Podcasting Business Insurance
Getting insurance for your podcasting business is essential.
Podcasting businesses need to be protected against things like copyright infringement, intellectual property infringement, and defamation.
For example, your podcast uses copyrighted material in one of its broadcasts without authorization, or a public figure claims you made false and defamatory statements about them on your podcast.
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 Podcasting Business
General liability insurance is — generally speaking — one of the most important insurance policies for podcasting businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Some other relevant policies for podcasting businesses to look into include:
- Commercial property insurance: Covers the costs of replacing any damaged business property as long as it was caused by a covered event (e.g., a fire, theft, or natural disaster).
- Workers’ compensation insurance: Covers the medical bills and lost wages of your employees who have been injured at work.
- Home-based business insurance: Covers accidents related to your business, which are not typically included in a standard homeowner policy.
When attempting to obtain coverage for your podcasting business, it is vital to keep in mind the two types of providers you can purchase from:
- Traditional brick-and-mortar insurers
- Online insurers
The primary distinction between these two categories is affordability since online insurers, such as Tivly and Next, can utilize AI to match the customization of traditional insurers while keeping the prices of their quotes low owing to their low overheads.
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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.
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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.
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 of the most common types of coverage:
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.
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?
Yes. Investing in appropriate business insurance for your podcasting business is one of the most important steps that must be taken before your business can get up and running.
Neglecting insurance can open your business up to all sorts of liability, including legal liability if it is obligated to possess specific policies (e.g., workers’ compensation insurance).
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.
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.