“The best insurance for the future of an industry is research, which will help it to foresee future lines of development, to solve its immediate problems, and to improve and cheapen its products.” ……Sir Harold Hartley
While we’re on the subject of insurance, stations may require product liability insurance. If you are buying your product from a manufacturer, it is likely he has liability insurance that covers you and the stations. As him to name you and your subcontractors on his policy. It costs him nothing and saves you a lot. It does not increase his exposure since the insurance is on the product, not the subcontractor.
Errors and Omissions insurance (E&O) is often required by celebrities. Pat Boone, Michael Reagan, Lloyd Bridges, Lyle Waggoner and others have all been sues successfully with regard to claims and product performance. Celebrities need to protect themselves and E&O insurance is the only way. It is expensive. $5MM worth can cost you $2500 a month or more in premiums.
Bear this in mind when you think about adding a celebrity to your program.
Insurance companies are more and more reluctant to cover advertising agencies. The exposure is too great. At this time you may be a manufacturer or importer. Your insurance may not cover you if you take on a direction that is not approved in your policy. Check with your agency.
Your regular business insurance should protect you for all other exposures. Again, check and be sure.