Insurance for Creators in Australia
Creators, we get it. You want to be able to create without a lot of stress, but at the same time, you want to make sure that your business is safe and secure. That's why we're here: We know that insurance is vital for protecting your creative business.
If you're an Australian creator who wants to protect their work, we've got some good news—you can now insure your income with Coverhero! With our insurance plans, you'll have access to a wide range of additional coverage options that are perfect for creatives on the go.
Insurance for the creative industry
The creative industry is a growing industry. We are more likely to be self employed than other industries, and as such have to protect our income and assets in order to make sure we can continue doing what we love for years to come.
We know that being a freelancer means you probably don't get paid as much as someone with a full-time job, but that doesn't mean your finances should suffer because of it. In this article, we'll look at some common issues faced by creatives, and how they can be protected with insurance policies like Income Protection or Business Insurance.
What is insurance?
Think of insurance as a form of risk management that allows you to transfer the risk associated with your business or asset onto an insurance company. With higher risks come higher premiums, but if something unexpected happens and you need to make a claim, this can be crucial in getting your life back on track.
Insurance is also a way of managing uncertainty; having some money set aside in case things go awry provides peace of mind about any potential outcomes.
Uncertainty is an unfortunate reality for creatives who work on their own or run small businesses—there are always going to be moments where things could go wrong with no warning and without time for preparation. In those moments, having health insurance coverage means that you’ll still have access to care when it matters most.
Why do I need insurance?
Insurance is an essential part of your business, and if you’re making money online, it can be just as essential to have insurance.
When you don’t have insurance, it means that if something goes wrong and you get sued, or someone sues you, they could take everything from you. Your house, car, business and bank accounts could be taken away from you because no one wants to pay out for the mess their mistake created.
Insurance for creatives
Insurance for creatives is a tricky thing. This group of people are often self-employed and often not able to take advantage of the benefits that come with being an employee.
It's important, therefore, to know what insurance you need in order to protect yourself and your business.
Professional Indemnity Insurance
Professional Indemnity Insurance is invaluable for creators. It protects you from claims of negligence, copyright infringement, defamation and plagiarism. If someone makes a claim against you and your insurance provider pays out on that claim, the amount paid out will be covered by the policy.
Product Liability Insurance
Product Liability Insurance is a type of insurance that pays for legal costs and damages when your product causes injury or harm to someone else. This kind of insurance is important if you're selling products online, creating a product that could cause injury, or have other risks associated with the way your business operates.
How much coverage do I need?
The cost of product liability insurance depends on how much coverage you want and what kind of business operations you have:
- If you're selling products online, then it's best to get as much coverage as possible - especially if there are no limits on how much damages can be claimed from an individual claim or series of claims. It's also essential to include all aspects of your business in this policy so that everything related to making and distributing products will be covered under the same policy (e.g., advertising materials).
- If there are no limits on how much damages can be claimed from an individual claim or series of claims, then consider getting enough coverage, so those costs don't affect future profits negatively without having any way out."
Business Interruption Insurance
What is Business Interruption Insurance?
Business interruption insurance covers you in the event of a disaster or damage to your business, and it will pay you the difference between what you earn and the costs of operating your business at full capacity. It's designed to protect your financial stability while keeping your doors open while recovering from an unexpected loss.
While it's not exactly fun to think about, it's important that creators have some kind of plan in place for when disaster strikes—or even if they're just worried about what could go wrong with their business down the line. That said, there are some specific types of catastrophes that might be more likely than others for creators in Australia:
- Fire damage: In 2017 alone, there were over 1,500 fires across Victoria. Fires can happen anywhere; luckily, businesses can often recover from them fairly quickly by renting another space temporarily until repairs are made or moving everything somewhere else entirely (like home). But this requires some time and money—and those are both things that any creator needs as much as possible! If something happens to one studio or office space but not another nearby location owned by friends who also run creative businesses...well then maybe those friends should get involved!
Income Protection Insurance
- What is Income Protection Insurance?
Income protection insurance helps protect you in the event that you are unable to work due to illness, injury or permanent disability. It can help replace lost income should your earning capacity decrease significantly or cease altogether.
- Who is it for?
This type of insurance is ideal for anyone who has a regular source of income, whether they're an employee or self-employed. If the income from your job provides most (or all) of your household's total income, then this type of policy could be extremely beneficial for protecting your family finances.
You might be wondering why you need insurance. It’s a good question! But the truth is that no matter how careful you are or how much risk you minimise, things can still go wrong. Having some extra cover in place could save your business from falling apart if something goes wrong with one of its significant projects or could help get back on track after an unexpected financial loss like an accident or illness affecting one of your artists.
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