AUGUST 13, 2024

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Welcome to The Tilt, a twice-weekly newsletter for content entrepreneurs.

7 Insurance Types You May Need

Insurance went to the top of my mind this past week. A tornado went through the area where several Tilt team members live (everybody is safe and OK). But I’ve had many conversations about what insurance covers and what it doesn’t.

It got me thinking – insurance is one of the last things on a content entrepreneur’s to-do list (if it makes the list at all). It’s something you realize you should have acquired after you need it.

A massive tech disruption, like the recent CrowdStrike attack that hit the airlines, affects your business operations. A digital villain steals your content and business files and holds them for ransom. A sponsor or client takes action over what they perceive as a mistake on your part.

So, what insurance should you consider?

Sebastian Hov, CEO of 18 Insurance, an insurance quote comparison site for California business owners, outlines several options:

1. Cyber insurance protects against losses from cyberattacks, data breaches, and other digital threats. It covers costs to investigate breaches, recover data, notify affected parties, legal fees, and potential settlements.

If you handle sensitive customer data, cyber insurance, Sebastian says, is particularly important. Of course, all entrepreneurs should consider it. I know of an author who had the draft of his book, among many files, held for ransom. He wouldn’t pay, so he started over. (It also speaks to the value of storing your files on an external physical hard drive.)

2. Professional liability insurance protects against claims of inadequate services or false advertising related to your products or services. It covers legal defense costs and settlements related to claims of negligence or failure to deliver promised services.

3. Intellectual property insurance protects against infringement claims and defends your intellectual property rights. It covers legal fees associated with defending or pursuing infringement claims.

Helpful Resource: Copyright and Trademark Basics for Content Entrepreneurs​

4. Business owner’s policies (BOP) combine property and liability insurance. It covers property damage, business interruption, and liability risks. They can be tailored to include e-commerce-related coverages like computer operations interruption and electronic data loss.

These policies can work well for entrepreneurs looking for broad coverage at a reasonable cost.

5. In-home business policies are available for those who operate home-based businesses (given the name, that’s probably no surprise.) They provide liability and property damage coverage, often as an endorsement (also known as a rider) to a homeowner's policy.

These policies are most helpful if you need additional protection beyond your standard homeowner’s policy.

Scott Lieberman, founder of www.TouchdownMoney.com, helps entrepreneurs grow online businesses. He concurs with Sebastian’s recommendations on cyber and product liability policies. But he also has two more suggestions:

6. Media liability insurance protects you against any financial loss from third-party claims, libel, slander and lawsuits.

7. Device insurance protects you against the loss of the devices you use to do your online business, such as computers, laptops, tablets or smartphones.

As you consider what, if any, insurance, you should acquire for your content business, assess the risks associated with your model. Do you need protection against data privacy concerns or could potential product liability issues affect your operation?

Most likely, you don’t have the experience with insurance to know which types of policies are a must, which are nice to have, and which aren’t necessary to acquire. That’s why, Sebastian says, you should consult a professional. Insurance agents can answer questions and tailor the coverage to your unique business needs to ensure all potential risks are addressed.

One more thing from Sebastian … Don’t just buy a policy and renew it every year. Your business needs may change, and the insurance industry definitely does, especially for digital and e-commerce businesses. Keep up with that evolution to ensure your insurance still works for your business and the world.

-Ann Gynn

Entrepreneur: Adam Neely

Biz: Adam Neely

Tilt: Obscure music theory

Scene: Website, YouTube (1.77M), Instagram (230K), X (91.1K), Facebook, Spotify (60K), Twitch (24.3K), Patreon (3,662)

Snack Bites:

• While he enrolled in music school in 2006, Adam founded his YouTube channel to share his enthusiasm for the bass guitar. He expanded to discuss music history, philosophy, and theory, which doesn’t get enough attention in traditional academia.
• Adam taught himself all aspects of operating a content business, from research to video editing.
• His Patreon membership costs $1 to $10 a month. Subscribers get early access to his videos, and the top tier can access a special Discord channel.
• His content business also has helped Adam draw attention to his electronic jazz group, Sungzer.

Why We Stan: Adam didn’t attempt to pick a popular topic to grab a trendy audience. He creates content about what interests him in the music industry and has found millions interested in it, too.

-Leo Bonacci

​Read Adam Neely’s story.​

Know a content creator who’s going full tilt? DM us. Or email tilt@thetilt.com.

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