Freelance Copywriter insurance – cost and types of policies

Whenever you budget the expenses of your business, Freelance Copywriter insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Freelance Copywriter enterprise, you must consider how much financial risk you are taking on.

If your Freelance Copywriter business runs without proper insurance, you are taking a tremendous 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 upshots of their actions. 

In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Freelance Copywriter business?

What this means, for any Freelance Copywriter business owner, is that if some customer claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Freelance Copywriter business is not protected by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount a court 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 plaintiff more than they have claimed.

When you are running your Freelance Copywriter operations, you can’t deny responsibility for the consequences of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Freelance Copywriter insurance protect you from?

For your Freelance Copywriter business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Freelance Copywriter business owner should consider when negotiating the insurance needed.

The main headings of insurance for your Freelance Copywriter businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Freelance Copywriter business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be ruined.

In such a case, they can sue you for compensation.

General liability insurance policy for your Freelance Copywriter business insures you against claims coming from injury to visitors or damage to their property.

It protects your Freelance Copywriter business from the claims themselves and as well to any follow-on court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The normal level of general liability insurance for your Freelance Copywriter business would be with a cap 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 Freelance Copywriter insurance operations.

Professional liability insurance for your Freelance Copywriter business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Freelance Copywriter business for them, you can quickly have to fight a law suit.

Even if the lawsuit against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Freelance Copywriter 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 Freelance Copywriter insurance section below for average prices of professional liability insurance for your Freelance Copywriter operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to know the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held culpable for injuries caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Freelance Copywriter

Only you can know exactly how much insurance you need.

Best advice is to contact experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Freelance Copywriter business

Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle is being used for business purposes.

The best 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 truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, 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 worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Freelance Copywriter business needs unique and costly equipment, you know 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 unforeseen acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such unique 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 Freelance Copywriter business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Freelance Copywriter business’ equipment.

Commercial Property insurance

Any Freelance Copywriter business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.

Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Freelance Copywriter business works in areas of high risk, like Florida or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of Freelance Copywriter business premises, there is a need for more additional cover than in warmer climes.

Whereas the level of cover depends mainly 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 Freelance Copywriter insurance section below to give some estimate of the average prices per million dollars of property insurance for your Freelance Copywriter business.

Temporary insurance by month, week or day for your Freelance Copywriter business

Is your Freelance Copywriter business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Freelance Copywriter – 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 reduced premiums but still having identical risk cover.

The essential feature of short-term insurance is that you pay for the cover for a defined period – a nominated 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 better 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 Freelance Copywriter business

You have the option 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 merges commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will protect you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Freelance Copywriter businesses, such as yours.

There are a few limits that will rule whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle policies.

Also, the size of your business will dictate whether you are allowed to take out BOP cover.

The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.

In addition, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Freelance Copywriter business employees

In most states, it is mandatory to have workers compensation insurance when your Freelance Copywriter business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if a worker experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s regulations 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 authorize coverage from the government-run monopoly state funds.

In these states, you cannot take out your workers compensation obligations from private insurance providers.

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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Freelance Copywriter insurance level 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 a broker what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Freelance Copywriter businesses needs.

Cost of insurance for your Freelance Copywriter operations depends on many different factors.

We have reckoned these figures for small independent Freelance Copywriter businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they will be about 20%-30% cheaper.

The location and size and type of your Freelance Copywriter 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.

As well you can let the internet do the work for you by searching for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Freelance Copywriter operations?

This is a wide term used to describe common insurance policies designed to protect Freelance Copywriter business owners from risks like bodily injury, property damage, claims of negligence.

Does my Freelance Copywriter business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run 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 Freelance Copywriter business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The specific cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for Freelance Copywriter insurance.

How much will Freelance Copywriter business insurance cost?

As well as the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Freelance Copywriter, in the search box below, and follow the relevant links.

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