Podcast Writing insurance – cost and coverage

Whenever you budget the expenses of your business, Podcast Writing insurance must be near the top of 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 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 Podcast Writing enterprise, you must consider how much financial risk you are taking on.

Business Insurance for Podcast Writing

If your Podcast 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 upshots of their actions. 

In this article, we are giving very general guidelines for startup 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 Podcast Writing business?

What this means, for any Podcast Writing business owner, is that if some person 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 Podcast 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 Montana, 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 privilege 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 Podcast Writing operations, you can’t escape responsibility for the outcomes of your actions.

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

What does Podcast Writing insurance protect you from?

For your Podcast Writing business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will explain the most important points any Podcast Writing business owner should consider when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any Podcast Writing business is dealing directly with other people, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

In such a case, they can demand compensation.

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

It protects your Podcast Writing 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 average level of general liability insurance for your Podcast Writing 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 Podcast Writing insurance operations.

Professional liability insurance for your Podcast Writing business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Podcast Writing business for them, you can quickly face a monetary claim.

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

Most small Podcast Writing business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of Podcast Writing insurance section below for average prices of professional liability insurance for your Podcast 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 recommendation was basically incorrect.

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

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

To cover yourself against any possible lawsuit, you need Product liability insurance for Podcast Writing

Only you can estimate exactly how much insurance you must have.

Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Podcast Writing business

Be careful! – 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 right 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 cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.

Most states, other than Virginia and New Hampshire, mandate this type of insurance.

The required 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 Podcast Writing business needs specific and costly equipment, you will realize 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.

In addition, 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 need full-level equipment insurance so that you can immediately buy everything needed to keep your Podcast Writing 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 Podcast Writing business’ equipment.

Commercial Property insurance

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

If you own the property, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Podcast Writing business works in areas of high risk, like Texas or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

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

Although 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 Podcast Writing insurance section below to give some indication of the average prices per million dollars of property insurance for your Podcast Writing business.

Temporary insurance by month, week or day for your Podcast Writing business

Is your Podcast Writing business working part-time or casually, or is the level of business seasonal?

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

The essential feature of short-term insurance is that you pay for 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 improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Podcast Writing business

You have the option to combine most 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 cover you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized Podcast Writing businesses, such as yours.

There are two limits that will dictate whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle cover.

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

The typical business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual turnover.

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

Workers Compensation insurance for your Podcast Writing business employees

In almost all states, it is mandatory to have workers compensation insurance when your Podcast Writing business has one or more employees.

Workers compensation insurance covers the enterprise against any costs that arise if an employee 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 laws in this regard can leave you as the employer obliged 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 may not get your workers compensation obligations from private insurance companies.

Workers compensation charges 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 Podcast Writing insurance requirement is unique, there are enough examples of usual 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 Podcast Writing businesses needs.

Types of insurance Price range
Product liability insurance $335 – $600
Commercial insurance $1090 – $2175
Commercial vehicle insurance $1555 – $2860
Equipment insurance $405 – $1385
General liability insurance $625 – $920
Public liability insurance $335 – $625

Cost of insurance for your Podcast Writing operations depends on many different factors.

We have reckoned these figures for small freelance Podcast Writing businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% cheaper.

The location and size and type of your Podcast 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.

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 town.

FAQ

What is small business insurance for Podcast Writing operations?

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

Does my Podcast Writing 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 Podcast Writing business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for Podcast Writing insurance.

How much will Podcast Writing business insurance cost?

On top of the size of the business, certain 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.

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