LUTCF, CNP, is a
personal selling skills
expert. An Amazon
author, he’s conducted
appointments, and is
sought after by under-
performing sales organizations for his
“SELL SMARTER & WORK LESS” Systems.
Marvin brings humor, wisdom, and
insight from three decades in insurance
and finance. “Peace, Love, and Gumbo!”
Q: What kind of insurance do I
need, and where can I get it?
A: It depends.
The usual limits of liability are
$1 million or $3 million. Evaluate
your unique exposure to make
the proper choice. The price
difference is minimal. Learn more by
downloading a Risk Management
Guide at bit.ly/2RuQwwh.
If you’ve ever left home without checking the forecast and been caught in a down- pour, you know it’s imperative to carry
an umbrella. Protecting yourself with the
right types of insurance is like a rainy-day
plan. Consider a few key guidelines before
you invest in your next policy.
Q: WHAT KIND OF INSURANCE
IS NEEDED AND WHY?
A: Professional liability insurance, or errors
and omissions (E&O), is the most important
type of insurance for NSA members. An E&O
policy protects you in the event a client or
audience member files a claim against advice
or an action prompted by your message.
According to Hiscox, an insurance provider,
professional liability insurance covers:
Personal injury (libel/slander)
Temporary staff and independent
Claims arising from services provided in
Claims and damages
Also consider purchasing:
General liability insurance
Workers’ compensation insurance
Medical evacuation insurance (especially
for international travelers)
Q: WHAT ARE THE COSTS?
A: Like each speaker’s message, policy cost
varies by state, residency, coverage, and
deductible. But insurance costs will likely
be less than what you’ll pay to recover
from bad situations. You can purchase
coverage through industry trade associations or chamber of commerce groups.
Q: WHAT ARE THE TYPICAL
MISTAKES SPEAKERS MAKE?
A:As customers, speakers make the
mistake of not doing their research.
Professional speaking insurance is as
much an investment as auto insurance.
To add value to your business, invest time
in choosing what’s right for you—not just
what’s common in your industry.
Q: WHAT IS YOUR ADVICE
FOR SELECTING THE RIGHT
A: There are two options for purchasing
insurance to compare, vet, and tailor your
policy: Venture out on your own or team
up with a professional insurance agent.
Either way, do your homework. Compare
quotes to ensure fair and comparable rates
for location, amount of travel, number of
employees, and comfortable deductible.
Consider covered claims, limits, and
exclusions. Check with your state’s insurance department to ensure a prospective
insurance company is licensed and covered
in case of default.
Choose your insurance policy like you
would a steak: Don’t pick the smallest
one because it’s the cheapest. Ensure
you’re covered for unexpected storms. ■
BY MARVIN LeBLANC,