Executive Manager insurance – what kind and at what cost

Whenever you budget the expenses of your business, Executive Manager insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

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 unexpected happens.

Like any business owner, for your Executive Manager enterprise, you must consider how much financial risk you are taking on.

If your Executive Manager business runs without proper insurance, you are taking an enormous 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 upshots of their actions. 

In this article, we are giving very general guidelines for growing 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 Executive Manager business?

What this means, for any Executive Manager business owner, is that if some customer 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 Executive Manager business is not sheltered by laws in the same way as states are, where edicts 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 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 Executive Manager operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you alone.

What does Executive Manager insurance protect you from?

For your Executive Manager business, the most important types of insurance are meant 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 explain the most important points any Executive Manager business owner should consider when negotiating the insurance needed.

The main types of insurance for your Executive Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Executive Manager business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can require compensation.

General liability insurance policy for your Executive Manager business covers you against claims coming from injury to clients or damage to their property.

It protects your Executive Manager business from the claims themselves and as well 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 demand proper liability insurance.

The average level of general liability insurance for your Executive Manager business would be with a boundary 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 Executive Manager insurance operations.

Professional liability insurance for your Executive Manager business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Executive Manager business for them, you can quickly have to fight a monetary claim.

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

Most small Executive Manager 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 Executive Manager insurance section below for average prices of professional liability insurance for your Executive Manager 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 guidance was basically incorrect.

You need to understand the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Executive Manager

Only you can determine exactly how much insurance you need.

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

Commercial insurance

Commercial vehicle insurance for your Executive Manager business

Beware! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the van 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 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 insured if your van is involved in a crash.

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 Executive Manager business needs specific and expensive equipment, you know 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.

Also, 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 should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Executive Manager business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Executive Manager business’ equipment.

Commercial Property insurance

Any Executive Manager business that owns or rents space in a building must have a commercial property insurance policy.

If you own the property, you certainly have a substantial capital investment, as well as 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 deliberate damages like theft and vandalism.

If your Executive Manager business works in areas of high risk, like California or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Executive Manager business premises, there is a need for more additional 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 Executive Manager insurance section below to give some idea of the average prices per million dollars of property insurance for your Executive Manager business.

Temporary insurance by month, week or day for your Executive Manager business

Is your Executive Manager 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 Executive Manager – 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 adequate risk cover.

The key feature of short-term insurance is that you purchase 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 improved.

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

Business Owners Policy BOP for your Executive Manager 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 cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Executive Manager businesses, such as yours.

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

BOPs cannot cover your professional liability or commercial vehicle cover.

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

The normal business that is eligible for a BOP policy must have less than one hundred employees, and not more than five million dollars in annual turnover.

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

Workers Compensation insurance for your Executive Manager business employees

In most states, it is mandatory to have workers compensation insurance when your Executive Manager business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if an employee 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 laws 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 may not obtain your workers compensation obligations from private insurance corporations.

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 Executive Manager insurance requirement 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 a broker what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Executive Manager businesses needs.

Cost of insurance for your Executive Manager operations depends on many different factors.

We have calculated these figures for small freelance Executive Manager 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% lower.

The location and size and type of your Executive Manager business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by enquiring about 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 Executive Manager operations?

This is an umbrella term used to describe common insurance policies designed to protect Executive Manager business owners from risks like bodily injury, property damage, claims of negligence.

Does my Executive Manager business have to have insurance?

Some of the types 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 Executive Manager business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client 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 recommended policies for Executive Manager insurance.

How much will Executive Manager business insurance cost?

As well as the size of the business, several 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.

You can search for more information insurance for Executive Manager, in the search box below, and follow the relevant links.

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