Entertainment encompasses a wide range of fields, from feature film production to creating ads and music videos. Taking up one small slice of this industry pie is the podcasting niche, which has grown in popularity in recent years—especially since the COVID-19 pandemic drew more users online than ever to seek entertainment.
Podcasters face many of the same challenges as other film industry productions; however, their insurance needs and risks can be less clear. In addition, podcasting is more accessible to beginners and small enterprises than other types of film projects, so wondering whether you need insurance is a common question.
Here is an overview of how podcasts can be insured and what risks they commonly face so that you understand whether you need insurance for your podcast production.
Is Insurance Necessary For Podcast Production?
In short—yes, insurance is a critical part of operating a successful podcast. As with any other type of business endeavor, creating a podcast comes with its share of risks.
Some of these risks are minor, such as accidentally tearing the pop filter of a microphone, which is inexpensive to fix. However, others are much more substantial and may not even have crossed your mind, such as the risk of copyright infringement or defamation.
Crafting a comprehensive blend of coverage that addresses your podcast’s needs can give you peace of mind as you tackle your next project. Some of the most important types of protections include:
Errors & Omissions Coverage
Podcasts work entirely off of audio production, creating narratives or sharing information to engage their listeners. However, during this type of project, the creative team may run into issues such as accidentally slanderous remarks, trademark or copyright infringement, plagiarism (whether intentional or not), misappropriation of the personal details of their guests, and more.
It can be difficult to predict the financial consequences of mistakes such as these, which is why errors & omissions coverage is essential. E&O insurance mitigates the risks of regularly interviewing non-employee guests and disseminating information to a large listener base.
General Liability Insurance
All businesses should consider a general liability insurance policy. Podcasters are especially vulnerable to risks that could result in a claim. General liability provides protection when someone visits your location and subsequently sustains an injury or if their property is damaged while at your site.
For podcasts that regularly invite important guests to their studios, this type of coverage is important. If a visiting guest trips and falls due to a floor needing repair, your podcast studio could be liable for the damages, including medical bills, without general liability insurance coverage. If their property is damaged during the fall, you may also be responsible for the costs to replace the items.
Equipment Protection
Another essential element for any podcast is the equipment being used. Because podcasts rely so heavily on high-quality sound and audio fidelity, your studio has likely invested heavily in industry-grade microphones and accessories.
Suppose a boom breaks, and your guest’s mic crashes to the ground. In that case, your business will be responsible for the cost of repair or replacement without any type of equipment protection. However, podcast equipment insurance can cover these losses, allowing your business to get back on track with recording and with minimal financial impact.
Do not forget that all of your podcast data is stored on computers, and it only takes one accidental nudge of a coffee cup to erase important recordings and grind your production schedule to a halt!
Cyber Liability Insurance
One of the least considered but most important elements in podcast production is exposure to cyber liability. As guests are invited to star in your podcast, they may share information about themselves; this is especially true for online-only guests, connecting with your production through internet channels.
If a breach occurs and their data is compromised, your company could be liable for any losses they suffer. Have you ever kept a database of essential emails given by podcast guests so you can reach out to them later? If this information is leaked, cyber liability insurance has your back.
Get Personalized Insurance Coverage For Your Podcast
Successfully operating a podcast can be a rewarding experience, but similar to any type of entertainment production, it also presents certain risks. The team at MFE Insurance specializes in helping companies in the entertainment sector secure their businesses against losses unique to this industry.
Contact MFE Insurance to share the details of your podcasting business and collaborate on a comprehensive insurance strategy that addresses all of your most pressing needs.