Public Speaking Instruction Business Insurance
Getting insurance for your public speaking instruction business is essential.
Public speaking instruction businesses need to be protected against claims arising from things like professional negligence, confidentiality breaches, and misrepresentation.
For example, an error made by your business results in a client suffering a financial loss, or an employee accidentally discloses confidential client information to a third party.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Public Speaking Instruction Business
General liability insurance is — generally speaking — one of the most important insurance policies for public speaking instruction businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Some beneficial policies to bear in mind when shopping for your public speaking instruction business’s coverage include:
- Professional liability insurance: Shields your business from the financial consequences associated with negligence or malpractice lawsuits filed against it.
- Commercial property insurance: Protects you from bearing the costs of replacing any physical assets damaged by certain stipulated risks.
- Workers’ compensation insurance: A policy obligated by law in most states for businesses with any part or full-time employees.
The first step involved in buying coverage for your public speaking instruction business is to decide which type of insurer best meets your needs:
- Traditional brick-and-mortar insurers — Typically more expensive due to the higher overheads associated with this structure. Includes well-known names such as Nationwide and The Hartford.
- Online insurers — By forgoing expenses such as rent, this group can significantly lower the prices of their quotes. Additionally, by using AI, they can individually tailor their policies to each customer.
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Cost of General Liability Insurance
On average, public speaking instruction businesses in America spend between $400 - $700 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a public speaking instruction business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Public Speaking Instruction Business
Example 1: During a coaching session at your place of business, a client slips on some wet tiles in the restroom, breaks an arm in the resulting fall, and sues your business for not marking the floor. General liability insurance would pay for your legal defense and any required settlement.
Example 2: A competitor files a libel lawsuit against your business. While you disagree with the accusation, you know you need a lawyer to defend your interests. General liability insurance would cover your legal defense costs and any required settlement.
Example 3: As you read a document while walking around a corner in your building, you fail to see a client and run directly into her. She breaks a wrist in the resulting fall and asks you to pay for her medical treatment. General liability insurance would cover her medical expenses.
Other Types of Coverage Public Speaking Instruction Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
While you strive to help your clients get the best results from public speaking, there’s always a chance someone might decide you made a mistake that caused them harm. If a client sues your business for negligence, professional liability insurance would cover your legal fees and any required settlement.
Commercial Property Insurance
You made a major investment in the equipment, supplies, furnishings, and real estate needed to run your public speaking instruction business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the business materials stored there.
Workers’ Compensation Insurance
If you have any employees, most states will require you to carry workers’ compensation insurance for your part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a workplace accident.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your public speaking instruction business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Public Speaking Instruction Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Yes. Forgoing business insurance for your public speaking instruction business can result in serious financial consequences later down the line due to how risk-prone this industry is.
This is especially true if your business is legally required to buy certain policies, as neglecting insurance as a whole will merely draw fines and other penalties toward you.
Not necessarily. Certain exceptions may be written directly into your public speaking instruction business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.