facebookHave been running a Youtube channel as a business, and recently incorporated a Pte Ltd to formalise operations. Am concerned about lawsuits. Any insurance for this? - Seedly

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Anonymous

07 Nov 2021

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Insurance

Have been running a Youtube channel as a business, and recently incorporated a Pte Ltd to formalise operations. Am concerned about lawsuits. Any insurance for this?

I take sponsored advertisement jobs from clients, and manage a small but growing team of talents. Primarily worried about defamation and clients suing.

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You should be looking at Professional Indemnity Insurance. This covers a whole range of business-related lawsuits, including:

  1. Defamation lawsuits (libel & slander)
  2. Negligence lawsuits
  3. Errors & omissions lawsuits (e.g. making mistakes in a contract and getting sued for those mistakes)
  4. IP and patent infringement lawsuits
  5. Joint venture lawsuits
  6. and more

This coverage pays for legal fees and damages, which can easily add up to several hundreds of thousands of dollars.

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Defamation coverage is especially important if you're running a media company. Your media talents may say or write certain things that can be misconstrued (e.g. making comments about a competitor's product to support your sponsor's product). You'll want this coverage to protect your company from potential legal action. This will also cover you if your clients sue you for mistakes made in your work.

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