Whenever you budget the expenses of your business, Entertainment Law insurance must be high on 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 unforeseen happens.
Like any business owner, for your Entertainment Law enterprise, you must consider how much financial risk you are taking on.
If your Entertainment Law business runs without proper insurance, you are taking a tremendous 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 consequences of their actions.
In this article, we are giving very general guidelines for small 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 Entertainment Law business?
What this means, for any Entertainment Law 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 Entertainment Law business is not sheltered 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 a judge can award in any case against the state.
In a court case, it’s purely the privilege 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 Entertainment Law operations, you can’t escape 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 an LLC, all of that liability belongs to you alone.
What does Entertainment Law insurance protect you from?
For your Entertainment Law business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Entertainment Law business owner should remember when negotiating the insurance needed.
The main types of insurance for your Entertainment Law businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Entertainment Law 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 sue you for compensation.
General liability insurance policy for your Entertainment Law business covers you against claims coming from injury to visitors or damage to their property.
It protects your Entertainment Law business from the claims themselves and also 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 require proper liability insurance.
The normal level of general liability insurance for your Entertainment Law 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 Entertainment Law insurance operations.
Professional liability insurance for your Entertainment Law business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Entertainment Law business for them, you can quickly be involved in a monetary claim.
Even if the lawsuit 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 Entertainment Law 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 Entertainment Law insurance section below for average prices of professional liability insurance for your Entertainment Law 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 what they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of 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 likely lawsuit, you need Product liability insurance for Entertainment Law
Only you can estimate exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Entertainment Law business
Beware! – almost all policies for private vehicle insurance do not cover any occurrence 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 direct commercial vehicle insurance package.
Commercial car 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 truck is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary 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
Since your Entertainment Law 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 tools 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 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 everything needed to keep your Entertainment Law 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 Entertainment Law business’ equipment.
Commercial Property insurance
Any Entertainment Law business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Entertainment Law business works in areas of high risk, like California or Georgia, extra 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 Entertainment Law business premises, there is a need for more additional cover than in warmer climes.
Because 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 Entertainment Law insurance section below to give some estimate of the average prices per million dollars of property insurance for your Entertainment Law business.
Temporary insurance by month, week or day for your Entertainment Law business
Is your Entertainment Law 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 Entertainment Law – 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 the same 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 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 Entertainment Law business
You have the option 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 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 Entertainment Law businesses, such as yours.
There are two 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 permitted to take out BOP cover.
The typical business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
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 Entertainment Law business employees
In many states, it is mandatory to have workers compensation insurance when your Entertainment Law business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 may not obtain your workers compensation obligations from private insurance providers.
Workers compensation premiums are worked out 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 Entertainment Law 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 agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Entertainment Law businesses needs.
|Types of insurance||Price range|
|General liability insurance||$640 – $1264|
|Commercial insurance||$1034 – $2995|
|Public liability insurance||$273 – $775|
|Equipment insurance||$376 – $1270|
|Commercial vehicle insurance||$1841 – $2659|
|Product liability insurance||$280 – $831|
Cost of insurance for your Entertainment Law operations depends on many different factors.
We have estimated these figures for small independent Entertainment Law businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% lower.
The location and size and type of your Entertainment Law business can have a big effect on the cost of different policies.
You should consult 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 looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your city.
What is small business insurance for Entertainment Law operations?
This is a wide term used to describe standard insurance policies designed to protect Entertainment Law business owners from risks like bodily injury, property damage, claims of negligence.
Does my Entertainment Law business have to have insurance?
Some of the kinds of insurance are not mandatory for you to run 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 Entertainment Law 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 best policies for Entertainment Law insurance.
How much will Entertainment Law business insurance cost?
As well as 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.