Whenever you budget the expenses of your business, Fence Erectors insurance must be high on the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Fence Erectors
Get Your Free Quote
With the protection provided by insurance against accidents and all the other kinds 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 Fence Erectors enterprise, you must consider how much financial danger you are taking on.
If your Fence Erectors 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 growing businesses to outline 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 Fence Erectors business?
What this means, for any Fence Erectors 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 Fence Erectors 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 person more than they have sort.
When you are running your Fence Erectors operations, you can’t deny 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 limited liability company, all of that liability belongs to you alone.
What does Fence Erectors insurance protect you from?
For your Fence Erectors business, the most important kinds 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 Fence Erectors business owner should consider when negotiating the insurance needed.
The main types of insurance for your Fence Erectors businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Fence Erectors business is dealing directly with customers, and that means you always 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 demand compensation.
General liability insurance policy for your Fence Erectors business insures you against claims coming from injury to customers or damage to their property.
It protects your Fence Erectors business from the claims themselves and in addition 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 insist on proper liability insurance.
The normal level of general liability insurance for your Fence Erectors 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 Fence Erectors insurance operations.
Professional liability insurance for your Fence Erectors business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Fence Erectors business for them, you can quickly face a monetary claim.
Even if the case against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small Fence Erectors 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 Fence Erectors insurance section below for average prices of professional liability insurance for your Fence Erectors 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 particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for results caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Fence Erectors
Only you can determine exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Fence Erectors business
Be careful! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car 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 insure 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 car is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted 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 Fence Erectors business needs specialized and costly equipment, you know 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 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 Fence Erectors 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 Fence Erectors business’ equipment.
Commercial Property insurance
Any Fence Erectors business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you may already 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 criminal damages like theft and vandalism.
If your Fence Erectors business works in areas of high risk, like Texas or North Carolina, supplementary 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 Fence Erectors business premises, there is a need for more additional cover than in warmer climes.
Whereas the level of cover depends entirely 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 Fence Erectors insurance section below to give some idea of the average prices per million dollars of property insurance for your Fence Erectors business.
Temporary insurance by month, week or day for your Fence Erectors business
Is your Fence Erectors business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Fence Erectors – 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 key 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Fence Erectors business
You have the chance 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 combines 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 often the right choice for small and medium-sized Fence Erectors businesses, such as yours.
There are two 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 permitted to take out BOP cover.
The normal business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual turnover.
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 Fence Erectors business employees
In most states, it is mandatory to have workers compensation insurance when your Fence Erectors 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 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 companies.
Workers compensation charges are worked out 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 Fence Erectors insurance level 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 Fence Erectors businesses needs.
|Types of insurance||Price range|
|General liability insurance||$580 – $1095|
|Equipment insurance||$455 – $1040|
|Commercial vehicle insurance||$1790 – $3340|
|Public liability insurance||$395 – $610|
|Product liability insurance||$340 – $530|
|Commercial insurance||$870 – $2395|
Cost of insurance for your Fence Erectors operations depends on many different factors.
We have calculated these figures for small freelance Fence Erectors businesses.
In larger states like California, 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 Fence Erectors 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.
What Are You Looking For?
Choose and Get Your Free Quote:👇️
General Liability Insurance ->
Professional Liability ->
Product Liability Insurance ->
Commercial Auto ->
Workers Compensation ->
Commercial Property ->
Other Business Insurance ->
Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Fence Erectors operations?
This is an umbrella term used to describe standard insurance policies designed to protect Fence Erectors business owners from risks like bodily injury, property damage, claims of negligence.
Does my Fence Erectors 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Fence Erectors business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Fence Erectors insurance.
How much will Fence Erectors business insurance cost?
On top of 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 Fence Erectors, in the search box below, and follow the relevant links.