Innovations in industries such as publishing, advertising, packaging and labelling have transformed the printing industry. This has been further amplified by the advances of computer graphics and computerized printing and the extraordinary development of the Web.
As a result, many print publications have seen their frequency reduced, or worse, have gone out of print altogether. There’s an increase in the number of publications available online only, such as tablet versions. Advertising investments are also likely to be moved from print to digital format.
While some commercial printing companies have decided to stick with traditional paper printing, others are expanding into digital printing. According to Technorati.com, only printing companies willing to partake in the “print industry revolution” will survive the digitalization of this industry.
What do the changing commercial printing landscape and the new risks it presents mean for printers in 2014?
- Equipment Breakdown – Parts before, now software
Where printers only had to worry about insuring expensive pieces of traditional manufacturing equipment in the past, they’ll now need to insure computer hardware and software as well as new innovative equipment. Many companies already possess computer equipment exceeding millions of dollars.
- Automobile Liability – Fewer deliveries, fewer claims
The need to use trucks and vans to make deliveries and to pick up paper and other supplies could decrease, which would lower automobile liability exposure.
- Crime – Digital format target of cyber attacks
As companies become more digital, the amount of computer equipment they have on site will increase, leaving printing companies more liable to theft and cyber-related liability.
Commercial printing isn’t the only industry going digital – the whole manufacturing industry is transforming. The important thing to remember, regardless of what industry you’re in, is to make sure you’re aware of any new exposures and that you’re covered for them.