2014

The Insurance Policies Public Speakers Need to Know

To cover your public speaking small business, you need to know the following policies, which our agents can customize to fit the needs and professional liabilities unique to public speaking.

General Liability Insurance for Motivational Speakers and Professional Speakers

As one of the initial insurance policies that almost all professional speakers need to purchase, General Liability Insurance is important to protect a number of your business's most common liabilities.

General Liability Insurance can pay for lawsuits when non-employees sue your business over…

  • Damaged property.
  • Personal injury.
  • Advertising injury.
  • Trademark infringement.
  • Libel / slander.

Here are some situations you may face. At one of your conferences, an attendee trips over your laptop cord and breaks their hip. During a presentation, you accidentally use a permanent marker on a smart board and ruin it. At an office skills training session, you knock over a projector, smashing it to pieces.

What these scenarios have in common is that your General Liability Insurance can cover the cost of a related lawsuit, paying for…

  • Legal defense expenses (lawyers, paralegals, etc.).
  • Courtroom costs and fees for evidence, witnesses, and other miscellaneous costs.
  • Settlements to pay damages and avoid a lawsuit.
  • Judgments to pay damages and other monetary amounts to the plaintiff suing your business.

General Liability Insurance prevents one lawsuit from overwhelming your business with lawyer's fees, judgments, and other costs that can empty your bank accounts.

Property Insurance for Conference Speakers and Skills Presentation Professionals

To cover their commercial equipment, supplies, and office space, professional public speakers need to purchase Property Insurance.

Property Insurance pays for the value of commercial property that has been lost or damaged by covered events, including…

  • Fires.
  • Theft.
  • Wind storms.
  • Winter storms.
  • Some heavy storms.
  • Vandalism.

Even home-based speakers and presentation professionals need this insurance policy. Many personal Property Insurance policies (Homeowner's Coverage) won't cover your commercial property. As a professional public speaker, much of the work you do is on the road. You may run your business from a house, condo, or apartment, but spend much of your time traveling to and from conferences.

If your home is robbed while you're traveling, any stolen professional equipment may not be covered by your personal Homeowner's Policy. You could be left with no way to replace stolen or damaged computers, laptops, presentation materials, and other business property. For a visual guide to the difference between Homeowner's and commercial Property Insurance, check out this infographic.

Business Owner's Policies for Speech Coaches and Public Speakers

Business Owner's Policies (or BOPs) can help public speakers pay less for their General Liability Insurance and Property Insurance. BOPs are special "discount" insurance packages specially made for small businesses. In order to get this discount, your business…

  • Needs to have fewer than 100 employees.
  • Can't work in a higher-risk industry.
  • Can't need Property Insurance coverage for large office space / buildings.
  • Can't need more than 12 months of income insurance through a Business Interruption Insurance policy (BII coverage is typically sold with Property to pay for lost income when your offices are destroyed and your business temporarily suspends its normal business operations).

Because these requirements would mostly exclude larger businesses, many of our clients qualify for this cost savings.

Insurance companies offer this on a case-by-case basis, so let our agents query insurance companies for you and see if you can get this discount. Fill out our simple online insurance form, and our agents will get you a free, no-strings-attached quote.

Cyber Liability Insurance for Public Speakers

Cyber Liability Insurance (also called Cyber Risk Insurance or Data Breach Insurance) helps your business recover when its computers and networks are hacked.

Many small-business owners mistakenly think that hackers only go after big businesses. The statistics tell a different story. A recent Forbes magazine article breaks down this growing threat to small businesses, noting that over 70% of all cyber crime happens to small and medium-sized businesses.

There are two kinds of cyber insurance protection…

  • First-Party Response.
  • Third-Party Defense and Liability.

You'll probably only need First-Party Response. This Cyber Risk Insurance policy pays for…

  • Crisis management after the security breach (to help you meet legal obligations, inform your customers, and do minimal damage to your business's reputation).
  • P.R. campaigns to rebuild your business's reputation.
  • Fraud and credit monitoring for your clients and other people whose data may have been compromised.

Third-Party Defense and Liability is for IT-related companies. As a public speaker, you probably don't have to worry about this second type of Cyber Liability Insurance.

Errors and Omissions Coverage for Motivational Speakers and Professional Speakers

Errors & Omissions Insurance (also called E&O Insurance or Professional Liability Insurance) is an important part of your insurance puzzle as it pays for lawsuits about the quality of your public speaking services.

If a customer is dissatisfied with your business, they may sue you for…

  • A speech or presentation that did not live up to their expectations.
  • A training seminar or skills presentation that incorrectly or insufficiently trained the attendees.
  • Partial or incomplete work.

Let's say you're giving a speech in management techniques and building strong manager-employee relations. Two months after the speech, the client files a lawsuit against your business when one of their managers fails to properly deal with a harassment situation. They claim your training session failed to address this adequately.

Even when a lawsuit is unjustified, it can still cost your business a lot of money and time to defend itself. Lawyers cost the same whether you're guilty or innocent. Errors and Omissions coverage can help your business deal with these frivolous lawsuits as well as situations where you may have made a mistake.

Workers' Compensation Insurance for Conference Speakers and Skills Presentation Professionals

The amount of Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) your business is required to purchase depends on the state you work in, the number of employees you have, and other factors.

But whatever your state regulations are, our agents can find adequate coverage for your business.

If your public speaking business has employees, you'll probably need to purchase Workman's Comp, which can pay for lawsuits and medical expenses when an employee is injured or made ill by the work they do for your business.

Workers' Compensation Insurance covers…

  • Employee medical bills.
  • Your legal expenses to defend the business from Worker's Comp lawsuits.
  • Wages for employees who are unable to work after an illness or accident and need time to recover.
  • Funeral costs.
  • Support payments to the family / dependents of an employee killed on the job.

If a secretary trips down the stairs at your office, the state government will hold your business liable. You'll be obligated to pay for their medical expenses and other costs. A lawsuit could require you to pay for pain and suffering or disability costs. Luckily, Workers' Compensation Insurance can pay these bills and help your business avoid having to pay thousands in legal and medical expenses.

Insureon: Free Insurance Quotes on Business Insurance for Public Speakers

Fill out our streamlined insurance form and let our agents send you a free insurance quote. There are no obligations, so submit our online application, or contact us today.

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