Whenever you budget the expenses of your business, College Admissions Counseling insurance must be included in the list because you can’t always know exactly what is going to happen in the future.
Need General Liability Insurance for Your College Admissions Counseling
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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 unwanted happens.
Like any business owner, for your College Admissions Counseling enterprise, you must consider how much financial risk you are taking on.
If your College Admissions Counseling business runs without proper insurance, you are taking a tremendous 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 growing businesses to explain 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 College Admissions Counseling business?
What this means, for any College Admissions Counseling business owner, is that if some company 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 College Admissions Counseling 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 New Jersey, 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 right 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 College Admissions Counseling 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 a limited liability company, all of that liability belongs to you as an individual.
What does College Admissions Counseling insurance protect you from?
For your College Admissions Counseling business, the most important sorts of insurance are intended 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 College Admissions Counseling business owner should remember when negotiating the insurance needed.
The main categories of insurance for your College Admissions Counseling businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any College Admissions Counseling business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.
In such a case, they can sue you for compensation.
General liability insurance policy for your College Admissions Counseling business covers you against claims coming from injury to clients or damage to their property.
It protects your College Admissions Counseling business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it should help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The usual level of general liability insurance for your College Admissions Counseling business would be with a upper limit of $1 million for a single submission 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 College Admissions Counseling insurance operations.
Professional liability insurance for your College Admissions Counseling business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your College Admissions Counseling business for them, you can quickly face a monetary claim.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small College Admissions Counseling business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of College Admissions Counseling insurance section below for average prices of professional liability insurance for your College Admissions Counseling 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 guidance 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 College Admissions Counseling
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 vehicle insurance for your College Admissions Counseling business
Beware! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle 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 car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The required 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 College Admissions Counseling business needs unique and dedicated equipment, you know 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 unpredicted acts.
As well, 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 everything needed to keep your College Admissions Counseling business running.
It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your College Admissions Counseling business’ equipment.
Commercial Property insurance
Any College Admissions Counseling 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, 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 unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your College Admissions Counseling business operates in areas of high risk, like Texas or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of College Admissions Counseling business premises, there is a need for more additional cover than in warmer climes.
Because 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 College Admissions Counseling insurance section below to give some indication of the average prices per million dollars of property insurance for your College Admissions Counseling business.
Temporary insurance by month, week or day for your College Admissions Counseling business
Is your College Admissions Counseling business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for College Admissions Counseling – 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 lower premiums but still having adequate risk cover.
The key feature of short-term insurance is that you pay for 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 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 College Admissions Counseling business
You have the option 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 cover you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized College Admissions Counseling businesses, such as yours.
There are some limits that will dictate 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 dictate whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual sales.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your College Admissions Counseling business employees
In many states, it is mandatory to have workers compensation insurance when your College Admissions Counseling 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 requirements 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 allow coverage from the government-run monopoly state funds.
In these states, you can’t take out your workers compensation obligations from private insurance corporations.
Workers compensation premiums are computed 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 College Admissions Counseling insurance level is unique, there are enough examples of standard 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 College Admissions Counseling businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$378 – $781|
|Equipment insurance||$470 – $1470|
|General liability insurance||$661 – $847|
|Product liability insurance||$206 – $834|
|Commercial vehicle insurance||$1549 – $2914|
|Commercial insurance||$998 – $2008|
Cost of insurance for your College Admissions Counseling operations depends on many different factors.
We have calculated these figures for small independent College Admissions Counseling businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they can be about 20%-30% less.
The location and size and type of your College Admissions Counseling 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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Also 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.
What is small business insurance for College Admissions Counseling operations?
This is a wide term used to describe basic insurance policies designed to protect College Admissions Counseling business owners from risks like bodily injury, property damage, claims of negligence.
Does my College Admissions Counseling 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.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small College Admissions Counseling 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 specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for College Admissions Counseling insurance.
How much will College Admissions Counseling business insurance cost?
As well as the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.