Electric Vehicle Charging Station insurance – cost and coverage

Whenever you budget the expenses of your business, Electric Vehicle Charging Station insurance must be high on the list because you can’t always know exactly what is going to 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 unforeseen happens.

Like any business owner, for your Electric Vehicle Charging Station enterprise, you must consider how much financial liability you are taking on.

If your Electric Vehicle Charging Station business runs without proper insurance, you are taking an enormous 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.

Electric Vehicle Charging Station Insurance

In this article, we are giving very general guidelines for startup 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 Electric Vehicle Charging Station business?

What this means, for any Electric Vehicle Charging Station 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 Electric Vehicle Charging Station 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.

When you are running your Electric Vehicle Charging Station operations, you can’t escape responsibility for the outcomes 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 alone.

What does Electric Vehicle Charging Station insurance protect you from?

For your Electric Vehicle Charging Station 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 legal kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Electric Vehicle Charging Station business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Electric Vehicle Charging Station businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability for your Electric Vehicle Charging Station operations

Any Electric Vehicle Charging Station business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be ruined.

In such a case, they can require compensation.

General liability insurance policy for your Electric Vehicle Charging Station business insures you against claims coming from injury to clients or damage to their property.

It protects your Electric Vehicle Charging Station business from the claims themselves and as well 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 Electric Vehicle Charging Station 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 Electric Vehicle Charging Station insurance operations.

Professional liability insurance for your Electric Vehicle Charging Station business

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

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.

Every small Electric Vehicle Charging Station 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 Electric Vehicle Charging Station insurance section below for average prices of professional liability insurance for your Electric Vehicle Charging Station operations.

Product liability insurance for your Electric Vehicle Charging Station business

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 guidance 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 culpable for injuries caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Electric Vehicle Charging Station

Only you can determine exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your Electric Vehicle Charging Station business

Beware! – practically all policies for private vehicle insurance do not cover any occurrence 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 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 truck is involved in an accident.

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 intended level of cover of contents.

Tools and Equipment insurance for your Electric Vehicle Charging Station business

Since your Electric Vehicle Charging Station business needs specialized and costly equipment, you will realize 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 wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specialized 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 Electric Vehicle Charging Station business running.

It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Electric Vehicle Charging Station business’ equipment.

Commercial Property insurance for your Electric Vehicle Charging Station operations

Any Electric Vehicle Charging Station business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.

Your physical building location needs to carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Electric Vehicle Charging Station business works in areas of high risk, like Texas or Georgia, additional 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 Electric Vehicle Charging Station business premises, there is a need for more supplementary 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 Electric Vehicle Charging Station insurance section below to give some indication of the average prices per million dollars of property insurance for your Electric Vehicle Charging Station business.

Temporary insurance by month, week or day for your Electric Vehicle Charging Station business

Is your Electric Vehicle Charging Station business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Electric Vehicle Charging Station – 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 reduced premiums but still having identical risk cover.

The important feature of short-term insurance is that you purchase 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 larger 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 Electric Vehicle Charging Station business

You have the choice 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 integrates commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Electric Vehicle Charging Station businesses, such as yours.

There are some limits that will dictate whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle risks.

Also, the size of your business will rule whether you are allowed 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 maximum five million dollars in annual revenue.

Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Electric Vehicle Charging Station business employees

In most states, it is mandatory to have workers compensation insurance when your Electric Vehicle Charging Station 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 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 allow coverage from the government-run monopoly state funds.

In these states, you cannot obtain your workers compensation obligations from private insurance companies.

Workers compensation premiums are calculated 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 Electric Vehicle Charging Station insurance need 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 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 Electric Vehicle Charging Station businesses needs.

Types of insurance Price range
General liability insurance $705 – $930
Commercial insurance $1178 – $2176
Equipment insurance $300 – $1251
Commercial vehicle insurance $1833 – $3115
Public liability insurance $255 – $548
Product liability insurance $247 – $852

Cost of insurance for your Electric Vehicle Charging Station operations depends on many different factors.

We have calculated these figures for small self-employed Electric Vehicle Charging Station businesses.

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

The location and size and type of your Electric Vehicle Charging Station 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.

In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Electric Vehicle Charging Station operations?

This is a general term used to describe basic insurance policies designed to protect Electric Vehicle Charging Station business owners from risks like bodily injury, property damage, claims of negligence.

Does my Electric Vehicle Charging Station 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.

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

What does a small Electric Vehicle Charging Station business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a third-party 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 Electric Vehicle Charging Station insurance.

How much will Electric Vehicle Charging Station 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 consult with professional insurance agents and brokers, or insurance company representatives.

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