Whenever you budget the expenses of your business, Advertising Account Executive insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.
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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Advertising Account Executive enterprise, you must consider how much financial liability you are taking on.
If your Advertising Account Executive business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions.
In this article, we are giving very general guidelines for small businesses to outline 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 Advertising Account Executive business?
What this means, for any Advertising Account Executive business owner, is that if some company 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 Advertising Account Executive business is not sheltered by laws in the same way as states are, where legislation 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 Advertising Account Executive operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does Advertising Account Executive insurance protect you from?
For your Advertising Account Executive business, the most important types of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Advertising Account Executive business owner should consider when negotiating the insurance needed.
The main types of insurance for your Advertising Account Executive businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Advertising Account Executive business is dealing directly with members of the public, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Advertising Account Executive business insures you against claims coming from injury to visitors or damage to their property.
It protects your Advertising Account Executive business from the claims themselves and also 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 require proper liability insurance.
The usual level of general liability insurance for your Advertising Account Executive business would be with a cap of $1 million for a single event 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 Advertising Account Executive insurance operations.
Professional liability insurance for your Advertising Account Executive business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Advertising Account Executive 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 substantial, and the impact on your reputation can be damaging.
Most small Advertising 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 Advertising Account Executive insurance section below for average prices of professional liability insurance for your Advertising Account Executive operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to understand the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Advertising Account Executive
Only you can determine exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial insurance
Commercial vehicle insurance for your Advertising Account Executive business
Be careful! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car is being used for business purposes.
The right 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 van policies insure 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 guaranteed if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The required 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 Advertising Account Executive business needs unique and expensive equipment, you will realize 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 unexpected 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 unique 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 Advertising Account Executive business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Advertising Account Executive business’ equipment.
Commercial Property insurance
Any Advertising Account Executive business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Advertising Account Executive business operates in areas of high risk, like California or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Advertising 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 Advertising Account Executive insurance section below to give some idea of the average prices per million dollars of property insurance for your Advertising Account Executive business.
Temporary insurance by month, week or day for your Advertising Account Executive business
Is your Advertising Account Executive business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Advertising Account Executive – 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 reduced premiums but still having the same risk cover.
The important feature of short-term insurance is that you pay for the cover for a defined period – a nominated 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Advertising Account Executive business
You have the choice to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates 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 often the right choice for small and medium-sized Advertising Account Executive businesses, such as yours.
There are some limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle policies.
Also, the size of your business will rule whether you are allowed to take out BOP cover.
The typical business that is eligible for a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual revenue.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Advertising Account Executive business employees
In almost all states, it is mandatory to have workers compensation insurance when your Advertising Account Executive business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand 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 requirements 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 authorize coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance corporations.
Workers compensation charges are calculated 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 Advertising Account Executive insurance level is unique, there are enough examples of average quotes from insurance companies for us to give rough guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your Advertising Account Executive businesses needs.
Types of insurance | Price range |
Equipment insurance | $495 – $1185 |
Product liability insurance | $320 – $715 |
Public liability insurance | $280 – $725 |
Commercial vehicle insurance | $1815 – $2685 |
Commercial insurance | $975 – $2890 |
General liability insurance | $720 – $1110 |
Cost of insurance for your Advertising Account Executive operations depends on many different factors.
We have calculated these figures for small self-employed Advertising Account Executive businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% less.
The location and size and type of your Advertising 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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Also you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your suburb.
FAQ
What is small business insurance for Advertising Account Executive operations?
This is a wide term used to describe common insurance policies designed to protect Advertising Account Executive business owners from risks like bodily injury, property damage, claims of negligence.
Does my Advertising Account Executive 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Advertising Account Executive business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Advertising Account Executive insurance.
How much will Advertising 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 consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Advertising Account Executive, in the search box below, and follow the relevant links.