Whenever you budget the expenses of your business, Feng Shui insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.
Need General Liability Insurance for Your Feng Shui
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With the protection provided by liability insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Feng Shui enterprise, you must consider how much financial danger you are taking on.
If your Feng Shui 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 highlight 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 Feng Shui business?
What this means, for any Feng Shui business owner, is that if some customer 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 Feng Shui business is not harbored by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount an adjudicator 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 Feng Shui operations, you can’t deny responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does Feng Shui insurance protect you from?
For your Feng Shui business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Feng Shui business owner should consider when negotiating the insurance needed.
The main categories of insurance for your Feng Shui businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Feng Shui 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 spoiled.
In such a case, they can sue you for compensation.
General liability insurance policy for your Feng Shui business insures you against claims coming from injury to visitors or damage to their property.
It protects your Feng Shui business from the claims themselves and in addition to any associated 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 Feng Shui business would be with a upper limit 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 Feng Shui insurance operations.
Professional liability insurance for your Feng Shui business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Feng Shui business for them, you can quickly face a court case.
Even if the case against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Feng Shui 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 Feng Shui insurance section below for average prices of professional liability insurance for your Feng Shui 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 results caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Feng Shui
Only you can determine exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Feng Shui business
Take care! – most 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 right 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.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in an accident.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Feng Shui business needs unique and costly equipment, you can appreciate 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.
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 specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Feng Shui business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Feng Shui business’ equipment.
Commercial Property insurance
Any Feng Shui 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, along with 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 accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Feng Shui business premises, there is a need for more supplementary cover than in warmer climes.
Whereas the level of cover depends completely 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 Feng Shui insurance section below to give some idea of the average prices per million dollars of property insurance for your Feng Shui business.
Temporary insurance by month, week or day for your Feng Shui business
Is your Feng Shui business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Feng Shui – 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 the same risk cover.
The important feature of short-term insurance is that you purchase 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 improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Feng Shui 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 incorporating 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 Feng Shui businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The normal business that can take out a BOP policy must have less than one hundred employees, and maximum five million dollars in annual revenue.
Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Feng Shui business employees
In almost all states, it is mandatory to have workers compensation insurance when your Feng Shui 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 include 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.
In these states, you may not get your workers compensation obligations from private insurance corporations.
Workers compensation rates are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Feng Shui 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 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 Feng Shui businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$346 – $579|
|Public liability insurance||$261 – $657|
|Commercial insurance||$911 – $2951|
|Commercial vehicle insurance||$1620 – $3415|
|Equipment insurance||$487 – $1081|
|General liability insurance||$656 – $992|
Cost of insurance for your Feng Shui operations depends on many different factors.
We have calculated these figures for small freelance Feng Shui businesses.
The location and size and type of your Feng Shui 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 enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your town.
What is small business insurance for Feng Shui operations?
This is an umbrella term used to describe standard insurance policies designed to protect Feng Shui business owners from risks like bodily injury, property damage, claims of negligence.
Does my Feng Shui business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate 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 Feng Shui business insurance policy cover?
Liability insurance provides protection 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 recommended policies for Feng Shui insurance.
How much will Feng Shui 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.