Editors and proofreaders review documents for misspellings, incorrect or missed punctuation, textual and numerical inconsistences, and more. Many editing contractors dive deeper into the text, making corrections to sentence construction and language usage as well.
Some editing and proofreading contractors are large, multi-employee businesses, while others are freelancers who operate out of home offices.
If you’re an editing and proofreading contractor, you likely need business insurance to protect any property and liability risks that you have. This could mean a client getting injured while visiting your office, or a fire that destroys your office space. What’s more, if you make a mistake that leads to a financial loss for a client or if you are accused of negligence in your professional services, you can be sued.
An independent insurance agent can help you find the editing and proofreading contractors insurance you need to help you cover your losses and stay afloat if the worst happens.
Why Do You Need Editing and Proofreading Contractor Insurance?
What kinds of risks can threaten an editing and proofreading contractor? Consider the following:
- Slips and falls at your office
- Weather events destroy business property (buildings and their contents)
- Fire and smoke
- Theft and vandalism
- Employee injuries while at work
- Lawsuits from clients, vendors, or the general public
- Professional negligence
- Damage to a client’s property
Editing and proofreading contractor insurance helps you cover financial losses associated with these kinds of events, so you can recover and continue to operate.
What Does Editing and Proofreading Contractor Insurance Cover?
With the help of an independent insurance agent, you can determine which kinds of editing and proofreading contractor insurance you need in order to protect your business assets. If you operate a small- to medium-sized firm with owned or leased office space and several employees, you will likely need the following types of business insurance policies, at a minimum.
- Commercial general liability (CGL) insurance: This protects your editing and proofreading business if you cause injury or property damage to a third party. If a client falls and is injured at your office, your CGL insurance would cover direct costs related to the claim (e.g., medical bills), as well as lawsuit-related costs if you are sued. It pays for attorney fees, court costs, and any court-ordered settlements or judgments. CGL insurance also pays for claims related to advertising liability, slander, libel, and copyright infringement.
- Whether you own your office space or lease it, you need insurance coverage for your business property. Commercial property insurance reimburses you for property damage to building(s) and their contents if damaged by fire, wind, smoke, theft, or vandalism, and certain other causes of loss.
- Your commercial property policy should also include coverage for business interruption. This important coverage can help you stay afloat if your office space is damaged by fire or some other covered peril and you must close or relocate while repairs are made. It pays for ongoing expenses (salaries, rent) and lost income that follow the loss.
You might be able to purchase a business owners policy, or BOP. A BOP is a packaged policy designed for small- to medium-sized businesses. It bundles property, liability, and business interruption coverage into one convenient, affordable policy. Only certain businesses qualify for a BOP, and your independent insurance agent can help you determine your eligibility.
Professional Liability Insurance for Editing and Proofreading Contractors
Your clients rely on you for your skills and expertise. They pay you to perfect a variety of documents that may be seen by the general public. If you or one of your employees is negligent and makes a mistake that leads to a financial loss for a client, you can be sued for damages.
Examples of professional negligence for an editing and proofreading contractor may include:
- Unintended plagiarism
- Plagiarism or copyright infringement
- Conflict of interest
- Erroneous advice
- Invasion of privacy
- Breach of confidentiality
- Theft of client records
Even if a negligence claim against you is unfounded, you will still have to defend yourself if you are sued. Professional liability insurance protects you if your advice or services cause financial harm to a client.
If you don’t have professional liability coverage, your personal assets could be at risk. A professional liability policy will pay for your legal defense, including attorney fees, court costs, and any settlements or judgments that you must pay.
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Insurance for Independent Editing and Proofreading Contractors
If you’re an independent or freelance editing and proofreading contractor and you work out of your home full-time or even just some of the time, you may be uninsured or underinsured if you think you have coverage under your homeowners insurance policy.
A typical homeowners insurance policy limits coverage for office equipment to around $2,500 — not nearly enough to replace a computer, printer, phones, desk, fax, scanner, or other equipment or supplies you need for your business. And your homeowners policy will not cover business liability, loss or damage of business records, and damage caused by business interruption.
If you have a home office, you have several options in order to make sure you have appropriate coverage:
- Endorsement to your homeowners insurance policy: Independent editing and proofreading contractors can add an endorsement to a homeowners insurance policy that provides more coverage for the home-based business or home office. This option is viable for one-person businesses without a lot of valuable equipment or business-related visitors. The endorsement will typically add about $2,500 in business equipment coverage as well as some additional liability protection at an affordable price.
- In-home business/home office insurance: Some insurance companies offer a specialty policy for in-home businesses or home offices. The in-home business policy includes certain features of business insurance policies designed for larger firms, but sometimes with much lower policy limits. A typical in-home business policy will provide $10,000 of business property coverage and a liability coverage limit typically between $300,000 and $1 million. It may also provide limited coverage for loss of valuable documents, accounts receivable, offsite business property, and use of equipment.
- Business owners policy: A BOP as described above is often recommended for home-based business owners who need more than $10,000 of business property coverage, as well as liability coverage for customer injuries and business interruption coverage.
What Other Policies Do Editing and Proofreading Contractors Need?
You might need a variety of additional business insurance policies or endorsements for your editing and proofreading business, depending on the size of your business and the number of employees you have. Talk to your independent insurance agent about your need for:
- Workers’ compensation insurance
- Employment practices liability insurance
- Cyber liability insurance
- Commercial vehicle coverage, and hired and non-owned auto liability coverage
- Commercial umbrella (excess liability) coverage
How Much Does Editing and Proofreading Contractor Insurance Cost?
In general, insurance costs for editing and proofreading contractors will vary depending on the size of your business, the number of employees you have, the amount and value of commercial property, the location of your business, and a variety of other variables.
An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right editing and proofreading contractor insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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