Michigan Speakers Bureau Insurance Policy Information
Michigan 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 MI 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 Michigan speakers bureau insurance might be needed, and why? Keep reading to get the answers you were after.
Michigan 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 MI 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 Michigan 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 MI speakers bureau can be confident that it will survive any mishap that may land on its path.
What Type Of Insurance Do Michigan 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 Michigan 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 Michigan 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 Michigan 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.
MI 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.
Michigan Speakers Bureau Insurance - The Bottom Line
To discover more about the specific types of Michigan 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.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
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.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
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.
Request a free Michigan Speakers Bureau insurance quote in Adrian, Allen Park, Allendale, Ann Arbor, Auburn Hills, Battle Creek, Bay City, Berkley, Beverly Hills, Big Rapids, Birmingham, Burton, Cadillac, Clawson, Coldwater, Cutlerville, Dearborn, Dearborn Heights, Detroit, East Grand Rapids, East Lansing, Eastpointe, Escanaba, Farmington, Farmington Hills, Fenton, Ferndale, Flint, Forest Hills, Fraser, Garden City, Grand Haven, Grand Rapids, Grandville, Grosse Pointe Park, Grosse Pointe Woods, Hamtramck, Harper Woods, Haslett, Hazel Park, Highland Park, Holland, Holt, Inkster, Ionia, Jackson, Jenison, Kalamazoo, Kentwood, Lansing, Lincoln Park, Livonia, Madison Heights, Marquette, Melvindale, Midland, Monroe, Mount Clemens, Mount Pleasant, Muskegon, Muskegon Heights, New Baltimore, Niles, Northview, Norton Shores, Novi, Oak Park, Okemos, Owosso, Pontiac, Port Huron, Portage, Riverview, Rochester, Rochester Hills, Romulus, Roseville, Royal Oak, Saginaw, Sault Ste. Marie, South Lyon, Southfield, Southgate, St. Clair Shores, Sterling Heights, Sturgis, Taylor, Traverse City, Trenton, Troy, Walker, Warren, Waverly, Wayne, Westland, Wixom, Woodhaven, Wyandotte, Wyoming, Ypsilanti and all other MI cities & Michigan counties near me in The Great Lakes State.
Also find MI local small businesses by General Liability Class Code and learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.