Choosing Business Insurance Options For Graphic Designers
As a graphic designer, there are many elements that go into producing a great product and also protecting your work at the same time. Business insurance is a great thing to consider if you're trying to make a full-time career out of your graphic design business. Here are some questions to ask yourself when buying insurance for your business.
How Much Coverage Do You Need?
The amount of coverage that you need will depend on a few things. First, you may want to look into the typical insurance claims and lawsuits that are filed against designers. If one of these lawsuits would represent a sizable portion of your yearly income, then you may want to insure your business heavily to make sure your business stays afloat. It also matters whether you work with multiple clients or just a few; if you have strong rapport with the few clients you work with, you're less likely to encounter a hostile situation where the client resorts to suing. All the same, commercial insurance costs may represent a sizable fraction of your yearly net income.
What Types of Coverage Should You Consider?
There are a few types of coverage that are standard for design businesses. To start with, you can look into a general liability insurance plan that will touch on many of the risks that your business will face. To back this up, many designers choose professional services insurance to help guarantee the quality of their product to clients. Cyber insurance can also be important to look into if you are working with sensitive data or you have a lot of work backed up in the cloud and want to ensure that lost work doesn't jeopardize your business.
When Is it Time to Upgrade Your Coverage?
Finally, it's a good idea to review your business coverage every once in a while, especially if the structure of your business changes. If you hire a second employee, for instance, you might need to add worker's compensation or fleet insurance to your business. If you start to offer new products and services, your liability and product insurance needs may change. Continue to work with your commercial insurance broker to see if these coverages can be rolled into your existing premiums or if the costs can be bundled with one of the insurers that you already work with. Doing so can get you a huge discount on your future insurance needs.