Cell Phone Cases Online Shop insurance – cost and types of policies

Whenever you budget the expenses of your business, Cell Phone Cases Online Shop insurance must be near the top of the list because you can’t always know exactly what could happen in the future.

With the protection provided by general insurance 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 Cell Phone Cases Online Shop enterprise, you must consider how much financial liability you are taking on.

If your Cell Phone Cases Online Shop business runs without proper insurance, you are taking a giant 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 startup businesses to outline what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Cell Phone Cases Online Shop business?

What this means, for any Cell Phone Cases Online Shop 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 Cell Phone Cases Online Shop 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 Montana, 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.

When you are running your Cell Phone Cases Online Shop operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.

What does Cell Phone Cases Online Shop insurance protect you from?

For your Cell Phone Cases Online Shop business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Cell Phone Cases Online Shop business owner should know when negotiating the insurance needed.

The main categories of insurance for your Cell Phone Cases Online Shop businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Cell Phone Cases Online Shop 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 spoiled.

In such a case, they can demand compensation.

General liability insurance policy for your Cell Phone Cases Online Shop business protects you against claims coming from injury to clients or damage to their property.

It protects your Cell Phone Cases Online Shop 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 demand proper liability insurance.

The normal level of general liability insurance for your Cell Phone Cases Online Shop 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 Cell Phone Cases Online Shop insurance operations.

Professional liability insurance for your Cell Phone Cases Online Shop business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Cell Phone Cases Online Shop business for them, you can quickly have to fight a law suit.

Even if the lawsuit against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Almost all small Cell Phone Cases Online Shop 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 Cell Phone Cases Online Shop insurance section below for average prices of professional liability insurance for your Cell Phone Cases Online Shop 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 know 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 likely lawsuit, you need Product liability insurance for Cell Phone Cases Online Shop

Only you can estimate 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 Cell Phone Cases Online Shop business

Be careful! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van is being used for business purposes.

The best 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 truck policies cover 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, insist on this type of insurance.

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Cell Phone Cases Online Shop business needs unique and expensive 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 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 specialized 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 Cell Phone Cases Online Shop 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 Cell Phone Cases Online Shop business’ equipment.

Commercial Property insurance

Any Cell Phone Cases Online Shop business that owns or rents space in a building must 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 needs to carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Cell Phone Cases Online Shop 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 Cell Phone Cases Online Shop business premises, there is a need for more supplementary cover than in warmer climes.

Although 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 Cell Phone Cases Online Shop insurance section below to give some indication of the average prices per million dollars of property insurance for your Cell Phone Cases Online Shop business.

Temporary insurance by month, week or day for your Cell Phone Cases Online Shop business

Is your Cell Phone Cases Online Shop business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Cell Phone Cases Online Shop – 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 less premiums but still having identical risk cover.

The important 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 larger 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 Cell Phone Cases Online Shop 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 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 mostly the right choice for small and medium-sized Cell Phone Cases Online Shop businesses, such as yours.

There are a few limits that will rule whether BOP is suitable for your own business.

BOPs cannot 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 normal business that is eligible for a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual revenue.

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 Cell Phone Cases Online Shop business employees

In many states, it is mandatory to have workers compensation insurance when your Cell Phone Cases Online Shop business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if a worker 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 required to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.

In these states, you cannot take out your workers compensation obligations from private insurance corporations.

Workers compensation charges are worked out 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 Cell Phone Cases Online Shop insurance requirement is unique, there are enough examples of average 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 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 Cell Phone Cases Online Shop businesses needs.

Cost of insurance for your Cell Phone Cases Online Shop operations depends on many different factors.

We have reckoned these figures for small freelance Cell Phone Cases Online Shop businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they will be about 20%-30% less.

The location and size and type of your Cell Phone Cases Online Shop 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.

Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

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

FAQ

What is small business insurance for Cell Phone Cases Online Shop operations?

This is an umbrella term used to describe common insurance policies designed to protect Cell Phone Cases Online Shop business owners from risks like bodily injury, property damage, claims of negligence.

Does my Cell Phone Cases Online Shop business have to have insurance?

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

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

What does a small Cell Phone Cases Online Shop business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a third-party 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 Cell Phone Cases Online Shop insurance.

How much will Cell Phone Cases Online Shop business insurance cost?

On top of the size of the business, several 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.

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