Whenever you budget the expenses of your business, Financial Examiners insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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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 Financial Examiners enterprise, you must consider how much financial liability you are taking on.
If your Financial Examiners 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 results of their actions.
In this article, we are giving very general guidelines for startup businesses to highlight 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 Financial Examiners business?
What this means, for any Financial Examiners business owner, is that if some company 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 Financial Examiners 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 privilege 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 Financial Examiners operations, you can’t avoid responsibility for the results of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.
What does Financial Examiners insurance protect you from?
For your Financial Examiners business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Financial Examiners business owner should know when negotiating the insurance needed.
The main categories of insurance for your Financial Examiners businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Financial Examiners business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Financial Examiners business covers you against claims coming from injury to visitors or damage to their property.
It protects your Financial Examiners 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 demand proper liability insurance.
The usual level of general liability insurance for your Financial Examiners business would be with a boundary of $1 million for a single submission 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 Financial Examiners insurance operations.
Professional liability insurance for your Financial Examiners business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Financial Examiners business for them, you can quickly be involved in a monetary claim.
Even if the lawsuit against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small Financial Examiners 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 Financial Examiners insurance section below for average prices of professional liability insurance for your Financial Examiners 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 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 culpable for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Financial Examiners
Only you can estimate exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Financial Examiners business
Be careful! – almost 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 best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, 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 a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The necessary value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Financial Examiners business needs specific and expensive equipment, you will realize 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 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 need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Financial Examiners business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Financial Examiners business’ equipment.
Commercial Property insurance
Any Financial Examiners business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Financial Examiners business operates in areas of high risk, like Texas or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Financial Examiners business premises, there is a need for more supplementary cover than in warmer climes.
Although 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 Financial Examiners insurance section below to give some indication of the average prices per million dollars of property insurance for your Financial Examiners business.
Temporary insurance by month, week or day for your Financial Examiners business
Is your Financial Examiners business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Financial Examiners – 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 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 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 Financial Examiners business
You have the choice 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 amalgamating these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Financial Examiners 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 determine whether you are eligible to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than 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 Financial Examiners business employees
In almost all states, it is mandatory to have workers compensation insurance when your Financial Examiners business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand 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 requirements in this regard can leave you as the employer required to pay penalties levied by the states.
In these states, you cannot take out your workers compensation obligations from private insurance providers.
Workers compensation premiums are calculated 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 Financial Examiners insurance level is unique, there are enough examples of average 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 collected for the main types of insurance your Financial Examiners businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$806 – $2628|
|Equipment insurance||$494 – $1314|
|Product liability insurance||$325 – $828|
|Commercial vehicle insurance||$1690 – $3155|
|Public liability insurance||$266 – $629|
|General liability insurance||$761 – $895|
Cost of insurance for your Financial Examiners operations depends on many different factors.
We have calculated these figures for small independent Financial Examiners businesses.
The location and size and type of your Financial Examiners 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.
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In addition you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Financial Examiners operations?
This is a general term used to describe standard insurance policies designed to protect Financial Examiners business owners from risks like bodily injury, property damage, claims of negligence.
Does my Financial Examiners business have to have insurance?
Some of the types of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Financial Examiners business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a third-party 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 recommended policies for Financial Examiners insurance.
How much will Financial Examiners business insurance cost?
On top of the size of the business, certain 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.