Whenever you budget the expenses of your business, Art Space Rentals insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Art Space Rentals
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With the protection provided by insurance against accidents and all the other kinds 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 Art Space Rentals enterprise, you must consider how much financial risk you are taking on.
If your Art Space Rentals business runs without proper insurance, you are taking an enormous 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 Art Space Rentals business?
What this means, for any Art Space Rentals 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 Art Space Rentals 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 Texas, 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Art Space Rentals operations, you can’t avoid responsibility for the results of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Art Space Rentals insurance protect you from?
For your Art Space Rentals business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Art Space Rentals business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Art Space Rentals businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Art Space Rentals business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be damaged.
In such a case, they can require compensation.
General liability insurance policy for your Art Space Rentals business protects you against claims coming from injury to clients or damage to their property.
It protects your Art Space Rentals business from the claims themselves and in addition to any associated court costs and legal fees of the lawsuits.
In many cases, it should 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 Art Space Rentals business would be with a cap of $1 million for a single claim 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 Art Space Rentals insurance operations.
Professional liability insurance for your Art Space Rentals business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Art Space Rentals business for them, you can quickly face a court case.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Art Space Rentals business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Art Space Rentals insurance section below for average prices of professional liability insurance for your Art Space Rentals 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 the results didn’t meet your description of function, or that your advice was basically incorrect.
You need to understand 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 results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Art Space Rentals
Only you can know exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Art Space Rentals business
Beware! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle 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 car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car 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 wanted value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Art Space Rentals business needs specific and costly 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 unpredicted acts.
In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy 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 Art Space Rentals business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Art Space Rentals business’ equipment.
Commercial Property insurance
Any Art Space Rentals business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Art Space Rentals business deals in areas of high risk, like Texas or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Art Space Rentals business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends completely 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 Art Space Rentals insurance section below to give some estimate of the average prices per million dollars of property insurance for your Art Space Rentals business.
Temporary insurance by month, week or day for your Art Space Rentals business
Is your Art Space Rentals 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 Art Space Rentals – are special policies where you can cover a designated 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 key feature of short-term insurance is that you purchase 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 better 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 Art Space Rentals business
You have the chance 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 combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Art Space Rentals businesses, such as yours.
There are a few limits that will dictate 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 dictate whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual turnover.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Art Space Rentals business employees
In many states, it is mandatory to have workers compensation insurance when your Art Space Rentals business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 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 obtain your workers compensation obligations from private insurance corporations.
Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every Art Space Rentals insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with a broker what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Art Space Rentals businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$333 – $726|
|Product liability insurance||$345 – $870|
|Commercial insurance||$962 – $2311|
|Equipment insurance||$358 – $1299|
|General liability insurance||$727 – $1053|
|Commercial vehicle insurance||$1566 – $3466|
Cost of insurance for your Art Space Rentals operations depends on many different factors.
We have reckoned these figures for small independent Art Space Rentals businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% cheaper.
The location and size and type of your Art Space Rentals 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.
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In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for Art Space Rentals operations?
This is an umbrella term used to describe standard insurance policies designed to protect Art Space Rentals business owners from risks like bodily injury, property damage, claims of negligence.
Does my Art Space Rentals business have to have insurance?
Some of the forms 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 Art Space Rentals business insurance policy cover?
Liability insurance provides insurance 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 most common policies for Art Space Rentals insurance.
How much will Art Space Rentals business insurance cost?
On top of the size of the business, some 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.