Today almost every production company, film distribution firm, or any business in the entertainment industry can find itself facing a liability lawsuit. A Professional Liability lawsuit can put assets at risk including business assets, resources, and in some cases the personal assets of owners. One simple mistake could cause financial devastation, as well as end a professional career. Some businesses mistakenly fail to realize that they have an exposure to professional loss.
The most important liability trends are involving intellectual property rights liability; such as copyright and trademark infringement. There is increased litigation around the unauthorized use of third party content; images, film, ant music without permission.
“Media companies are increasingly exposed to claims for copyright, right of publicity and misappropriation of ideas under implied contract. The exposure to these causes of action has increased as media companies try to generate content to keep up with the public’s consistent and growing appetite for news, information and entertainment. Internet exposures arising from third-party generated content are also a concern. These causes of action can give rise to large verdicts, settlements and defense costs. Moreover, a defendant in an intellectual property suit is less likely to prevail through motion practice or on appeal. Most intellectual property suits are likely to settle because they are economic disputes as compared to those involving claims for emotional distress and reputational damages.” P.Blake Keating, VP Media Claims, One Beacon Insurance.
Other Risk and Insurance Trends To Watch
- Use of drones including safety and privacy
- Suite involving social media
- Hacking of entertainment firms form foreign countries
- Development of internet products and copyright issues
- Un authorized used of images in marketing or advertising
It is important to use an agent with commercial experience to help your business find the right combination of coverage, price, and service.
MovieInsure.com offers a wide variety of A-rated, admitted and Non-Admitted insurance companies for our clients to choose from. We only deal with companies that are on the Insurance Commissioner’s approved list. We are located in beautiful Northridge, California next to CSUN