Whenever you budget the expenses of your business, Account Executive insurance must be included in the list because you can’t always know exactly what can happen in the future.
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With the protection provided by general insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Account Executive enterprise, you must consider how much financial danger you are taking on.
If your Account Executive business runs without proper insurance, you are taking a giant chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for startup businesses to explain what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Account Executive business?
What this means, for any Account Executive business owner, is that if some person claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Account Executive business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.
When you are running your Account Executive operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Account Executive insurance protect you from?
For your Account Executive business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Account Executive business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Account Executive businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Account Executive business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can require compensation.
General liability insurance policy for your Account Executive business covers you against claims coming from injury to customers or damage to their property.
It protects your Account Executive business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.
The usual level of general liability insurance for your Account Executive business would be with a cap of $1 million for a single submission and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Account Executive insurance operations.
Professional liability insurance for your Account Executive business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Account Executive business for them, you can quickly face a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small Account Executive business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.
See the table in the cost of Account Executive insurance section below for average prices of professional liability insurance for your Account Executive operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Account Executive
Only you can determine exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial insurance
Commercial vehicle insurance for your Account Executive business
Be careful! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van is being used for business purposes.
The best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is covered if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The required value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Account Executive business needs unique and costly equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Account Executive business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Account Executive business’ equipment.
Commercial Property insurance
Any Account Executive business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Any physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Account Executive business operates in areas of high risk, like Florida or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Account Executive business premises, there is a need for more additional cover than in warmer climes.
Although the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Account Executive insurance section below to give some estimate of the average prices per million dollars of property insurance for your Account Executive business.
Temporary insurance by month, week or day for your Account Executive business
Is your Account Executive business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Account Executive – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having adequate risk cover.
The important feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of larger business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Account Executive business
You have the choice to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP merges commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Account Executive businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are permitted to take out BOP cover.
The usual business that is eligible for a BOP policy must have less than one hundred employees, and under five million dollars in annual sales.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Account Executive business employees
In most states, it is mandatory to have workers compensation insurance when your Account Executive business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if an employee experiences an injury or becomes sick as a result of work.
The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer required to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you may not obtain your workers compensation obligations from private insurance companies.
Workers compensation charges are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Account Executive insurance requirement is unique, there are enough examples of usual quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your Account Executive businesses needs.
Types of insurance | Price range |
Public liability insurance | $395 – $745 |
Commercial insurance | $925 – $2095 |
General liability insurance | $695 – $1185 |
Product liability insurance | $270 – $690 |
Equipment insurance | $380 – $1160 |
Commercial vehicle insurance | $1595 – $3190 |
Cost of insurance for your Account Executive operations depends on many different factors.
We have estimated these figures for small freelance Account Executive businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they will be about 20%-30% cheaper.
The location and size and type of your Account Executive business can have a big effect on the cost of different policies.
You should consult with professional insurance agents and brokers, or insurance company representatives.
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As well you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your town.
FAQ
What is small business insurance for Account Executive operations?
This is a wide term used to describe basic insurance policies designed to protect Account Executive business owners from risks like bodily injury, property damage, claims of negligence.
Does my Account Executive business have to have insurance?
Some of the forms of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Account Executive business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Account Executive insurance.
How much will Account Executive business insurance cost?
As well as the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.
You should talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Account Executive, in the search box below, and follow the relevant links.