One of the questions that we hear the most from the people we work with is whether public speakers need to take out insurance. It’s an intriguing question because it seems as though everyone has a different answer, and so in today’s article, we’re going to share our take.
The simplest answer is that if you’re worried about whether you might need insurance, you should probably take it out. It usually comes pretty cheap, and at least there will be one less thing for you to worry about and stop you from getting to sleep at night.
Insurance isn’t for everyone, and so it’s up to you to decide whether it’s the right decision for you. But before you do that, let’s take a closer look at insurance for public speakers.
What are the options?
There are a number of different options available to public speakers, and the key is to understand what does what. There are also some policies that will provide comprehensive coverage and blend together multiple different insurance types.
Here are the most common types of insurance for public speakers:
Professional liability insurance: Also known as errors and omissions insurance, the goal of this type of insurance is to protect people against lawsuits, damages and other legal issues. It’s specifically designed for people who provide a service for a fee.
Car insurance: A basic car insurance policy is typically required by law if you own and operate a vehicle, but it’s worth taking out a more comprehensive policy if you’re going to spend a lot of time on the road. You’ll also want to join a breakdown service.
Property insurance: This one is only really relevant if you own or rent an office, although some policies can also cover you if you work from home. It’s designed to help you deal with issues like vandalism, plumbing problems and other property-related issues.
Crime insurance: Crime insurance is designed to give people protection if they fall victim to a crime, such as an assault or a mugging.
When does insurance become a good idea?
The whole point of insurance is that it provides you with coverage so that if something goes wrong, you won’t be out of pocket for too large a sum. If your cash reserves are high and you’re willing to take a few risks, you might be able to save some money by not taking out a policy. However, if you’re constantly in your overdraft and already struggling to make ends meet, it could stop you from going bankrupt if something bad happens.
Insurance is also a good idea if you’re a worrier, because it can give you the protection you need to have a little peace of mind. If you’re struggling to sleep because you’re so worried, that could be a sign that you should consider taking out insurance.
Then there’s the fact that it’s generally considered to be a best practice, and when you take out a policy, it’s not just about protecting you, it’s also useful for protecting the people who come to see you speak.
Another factor to consider is how many engagements you’re taking on. If you’re only delivering a couple of talks per year, you might be able to get away without insurance. If you’re talking multiple times a week, it’s almost certainly worth it.
It’s also important to remember that even if you go the whole hog and take out every type of insurance that’s available to you, it’s not going to cost you a fortune. You can get a decent policy for less than $50 a month, and you can also write your premiums off as a business expense.
Because of that, it’s almost a case of why wouldn’t you take out insurance? The only drawback is the cost of the premiums, but they’re offset by the myriad advantages of taking out a policy. Even if you never have to make a claim, it can be worth doing.
And of course, if something does go wrong, then you’re going to be glad you have it. You can’t just wait until something goes wrong, because then it will be too late. And if you don’t want to take out insurance, your alternative is to squirrel some money away so that you have an emergency fund.
Ultimately, it all comes down to the idea that it’s better to be safe than sorry.
Now that you know a little bit more about insurance for public speakers, you’re in a better place to figure out whether it’s right for you. It’s a personal business decision and so no one can make it for you, but by reading this article, you’ve made sure that you at least know the basics.
If you do decide to take out an insurance policy, the next step is for you to determine which kind of policy makes the most sense to you. Do you just need personal liability insurance, or do you also need to take out property insurance and more?
Once you’ve figured out the right types of insurance to take out, you’re ready to start shopping around and asking for quotes. Consider using a price comparison tool to make sure that you’re getting the best deal on the market.
You’ll also want to be sure to read the terms and conditions of the policy and make sure you understand exactly what you’re covered for. If you have any questions, reach out to the insurance provider directly and ask them. It’s important that you’re happy with what the policy covers before you sign on the bottom line.
That’s it for us today, and we hope that you found this article useful. As always, we’d love to hear from you, so please do leave a comment so that we can keep the discussion going. You can also follow us on your social networking sites of choice for more. We’ll see you soon for another article!