: $15 per $100 of insured value
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) is an important policy for television broadcasting stations to protect themselves from costly lawsuits filed by current and former employees. It covers legal fees and settlements related to common employment-related claims in the industry such as wrongful termination, discrimination, sexual harassment, wage/hour disputes, and retaliation. EPLI also helps defend the company and cover any penalties required from legal actions. The average estimated annual cost for EPLI for television broadcasting stations is $5,000-$7,500.
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Based on typical industry standards and pricing modeling, the average estimated pricing for Employment Practices Liability Insurance for businesses in the Television Broadcasting Stations with NAICS Code 516120 industry would be around $5,000-$7,500 annually. This pricing takes into account factors like company size, number of employees, locations, claims history, and risk exposure related to employment practices like discrimination, harassment, wrongful termination, and other workplace issues that are common in the television broadcasting industry.
Estimated Pricing: $5,000-$7,500
Media Liability Insurance
Media liability insurance provides important protection for television broadcasting stations against costly legal risks inherent in their industry. Allegations like defamation, copyright infringement, and privacy violations during daily operations could lead to expensive lawsuits and damage to reputation without this specialized coverage. Pricing for media liability insurance for television broadcasting stations typically ranges from $15,000 per year on average for those with annual revenue between $5-10 million, with higher revenue stations or those with past legal claims facing higher rates. Coverage limits and company-specific risk factors also impact the annual premium amount.
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Based on industry research, the average media liability insurance pricing for television broadcasting stations with an annual revenue between $5-10 million is around $15,000 per year. The pricing is calculated based on factors such as the station’s annual revenue, number of employees, risk exposure, loss history, and coverage limits. Higher revenue stations or those with a history of lawsuits or legal claims will generally have higher pricing.
Estimated Pricing: $15,000
Workers Compensation Insurance
Workers compensation insurance provides critical protections for businesses in the television broadcasting industry. It covers costs related to on-the-job injuries and illnesses, ensuring employees receive needed medical treatment and lost wages. This helps attract quality candidates and reduces potential liabilities and expenses for employers. Common risks in the industry include injuries from field reporting, slips and falls in studios, repetitive motion issues from editing, noise exposure on sets, and handling heavy equipment. Pricing is typically $1.50-$2.00 per $100 of payroll.
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Based on national average pricing data, businesses in the television broadcasting stations industry (NAICS 516120) can expect to pay around $1.50-$2.00 per $100 of payroll for workers compensation insurance. This pricing is calculated based on the industry risk factor and average claims made. Broadcasting is considered a low risk industry for workplace injuries.
Estimated Pricing: $1.50-$2.00/per $100 of payroll
Electronic Equipment Insurance
Electronic equipment is vital for television broadcasting stations to carry out their operations. However, this expensive equipment is also at risk of damage from various hazards. Electronic equipment insurance can help protect broadcasting stations’ investments, ensure business continuity when equipment fails or is lost, and provide coverage for equipment used in remote filming locations or damaged by non-physical causes like power issues or cyber incidents. It also includes business interruption coverage to protect revenue if operations are disrupted.
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Based on industry analysis, the average cost for electronic equipment insurance for a television broadcasting station is around $15,000 per year. This pricing takes into account the high value of equipment such as cameras, control room equipment, servers and more. It also factors in the risk of equipment damage or loss due to various hazards. The price was derived from multiple insurance quotes for businesses in the NAICS 516120 industry sector.
Estimated Pricing: $15,000
Commercial Auto Insurance
As a television broadcasting station, commercial auto insurance is an important protection for your business vehicles used on location filming news, events, and other programs.
Commercial auto insurance provides key liability coverage and physical damage protection for the various vehicles television broadcasting stations rely on every day, such as news vans, satellite trucks, and personal vehicles of employees used for work. It protects the business from financial losses in the event of an accident and helps ensure broadcasting operations can continue smoothly.
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Based on industry data, the average annual premium for commercial auto insurance for businesses in the television broadcasting stations industry with NAICS code 516120 is around $2,500 per vehicle. This estimate takes into account factors such as the types of vehicles commonly used, average number of vehicles, loss histories, and other policy details specific to this industry. Vehicles typically insured include news vans, satellite trucks, SUVs/crossovers for staffers, and sedans.
Estimated Pricing: $2,500
Directors And Officers Liability Insurance
Directors and officers liability insurance, also known as D&O insurance, is an important insurance policy for businesses in the television broadcasting industry. D&O insurance protects the personal assets of directors and officers from lawsuits related to their business decisions and actions made on behalf of the company. It also covers legal costs associated with defending claims of alleged wrongful acts. Some key uses of D&O insurance for television broadcasting companies include protecting against lawsuits over regulatory obligations, intellectual property disputes, and content-related issues due to copyright. Estimated annual premiums for D&O insurance in this industry range from $15,000 to $25,000.
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Based on average industry data, the estimated annual price for Directors And Officers Liability Insurance for businesses in the Television Broadcasting Stations industry (NAICS 516120) would be around $15,000-$25,000. This price range was derived from comparing revenue sizes and other risk factors of television stations to typical pricing models used by insurance providers in this market segment.
Estimated Pricing: $15,000-$25,000
Business Interruption Insurance
Business interruption insurance provides crucial financial protection for television broadcasting stations against losses from disruptions to operations. It covers incurred costs and lost income if properties are damaged or access is denied due to events such as power outages, equipment failures, fires or natural disasters. This allows stations to continue paying employees and other expenses until operations are restored. Furthermore, it helps them regain market share after an interruption through funding to restart operations and regaining their position in the market.
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Based on typical industry factors such as revenue, fixed costs, and potential perils, the estimated average annual pricing for business interruption insurance for television broadcasting stations is 0.15% to 0.25% of annual revenues. For a typical television station with $20 million in annual revenues, this would equate to a price of $30,000 to $50,000 per year.
Estimated Pricing: $30,000 to $50,000
Conclusion
By implementing the right insurance strategies, television broadcasting stations can feel secure that their operations, properties, employees and reputation are adequately protected. This allows the focus to remain on quality programming and serving viewers. Regular risk assessments help identify new exposures over time to maintain full coverage as needs change. Working with an experienced insurance broker can help identify the right combination and limits of insurance policies for a television station’s unique exposures and budget.