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Arkansas Speakers Bureau Insurance Policy Information

AR Speakers Bureau Insurance

Arkansas Speakers Bureau Insurance. Keynote speakers attract significant amounts of buzz, drawing large numbers of people to events. Speakers bureaus are in the unique business of bringing motivational and keynote speakers and event organizers together.

Lecture or speakers' bureaus match speakers with organizations that want to hire presenters for private conferences or public events. A speaker may specialize in a particular industry, such as economics, education, or politics, or may offer more general topics such as comedy, drama, or sports.

The bureau acts as a go-between, negotiating the speaking fee and logistical issues, such as audiovisual support and travel expenses. The bureau keeps information about the speakers they represent, their speech topics, photos, promotional material, resumes, and records of their past engagements.

The bureau is paid by the speaker based on the fee they receive, by either commission or a flat fee basis. The speaker, the hiring company, and the bureau must all fully understand the terms and conditions of the speaking arrangement, including dates and time for the speaking assignment and who is responsible for arranging and paying for audiovisual equipment, transportation, and accommodations.

In acting as brokers, they benefit both talented speakers and organizations looking to make their events as attractive as possible. Drawing up contracts and managing schedules both fall into a speakers bureau's scope of activities as well.

There is no question that AR speaking bureaus are in is both one-of-a-kind and highly rewarding. Given the fact that well-known motivational speakers can charge thousands of dollars for a single arrangement, owning and running a speakers bureau can additionally be a lucrative choice.

However, these business do face hazards - just like any other commercial venture. That is why it is vital for lecture bureaus to carry excellent insurance coverage. What types of Arkansas speakers bureau insurance might be needed, and why? Keep reading to get the answers you were after.

Arkansas speakers bureau insurance protects your professional and keynote speaking business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Why Do AR Speakers Bureaus Need Insurance?

Speakers bureaus face a wide range of risks, just like any other business. Some of those risks are universal in nature, while others are industry-specific. What all perils all share in common, however, is that they lead to unplanned expenses - which can sometimes be so exorbitant that your business will be saddled with massive debt.

Your commercial premises may, for instance, be impacted by natural disasters. Also called acts of nature, they include large-scale events such as earthquakes and wildfires, but also localized disasters like hailstorms or lightning strikes that can likewise inflict severe damage to your property.

Vandalism, theft, including cyber theft, and accidents are further examples of threats to your physical assets.

The second major risk category speakers bureaus face are liability issues. In the event that an employee is injured while at work, you may be held responsible for the costs. The same holds true if a third party, like a speaker you work with, suffers injury within your office space.

In addition, you could face lawsuits for virtually any reason, including allegations of copyright infringement or damages due to a speaker not attending an event you booked them for.

Having Arkansas speakers bureau insurance will save you from the devastating financial consequences that would otherwise follow these and other perils.

You may not be able to prevent all disasters, but in insuring yourself to the best of your ability, your AR speakers bureau can be confident that it will survive any mishap that may land on its path.

What Type Of Insurance Do Arkansas Speakers Bureaus Need?

The types of coverage that will optimally shield a speakers bureau from the financial fallout of unforeseen circumstances depend on their specific circumstances.

The jurisdiction in which you are based, your number of employees, and the size of your operation are just some examples of factors that influence your insurance needs.

For guidance during the complex process of obtaining the best possible coverage, consult a commercial insurance broker who understands your field. Here, meanwhile, is a look at the most important types of Arkansas speakers bureau insurance coverage:

  • Commercial Property - Should your commercial property (meaning the building as well as its contents) be damaged due to acts of nature, vandalism, theft, or accidents such as fires, this type of Arkansas speakers bureau insurance steps in to take care of your repair and replacement costs. With additional business interruption insurance, you are also able to recover some of the revenue you lose to temporary closure after a major peril.
  • General Liability - In order to protect your speakers bureau from the massive costs associated with third party property damage and bodily injury claims, it is essential to carry general liability insurance. Attorney fees, court expenses, and settlement payments are all covered, up to a predefined limit that should meet your needs.
  • Errors And Omissions - You may face allegations of professional negligence or misconduct for a variety of reasons, ranging from booking speakers who are not a good match for an event to negligence. E&O insurance, also called professional liability coverage, is vital for that reason.
  • Workers Compensation - In the event that your speakers bureau has employees, most likely administrative staff, you need workers comp insurance to cover the medical costs and lost income of any employee who may be injured on your premises.

These examples of Arkansas speakers bureau insurance may not amount to a comprehensive plan for your business, and that is why it is vital to thoroughly discuss your options with a seasoned commercial insurance broker.

AR Speakers Bureau's Risks & Exposures

Premises liability exposure is moderate due to the customers and lecturers who visit the bureau's office. Areas accessible to the public must be well lighted with floor covering in good condition. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure.

Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.

Personal injury exposures may include allegations of assault, breach of confidentiality of speaker and client company's private information, discrimination, invasion of privacy, or if speakers make comments that could be construed as derogatory or offensive.

This risk increases unless the bureau has appropriate contracts with the speakers and client companies.

Errors and omissions exposure can result from the commitments and bookings made should errors occur in dates and arrangements, or from misrepresentation of a speaker's qualifications. Hazards increase without proper contractual wording specifying the exact date, time, place, and other arrangements for services purchased.

Workers compensation exposure is limited to that of an office. Potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.

Personal contact with clients and speakers may involve situations that could produce injuries, such as assault.

Property exposures are generally limited to that of an office. Ignition sources include electrical wiring, heating, and air conditioning systems, wear, and overheating of equipment. Computers and other electronic equipment may be targets for theft.

Inland marine exposure consists of accounts receivable if the bureau offers credit, computers, and valuable papers and records for client companies' and speakers' information. Duplicates must be made and kept off-site.

If microphones, slide projectors, and similar electronic equipment are provided for use by the lecturers, a special floater may be needed.

Business auto exposure is generally limited to hired and non-owned. If vehicles are provided to employees, there should be written procedures regarding personal use by employees and their family members.

All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained and records kept in a central location.

Arkansas Speakers Bureau Insurance - The Bottom Line

To discover more about the specific types of Arkansas speakers bureau insurance policies you'll need, and how much coverage you should have and the costs - consult with a reputable agent that is experienced in commercial insurance.

Arkansas Economic Data, Regulations And Limits On Commercial Insurance

Made In Arkansas

If you're a business-minded individual who has your sights set on Arkansas for their operations need to take several factors into consideration before they actually start a business. Specifically, they should determine is the conditions are favorable for entrepreneurs in general, and if the conditions are favorable for their specific industries.

No matter how high-quality the goods and services you offer are, if the specific location isn't favorable for businesses - and your specific sector - your corporation is going to have a hard time succeeding.

In this guide, we provide a brief overview of key factors that indicate whether or not Arkansas is a suitable location for your operations. We also cover some of the key commercial insurance policies that business owners are required to carry.

Economic Trends For Business Owners In Arkansas

Unemployment rate is a key factor in determining whether or not a state offers favorable conditions for those who are thinking about starting a business. According to most recent statistics issued by the Bureau of Labor Statistics, as of December, 2019, Arkansas' unemployment rate was 3.6%, 0.2% higher than the national unemployment rate, and 0.2% higher than it was in July of 2019.

However, it is 0.1% more people are employed now than they were in December, 2018, when the rate of unemployment was 3.7%. Despite the marginal increase, economists do predict that the workforce will increase or at the very least remain stable in upcoming years.

As with most states, the best places to start a business in Arkansas are the largest metropolitan areas. This includes Little Rock, Fayetteville, Fort Smith, and Hot Springs. The suburban areas that surround these cities are also good spots to establish a business. Some lesser-known cities are also experiencing economic and employment growth, such as Arkadelphia, Batesville, and Conway.

AR offers ample opportunities for business of all sizes and in a variety of industries. Some of the key sectors include:

  • Aerospace and defense
  • Agriculture
  • Cybersecurity
  • Forestry and timber
  • Information technology
  • Manufacturing
  • Transportation and logistics
Commercial Insurance Requirements In Arkansas

The Arkansas Department of Insurance regulates insurance in AR. Arkansas mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Arkansas requires you to have worker's compensation insurance if you have 3 or more employees. In the construction industry, businesses with fewer than three employees must provide workers' compensation. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.

Arkansas also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

Additional Resources For Professional Services Insurance

Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.


Professional Services Insurance

Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.

Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.

In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.

Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.

Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.

Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.


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Also find AR local small businesses by General Liability Class Code and learn about Arkansas small business insurance requirements for general liability, business property, commercial auto & workers compensation including AR business insurance costs. Call us (501) 261-6101.

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