Whenever you budget the expenses of your business, Field Service Representative insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Field Service Representative
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 unwanted happens.
Like any business owner, for your Field Service Representative enterprise, you must consider how much financial danger you are taking on.
If your Field Service Representative business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for startup 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 Field Service Representative business?
What this means, for any Field Service Representative business owner, is that if some company 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 Field Service Representative 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 Montana, 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 plaintiff more than they have claimed.
When you are running your Field Service Representative 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 limited liability company, all of that liability belongs to you as a person.
What does Field Service Representative insurance protect you from?
For your Field Service Representative business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Field Service Representative business owner should remember when negotiating the insurance needed.
The main types of insurance for your Field Service Representative businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Field Service Representative business is dealing directly with other people, and that means you generally 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 demand compensation.
General liability insurance policy for your Field Service Representative business covers you against claims coming from injury to visitors or damage to their property.
It protects your Field Service Representative business from the claims themselves and in addition 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 insist on proper liability insurance.
The average level of general liability insurance for your Field Service Representative 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 Field Service Representative insurance operations.
Professional liability insurance for your Field Service Representative business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Field Service Representative business for them, you can quickly face a law suit.
Even if the matter against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Field Service Representative 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 Field Service Representative insurance section below for average prices of professional liability insurance for your Field Service Representative operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know the specific 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 following lawsuit, you need Product liability insurance for Field Service Representative
Only you can determine exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Field Service Representative business
Take care! – almost all policies for private vehicle insurance do not cover any occurrence 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 designated commercial vehicle insurance package.
Commercial van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, 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, insist on this type of insurance.
The necessary 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 Field Service Representative business needs specialized and dedicated 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 unpredicted acts.
Also, 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 specialized gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Field Service Representative business running.
It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Field Service Representative business’ equipment.
Commercial Property insurance
Any Field Service Representative business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Your physical building location must 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.
In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Field Service Representative business premises, there is a need for more extra cover than in warmer climes.
Although 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 Field Service Representative insurance section below to give some estimate of the average prices per million dollars of property insurance for your Field Service Representative business.
Temporary insurance by month, week or day for your Field Service Representative business
Is your Field Service Representative 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 Field Service Representative – 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 less premiums but still having adequate risk cover.
The key feature of short-term insurance is that you buy 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 improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Field Service Representative 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 combines commercial property and public liability insurance by incorporating 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 frequently the right choice for small and medium-sized Field Service Representative businesses, such as yours.
There are two limits that will rule 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 permitted to take out BOP cover.
The typical business that can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual turnover.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Field Service Representative business employees
In many states, it is mandatory to have workers compensation insurance when your Field Service Representative business has one or more employees.
Workers compensation insurance covers the business 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 requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you may not obtain your workers compensation obligations from private insurance companies.
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 Field Service Representative insurance requirement is unique, there are enough examples of average 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 agent what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your Field Service Representative businesses needs.
|Types of insurance||Price range|
|General liability insurance||$680 – $1295|
|Public liability insurance||$340 – $610|
|Equipment insurance||$405 – $1390|
|Product liability insurance||$345 – $815|
|Commercial insurance||$1120 – $2370|
|Commercial vehicle insurance||$1750 – $3010|
Cost of insurance for your Field Service Representative operations depends on many different factors.
We have reckoned these figures for small independent Field Service Representative businesses.
The location and size and type of your Field Service Representative 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 ->
As well you can let the internet do the work for you by searching for 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 Field Service Representative operations?
This is a wide term used to describe basic insurance policies designed to protect Field Service Representative business owners from risks like bodily injury, property damage, claims of negligence.
Does my Field Service Representative business have to have insurance?
Some of the forms of insurance are not mandatory for you to open 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 Field Service Representative business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client 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 Field Service Representative insurance.
How much will Field Service Representative business insurance cost?
In addition to the size of the business, some 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.
You can search for more information insurance for Field Service Representative, in the search box below, and follow the relevant links.