Whenever you budget the expenses of your business, General Ledger Accountant insurance must be included in the list because you can’t always know exactly what could happen in the future.
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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your General Ledger Accountant enterprise, you must consider how much financial risk you are taking on.
If your General Ledger Accountant business runs without proper insurance, you are taking an enormous 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 small businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your General Ledger Accountant business?
What this means, for any General Ledger Accountant 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 General Ledger Accountant 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 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 right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.
When you are running your General Ledger Accountant 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 as a person.
What does General Ledger Accountant insurance protect you from?
For your General Ledger Accountant business, the most important kinds of insurance are designed 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 General Ledger Accountant business owner should know when negotiating the insurance needed.
The main headings of insurance for your General Ledger Accountant businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any General Ledger Accountant business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your General Ledger Accountant business covers you against claims coming from injury to visitors or damage to their property.
It protects your General Ledger Accountant 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 require proper liability insurance.
The average level of general liability insurance for your General Ledger Accountant 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 General Ledger Accountant insurance operations.
Professional liability insurance for your General Ledger Accountant business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your General Ledger Accountant business for them, you can quickly face a court case.
Even if the lawsuit against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small General Ledger Accountant 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 General Ledger Accountant insurance section below for average prices of professional liability insurance for your General Ledger Accountant 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 recommendation was basically incorrect.
You need to know the explicit 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 General Ledger Accountant
Only you can determine exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your General Ledger Accountant business
Beware! – almost all policies for private vehicle insurance do not cover any happening 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 van 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 van is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your General Ledger Accountant 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 unforeseen 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 should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your General Ledger Accountant 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 General Ledger Accountant business’ equipment.
Commercial Property insurance
Any General Ledger Accountant business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you may already have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Your physical building location needs to carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your General Ledger Accountant business deals in areas of high risk, like Florida or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where extreme cold snaps can cause damage to outer coverings of General Ledger Accountant business premises, there is a need for more extra cover than in warmer climes.
Whereas the level of cover depends mainly 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 General Ledger Accountant insurance section below to give some estimate of the average prices per million dollars of property insurance for your General Ledger Accountant business.
Temporary insurance by month, week or day for your General Ledger Accountant business
Is your General Ledger Accountant business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for General Ledger Accountant – 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 higher 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 General Ledger Accountant 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 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 often the right choice for small and medium-sized General Ledger Accountant 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 risks.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The typical business that can take out a BOP policy must have less than one hundred employees, and under five million dollars in annual revenue.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your General Ledger Accountant business employees
In almost all states, it is mandatory to have workers compensation insurance when your General Ledger Accountant 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 provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s regulations 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 cannot get your workers compensation obligations from private insurance providers.
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 consult the relevant authorities in your state.
Average costs of these types of insurance
Although every General Ledger Accountant insurance need 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 a broker what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your General Ledger Accountant businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$375 – $645|
|Product liability insurance||$225 – $715|
|General liability insurance||$640 – $820|
|Equipment insurance||$365 – $1385|
|Commercial vehicle insurance||$1980 – $3445|
|Commercial insurance||$1090 – $2420|
Cost of insurance for your General Ledger Accountant operations depends on many different factors.
We have estimated these figures for small self-employed General Ledger Accountant businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they usually are about 20%-30% less.
The location and size and type of your General Ledger Accountant 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 searching for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your suburb.
What is small business insurance for General Ledger Accountant operations?
This is a general term used to describe basic insurance policies designed to protect General Ledger Accountant business owners from risks like bodily injury, property damage, claims of negligence.
Does my General Ledger Accountant 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small General Ledger Accountant business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer 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 General Ledger Accountant insurance.
How much will General Ledger Accountant 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 talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for General Ledger Accountant, in the search box below, and follow the relevant links.