Game Concept Design insurance – cost and coverage

Whenever you budget the expenses of your business, Game Concept Design 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 Game Concept Design Business?
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 Game Concept Design enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Game Concept Design

If your Game Concept Design 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 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 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 Game Concept Design business?

What this means, for any Game Concept Design business owner, is that if some person 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 Game Concept Design 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 New Jersey, 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 plaintiff more than they have claimed.

When you are running your Game Concept Design operations, you can’t escape 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 a person.

What does Game Concept Design insurance protect you from?

For your Game Concept Design business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will explain the most important points any Game Concept Design business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Game Concept Design businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Game Concept Design business is dealing directly with members of the public, and that means you generally 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 demand compensation.

General liability insurance policy for your Game Concept Design business insures you against claims coming from injury to customers or damage to their property.

It protects your Game Concept Design business from the claims themselves and in addition to any resulting 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 average level of general liability insurance for your Game Concept Design business would be with a cap 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 Game Concept Design insurance operations.

Professional liability insurance for your Game Concept Design business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Game Concept Design business for them, you can quickly face a court case.

Even if the lawsuit against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Every small Game Concept Design 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 Game Concept Design insurance section below for average prices of professional liability insurance for your Game Concept Design 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 the results didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to be aware of 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 injuries caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Game Concept Design

Only you can determine exactly how much insurance you should get.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Game Concept Design business

Take care! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van 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 van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your truck is involved in a collision.

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

The required 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 Game Concept Design business needs specific and dedicated equipment, you can appreciate 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.

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 must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Game Concept Design 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 Game Concept Design business’ equipment.

Commercial Property insurance

Any Game Concept Design business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, as well as 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 natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Game Concept Design business works in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Game Concept Design business premises, there is a need for more additional cover than in warmer climes.

Because 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 Game Concept Design insurance section below to give some indication of the average prices per million dollars of property insurance for your Game Concept Design business.

Temporary insurance by month, week or day for your Game Concept Design business

Is your Game Concept Design 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 Game Concept Design – 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 reduced premiums but still having adequate risk cover.

The essential 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 higher 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 Game Concept Design 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 protect you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Game Concept Design businesses, such as yours.

There are a few limits that will rule 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 allowed to take out BOP cover.

The typical business that is allowed to take a BOP policy must have fewer 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 Game Concept Design business employees

In many states, it is mandatory to have workers compensation insurance when your Game Concept Design business has one or more employees.

Workers compensation insurance covers the business 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 obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you cannot take out your workers compensation obligations from private insurance companies.

Workers compensation premiums are computed 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 Game Concept Design insurance need is unique, there are enough examples of average quotes from insurance companies for us to give approximate 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 gathered for the main types of insurance your Game Concept Design businesses needs.

Types of insurance Price range
Public liability insurance $300 – $540
Commercial vehicle insurance $1525 – $3230
General liability insurance $605 – $1135
Equipment insurance $355 – $1220
Commercial insurance $1105 – $2030
Product liability insurance $225 – $545

Cost of insurance for your Game Concept Design operations depends on many different factors.

We have calculated these figures for small freelance Game Concept Design businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they can be about 20%-30% lower.

The location and size and type of your Game Concept Design 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.

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 town.

FAQ

What is small business insurance for Game Concept Design operations?

This is an umbrella term used to describe common insurance policies designed to protect Game Concept Design business owners from risks like bodily injury, property damage, claims of negligence.

Does my Game Concept Design 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 Game Concept Design business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client 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 most common policies for Game Concept Design insurance.

How much will Game Concept Design business insurance cost?

In addition to the size of the business, several 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.

Was this helpful? Share it!
SBCoverage.com
Enable registration in settings - general