Whenever you budget the expenses of your business, Balloon Services 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 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 unforeseen happens.
Like any business owner, for your Balloon Services enterprise, you must consider how much financial danger you are taking on.
If your Balloon Services business runs without proper insurance, you are taking a giant 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 consequences of their actions.
In this article, we are giving very general guidelines for small businesses to highlight 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 Balloon Services business?
What this means, for any Balloon Services 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 Balloon Services 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 Texas, there are specific monetary levels that limit the amount a court 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 sued for.
When you are running your Balloon Services 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 Balloon Services insurance protect you from?
For your Balloon Services business, the most important types of insurance are meant 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 Balloon Services business owner should know when negotiating the insurance needed.
The main categories of insurance for your Balloon Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Balloon Services business is dealing directly with other people, and that means you generally 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 demand compensation.
General liability insurance policy for your Balloon Services business insures you against claims coming from injury to clients or damage to their property.
It protects your Balloon Services business from the claims themselves and in addition 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 require proper liability insurance.
The average level of general liability insurance for your Balloon Services 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 Balloon Services insurance operations.
Professional liability insurance for your Balloon Services business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Balloon Services business for them, you can quickly face a law suit.
Even if the lawsuit against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Balloon Services 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 Balloon Services insurance section below for average prices of professional liability insurance for your Balloon Services 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 you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to be aware of the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Balloon Services
Only you can determine exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Balloon Services 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 proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, 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, insist on this type of insurance.
The necessary value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Balloon Services business needs unique 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 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 whatever needed to keep your Balloon Services business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Balloon Services business’ equipment.
Commercial Property insurance
Any Balloon Services business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, as well as a big liability if there’s a mortgage.
Any physical building location needs to carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Balloon Services business premises, there is a need for more supplementary 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 Balloon Services insurance section below to give some idea of the average prices per million dollars of property insurance for your Balloon Services business.
Temporary insurance by month, week or day for your Balloon Services business
Is your Balloon Services 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 Balloon Services – 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 less premiums but still having identical risk cover.
The key feature of short-term insurance is that you buy 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 higher 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 Balloon Services business
You have the choice to combine several 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 mostly the right choice for small and medium-sized Balloon Services businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs do 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 typical business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.
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 Balloon Services business employees
In many states, it is mandatory to have workers compensation insurance when your Balloon Services business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee 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.
In these states, you may not obtain 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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Balloon Services insurance requirement 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 collected for the main types of insurance your Balloon Services businesses needs.
|Types of insurance||Price range|
|General liability insurance||$688 – $1031|
|Public liability insurance||$326 – $614|
|Product liability insurance||$317 – $669|
|Commercial insurance||$863 – $2311|
|Commercial vehicle insurance||$1718 – $3385|
|Equipment insurance||$488 – $1312|
Cost of insurance for your Balloon Services operations depends on many different factors.
We have estimated these figures for small independent Balloon Services businesses.
The location and size and type of your Balloon Services 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 looking for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Balloon Services operations?
This is an umbrella term used to describe standard insurance policies designed to protect Balloon Services business owners from risks like bodily injury, property damage, claims of negligence.
Does my Balloon Services 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 Balloon Services business insurance policy cover?
Liability insurance provides coverage 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 best policies for Balloon Services insurance.
How much will Balloon Services business insurance cost?
In addition to 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.