Most media organizations with a journalism wing no longer limit the distribution of their material to the original platform – and now an insurance company has expanded its coverage to handle multi-platform operations. Chubb Group of Insurance Companies calls its new product MediaGuard, providing errors and omissions liability insurance which they say “can help provide financial protection against a broad array of traditional and emerging media-related exposures.”
The company still has media-specific packages, but those in broadcast, print, film, journalism, advertising and internet involvement can choose from among these “modules” to tailor coverage specific to their own needs.
Among the types of liability covered are defamation, invasion of privacy, copyright and trademark infringement, misappropriation and advertising errors and omissions, along with specialized coverage for a number of items all the way to a subpoena defense cost for a news outlet.
RBR/TVBR observation: Change can be a bear to keep up with, but it also offers opportunity to those who adapt quickest. This insurance innovation may be useful to many multimedia companies – more important, it is a model to keep in mind when adapting our own businesses to new realities.