Whenever you budget the expenses of your business, Clinical Social Worker 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 unexpected happens.
Like any business owner, for your Clinical Social Worker enterprise, you must consider how much financial danger you are taking on.
If your Clinical Social Worker 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 startup businesses to explain 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 Clinical Social Worker business?
What this means, for any Clinical Social Worker 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 Clinical Social Worker business is not protected by laws in the same way as states are, where laws 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 judge can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.
When you are running your Clinical Social Worker 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 a corporation, all of that liability belongs to you as a person.
What does Clinical Social Worker insurance protect you from?
For your Clinical Social Worker business, the most important types 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 describe the most important points any Clinical Social Worker business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Clinical Social Worker businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Clinical Social Worker business is dealing directly with customers, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Clinical Social Worker business protects you against claims coming from injury to customers or damage to their property.
It protects your Clinical Social Worker business from the claims themselves and as well to any resulting 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 demand proper liability insurance.
The average level of general liability insurance for your Clinical Social Worker business would be with a boundary 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 Clinical Social Worker insurance operations.
Professional liability insurance for your Clinical Social Worker business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Clinical Social Worker 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.
Almost all small Clinical Social Worker 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 Clinical Social Worker insurance section below for average prices of professional liability insurance for your Clinical Social Worker 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 recommendation was basically incorrect.
You need to know 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 Clinical Social Worker
Only you can know exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for support.
Commercial insurance
Commercial vehicle insurance for your Clinical Social Worker business
Be careful! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle 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 designated commercial vehicle insurance package.
Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on 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 Clinical Social Worker 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 tools may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
As well, 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 specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Clinical Social Worker 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 Clinical Social Worker business’ equipment.
Commercial Property insurance
Any Clinical Social Worker 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, along with 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 criminal damages like theft and vandalism.
If your Clinical Social Worker business operates in areas of high risk, like Texas or North Carolina, extra 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 Clinical Social Worker business premises, there is a need for more additional 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 Clinical Social Worker insurance section below to give some idea of the average prices per million dollars of property insurance for your Clinical Social Worker business.
Temporary insurance by month, week or day for your Clinical Social Worker business
Is your Clinical Social Worker 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 Clinical Social Worker – 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 buy the cover for a defined period – a specific 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 Clinical Social Worker business
You have the option to combine most 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 amalgamating 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 mostly the right choice for small and medium-sized Clinical Social Worker businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle risks.
Also, the size of your business will rule whether you are permitted 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 sales.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Clinical Social Worker business employees
In almost all states, it is mandatory to have workers compensation insurance when your Clinical Social Worker business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 laws in this regard can leave you as the employer obliged to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you may not take out your workers compensation obligations from private insurance providers.
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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Clinical Social Worker insurance need is unique, there are enough examples of standard quotes from insurance companies for us to give approximate 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 Clinical Social Worker businesses needs.
Types of insurance | Price range |
Equipment insurance | $490 – $1075 |
Product liability insurance | $225 – $665 |
Commercial vehicle insurance | $1595 – $3440 |
General liability insurance | $660 – $1280 |
Commercial insurance | $965 – $2995 |
Public liability insurance | $350 – $680 |
Cost of insurance for your Clinical Social Worker operations depends on many different factors.
We have estimated these figures for small self-employed Clinical Social Worker businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they will be about 20%-30% cheaper.
The location and size and type of your Clinical Social Worker business can have a big effect on the cost of different policies.
You should discuss 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 town.
FAQ
What is small business insurance for Clinical Social Worker operations?
This is a wide term used to describe common insurance policies designed to protect Clinical Social Worker business owners from risks like bodily injury, property damage, claims of negligence.
Does my Clinical Social Worker 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 Clinical Social Worker business insurance policy cover?
Liability insurance provides insurance 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 most common policies for Clinical Social Worker insurance.
How much will Clinical Social Worker 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 discuss with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Clinical Social Worker, in the search box below, and follow the relevant links.