Whenever you budget the expenses of your business, Motivational Speaking insurance must be included in the list because you can’t always know exactly what is going to happen in the future.
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With the protection provided by insurance against accidents and all the other sorts 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 Motivational Speaking enterprise, you must consider how much financial liability you are taking on.
If your Motivational Speaking business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total 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 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 Motivational Speaking business?
What this means, for any Motivational Speaking business owner, is that if some company 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 Motivational Speaking 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 Texas, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Motivational Speaking operations, you can’t deny responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.
What does Motivational Speaking insurance protect you from?
For your Motivational Speaking business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Motivational Speaking business owner should know when negotiating the insurance needed.
The main headings of insurance for your Motivational Speaking businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Motivational Speaking business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your Motivational Speaking business insures you against claims coming from injury to customers or damage to their property.
It protects your Motivational Speaking business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it should help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The average level of general liability insurance for your Motivational Speaking business would be with a cap of $1 million for a single claim 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 Motivational Speaking insurance operations.
Professional liability insurance for your Motivational Speaking business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Motivational Speaking business for them, you can quickly face a monetary claim.
Even if the matter against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Motivational Speaking 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 Motivational Speaking insurance section below for average prices of professional liability insurance for your Motivational Speaking operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to be aware of 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 following lawsuit, you need Product liability insurance for Motivational Speaking
Only you can determine exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Motivational Speaking business
Beware! – practically all policies for private vehicle insurance do not cover any event 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 direct commercial vehicle insurance package.
Commercial truck policies guarantee 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 guaranteed if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Motivational Speaking business needs unique and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The tools may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Motivational Speaking business running.
It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Motivational Speaking business’ equipment.
Commercial Property insurance
Any Motivational Speaking business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you may already have a substantial capital investment, in addition to 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 natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Motivational Speaking business premises, there is a need for more additional cover than in warmer climes.
Because the level of cover depends entirely 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 Motivational Speaking insurance section below to give some idea of the average prices per million dollars of property insurance for your Motivational Speaking business.
Temporary insurance by month, week or day for your Motivational Speaking business
Is your Motivational Speaking 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 Motivational Speaking – are special policies where you can cover a nominated period when you want to be covered.
By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.
The important feature of short-term insurance is that you purchase 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Motivational Speaking 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 combines commercial property and public liability insurance by amalgamating 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 often the right choice for small and medium-sized Motivational Speaking businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle policies.
Also, the size of your business will determine whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual sales.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Motivational Speaking business employees
In most states, it is mandatory to have workers compensation insurance when your Motivational Speaking business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand 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 requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you can’t take out your workers compensation obligations from private insurance providers.
Workers compensation premiums are calculated 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 Motivational Speaking insurance need is unique, there are enough examples of average quotes from insurance companies for us to give approximate 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 collected for the main types of insurance your Motivational Speaking businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$321 – $1236|
|Product liability insurance||$304 – $686|
|Commercial insurance||$811 – $2400|
|Public liability insurance||$341 – $702|
|Commercial vehicle insurance||$1944 – $2623|
|General liability insurance||$557 – $1157|
Cost of insurance for your Motivational Speaking operations depends on many different factors.
We have estimated these figures for small independent Motivational Speaking businesses.
The location and size and type of your Motivational Speaking business can have a big effect on the cost of different policies.
You should talk to professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Motivational Speaking operations?
This is a wide term used to describe basic insurance policies designed to protect Motivational Speaking business owners from risks like bodily injury, property damage, claims of negligence.
Does my Motivational Speaking 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Motivational Speaking business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer 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 most common policies for Motivational Speaking insurance.
How much will Motivational Speaking business insurance cost?
As well as the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.