Public Speakers: Do You Need Insurance?
Public speakers who share their knowledge on various platforms through a host of mediums to multiple business hopefuls might not understand the need to have professional liability insurance – also known as errors and omissions (E&O) insurance. This type of insurance policy protects individuals who deal in services rendered rather than in products sold; these insurance policies protect the speaker in the event an audience member files a claim against him for something the speaker either said or an action they may have prompted one of those in attendance to pursue.
Errors and omissions insurance is a viable coverage for insurance brokers, home inspectors, bankers, wedding planners, speakers and real estate agents among others. The policy provides coverage to the owner for:
- Defense of lawsuits filed
- Damages awarded, and
- Other legal or financial claims
Bottom line: if you provide a service for a fee you should speak with your insurance agent about purchasing an E&O policy.
Consider if you’re delivering a speech to a group of business professionals on the “best way to implement a marketing strategy” and one of those in attendance feels mislead by the information. What if that same person implements the strategies they heard you share (or thought they heard you share), and it doesn’t yield the results you may have indicated that others reaped – or worse, decreases the businesses – that individual could potentially file a suit against you for losses based on what they understood you to have shared.
The premiums for E&O policies, while varied, are typically affordable as the premiums are based on the type of profession in which you’re engaged, the amount of income you earn from that pursuit, where you’re located, and the number of people that will be insured under the policy.
A business insurance agent is the best resource for the amount of coverage you will need to make certain you are adequately protected. While no insurance policy can protect an individual for every event, errors and omissions insurance should be considered a crucial safety net for speakers and other business professionals. If you have questions about whether you have any potential exposure or risks that could be minimized by a professional liability insurance policy, please contact Balderson Insurance at 301-681-7550 today!