Podcasting Business Insurance
Every podcasting business needs insurance. Knowing which type of insurance you need and the best place to get it is the next step.
This article will cover the main types of business insurance and help you find the best podcasting business insurance.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Podcasting Business
The most common and comprehensive type of podcasting business insurance is general liability insurance. We recommend general liability insurance as your first line of defense against a variety of the most general and commonly occurring claims.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
While a podcasting business isn’t legally required to carry general liability insurance, operating without it is extremely risky. If your podcasting business is sued, you could face fees totaling hundreds of thousands of dollars (or more).
Find the Right Policy at the Best Rate
Using a fully online insurance provider saves time and money and offers the most accurate quotes.
Cost of General Liability Insurance
On average, podcasters in America spend between $300 - $600 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a podcasting business to other professional industries using the graph below:
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
Start an Online Quote for Insurance
Finding the most affordable premium starts with getting accurate quotes from highly rated providers.
Common Situations That General Liability Insurance May Cover for a Podcasting Business
Example 1: As a guest star tours your studio, they trip over some cords linked to your equipment. Not only do they knock over several monitors, but they also hit their head and fracture their wrist. General liability insurance would cover your guest’s medical bills as well as the cost to repair your equipment.
Example 2: As a delivery vehicle drops off some special equipment, your ramp malfunctions. This pushes your new equipment and the delivery driver into the door of the delivery vehicle. The weight of the equipment crushes the delivery driver’s left arm and damages the door. General liability insurance would cover the driver’s medical bills and vehicle repair costs as well as any legal costs in the event of a lawsuit.
Example 3: After a meeting with potential sponsors, one sponsor stays after hours to see how you record live shows. As they reach to plug in a microphone, they receive an electric shock from a bare wire and sustain several injuries to their hands. The sponsor needs medical attention and sues everyone involved with the podcast. General liability coverage would pay for your legal costs, the sponsor’s medical bills and any other damages awarded to the injured party.
Check out our review of the Best Small Business Insurance Companies.
Other Types of Coverage Podcasting Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some other types of insurance all podcasters should obtain:
Commercial Property Insurance
If you own your studio, you’ve likely made major investments to create an amazing recording space filled with the best equipment. Yet, fire or a severe weather event could easily damage your expensive equipment. Commercial property insurance can help replace your valuable podcasting tools and repair any damage to your studio so you can get back to work.
Workers’ Compensation Insurance
Whether you have one employee or 20, most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. If one of your employees becomes injured at work or falls ill as the result of a work-related accident, this insurance would cover their medical costs and, if appropriate, any disability benefits.
Commercial Umbrella Coverage
Your business faces multiple risks that could jeopardize your career if you can’t pay for legal costs and damages stemming from a lawsuit. Even if you’ve already invested in comprehensive general liability insurance, legal fees can exhaust your primary policy limits in some cases. If you lose a lawsuit and the related costs exceed the terms of your other policies, umbrella insurance will prevent you from paying out-of-pocket.
Home-Based Business Insurance
Before you open your own studio, you’ll likely host your podcast from home. However, your regular home insurance policy will not cover any accidents related to your podcasting business. Home-based business insurance covers such situations, and you may purchase it as part of your comprehensive business owner’s policy or BOP.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your podcasting business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Business Insurance Is the Best Way to Protect Your Business
If you're starting a new business, then you need business insurance. It's as simple as that. The protection offered by an LLC will protect your personal assets, but your business's assets are still open to liability in the case of a lawsuit or other loss.
Be sure that everything you've built is safe by getting business insurance.
Podcasting Business Insurance FAQ
Can I buy business insurance online for my podcasting business?
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
What is included in a business owner’s policy?
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
What is the difference between business insurance and general liability insurance?
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Do I need insurance before I start a podcasting business?
You should invest in business insurance coverage for your business before your first interaction with a customer. Although the cost of insurance may seem high for a brand new business, it’s best to be proactive when it comes to protecting your assets. After all, you can’t buy insurance to cover a loss that has already occurred.
Will insurance protect my podcasting business from everything?
Not necessarily. Certain exceptions may be written directly into your podcasting business insurance policy, and some perils may be entirely uninsurable.
Is general liability the same as business owners?
A general liability insurance policy covers only liability losses. A business owner's policy covers both liability and property losses.
How do I choose the best general liability insurance?
The best general liability coverage for your business really depends on the amount of coverage you’re comfortable with and how often you expect to file a claim. A relatively safe business with a very low risk of accident or legal liability could opt for lower premiums with higher deductibles.
However, if you are in an accident or injury-prone industry or are making advertising claims about the effectiveness of your service or product, you may wish to consider more extensive coverage. We recommend using a digital insurance provider like Next Insurance.
Do I need business insurance if I already have an LLC?
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.