Updated: Jul 6, 2019
Insurance is one of those “unsexy” aspects of running a design business. We all know we should have it, but we don’t really know why. If you’re like most small business operators, it’s easier to avoid the topic all together, which usually means leaving yourself exposed by being totally uninsured.
On Thursday 18th July we have invited insurance specialist Graeme Hay from Marsh Advantage to help us uncover some of the mysteries surrounding all things insurance related. This is the first of our Seminar Sessions: Q & A sessions for our designers to ask specific questions relating to their businesses.
In the lead up to the Seminar Session this month, we interviewed Graeme to find out why it’s important for design professionals to have insurance, what types of insurance are suitable and, importantly, what is generally covered by insurance and what isn’t.
TDC: Thanks for joining The Design Coach community Graeme! We really appreciate you taking the time to talk insurance basics with our members. Most of us have avoided this issue for so long that we may have forgotten why we need insurance. Can you help us understand why it’s so important?
GH: At the core of it, insurance is there to protect businesses from the financial impact of risks associated with their activities. It allows a business to carry out its work safe in the knowledge that there is a ‘safety net’ should unforeseen risk occur. That said, there are other reasons that insurance may be necessary such as contractual obligations.
TDC: Many of our members operate their own businesses, or at least hope to someday. What sort of insurance do you recommend for self-employed designers?