Whenever you budget the expenses of your business, Technical Writing insurance must be high on 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 types 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 Technical Writing enterprise, you must consider how much financial liability you are taking on.
If your Technical Writing business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the results of their actions.
In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Technical Writing business?
What this means, for any Technical Writing business owner, is that if some person claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Technical Writing business is not harbored by laws in the same way as states are, where legislation 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 claimant more than they have claimed.
When you are running your Technical Writing operations, you can’t deny responsibility for the consequences 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 as a person.
What does Technical Writing insurance protect you from?
For your Technical Writing business, the most important types 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 explain the most important points any Technical Writing business owner should know when negotiating the insurance needed.
The main categories of insurance for your Technical Writing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Technical 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 damaged.
In such a case, they can demand compensation.
General liability insurance policy for your Technical Writing business insures you against claims coming from injury to visitors or damage to their property.
It protects your Technical Writing business from the claims themselves and also to any associated 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 insist on proper liability insurance.
The average level of general liability insurance for your Technical Writing business would be with a boundary 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 Technical Writing insurance operations.
Professional liability insurance for your Technical Writing business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Technical Writing business for them, you can quickly face a law suit.
Even if the lawsuit against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Technical 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 Technical Writing insurance section below for average prices of professional liability insurance for your Technical Writing 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 understand the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Technical Writing
Only you can estimate exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Technical Writing business
Be careful! – most 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 best 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 van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Technical Writing business needs specialized 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.
As well, 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 whatever needed to keep your Technical Writing business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Technical Writing business’ equipment.
Commercial Property insurance
Any Technical Writing business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.
Any physical building location needs to 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 Technical Writing 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 extreme cold snaps can cause damage to outer coverings of Technical Writing business premises, there is a need for more supplementary cover than in warmer climes.
Although 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 Technical Writing insurance section below to give some indication of the average prices per million dollars of property insurance for your Technical Writing business.
Temporary insurance by month, week or day for your Technical Writing business
Is your Technical Writing business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Technical Writing – 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 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 specific 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 Technical Writing business
You have the chance to combine a few 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 incorporating 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 mostly the right choice for small and medium-sized Technical Writing businesses, such as yours.
There are some limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The usual business that can take out a BOP policy must have less than one hundred employees, and not more than five million dollars in annual revenue.
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 Technical Writing business employees
In many states, it is mandatory to have workers compensation insurance when your Technical 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 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 corporations.
Workers compensation rates are calculated 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 Technical Writing insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Technical Writing businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$275 – $710|
|Commercial insurance||$995 – $2300|
|Product liability insurance||$280 – $705|
|Equipment insurance||$410 – $1135|
|Commercial vehicle insurance||$1535 – $3000|
|General liability insurance||$710 – $1090|
Cost of insurance for your Technical Writing operations depends on many different factors.
We have estimated these figures for small freelance Technical Writing businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% lower.
The location and size and type of your Technical Writing 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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As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Technical Writing operations?
This is a general term used to describe standard insurance policies designed to protect Technical Writing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Technical Writing business have to have insurance?
Some of the kinds of insurance are not mandatory for you to operate 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 Technical Writing business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer 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 most common policies for Technical Writing insurance.
How much will Technical Writing business insurance cost?
In addition to the size of the business, certain 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.