Facility Maintenance Manager Insurance – What Kind and at What Cost

Whenever you budget the expenses of your business, Facility Maintenance Manager insurance must be included in the list because you can’t always know exactly what can happen in the future.

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With the protection provided by liability insurance and all the other sorts 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 Facility Maintenance Manager enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Facility Maintenance Manager

If your Facility Maintenance Manager business runs without proper insurance, you are taking a giant 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 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 Facility Maintenance Manager business?

What this means, for any Facility Maintenance Manager business owner, is that if some company claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Facility Maintenance Manager business is not harbored 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 right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your Facility Maintenance Manager operations, you can’t deny responsibility for the consequences of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.

What does Facility Maintenance Manager insurance protect you from?

For your Facility Maintenance Manager business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will explain the most important points any Facility Maintenance Manager business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Facility Maintenance Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Facility Maintenance Manager business is dealing directly with customers, and that means you usually 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 Facility Maintenance Manager business insures you against claims coming from injury to customers or damage to their property.

It protects your Facility Maintenance 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 will even 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 Facility Maintenance 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 Facility Maintenance Manager insurance operations.

Professional liability insurance for your Facility Maintenance Manager business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Facility Maintenance Manager business for them, you can quickly be involved in a monetary claim.

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

Every small Facility Maintenance Manager 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 Facility Maintenance Manager insurance section below for average prices of professional liability insurance for your Facility Maintenance Manager 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 you delivered 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 results caused by products claimed to be defective.

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

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

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

Commercial insurance

Commercial vehicle insurance for your Facility Maintenance Manager business

Beware! – almost all 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 proper 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 truck policies cover 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 guaranteed if your van is involved in a crash.

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

The required value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your Facility Maintenance Manager business needs specialized 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.

As well, 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 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 Facility Maintenance Manager 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 Facility Maintenance Manager business’ equipment.

Commercial Property insurance

Any Facility Maintenance Manager business that owns or rents space in a building needs a commercial property insurance policy.

If you own the property, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Every 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 Facility Maintenance Manager business operates in areas of high risk, like California or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Facility Maintenance Manager 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 Facility Maintenance Manager insurance section below to give some indication of the average prices per million dollars of property insurance for your Facility Maintenance Manager business.

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

Is your Facility Maintenance Manager business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Facility Maintenance Manager – 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 lower premiums but still having adequate risk cover.

The essential feature of short-term insurance is that you pay for 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 better 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 Facility Maintenance Manager business

You have the option to combine several 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 shield you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Facility Maintenance Manager 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 dictate 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 revenue.

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

Workers Compensation insurance for your Facility Maintenance Manager business employees

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

Workers compensation insurance covers the operation 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 having 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 can’t get your workers compensation obligations from private insurance providers.

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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Facility Maintenance Manager insurance level 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 collected for the main types of insurance your Facility Maintenance Manager businesses needs.

Types of insurance Price range
Public liability insurance $255 – $735
General liability insurance $680 – $985
Commercial insurance $1195 – $2230
Product liability insurance $210 – $730
Equipment insurance $350 – $1105
Commercial vehicle insurance $1575 – $3335

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

We have reckoned these figures for small independent Facility Maintenance Manager businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they can be about 20%-30% cheaper.

The location and size and type of your Facility Maintenance 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 looking for insurance companies near where your business is located.

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

FAQ

What is small business insurance for Facility Maintenance Manager operations?

This is a general term used to describe basic insurance policies designed to protect Facility Maintenance Manager business owners from risks like bodily injury, property damage, claims of negligence.

Does my Facility Maintenance Manager 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 Facility Maintenance Manager business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer 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 Facility Maintenance Manager insurance.

How much will Facility Maintenance Manager 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 talk to professional insurance agents and brokers, or insurance company representatives.

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

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