Event Help and Wait Staff insurance – cost and types of policies

Whenever you budget the expenses of your business, Event Help and Wait Staff insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by general insurance and all the other types 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 Event Help and Wait Staff enterprise, you must consider how much financial risk you are taking on.

If your Event Help and Wait Staff business runs without proper insurance, you are taking a tremendous 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 results of their actions. 

In this article, we are giving very general guidelines for small businesses to outline 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 Event Help and Wait Staff business?

What this means, for any Event Help and Wait Staff business owner, is that if some person 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 Event Help and Wait Staff business is not protected 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 Montana, 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 plaintiff more than they have sort.

When you are running your Event Help and Wait Staff 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 a corporation, all of that liability belongs to you as an individual.

What does Event Help and Wait Staff insurance protect you from?

For your Event Help and Wait Staff business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Event Help and Wait Staff business owner should know when negotiating the insurance needed.

The main categories of insurance for your Event Help and Wait Staff businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Event Help and Wait Staff business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Event Help and Wait Staff business insures you against claims coming from injury to customers or damage to their property.

It protects your Event Help and Wait Staff 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 normal level of general liability insurance for your Event Help and Wait Staff 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 Event Help and Wait Staff insurance operations.

Professional liability insurance for your Event Help and Wait Staff business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Event Help and Wait Staff business for them, you can quickly face a law suit.

Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Every small Event Help and Wait Staff 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 Event Help and Wait Staff insurance section below for average prices of professional liability insurance for your Event Help and Wait Staff 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 the results didn’t meet your description of function, or that your guidance was basically incorrect.

You need to know 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 damages caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Event Help and Wait Staff

Only you can determine exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Event Help and Wait Staff business

Take care! – most 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 best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper 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 truck itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in an accident.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your Event Help and Wait Staff business needs unique 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 unpredicted 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 specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Event Help and Wait Staff business running.

It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Event Help and Wait Staff business’ equipment.

Commercial Property insurance

Any Event Help and Wait Staff business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, in addition to 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 accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Event Help and Wait Staff business operates in areas of high risk, like California or South Carolina, additional 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 Event Help and Wait Staff business premises, there is a need for more supplementary 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 Event Help and Wait Staff insurance section below to give some indication of the average prices per million dollars of property insurance for your Event Help and Wait Staff business.

Temporary insurance by month, week or day for your Event Help and Wait Staff business

Is your Event Help and Wait Staff 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 Event Help and Wait Staff – 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 identical risk cover.

The key 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 increased.

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

Business Owners Policy BOP for your Event Help and Wait Staff 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 amalgamating these coverages into one insurance policy, which can save you money.

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

It is mostly the right choice for small and medium-sized Event Help and Wait Staff businesses, such as yours.

There are two limits that will determine whether BOP is suitable for your own business.

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

Also, the size of your business will rule whether you are eligible to take out BOP cover.

The usual business that can take out a BOP policy must have less than one hundred employees, and maximum five million dollars in annual sales.

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 Event Help and Wait Staff business employees

In most states, it is mandatory to have workers compensation insurance when your Event Help and Wait Staff 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 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 permit 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 consult the relevant authorities in your state.

Average costs of these types of insurance

Although every Event Help and Wait Staff insurance need is unique, there are enough examples of standard quotes from insurance companies for us to give approximate 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 researched for the main types of insurance your Event Help and Wait Staff businesses needs.

Cost of insurance for your Event Help and Wait Staff operations depends on many different factors.

We have estimated these figures for small independent Event Help and Wait Staff businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they will be about 20%-30% lower.

The location and size and type of your Event Help and Wait Staff 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 good source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Event Help and Wait Staff operations?

This is a general term used to describe common insurance policies designed to protect Event Help and Wait Staff business owners from risks like bodily injury, property damage, claims of negligence.

Does my Event Help and Wait Staff business have to have insurance?

Some of the forms of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

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

What does a small Event Help and Wait Staff business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for Event Help and Wait Staff insurance.

How much will Event Help and Wait Staff 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 discuss with professional insurance agents and brokers, or insurance company representatives.

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