Whenever you budget the expenses of your business, Book and eBook Writing insurance must be high on the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Book And EBook Writing
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With the protection provided by liability insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Book and eBook Writing enterprise, you must consider how much financial risk you are taking on.
If your Book and eBook Writing business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for growing businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Book and eBook Writing business?
What this means, for any Book and eBook Writing business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Book and eBook Writing business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.
When you are running your Book and eBook Writing operations, you can’t deny responsibility for the consequences of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.
What does Book and eBook Writing insurance protect you from?
For your Book and eBook Writing business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Book and eBook Writing business owner should remember when negotiating the insurance needed.
The main types of insurance for your Book and eBook Writing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Book and eBook Writing business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Book and eBook Writing business protects you against claims coming from injury to clients or damage to their property.
It protects your Book and eBook Writing business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.
The average level of general liability insurance for your Book and eBook Writing business would be with a boundary of $1 million for a single event and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Book and eBook Writing insurance operations.
Professional liability insurance for your Book and eBook Writing business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Book and eBook Writing business for them, you can quickly face a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Book and eBook Writing business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Book and eBook Writing insurance section below for average prices of professional liability insurance for your Book and eBook Writing operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to understand the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Book and eBook Writing
Only you can know exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Book and eBook Writing business
Be careful! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Book and eBook Writing business needs unique and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Book and eBook Writing business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Book and eBook Writing business’ equipment.
Commercial Property insurance
Any Book and eBook Writing business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Any physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Book and eBook Writing business deals in areas of high risk, like Texas or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Book and eBook Writing business premises, there is a need for more supplementary cover than in warmer climes.
Although the level of cover depends completely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Book and eBook Writing insurance section below to give some indication of the average prices per million dollars of property insurance for your Book and eBook Writing business.
Temporary insurance by month, week or day for your Book and eBook Writing business
Is your Book and eBook Writing business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Book and eBook Writing – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.
The key feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of larger business activity, get the existing cover increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Book and eBook Writing business
You have the chance to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Book and eBook Writing businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle risks.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The typical business that can take out a BOP policy must have less than one hundred employees, and maximum five million dollars in annual sales.
Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Book and eBook Writing business employees
In many states, it is mandatory to have workers compensation insurance when your Book and eBook Writing business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer having to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you can’t take out your workers compensation obligations from private insurance corporations.
Workers compensation premiums are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Book and eBook Writing insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your Book and eBook Writing businesses needs.
|Types of insurance||Price range|
|General liability insurance||$565 – $945|
|Commercial vehicle insurance||$1645 – $3370|
|Public liability insurance||$340 – $640|
|Equipment insurance||$425 – $1195|
|Commercial insurance||$1105 – $2920|
|Product liability insurance||$230 – $680|
Cost of insurance for your Book and eBook Writing operations depends on many different factors.
We have calculated these figures for small freelance Book and eBook Writing businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they can be about 20%-30% less.
The location and size and type of your Book and eBook Writing business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Book and eBook Writing operations?
This is a wide term used to describe common insurance policies designed to protect Book and eBook Writing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Book and eBook Writing business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Book and eBook Writing business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Book and eBook Writing insurance.
How much will Book and eBook Writing business insurance cost?
In addition to the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.