Business Question - Insurance

Walter von Tagen · **Voice Talent** Joined: 22 Dec 2006 Posts: 2

Just wondering, I'm a newbie to this, should I be carrying insurance, and if so, what type?

Thanks
Walter

Allen Brown · Posted: Tue Mar 18, 2008, 16:42 (GMT) Post subject:

Hi Walter,

The short answer - - as a newbie, voice talent only, not having clients and other talent in your studio etc. - - you probably don't need insurance. (Judging from the business models of many internet voice talents, you don't need ANY of the overhead that makes a business a business. Nor, do you need to run it like a business. OK - cynical remarks over. Sorry.)

I'm sure you'll get a lot of good advice from others with more experience with insurance. It really depends on your individual situation. I can only speak from my own experience.

When I started my business, it was in my home and on a very small scale. I didn't even consider getting insurance.

As the business grew, and I made the move into an office building, my landlord required that I carry general liability insurance. In my case it had to be at least $1,000,000 in coverage. Anyone with clients or talent coming INTO their studio should have some sort of coverage. If you work alone, it's probably not necessary.

General liabilty does not cover errors and omissions. Errors and omissions liability protects your company from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract.

Only you know what exposure you have by being uninsured. Talk to an insurance pro, measure your exposure and you should be able to make a reasoned decision about your risk and the need for insurance.

Good luck.

J.S. Gilbert · Posted: Tue Mar 18, 2008, 18:04 (GMT) Post subject: Many, many variables

There are many variables that come into play when asking this question, not the least of which has to do with local, state and federal compliance laws. Technically, even though I am a one man show, I am still supposed to have the OSHA regs posted on the wall of my studio, along with info on Workers Compensation indusrance.

Also, there are many differnet types of insurance. Clarion, foir example is an insurance company that insures against instrument and equipment theft and damage. There's also E & O insurance, libility insurance, health insurance, disability and so on.

The problem most people seem to make is saying "Oh, it's just me and I'm just starting out." To which my response is "You want to do voiceover, then you're in business, whether you like it or not."

Also strictly speaking, most work done under a union contract has the talent classified as an employee, while most work done as non-union often requires filling out a 1099 form and being classified as an independant contractor. Big differences here.

I might suggest that you visit SCORE online

http://counseling.score.org/AvectraScore/Secure/SearchCounselor.aspx

here you will find many retired experts, including quite a few available as mentors. There are quite afew with extensive backgrounds in insurance and tax matters.

SCORE is a great resource for those long in the tooth with desire and short in the pocketbook on business knowledge.

Walter von Tagen · **Voice Talent** Joined: 22 Dec 2006 Posts: 2

Thanks for the information!

Walter