Whenever you budget the expenses of your business, Choreographers insurance must be high on 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 liability insurance and all the other types 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 Choreographers enterprise, you must consider how much financial danger you are taking on.
If your Choreographers business runs without proper insurance, you are taking a giant 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 upshots 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 Choreographers business?
What this means, for any Choreographers business owner, is that if some company 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 Choreographers business is not sheltered 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 claimed.
When you are running your Choreographers operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Choreographers insurance protect you from?
For your Choreographers business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Choreographers business owner should know when negotiating the insurance needed.
The main categories of insurance for your Choreographers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Choreographers business is dealing directly with members of the public, and that means you generally 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 demand compensation.
General liability insurance policy for your Choreographers business covers you against claims coming from injury to visitors or damage to their property.
It protects your Choreographers 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 require proper liability insurance.
The average level of general liability insurance for your Choreographers 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 Choreographers insurance operations.
Professional liability insurance for your Choreographers business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Choreographers business for them, you can quickly be involved in a court case.
Even if the lawsuit 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 Choreographers 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 Choreographers insurance section below for average prices of professional liability insurance for your Choreographers 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 what they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to understand 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 possible lawsuit, you need Product liability insurance for Choreographers
Only you can estimate exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Choreographers business
Be careful! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the car 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 direct commercial vehicle insurance package.
Commercial van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, 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 an accident.
Most states, other than Virginia and New Hampshire, mandate 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 Choreographers 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 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 specific 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 Choreographers business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Choreographers business’ equipment.
Commercial Property insurance
Any Choreographers business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every 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 deliberate damages like theft and vandalism.
If your Choreographers business works in areas of high risk, like California or North Carolina, supplementary 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 Choreographers business premises, there is a need for more extra cover than in warmer climes.
Although 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 Choreographers insurance section below to give some indication of the average prices per million dollars of property insurance for your Choreographers business.
Temporary insurance by month, week or day for your Choreographers business
Is your Choreographers 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 Choreographers – 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 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 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 Choreographers 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 integrates commercial property and public liability insurance by packaging 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 often the right choice for small and medium-sized Choreographers businesses, such as yours.
There are two limits that will dictate 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 rule whether you are eligible to take out BOP cover.
The usual business that can take out a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual revenue.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Choreographers business employees
In many states, it is mandatory to have workers compensation insurance when your Choreographers business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand 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 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 authorize coverage from the government-run monopoly state funds.
In these states, you can’t obtain your workers compensation obligations from private insurance corporations.
Workers compensation rates are calculated 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 Choreographers 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 a broker what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Choreographers businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1505 – $2525|
|General liability insurance||$565 – $920|
|Product liability insurance||$330 – $800|
|Commercial insurance||$840 – $2145|
|Public liability insurance||$275 – $765|
|Equipment insurance||$350 – $1275|
Cost of insurance for your Choreographers operations depends on many different factors.
We have calculated these figures for small self-employed Choreographers businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% cheaper.
The location and size and type of your Choreographers 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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In addition 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 suburb.
What is small business insurance for Choreographers operations?
This is an umbrella term used to describe basic insurance policies designed to protect Choreographers business owners from risks like bodily injury, property damage, claims of negligence.
Does my Choreographers business have to have insurance?
Some of the types 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 Choreographers 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 Choreographers insurance.
How much will Choreographers business insurance cost?
As well as 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.
You can search for more information insurance for Choreographers, in the search box below, and follow the relevant links.