Live Streaming Business Insurance
Getting insurance for your live streaming business is essential.
Live streaming businesses will generally have to deal with many adverse circumstances as they conduct operations.There is insurance to protect live streaming businesses from a variety of perils, including damage to property, injury to individuals, and financial loss.
For example, owing to logistics problems, you arrive after the scheduled time at an event you are under contract to livestream. Although you were able to livestream the entire event, the customer maintains the scheduled time was a term of the contract, which you breached and sues. Happily, there is insurance to deal with a situation like that.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Live Streaming Business
General liability insurance is — generally speaking — one of the most important insurance policies for live streaming businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Regardless, your live streaming business may also need protection from other risks. Three common risks that many businesses are exposed to and the policies that cover them are:
- Media Liability Insurance: This type of insurance protects live streaming businesses against legal claims that arise from defamation, infringement of intellectual property rights, invasion of privacy, or other types of media-related lawsuits.
- Cyber insurance: Cyber insurance provides coverage for losses that arise from cyberattacks, data breaches, or other technology-related incidents that can compromise a live streaming business's security or reputation.
- Event Cancellation Insurance: Live streaming businesses may require this type of insurance to protect against financial losses that may arise if an event is canceled or postponed due to unforeseen circumstances, such as extreme weather conditions, natural disasters, or acts of terrorism.
When it’s time to purchase coverage for your business, you will generally be able to choose between the following two types of insurers:
- Traditional brick-and-mortar insurers
- Online insurers
While less well known, we tend to recommend online insurers like Next and Tivly to small businesses, as they offer great access to reliable and customized insurance at the best prices.
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Cost of General Liability Insurance
On average, live streamers 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 live streaming 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.
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Discover the best coverage at the lowest rate in our affordable business insurance review.
Common Situations That General Liability Insurance May Cover for a Live Streaming Business
Example 1: As you prepare to host a collaboration with a fellow streamer, your guest trips over a loose extension cord when they bring equipment into your studio. During the resulting fall, your guest breaks a wrist as well as their expensive equipment. General liability insurance would cover the guest’s medical bills and equipment repairs if they decide to sue.
Example 2: You host several fans in your studio for a tour after they win a promotional contest. During the tour, one fan separates from the group to examine your cameras. As the fan reaches for a heavy camera on a top shelf, they slip and knock the shelf down on their head. If the fan decides to sue for damages, your general liability coverage would cover your legal costs and any settlement payouts.
Example 3: During a delivery of sound equipment to your studio, the delivery driver backs into the loading area and accidentally hits a security gate. The crash rips off the delivery van’s rear bumper and damages its back door. General liability insurance would cover any vehicle repairs and legal costs associated with the incident.
Other Types of Coverage Live Streaming 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 of the most common types of coverage:
Commercial Property Insurance
You’ve made major investments in your video equipment, game consoles, lighting systems, networking components, and other streaming tools. If a fire or natural disaster impacts your studio, replacing this specialized equipment would be extremely costly. Commercial property insurance protects your equipment and other business property in the event of an accident.
Business Interruption Insurance
If a fire, burglary, or other incident forces you to temporarily close your studio for repairs, it’s not always easy to take your equipment and film elsewhere. Business interruption insurance would cover your financial losses until you can reopen your studio.
Commercial Umbrella Coverage
Even the most responsible business owners can sometimes face a lawsuit that threatens to exhaust the limits of their primary insurance coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Data Breach Insurance
As part of today’s online world, your business is vulnerable to cyber attacks. Whether you’re dealing with an angry fan or someone seeking to usurp you on the top streaming websites, consider data breach insurance to protect both your personal and business information.
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 live streaming 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.
Live Streaming Business Insurance FAQ
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.
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.
"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.
Yes; absolutely. Overall, your live streaming business will be better prepared to face the vicissitudes of conducting operations if it has business insurance coverage. Apart from that, there are legal requirements for owners and employers to have certain types of insurance.
Not necessarily. Certain exceptions may be written directly into your live streaming business insurance policy, and some perils may be entirely uninsurable.
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.