Whenever you budget the expenses of your business, Broadcast Technicians insurance must be included in 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 Broadcast Technicians enterprise, you must consider how much financial danger you are taking on.
If your Broadcast Technicians business runs without proper insurance, you are taking a tremendous 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 startup businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Broadcast Technicians business?
What this means, for any Broadcast Technicians business owner, is that if some customer claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Broadcast Technicians business is not harbored 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 Texas, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.
In a court case, it’s purely the duty 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 Broadcast Technicians operations, you can’t escape responsibility for the consequences of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Broadcast Technicians insurance protect you from?
For your Broadcast Technicians 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 legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Broadcast Technicians business owner should know when negotiating the insurance needed.
The main headings of insurance for your Broadcast Technicians businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Broadcast Technicians business is dealing directly with members of the public, 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 sue you for compensation.
General liability insurance policy for your Broadcast Technicians business insures you against claims coming from injury to clients or damage to their property.
It protects your Broadcast Technicians 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 insist on proper liability insurance.
The usual level of general liability insurance for your Broadcast Technicians 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 Broadcast Technicians insurance operations.
Professional liability insurance for your Broadcast Technicians business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Broadcast Technicians business for them, you can quickly have to fight a monetary claim.
Even if the case against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Broadcast Technicians 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 Broadcast Technicians insurance section below for average prices of professional liability insurance for your Broadcast Technicians 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 the results 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 liable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Broadcast Technicians
Only you can estimate exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Broadcast Technicians business
Be careful! – most 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.
In addition, 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 collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Broadcast Technicians 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 gear 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 any equipment needed to keep your Broadcast Technicians business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Broadcast Technicians business’ equipment.
Commercial Property insurance
Any Broadcast Technicians business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Broadcast Technicians business operates in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where extreme cold snaps can cause damage to outer coverings of Broadcast Technicians business premises, there is a need for more additional 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 Broadcast Technicians insurance section below to give some estimate of the average prices per million dollars of property insurance for your Broadcast Technicians business.
Temporary insurance by month, week or day for your Broadcast Technicians business
Is your Broadcast Technicians business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Broadcast Technicians – 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 adequate risk cover.
The key feature of short-term insurance is that you purchase 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 higher business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Broadcast Technicians 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 Broadcast Technicians businesses, such as yours.
There are two 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 normal 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 Broadcast Technicians business employees
In many states, it is mandatory to have workers compensation insurance when your Broadcast Technicians business has one or more employees.
Workers compensation insurance covers the enterprise 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 laws 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 obtain your workers compensation obligations from private insurance companies.
Workers compensation charges are computed 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 Broadcast Technicians 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 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 Broadcast Technicians businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$370 – $600|
|Commercial insurance||$1140 – $2075|
|Product liability insurance||$325 – $515|
|General liability insurance||$755 – $1080|
|Equipment insurance||$315 – $1335|
|Commercial vehicle insurance||$1660 – $3205|
Cost of insurance for your Broadcast Technicians operations depends on many different factors.
We have estimated these figures for small self-employed Broadcast Technicians businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% cheaper.
The location and size and type of your Broadcast Technicians 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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As well you can let the internet do the work for you by enquiring about 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 Broadcast Technicians operations?
This is an umbrella term used to describe common insurance policies designed to protect Broadcast Technicians business owners from risks like bodily injury, property damage, claims of negligence.
Does my Broadcast Technicians 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Broadcast Technicians business insurance policy cover?
Liability insurance provides insurance 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 best policies for Broadcast Technicians insurance.
How much will Broadcast Technicians business insurance cost?
In addition to the size of the business, some 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.
You can search for more information insurance for Broadcast Technicians, in the search box below, and follow the relevant links.