Should you have business insurance?

[lucyt712]

Hello, do many Sellers here on Fiverr based have a Professional Liability/Indemnity  Insurance policy to protect them against potential litigation from clients?

I have insurance protecting me from UK-based clients, but not the rest of the world. It's expensive to insure internationally, so I have not gone that road. This is because I think it is unlikely someone would try to sue me, but you never know something is going to happen to you until it happens to you.

 

[lloydsolutions]

Should you have business insurance? is the title of your post.

"Sellers are responsible for obtaining a general liability insurance policy with coverage amounts that are sufficient to cover all risks associated with the performance of their services."

The above is from the Terms of Service at the bottom of the Fiverr main page. 

[lucyt712]

20 hours ago, lloydsolutions said:

Should you have business insurance? is the title of your post.

• Sellers are responsible for obtaining a general liability insurance policy with coverage amounts that are sufficient to cover all risks associated with the performance of their services.
• The above is from the Terms of Service at the bottom of the Fiverr main page.

I am aware of that, just wondered how many people actually had it, as I've read on here most don't, but that was a few years ago..

[shohag_arfin]

 

100%, But no seller puts all his eggs in a bucket.

[anniejenkinson]

I agree with you on everything. take these products when you are young and healthy; I have found I cannot get life insurance or income protection now, in my fifties. 

The only thing about getting lots of life insurance is the need to know implicitly that nobody who may benefit might assist you to die sooner, ha, if they know they will gain a massive 'bonus'! 🙂 

[missjennyvoices]

I came here seeking the answer to the same question that the original poster posted, but with follow-up questions.....I read in the TOS that we are to have Professional Liability/Indemnity Insurance but my questions are as follows:

I am JUST starting out in voiceover - I have not had a single job just yet, currently awaiting my first order amongst all the scammers. How much coverage do I need? How is that determined?

When should I get insurance coverage? Is that something that you get before your first job or after you begin to make a certain amount (to justify the cost of the insurance)? 

I am new to Fiverr and the Voiceover industry as well so please be kind with your replies. I will acquire the insurance as soon as I have more information that I hope to obtain in this thread.

 

Edited May 18, 2023 by missjennyvoices

[fastc0der]

If you own a business   if I understand it right

[sharminmukti]

It is very important for your own business.

[sharzilzofi]

While some Fiverr sellers may have Professional Liability/Indemnity Insurance, it is not a requirement. The decision to have insurance coverage, especially internationally, varies among sellers based on individual circumstances and risk tolerance. It's advisable to consult with legal and insurance professionals to determine the most suitable coverage for your business needs.