Elder Care Planning insurance – cost and coverage

Whenever you budget the expenses of your business, Elder Care Planning insurance must be near the top of the list because you can’t always know exactly what could 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 Elder Care Planning enterprise, you must consider how much financial risk you are taking on.

If your Elder Care Planning business runs without proper insurance, you are taking a giant 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. 

Elder Care Planning Insurance

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 Elder Care Planning business?

What this means, for any Elder Care Planning business owner, is that if some customer 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 Elder Care Planning 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 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 Elder Care Planning operations, you can’t avoid 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 an individual.

What does Elder Care Planning insurance protect you from?

For your Elder Care Planning business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Elder Care Planning business owner should know when negotiating the insurance needed.

The main headings of insurance for your Elder Care Planning businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Elder Care Planning business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be ruined.

In such a case, they can demand compensation.

General liability insurance policy for your Elder Care Planning business protects you against claims coming from injury to customers or damage to their property.

It protects your Elder Care Planning business from the claims themselves and in addition 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 insist on proper liability insurance.

The usual level of general liability insurance for your Elder Care Planning business would be with a upper limit 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 Elder Care Planning insurance operations.

Professional liability insurance for your Elder Care Planning business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Elder Care Planning business for them, you can quickly face a monetary claim.

Even if the lawsuit against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Almost all small Elder Care Planning 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 Elder Care Planning insurance section below for average prices of professional liability insurance for your Elder Care Planning 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 you delivered didn’t meet your description of function, or that your recommendation 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 liable for injuries caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Elder Care Planning

Only you can determine exactly how much insurance you need.

Best advice is to contact experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Elder Care Planning business

Be careful! – almost 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 designated commercial vehicle insurance package.

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

In addition, 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 a crash.

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 Elder Care Planning business needs specific and dedicated 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 unexpected acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Elder Care Planning 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 Elder Care Planning business’ equipment.

Commercial Property insurance

Any Elder Care Planning 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.

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 Elder Care Planning business deals in areas of high risk, like Florida 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 Elder Care Planning business premises, there is a need for more extra cover than in warmer climes.

Although the level of cover depends mainly 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 Elder Care Planning insurance section below to give some idea of the average prices per million dollars of property insurance for your Elder Care Planning business.

Temporary insurance by month, week or day for your Elder Care Planning business

Is your Elder Care Planning business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Elder Care Planning – 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 the same risk cover.

The important feature of short-term insurance is that you buy the cover for a defined period – a designated 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 increased.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Elder Care Planning 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 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 Elder Care Planning businesses, such as yours.

There are some limits that will rule 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 dictate whether you are permitted to take out BOP cover.

The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and under 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 Elder Care Planning business employees

In most states, it is mandatory to have workers compensation insurance when your Elder Care Planning 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 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 having 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 cannot take out your workers compensation obligations from private insurance providers.

Workers compensation charges are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Elder Care Planning insurance need 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 Elder Care Planning businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1725 – $3106
Product liability insurance $212 – $534
General liability insurance $679 – $863
Commercial insurance $912 – $2761
Equipment insurance $388 – $1463
Public liability insurance $396 – $782

Cost of insurance for your Elder Care Planning operations depends on many different factors.

We have estimated these figures for small self-employed Elder Care Planning businesses.

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

The location and size and type of your Elder Care Planning 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.

As well you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Elder Care Planning operations?

This is a general term used to describe standard insurance policies designed to protect Elder Care Planning business owners from risks like bodily injury, property damage, claims of negligence.

Does my Elder Care Planning business have to have insurance?

Some of the kinds of insurance are not mandatory for you to operate 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 Elder Care Planning business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer 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 most common policies for Elder Care Planning insurance.

How much will Elder Care Planning business insurance cost?

As well as the size of the business, certain 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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