How Much Does Media Insurance Cost
for Ad Agencies, Designers, and Media Pros?
Irrespective of the size of the business, the number of policies, or type of coverage purchased, the average annual cost of insurance for small advertising and media businesses was $702.73. The median cost was $500.00.
But that’s just a broad overview. The risk exposures and insurance needs of media companies can vary widely by industry and business size. For a closer look at what liability insurance costs for media businesses, scroll down.
If you’re interested in the costs for a particular industry, check out these links:
What Goes into the Cost of Media Insurance?
Media liability insurance is not a one-size-fits-all product. We sell policies designed to suit the type of work you do in the environment you do it. Because of that, prices vary somewhat from one business to the next. The cost of your policy depends on the size of your business, the exposures you have from clients, and the deductibles and coverage limits you choose. In addition, your experience, location, and claims history will impact what you pay.
Because of all the variables, no two media businesses have the same exact insurance costs. But we know it’s useful to get a ballpark idea of what you can expect to pay. Below, you’ll see an analysis of data we’ve gathered on the small media businesses (including advertising agencies, graphic designers, publishers, social media consultants, and more) who buy coverage through us.
Number of Policies Dictates Cost
Advertising and media professionals tend to buy one or two types of coverage, though some buy as many as five.
It shouldn’t come as a shock that buying more insurance policies causes the total price you pay to go up. On average, the media businesses that buy just one type of coverage pay less than $700 per year.
Cost of 1 Insurance Policy
Most of Insureon's advertising and media customers (77.8% percent) buy just one policy. Of those that do...
- 32% buy a Business Owner's Policy (BOP).
- 29% buy General Liability Insurance.
- 21% buy Errors & Omissions (Media Liability).
- 15% buy Workers' Compensation.
- 3% buy a bond, cyber liability insurance, or an umbrella policy.
The average cost for single-policy purchases is $657.50 per year, and the median is $500.00.
Cost of 2 Insurance Policies
For advertising firms that buy two policies, the average annual cost is $998.58 (the median is $864.68). The most popular two-policy combinations are…
- 32.5%: General Liability + Workers' Comp
- 32.5%: General Liability + Errors & Omissions
- 20%: Business Owner's Policy (BOP) + Errors & Omissions
- 17.5%: Business Owner's Policy (BOP) + Workers' Comp
Cost of 3 Insurance Policies
For businesses that buy three policies, the average yearly cost is $1,507.11 (the median cost is $1,500.00). The most popular three-policy combinations are…
- 40%: General Liability + Errors and Omissions + Workers' Compensation
- 30%: Business Owner's Policy + Errors and Omissions + Workers' Compensation
Policy Type Affects Cost
You don’t expect to pay the same amount for an umbrella and a patio awning, and you shouldn’t expect different types of business insurance to cost the same amount, either. That’s because each type offers a different kind protection that you’ll need in different circumstances.
One of our best-selling policies, General Liability Insurance, is also one of our most affordable. With an average yearly cost of just $521.83 for advertising and media businesses, it’s no wonder business owners consider it a good deal. A GL policy can protect your business from the costs associated with third-party injuries and property damage – for example, if a client trips and falls while visiting your office.
Errors & Omissions Insurance tends to cost a little more. But with an average yearly cost of $964.75, it’s still affordable for most media businesses, thanks in part to the payment plans many insurance companies offer. Media professionals often buy E&O and GL Insurance together because they offer complementary coverage: the former helps cover lawsuits over the quality of work a business produces and the latter helps cover lawsuits over third-party incidents not related to work quality.
Get a better idea of how much your policies might cost in the chart below.
Take a look at the following chart to see where other media insurance policies fall on the price spectrum.
How Much is General Liability Insurance for Media Professionals?
What Do They Choose?
Advertising and media professionals tend to choose General Liability policies with limits of $1 million / $2 million, which is pretty typical for the industries Insureon serves. Specifically, here’s what our media customers choose:
- 89%: $1 million / $2 million
- 11%: $2 million / $4 million
What Does a $1M / $2M General Liability Insurance Policy Cost?
Advertising and media professionals can expect to pay less than $500 per year for a General Liability Insurance policy with limits of $1 million / $2 million. The average annual cost is $446.34 and the median cost is $425. This is slightly better than the average price for all industries, which is $576.08.
To get an idea of what businesses in other industries pay for their General Liability coverage, visit Insureon's General Liability Insurance Cost Analysis.
How Much Is Errors and Omissions Insurance for Media Professionals?
What Do They Choose?
The advertising and media businesses we serve usually prefer an E&O policy with $1 million / $1 million coverage limits.
How Much Do They Pay?
Breakdown of cost for $1M / $1M E & O Policy
On average, advertising and media professionals pay $873.23 per year for a $1 million / $1 million E&O policy. The median price is $827.00 per year. This is slightly lower than the average for all businesses, which is $967.38.
For an idea of how the cost of Errors and Omissions Insurance for media companies compares with the cost for other industries, visit Insureon's Professional Liability Insurance Cost Analysis .