The Importance Of Insurance For Authors
As an author in Ontario, Canada, you really need a good authors professional liability insurance policy. If you haven’t worked with an authors E&O insurance agent, you should do so as quickly as quickly. Even if you write fiction novels, there is a possibility that something is going to go wrong. Someone might accuse you of stealing their story. Or, you might be accused of plagiarizing someone’s work. You could even be accused of slander and libel. If this happens and it was a complete mistake, professional liability insurance for authors could help.
The scenarios mentioned above are one of the many reasons why professional liability insurance is needed to protect you from such claims. You can easily get professional liability insurance quotes for authors online and you should definitely do just that. An authors PLI insurance policy will make a huge difference. It will protect you from many of the aforementioned problems. Nevertheless, it might not be enough.
We recommend having $1 Million worth of Professional Liability along with $1 Million worth of CGL as an author to protect your liability exposures. Rates starting from $40/Month!
Additional Coverage Options
When it comes down to it, an authors professional liability insurance broker cannot protect you from all potential problems. This is why you should get in touch with your broker immediately and ask them about other coverage options. There are plenty of other policies options that can help. Some of the additional coverage options that you may need will be explored in more depth below.
Libel Insurance
Are you going to be writing about recent or past events? If so, there is a possibility that you’re going to commit libel. You may not realize it at the time, but it could come back to haunt you in the future. You seriously need to make sure that your works of art are protected by libel insurance. After all, you should feel free to express yourself. It is in your best interest to acquire at least $100,000 coverage per claim.
Libel Insurance Recommended Limits – $100,000 Per Claim / $1,000,000 Aggregate
Commercial General Liability Insurance
Many authors will believe that general liability insurance is not a necessity for them. This couldn’t be further from the truth. In reality, a lot of contracts and lease agreements will require you have this type of insurance. This type of insurance can protect you from claims of bodily injury and property damage. More importantly, it will protect you from advertising injury claims. This is something that could go wrong with one of your books. The risks are minimum, but it is still essential to protect yourself from potential mistakes. $100,000 per claim is likely enough for the average author.
CGL Insurance Recommended Limits – $100,000 Per Claim / $1,000,000 Aggregate
Business Owner’s Policy
When it comes down to it, general liability is only going to provide you with partial protection. You may also need a business owner’s policy. This can protect you from additional risks. A BOP policy will offer protection for business property, auto liability, business interruptions and so much money. This is one of the most affordable ways to protect your business from risks often faced by authors.
Business Owner’s Policy Recommended Limits – $200,000 Per Claim / $2,000,000 Aggregate
Potential Costs
Believe it or not, authors will be required to spend a great deal to protect themselves and their business. Nevertheless, the insurance is going to be well worth it in the long run. After all, it could keep your business afloat in the event of a problem. Below, you will learn about the potential costs of the insurance that you need.
- Libel Insurance – $25 a month
- CGL Insurance – $45 a month
- Business Owner’s Insurance – $30 a month
You need to understand that the prices can vary significantly from one business to the next. The size of your business, its financial history, workers compensation needs, and your personal credit score could change the prices. When it comes down to it, you need an accurate estimation. The best way to get it is by getting in touch with us. All you need to do is visit our website and fill out the form. Within a short period of time, you’ll get a free quote. You can also get in touch with us via email or phone. We’re always willing to answer any question you may regarding quotes, coverages, and how claims are processed in the event damages occur.
Do not hesitate to get in touch with our Ontario representatives today.
Author Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
FAQ before purchasing author professional liability insurance
- How much professional liability insurance do I need as an author?
- How do I get an author insurance policy?
- What does author professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as an author?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for authors
- How does the claims process work if I get sued because of my writing services?
- What is the cost of authors professional liability insurance?
- How do I apply for an author professional liability insurance policy?
- How do I qualify for coverage as an author?
- What is the purpose of getting insured as an author?
- How long will it take to get an insurance quote for my writing business?