Do authors need to carry insurance for writing? The answer might surprise you.
I read an article this month about independent contractors carrying Professional Liability Insurance. My first thought was I wonder if book designers and editors carry this type of insurance. But I'm an author, I don't need it. Then I got to thinking... or do I? I did some research and the answer may surprise you as much as it did me. Turns out, yeah, yeah I do. And so do you. Self-published and traditionally published, all of us are at risk.
So what is PLI insurance, aka Errors and Omissions Insurance? Well, here I go quoting Forbes again...
"Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..." excerpt from 13 Types of Insurance A Small Business Owner Should Have
Back in 2008 Writer's Digest reported (read here) a general increase in authors being sued for all sorts of things from accidentally plagiarism to copyright infringement and liable. They noted even back then that it wasn't just the self publishing world being effected by this, depending on the contract, authors with traditional publishing house backing them were taking a hit in their royalties when and if the published house got sued because of something they wrote.
In fact The Balance reported a similar article as Forbes in 2017 focused specifically on what types of insurance a writer needs. Sure enough, PLI is at the top of the list.
Why insurance? Because by putting yourself out there, you put everything you have at risk. People get snarky when they feel their rights have been stepped on. Often times that can lead to ugliness even when it was never your intention. Why not protect yourself when all it takes is a phone call to your current insurance agent and a few questions?
I'd love to hear from you in the comments about any experience you have in this area, both good and bad.
Happy writing my friends!
So what is PLI insurance, aka Errors and Omissions Insurance? Well, here I go quoting Forbes again...
"Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..." excerpt from 13 Types of Insurance A Small Business Owner Should Have
Back in 2008 Writer's Digest reported (read here) a general increase in authors being sued for all sorts of things from accidentally plagiarism to copyright infringement and liable. They noted even back then that it wasn't just the self publishing world being effected by this, depending on the contract, authors with traditional publishing house backing them were taking a hit in their royalties when and if the published house got sued because of something they wrote.
In fact The Balance reported a similar article as Forbes in 2017 focused specifically on what types of insurance a writer needs. Sure enough, PLI is at the top of the list.
Why insurance? Because by putting yourself out there, you put everything you have at risk. People get snarky when they feel their rights have been stepped on. Often times that can lead to ugliness even when it was never your intention. Why not protect yourself when all it takes is a phone call to your current insurance agent and a few questions?
I'd love to hear from you in the comments about any experience you have in this area, both good and bad.
Happy writing my friends!
