Accounts Payable Manager insurance – cost and types of policies

Whenever you budget the expenses of your business, Accounts Payable Manager insurance must be high on the list because you can’t always know exactly what could happen in the future.

With the protection provided by insurance against accidents and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.

Like any business owner, for your Accounts Payable Manager enterprise, you must consider how much financial danger you are taking on.

If your Accounts Payable Manager 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 growing businesses to explain what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Accounts Payable Manager business?

What this means, for any Accounts Payable Manager business owner, is that if some person claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Accounts Payable Manager business is not sheltered by laws in the same way as states are, where edicts 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 a judge 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 plaintiff more than they have sued for.

When you are running your Accounts Payable Manager operations, you can’t avoid 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 alone.

What does Accounts Payable Manager insurance protect you from?

For your Accounts Payable Manager business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Accounts Payable Manager business owner should know when negotiating the insurance needed.

The main headings of insurance for your Accounts Payable Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Accounts Payable Manager business is dealing directly with customers, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be ruined.

In such a case, they can demand compensation.

General liability insurance policy for your Accounts Payable Manager business insures you against claims coming from injury to clients or damage to their property.

It protects your Accounts Payable Manager business from the claims themselves and as well to any associated 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 demand proper liability insurance.

The average level of general liability insurance for your Accounts Payable Manager 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 Accounts Payable Manager insurance operations.

Professional liability insurance for your Accounts Payable Manager business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Accounts Payable Manager business for them, you can quickly have to fight a court case.

Even if the matter against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Every small Accounts Payable Manager 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 Accounts Payable Manager insurance section below for average prices of professional liability insurance for your Accounts Payable Manager operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your recommendation 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 culpable for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Accounts Payable Manager

Only you can know exactly how much insurance you should get.

Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Accounts Payable Manager business

Beware! – most policies for private vehicle insurance do not cover any occurrence 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 direct commercial vehicle insurance package.

Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a crash.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Accounts Payable Manager business needs specialized and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

As well, 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 unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Accounts Payable Manager business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Accounts Payable Manager business’ equipment.

Commercial Property insurance

Any Accounts Payable Manager business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Accounts Payable Manager business works in areas of high risk, like Texas or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Accounts Payable Manager business premises, there is a need for more additional cover than in warmer climes.

Because 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 Accounts Payable Manager insurance section below to give some estimate of the average prices per million dollars of property insurance for your Accounts Payable Manager business.

Temporary insurance by month, week or day for your Accounts Payable Manager business

Is your Accounts Payable Manager business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Accounts Payable Manager – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having adequate risk cover.

The key feature of short-term insurance is that you pay for 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 better business activity, get the existing cover increased.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Accounts Payable Manager business

You have the chance 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 combines commercial property and public liability insurance by amalgamating 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 mostly the right choice for small and medium-sized Accounts Payable Manager businesses, such as yours.

There are some limits that will determine whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle cover.

Also, the size of your business will rule whether you are allowed to take out BOP cover.

The usual business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual turnover.

Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Accounts Payable Manager business employees

In many states, it is mandatory to have workers compensation insurance when your Accounts Payable Manager business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if a worker experiences an injury or becomes sick as a result of work.

The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s regulations in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance providers.

Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must consult the relevant authorities in your state.

Average costs of these types of insurance

Although every Accounts Payable Manager insurance requirement is unique, there are enough examples of standard 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 collected for the main types of insurance your Accounts Payable Manager businesses needs.

Cost of insurance for your Accounts Payable Manager operations depends on many different factors.

We have reckoned these figures for small self-employed Accounts Payable Manager businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they can be about 20%-30% lower.

The location and size and type of your Accounts Payable Manager business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

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 Accounts Payable Manager operations?

This is a general term used to describe standard insurance policies designed to protect Accounts Payable Manager business owners from risks like bodily injury, property damage, claims of negligence.

Does my Accounts Payable Manager business have to have insurance?

Some of the kinds of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Accounts Payable Manager business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for Accounts Payable Manager insurance.

How much will Accounts Payable Manager business insurance cost?

On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Accounts Payable Manager, in the search box below, and follow the relevant links.

Related Industries:

Accounts Payable Accountant insurance – cost and types of policies Accounts Payable Analyst insurance – cost and types of policies Accounts Payable Administrator insurance – what kind and at what cost Accounts Payable Assistant insurance – cost and coverage Accounts Payable Clerk insurance – what kind and at what cost Accounts Payable Coordinator insurance – cost and coverage Accounts Payable Specialist insurance – cost and coverage Accounts Payable Supervisor insurance – cost and coverage Accounts Receivable Manager insurance – cost and coverage Accounts Receivable Clerk insurance – cost and types of policies Accounts Receivable Coordinator insurance – cost and types of policies Accounts Receivable Supervisor insurance – cost and types of policies