How much is public speaker insurance?

General liability insurance for public speakers costs an average of $31 per month, or $368 per year.

General liability insurance covers accidents that injure someone outside your business or damage their property. It's often the first policy purchased by a small business.

If an audience member trips over your microphone cable and breaks their wrist, this policy would pay for their medical bills, or your legal defense costs if they sue. It would also pay for repairs if they broke their smartphone in the fall.

You might need general liability coverage to speak at a venue, sign a commercial lease, or get a business loan. It shows your clients and partners that they're protected against financial losses from the most common risks.

Below is the average general liability policy for public speakers who buy from TechInsurance:

Premium: $31 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

The cost of general liability insurance depends on numerous factors, including your business operations, the policy limits and deductible you choose, the size and location of your business, the number of employees you have, and any exclusions or endorsements on your policy, such as an additional insured.

Public speaking businesses pay an average of $40 per month, or $482 per year, for a business owner's policy (BOP).

A business owner's policy bundles general liability coverage with commercial property insurance at a lower cost than buying these policies separately. You can often add other types of coverage as well.

A BOP provides insurance for your office in the event of a fire, storm, or theft. It also protects against common liability claims related to bodily injuries and property damage, such as accidental damage to the audio equipment provided by a venue.

Common add-ons include business interruption insurance (or business income coverage) to cover lost income, employee wages, and operating costs during a temporary closure.

You might also need insurance for sound equipment and other items that travel with you, as commercial property insurance only covers items at your business location.

This is the average business owner's policy for public speaking firms that buy from TechInsurance:

Premium: $40 per month
Policy limits: $1 million per occurrence; $2 million aggregate
Deductible: $500

Businesses that are eligible for a BOP usually are small in size (fewer than 100 employees) and low risk.

The cost of a business owner's policy depends on factors such as the value of your business property, the policy limits you choose, and your location.

Public speakers spend an average of $45 per month, or $541 annually, on workers' compensation insurance.

Workers' comp pays for medical expenses and disability benefits in the event of a work-related injury. For example, if a motivational speaker slips on an icy front step at a venue and suffers a concussion, this policy would pay for their medical treatment and lost income while they recover.

Workers' compensation policies usually include employer's liability insurance. This type of coverage pays for legal costs if an employee sues their employer over an injury.

State laws often require businesses to secure workers' comp as soon as they hire their first employee, but that's not always the case. It's required in California and New York for every business with employees, in Florida for every business with four or more employees, and it's optional for most companies in Texas.

Even though workers' comp may not be required for sole proprietors, such as an educational speaker who is self-employed, it's still recommended as a safety net. Medical bills are expensive, and most health insurance plans can deny claims for injuries that happen on the job.

The cost of workers' compensation mostly depends on the number of employees you have and the level of risk associated with their jobs. Other factors, such as the cost of healthcare in your state, can also affect your premium.

On average, public speakers pay $51 per month, or $615 per year, for professional liability insurance.

Professional liability insurance covers lawsuits related to professional negligence. It would pay for attorney's fees and other legal expenses if a public speaker failed to appear at an event, used a photo without permission, or slandered an individual during a talk.

This coverage is called media liability insurance for public speakers and others in the media and advertising industry. In other industries, it's called professional liability insurance or errors and omissions insurance (E&O).

Outside of the media industry, advertising injuries fall under your general liability coverage as they're not part of your professional work. Since public speakers are expected to avoid copyright infringement and defamation in their presentations, this falls under their professional liability coverage instead.

Partners and clients might require you to carry professional liability insurance, as it'll pay for legal bills that might otherwise impact them.

This is the average professional liability policy for public speakers who buy from TechInsurance:

Premium: $51 per month
Policy limits: $1 million per occurrence; $1 million aggregate
Deductible: $1,000

Insurers consider several factors when determining professional liability insurance costs, including the coverage limits and deductible you choose, the size of your firm, the type of professional services you provide, and your claims history.

Professional services businesses, including public speakers, pay an average of $163 per month, or $1,954 per year, for commercial auto insurance.

If your company vehicle gets into an accident, this policy will help pay for any damages you caused. It will also cover your legal fees if you're sued.

You can buy coverage for other risks as well. For instance, collision insurance will pay for repairs if your vehicle is damaged in a collision, while comprehensive coverage pays for damage to your vehicle from other sources, such as hail, theft, and vandalism.

Almost every state requires this coverage for businesses that own a vehicle, as personal auto insurance won't cover business driving. To protect personal, rented, and leased vehicles used for work, you'd need hired and non-owned auto insurance (HNOA) instead.

The cost of commercial auto policies can vary considerably. Some of the most important factors are your employees' driving records, the policy's limits and deductible, the number of vehicles you own, and the coverage options you choose.