Corporate Videos insurance – cost and types of policies

Whenever you budget the expenses of your business, Corporate Videos insurance must be included in the list because you can’t always know exactly what could happen in the future.

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 unwanted happens.

Like any business owner, for your Corporate Videos enterprise, you must consider how much financial risk you are taking on.

If your Corporate Videos business runs without proper insurance, you are taking a tremendous 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 growing 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 Corporate Videos business?

What this means, for any Corporate Videos 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 Corporate Videos business is not harbored 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 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 Corporate Videos operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Corporate Videos insurance protect you from?

For your Corporate Videos business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will outline the most important points any Corporate Videos business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Corporate Videos businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Corporate Videos business is dealing directly with customers, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can demand compensation.

General liability insurance policy for your Corporate Videos business covers you against claims coming from injury to visitors or damage to their property.

It protects your Corporate Videos business from the claims themselves and in addition to any follow-on 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 Corporate Videos 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 Corporate Videos insurance operations.

Professional liability insurance for your Corporate Videos business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Corporate Videos business for them, you can quickly have to fight a monetary claim.

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 Corporate Videos 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 Corporate Videos insurance section below for average prices of professional liability insurance for your Corporate Videos operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that the results didn’t meet your description of function, or that your guidance was basically incorrect.

You need to know the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held culpable for results caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Corporate Videos

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 insurance

Commercial vehicle insurance for your Corporate Videos business

Be careful! – most 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 proper commercial vehicle insurance package.

Commercial truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in a crash.

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 requested level of cover of contents. 

Tools and Equipment insurance

Since your Corporate Videos 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 equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Corporate Videos business running.

It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Corporate Videos business’ equipment.

Commercial Property insurance

Any Corporate Videos business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, 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 accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Corporate Videos business deals in areas of high risk, like Texas or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of Corporate Videos business premises, there is a need for more extra 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 Corporate Videos insurance section below to give some idea of the average prices per million dollars of property insurance for your Corporate Videos business.

Temporary insurance by month, week or day for your Corporate Videos business

Is your Corporate Videos 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 Corporate Videos – are special policies where you can cover a designated 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 identical risk cover.

The important feature of short-term insurance is that you buy 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 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 Corporate Videos 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 integrates 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 Corporate Videos businesses, such as yours.

There are two limits that will dictate 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 determine whether you are eligible to take out BOP cover.

The usual business that is eligible for a BOP policy must have less 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 Corporate Videos business employees

In many states, it is mandatory to have workers compensation insurance when your Corporate Videos business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits provide for 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 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 may not get your workers compensation obligations from private insurance providers.

Workers compensation rates 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 Corporate Videos insurance requirement 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 gathered for the main types of insurance your Corporate Videos businesses needs.

Cost of insurance for your Corporate Videos operations depends on many different factors.

We have reckoned these figures for small self-employed Corporate Videos businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they will be about 20%-30% lower.

The location and size and type of your Corporate Videos 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 looking for 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 Corporate Videos operations?

This is a general term used to describe common insurance policies designed to protect Corporate Videos business owners from risks like bodily injury, property damage, claims of negligence.

Does my Corporate Videos 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.

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

What does a small Corporate Videos business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The precise 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 Corporate Videos insurance.

How much will Corporate Videos 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 talk to professional insurance agents and brokers, or insurance company representatives.

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