As a video game developer, you know how important it is to protect your creations. That’s why getting the right insurance is crucial. At GG Insurance Services, we specialize in video game insurance and understand the unique risks of your industry. In this post, we’ll explain what video game insurance covers and why you need it for your business. Plus, we’ll show you why GG Insurance Services is the best choice for all of your insurance needs.
What is Video Game Insurance?
Video game insurance is better described as a package of other insurances, such as Profesional Indemnity/Errors & Omissions, Intellectual Property, Cyber Liability and so on. This type of specialised insurance will protect video game developers from financial losses due to liabilities arising from lawsuits, breach of contract, client disputes, or data breaches, and intellectual property infringement.
Most insurers will not cover video game businesses, due to a high rate of claims, and general lack of understanding. We unfortunatley have seen many other brokers (and insurers) offering sub-par coverage and this will only come to light when a policyholder tries to make a claim and finds out their insurance policy was inadequate. Without proper coverage, video game companies leave themselves exposed to significant financial loss if something goes wrong during development or after release. So if you’re serious about protecting your game and your business, it’s important to invest in quality video game insurance with a provider like GG Insurance Services who understands the unique needs of the industry.
Professional Indemnity Insurance
Professional Indemnity Insurance (also known as Errors & Omissions) is a crucial aspect of video game insurance that protects against claims of negligence, errors or omissions. As a game developer, you are responsible for creating and maintaining high-quality products. However, accidents can happen, and mistakes can be made. Professional Indemnity Insurance covers legal costs and compensation claims in case something goes wrong during the development process and is a common requirement from many publishers that a developer carries this cover.
This type of insurance varies greatly by provider (which is why it is important to work with someone that can explain it in context), however a decent policy should inclue some key pillars, namely breach of contract, intellectual property and cyber liability. We can’t stress enough that the devil is in the detail, and you really must read the underlying policy wording (or have someone explain it). We have seen wordings that define “computers” as “a machine with a screen and keyboard” – so you can imagine how they struggle to address video games, let alone new emerging techologies such as the Metaverse and the implications of Artificial Intelligence on Intellectual Property.
Commercial General Liability Insurance
Commercial General Liability Insurance is a must-have for any business, including video game developers. This type of insurance covers third-party bodily injury or property damage claims, which can arise from accidents that occur on your premises or as a result of your operations. While this is a much lower risk for a video game – this comes into play as soon as you have any physical interaction with the general public. Additionally, it includes coverage for product liability and completed operations, meaning you are protected in case someone gets injured using one of your products.
Intellectual Property Insurance
Intellectual Property Insurance helps protect your video game company against defending from copyright infringement accusations, accidental trademark violations, and other IP disputes such as Patent and Trade Secrets. This type of insurance can also help cover the legal fees associated with these types of claims and any losses resulting from infringement lawsuits. This also ties in closely with Errors & Omissions insurance, as when working with licenced IP, you could potentially find yourself in both a breach of contract and copyright lawsuit combined, which is why it’s important to get a policiy that covers both angles.
Check out this article on how to protect your intellectual property in the games industry which also explains the different types of IP.
Cyber Liability Insurance
Cyber Liability Insurance protects against accidental hacking incidents and data breaches, providing coverage for network interruption and data restoration expenses. If working as part of a larger project, or if you have any PII (personally identifiable information), this could be disasterous if it were leaked. A good provider should also offer resources like crisis management assistance in the event of a cyber attack. For video game developers, this insurance is crucial as details of upcoming/unreleased games can be incredibly commercially sensitive. If these were to get into the wrong hands it could not just damage sales, but could lead to a large lawsuit if you were responsible for a larger project (for example if your studio was contracted in to work on one element of a large upcoming game – GTA6 for example, and your studio was hacked and the game data was leaked early, Rockstar would not be particularly happy with you).
Also, any games that collect sensitive personal information such as credit card details or login information add an extra layer of risk and legal complexity (especially given the multi-territorial nature of games).
Why Do Video Game Developers Need Insurance?
As a video game developer, protecting your creation and business is of utmost importance. Video game insurance provides protection against potential lawsuits that may arise due to copyright infringement or other legal issues. It also offers financial protection in case of property damage or loss, which can be costly for any business.
While there are many different types of insurance available for video game developers, it’s important to work with an experienced broker who understands the unique risks involved in the industry. At GG Insurance Services, we specialize in providing tailored insurance solutions specifically for video game companies. Don’t wait until it’s too late – protect your business today with comprehensive and reliable video game insurance from GG Insurance Services.
Protection Against Lawsuits
Intellectual Property Infringement Claims, Defamation and Libel Claims, and Breach of Contract Claims can all lead to costly legal battles. Protect your game and your business with video game insurance that covers you in these situations.
- Intellectual Property Infringement Claims: If someone claims you have used their intellectual property without permission, this type of insurance will help cover the cost of legal fees.
- Defamation and Libel Claims: Protect against claims that something in your game is defamatory or libellous by having insurance that covers these types of lawsuits.
- Breach of Contract Claims: If a client or partner accuses you of breaking a contract, video game insurance can help cover the costs associated with defending yourself.
GG Insurance Services offers comprehensive coverage for video game developers at affordable rates. Don’t wait until it’s too late – get protection against lawsuits today.
Costs associated with legal defense, lost revenue due to game delays or cancellations, and compensation for damages or settlements are all potential financial risks faced by video game developers. Video game insurance can protect companies from these risks and ensure financial stability in the event of unexpected circumstances.
With video game insurance, developers can have peace of mind knowing they are protected from costly legal fees if a lawsuit were to arise. Additionally, coverage for lost revenues due to cancelled events or delayed releases ensures that companies do not suffer financially as a result of unforeseen circumstances. And in the event that damages need to be paid out or settlements made, compensation coverage is available through certain policies.
- Costly Legal Defense
- Lost Revenue Due to Game Delays/Cancellations
- Compensation for Damages/Settlements
Why Choose GG Insurance Services?
GG Insurance Services is the leading expert in providing video game insurance. We understand that the gaming industry has unique risks and challenges, so we offer tailored policies to meet those needs. Our team is dedicated and passionate about the industry, which means you can trust us to protect your business.
At GG Insurance Services, our clients come first. We pride ourselves on being approachable and friendly while offering professional expertise in all aspects of video game insurance. Don’t settle for a generic policy from an insurer who doesn’t understand your business; choose GG Insurance Services for reliable protection and peace of mind.
Expertise in the Video Game Industry
Our team at GG Insurance Services has in-depth knowledge of video game development and publishing, providing us with a unique understanding of the industry-specific risks and challenges that our clients face. We have worked with indie developers to major publishers, giving us extensive experience working within the gaming community. Our expertise enables us to provide customized insurance solutions that protect your game and business from potential financial losses caused by unforeseen events such as lawsuits, intellectual property disputes or data breaches.
We understand that each client’s situation is different – we take pride in offering tailored policies suited towards their specific needs. Our vast knowledge of video game insurance means we know exactly what protection you need for your company regardless if it’s big or small. As experts in this field, trust us when we say it’s better to be safe than sorry!
Friendly and Approachable Team
Our team at GG Insurance Services is here to provide dedicated customer service representatives that are available 24/7. We understand the importance of protecting your game and business, which is why we offer personalized insurance solutions tailored to your specific needs. Our policies are designed with you in mind, so you can be sure that you are getting the coverage you need without any confusing jargon.
At GG Insurance Services, we pride ourselves on being a friendly and approachable team. We know that insurance can be overwhelming and complicated, but our goal is to make the process as easy as possible for video game developers like yourself. Let us guide you through each step of the way with expert advice and trustworthy recommendations.
High customer satisfaction ratings on independent review sites, ‘A’ rated coverage from top-rated insurance carriers, and testimonials from satisfied clients highlighting our expertise, responsiveness, and value are just a few of the reasons why GG Insurance Services is the best choice for video game developers looking to protect their business. Our commitment to providing excellent service has earned us a reputation as the leading expert in the video game industry when it comes to insurance.
Check out what some of our satisfied clients have said about working with us:
- “”Absolutely fantastic company to deal with”
- “Great team, pricing and speed of communication.”
- “A broker that really understands the nuances of the video games industry.”
At GG Insurance Services, we understand that every client’s needs are different. That’s why we offer personalized solutions tailored specifically for your business. Contact us today to learn more about how we can help you protect your game and your business!