Whenever you budget the expenses of your business, Dance Entertainment insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Dance Entertainment
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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 Dance Entertainment enterprise, you must consider how much financial risk you are taking on.
If your Dance Entertainment business runs without proper insurance, you are taking an enormous 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 results 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 available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Dance Entertainment business?
What this means, for any Dance Entertainment 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 Dance Entertainment business is not harbored 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 Montana, 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 duty 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 Dance Entertainment operations, you can’t avoid 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 limited liability company, all of that liability belongs to you as a person.
What does Dance Entertainment insurance protect you from?
For your Dance Entertainment business, the most important sorts of insurance are designed 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 outline the most important points any Dance Entertainment business owner should remember when negotiating the insurance needed.
The main types of insurance for your Dance Entertainment businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Dance Entertainment business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can demand compensation.
General liability insurance policy for your Dance Entertainment business insures you against claims coming from injury to clients or damage to their property.
It protects your Dance Entertainment business from the claims themselves and also to any resulting 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 require proper liability insurance.
The average level of general liability insurance for your Dance Entertainment business would be with a cap 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 Dance Entertainment insurance operations.
Professional liability insurance for your Dance Entertainment business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Dance Entertainment business for them, you can quickly have to fight 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.
Almost all small Dance Entertainment 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 Dance Entertainment insurance section below for average prices of professional liability insurance for your Dance Entertainment 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 be aware of 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 injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Dance Entertainment
Only you can determine exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Dance Entertainment business
Take care! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van 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 designated commercial vehicle insurance package.
Commercial truck policies insure 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 truck is involved in a crash.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Dance Entertainment business needs specialized and costly 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 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 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 Dance Entertainment 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 Dance Entertainment business’ equipment.
Commercial Property insurance
Any Dance Entertainment business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Dance Entertainment business works in areas of high risk, like Texas or Georgia, 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 Dance Entertainment business premises, there is a need for more extra 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 Dance Entertainment insurance section below to give some indication of the average prices per million dollars of property insurance for your Dance Entertainment business.
Temporary insurance by month, week or day for your Dance Entertainment business
Is your Dance Entertainment 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 Dance Entertainment – 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 the same risk cover.
The important 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 Dance Entertainment 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 packaging these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Dance Entertainment businesses, such as yours.
There are a few limits that will determine whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle risks.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual turnover.
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 Dance Entertainment business employees
In many states, it is mandatory to have workers compensation insurance when your Dance Entertainment business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if a worker 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 requirements in this regard can leave you as the employer having 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 cannot obtain your workers compensation obligations from private insurance corporations.
Workers compensation charges 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 Dance Entertainment insurance level is unique, there are enough examples of usual 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 researched for the main types of insurance your Dance Entertainment businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$276 – $696|
|General liability insurance||$709 – $975|
|Commercial insurance||$937 – $2394|
|Commercial vehicle insurance||$1676 – $2669|
|Equipment insurance||$383 – $1224|
|Public liability insurance||$288 – $672|
Cost of insurance for your Dance Entertainment operations depends on many different factors.
We have calculated these figures for small independent Dance Entertainment businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% less.
The location and size and type of your Dance Entertainment 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 looking for 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 Dance Entertainment operations?
This is a wide term used to describe common insurance policies designed to protect Dance Entertainment business owners from risks like bodily injury, property damage, claims of negligence.
Does my Dance Entertainment 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Dance Entertainment business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client 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 Dance Entertainment insurance.
How much will Dance Entertainment business insurance cost?
On top of the size of the business, some 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.