Top Businesses We Insure in the Printers Business Insurance
Business Insurance for Printers
There are many different types of printing services employing about 375,000 employees according to the US Bureau of Labor Statistics as June 2022. Though this number is down from the pre-Covid 19 pandemic of 428,000 in January of 2019, it has improved from the lowest employee count in April 2020 of 341,000. Though a small increase, it is impressive as more consumers move to digital - news, shopping, blog reading, and photo sharing. A key to survival for a print service provider is to diversify your business.
Why Business Insurance for Publishers and Printers Is Essential?
When you and your employees work with dangerous materials or equipment, your publisher or printer's business has a unique level of risk. Business insurance, such as publishers' and printers' professional and general liability coverage, can help sustain your bottom line for potential liability claims and lawsuits. Other insurance protects you’re your business from risks like:
- Employee injuries
- Mistakes in the printing services provided to customers
- Owned Property damage
- Vehicle accidents
- Customer injury in your retail shop
Who Needs Publishers and Printers Liability Insurance?
- Commercial printing
- Book publishers
Risks faced by Printers and Publishing Companies
Paper and printing chemicals in ink, stored in your shop may be very flammable and easily start a fire that will damage your business equipment, furniture, and building. Besides fire, other causes of loss in a property policy include damage by windstorms (hurricanes, tornadoes), riots, civil commotion, vandalism, and automobile or aircraft. Although coverage for these may be issued on separate policies, remember flood and earthquake if you live in areas prone to these natural phenomena.
Business Interruption Exposure
Business interruption is a type of property insurance because it is triggered by damage to the building caused by a covered peril in the property policy. If a fire or tornado leveled your building, how would your business fare if your business could not operate? Would you have enough in the bank to pay all your continuing expenses during the time of reconstruction or relocation?
General Liability Exposure
Is your shop frequented by customers daily? Just having a business location open to the public makes you responsible for occurrences of bodily injury or property damage. You may even be required to carry general liability to obtain an occupational license in your local area. If you sell a product, there is also exposure to product liability claims.
Mistakes in printing easily happen, due to miscommunication, typos, and other errors. If you make a mistake with a phone number, date, or price, or even miss a deadline, Errors & Omissions also known as Professional Liability insurance is available to respond to accusations and allegations of professional error.
Worker’s Compensation Exposure
The greatest risk for employee injuries comes from back injuries associated with lifting heavy items. Besides lifting, employee injuries can happen in any number of ways, even slip and fall, and repetitive motion injuries, to name a few. Regardless, a print operation without workers compensation should be on alert as accidents do happen and without this coverage, your business could be responsible to provide all statutory benefits that an injured employee is eligible for in your state.
Environmental Impairment Exposure
For large printing operations, how can you safely eliminate ink and solvents without polluting groundwater, soil, or air? Make sure you're adhering to the guidelines of the EPA, state, and local government.
If your company owns any type of vehicle, whether you provide for your sales staff or do delivery, you will need a business auto policy.
If your printing equipment broke down in the middle of a big job, how much money could your business lose? Equipment breakdown covers the sudden and accidental breakdown of certain components within the equipment. If a covered equipment breakdown causes damage to the rest of your location, most property policies exclude coverage for damage caused by an equipment breakdown incident.
Types of Insurance for Printing and Publishing Companies
Business Owners Policy (BOP)
A BOP, a business owner's policy combines general liability and property coverage. These two coverage types are explained in further detail below.
General Liability Insurance
General liability insurance is sometimes called business liability insurance. It provides your business with a legal defense if you are sued for property damage or bodily injury liability from accidents related to your business’s operations.
It's a good idea to have a General Liability Insurance Policy if you’re small business:
- Works face-to-face with clients or customers
- Must have general liability insurance to enter into a contract
- Uses third-party locations for your business activities
- Sells a physical product to customers
Although general liability usually includes liability coverage for personal and advertising injury, with printing and publishing companies, this coverage is typically excluded from the general liability policy and provided by the E &O or Professional Liability policy, since these types of firms are in the business of printing and advertising.
Commercial Property Insurance
Covers business-owned assets that allow you to operate your business. Owned buildings, printing equipment, computers, furniture, fixtures, everything that your company owns is covered by this policy for covered perils. Read all exclusions in a property policy so you are aware of what is not covered.
Professional Liability/Errors & Omissions
Insures your business for mistakes, omissions, and negligence that occur from the professional services you provide, usually limited to financial damages, but for printers and publishers, this coverage will extend to personal and advertising injury such as libel, slander, copyright infringement, false advertising, wrongful detention, wrongful entry, and defamation of character to name a few.
Workers’ Compensation Insurance
Worker compensation insurance, also known as workers comp, or workers' compensation insurance is an often-mandatory type of insurance that assists when an employee experiences an injury while they are at work. It will cover medical costs and a portion of lost wages if the worker is unable to work because of an injury.
If you have employees, workers' compensation insurance is recommended. In most states, you have to purchase when you reach a certain number of employees, this number can vary by state. Make sure you check your state’s requirements to make sure your company complies. If you don’t comply, you could find yourself facing fines from authorities and liability for payment of the statutory benefits that an employee was entitled to.
This coverage is not provided by general liability, though it may be included in a professional liability policy, a stand-alone Cyber policy is the way to go. It can pay for costs related to data breaches, media liability, ransomware attacks, malware, email phishing or fraudulent fund transfer, depending on the options purchased. A cyber insurance policy can help protect your company's financial future. Costs incurred from system recovery, information loss, the legal requirement of notifying and providing credit monitoring to clients, forensic expenses of the investigation, business income loss, ransom payment will deplete your company’s resources.
Commercial Auto Insurance
This policy is a package of several different coverage types but the main purpose is to protect the business from liability arising from the use of your business-owned or long-term leased vehicles. Auto insurance is required in almost every state. Bodily injury and property damage caused by your business vehicle when at fault for an accident are covered. Besides the liability coverage, comprehensive and collision coverage is available on company vehicles with deductible options. Depending on the financial responsibility laws on vehicles in your state, other available coverage may include personal injury protection (aka No-Fault) and uninsured motorists bodily injury and property damage coverage.
Vehicles covered by small-business auto insurance:
- Pickup trucks
- Delivery/cargo vans
- Box trucks
- Flatbed trucks
Commercial auto insurance covers a wide range of things, including:
- Bodily injury liability coverage
- Property damage liability coverage
- Medical payments, no-fault or personal injury coverage
- Uninsured motorist coverage
- Comprehensive physical damage coverage
- Collision coverage
- Rental Reimbursement
- Permanently attached equipment
An umbrella insurance policy can fill in the gap when the underlying liability insurance policy limits are exhausted by paid claims. Without it, you would be responsible for damages in excess of your general, auto, or employers’ liability coverage limit. Small companies that experience litigation often wish they had purchased an excess or umbrella liability policy.
Cost of Insurance for Printers or Publishers Insurance
The cost for business insurance largely depends on your business’s annual gross revenue, annual payroll, assets insured, location, and construction type of the building, year built, number of vehicles, and the services provided. To give a price here could never be accurate. Visit us at insuranceadvisor.com to request your quote.