Whenever you budget the expenses of your business, eLearning Content Development insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents 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 eLearning Content Development enterprise, you must consider how much financial danger you are taking on.
If your eLearning Content Development 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 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 eLearning Content Development business?
What this means, for any eLearning Content Development business owner, is that if some company claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your eLearning Content Development business is not sheltered 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 claimant more than they have claimed.
When you are running your eLearning Content Development operations, you can’t escape 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 an LLC, all of that liability belongs to you as an individual.
What does eLearning Content Development insurance protect you from?
For your eLearning Content Development business, the most important types 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 describe the most important points any eLearning Content Development business owner should consider when negotiating the insurance needed.
The main types of insurance for your eLearning Content Development businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any eLearning Content Development business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your eLearning Content Development business protects you against claims coming from injury to customers or damage to their property.
It protects your eLearning Content Development business from the claims themselves and also to any associated 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 insist on proper liability insurance.
The normal level of general liability insurance for your eLearning Content Development 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 eLearning Content Development insurance operations.
Professional liability insurance for your eLearning Content Development business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your eLearning Content Development business for them, you can quickly be involved in a court case.
Even if the matter against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small eLearning Content Development business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of eLearning Content Development insurance section below for average prices of professional liability insurance for your eLearning Content Development 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 they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of 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 following lawsuit, you need Product liability insurance for eLearning Content Development
Only you can determine exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your eLearning Content Development business
Beware! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the car is being used for business purposes.
The proper 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 guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The necessary 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 eLearning Content Development business needs specific and expensive 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 unforeseen acts.
In addition, 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 should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your eLearning Content Development business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your eLearning Content Development business’ equipment.
Commercial Property insurance
Any eLearning Content Development business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location must 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 eLearning Content Development business works 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 Rhode Island, where intense cold snaps can cause damage to outer coverings of eLearning Content Development business premises, there is a need for more additional cover than in warmer climes.
Whereas 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 eLearning Content Development insurance section below to give some idea of the average prices per million dollars of property insurance for your eLearning Content Development business.
Temporary insurance by month, week or day for your eLearning Content Development business
Is your eLearning Content Development business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for eLearning Content Development – are special policies where you can cover a nominated period when you want to be covered.
By only paying for that period of cover, you will save by having less premiums but still having adequate 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 better 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 eLearning Content Development business
You have the choice to combine a few 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 eLearning Content Development businesses, such as yours.
There are a few limits that will rule 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 rule whether you are eligible to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual turnover.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your eLearning Content Development business employees
In almost all states, it is mandatory to have workers compensation insurance when your eLearning Content Development business has one or more employees.
Workers compensation insurance covers the operation 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 regulations 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 authorize coverage from the government-run monopoly state funds.
In these states, you cannot obtain your workers compensation obligations from private insurance companies.
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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every eLearning Content Development insurance requirement is unique, there are enough examples of standard quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your eLearning Content Development businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$460 – $1245|
|Commercial vehicle insurance||$1850 – $2700|
|General liability insurance||$770 – $1220|
|Product liability insurance||$290 – $535|
|Public liability insurance||$300 – $735|
|Commercial insurance||$1115 – $2915|
Cost of insurance for your eLearning Content Development operations depends on many different factors.
We have estimated these figures for small freelance eLearning Content Development businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% cheaper.
The location and size and type of your eLearning Content Development 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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In addition you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for eLearning Content Development operations?
This is an umbrella term used to describe common insurance policies designed to protect eLearning Content Development business owners from risks like bodily injury, property damage, claims of negligence.
Does my eLearning Content Development 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 eLearning Content Development business insurance policy cover?
Liability insurance provides protection 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 recommended policies for eLearning Content Development insurance.
How much will eLearning Content Development business insurance cost?
In addition to 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.