Astrology and Psychics insurance – what kind and at what cost

Whenever you budget the expenses of your business, Astrology and Psychics insurance must be included in the list because you can’t always know exactly what is going to happen in the future.

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 unwanted happens.

Like any business owner, for your Astrology and Psychics enterprise, you must consider how much financial risk you are taking on.

If your Astrology and Psychics business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final 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 small 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 Astrology and Psychics business?

What this means, for any Astrology and Psychics 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 Astrology and Psychics business is not protected 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 Montana, 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 plaintiff more than they have sued for.

When you are running your Astrology and Psychics operations, you can’t escape 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 a person.

What does Astrology and Psychics insurance protect you from?

For your Astrology and Psychics business, the most important sorts of insurance are intended 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 describe the most important points any Astrology and Psychics business owner should know when negotiating the insurance needed.

The main headings of insurance for your Astrology and Psychics businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Astrology and Psychics 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 ruined.

In such a case, they can demand compensation.

General liability insurance policy for your Astrology and Psychics business insures you against claims coming from injury to customers or damage to their property.

It protects your Astrology and Psychics business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.

In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The normal level of general liability insurance for your Astrology and Psychics business would be with a upper limit 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 Astrology and Psychics insurance operations.

Professional liability insurance for your Astrology and Psychics business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Astrology and Psychics business for them, you can quickly be involved in a court case.

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 Astrology and Psychics 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 Astrology and Psychics insurance section below for average prices of professional liability insurance for your Astrology and Psychics 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 you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to be aware of the explicit laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Astrology and Psychics

Only you can determine exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your Astrology and Psychics business

Take care! – 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 designated commercial vehicle insurance package.

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

In addition, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a collision.

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

The required value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Astrology and Psychics business needs specific and dedicated equipment, you can appreciate 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 unforeseen acts.

In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Astrology and Psychics 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 Astrology and Psychics business’ equipment.

Commercial Property insurance

Any Astrology and Psychics business that owns or rents space in a building should 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.

Your physical building location needs to 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 Astrology and Psychics business operates in areas of high risk, like Florida or Georgia, 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 Astrology and Psychics business premises, there is a need for more extra cover than in warmer climes.

Whereas 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 Astrology and Psychics insurance section below to give some estimate of the average prices per million dollars of property insurance for your Astrology and Psychics business.

Temporary insurance by month, week or day for your Astrology and Psychics business

Is your Astrology and Psychics business working part-time or casually, or is the level of business variable?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Astrology and Psychics – 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 the same risk cover.

The essential 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 Astrology and Psychics 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 packaging these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Astrology and Psychics businesses, such as yours.

There are some limits that will determine 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 eligible to take out BOP cover.

The normal business that can take out 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 required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Astrology and Psychics business employees

In many states, it is mandatory to have workers compensation insurance when your Astrology and Psychics 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 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 authorize coverage from the government-run monopoly state funds.

In these states, you may not take out your workers compensation obligations from private insurance companies.

Workers compensation premiums 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 Astrology and Psychics insurance need is unique, there are enough examples of standard 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 Astrology and Psychics businesses needs.

Cost of insurance for your Astrology and Psychics operations depends on many different factors.

We have calculated these figures for small freelance Astrology and Psychics businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they usually are about 20%-30% less.

The location and size and type of your Astrology and Psychics 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.

In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Astrology and Psychics operations?

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

Does my Astrology and Psychics business have to have insurance?

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

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

What does a small Astrology and Psychics business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client 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 Astrology and Psychics insurance.

How much will Astrology and Psychics business insurance cost?

In addition to the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.

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

Related Industries:

Psychics insurance – what kind and at what cost