Tuesday, April 10, 2012

How to Insure Your Writing Business

Writing Business Insurance


If you own and operate your own writing business, you know it can be a very rewarding, yet overwhelming career choice. That being said, there are many things that must be taken into consideration when you operate your own writing business. One of the most important things to consider is insurance. You need insurance to properly protect you and your business should a situation ever arise. The following tips will give you some pointers on how to insure your writing business.

Determine Your Needs and Know Your Options

Before insuring your writing business, it is a very good idea to determine your needs. Because every business and situation is different, you should familiarize yourself with your options so you know which types of insurance are best for you. The first type of insurance that you should consider is liability insurance, which is the most popular type of business insurance. Liability insurance protects you should there ever be a claim brought against you and your business. There are two main types of liability insurance that businesses can purchase. One of them is general liability insurance, which covers you should there ever be an accident, injury, or claim of negligence on your property. When it comes to a writing business, general liability may not be absolutely necessary if customers are not regularly on your property. The other type of liability insurance is professional liability insurance. This type may be more logical for writing businesses, as it covers errors, omissions, malpractice, or other claims that pertain to your work. This is especially important for writers that do work for others. If anyone is ever dissatisfied with the work you have done, professional liability will protect you.

There are also a couple other types of insurance you should consider for your writing business. First of all, you should consider health insurance coverage for yourself. If your health should begin to fail, your business may suffer. Health insurance will help to keep you healthy so you can continue to work. The other type of insurance you should consider is umbrella insurance. Although many business owners do not realize the importance of umbrella insurance, they should. Umbrella insurance is coverage that goes above and beyond your other existing insurance policies. For example, if a major claim or lawsuit is ever brought against your business, your existing insurance policies may not be able to cover all the costs associated with legal matters. An umbrella insurance policy will pick up where your other policies leave off.

Shop Around
Once you take the time to familiarize yourself with your insurance options and determine your needs, the next step in insuring your writing business is shopping around. Shopping around will ensure you receive the best coverage and the most reasonable rates. There are many helpful insurance comparison websites that will find policies that suit your needs. All you have to do is provide some basic information regarding your business and situation, and the websites will pull up matches for you. From there you can compare policies and rates side-by-side. You can also look into any insurance companies that you may already do business with. You may be able to get reduced rates if you already carry a home or auto insurance policy with them. Do not decide on an insurance company until you are completely satisfied with their rates, policies, and terms.

These tips will help you choose the best insurance coverage for your writing business. You will be very glad you took the time to protect something that is such a large part of your life. The peace of mind you get in return is worth every penny.

Guest post from Andy Granger. Andy writes for BusinessInsurance.org.


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