Professional liability is the one that covers you in case you infringe someone’s copyright. I just got a notice that mine is jumping up 18% starting next month, and overall it’s doubled since 2021. In 25 years of freelance, I’ve never had a claim. Despite that, Liberty cancelled my insurance 2 years ago, saying they were getting out of my market. My broker said he couldn’t find anything priced similar so I had to switch to Hartford, which was an immediate 25% increase.
I can’t help but think this is one of the side effects of AI. It’s pulling from other people’s IP and creating potential liability.
But all aspects of insurance have price-jumped in the last few years. Does your insurance cover other errors of omission? Missed errors causing reprints, failure to deliver? You’d think the uptick in AI would reduce occurrences in those parts while creating the liability in the copyright areas.
Meanwhile I’m envisioning an awful lot of young designers here on GDF going, “You have to buy insurance for this???”
