Whenever you budget the expenses of your business, General Maintenance Technician 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 general insurance 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 General Maintenance Technician enterprise, you must consider how much financial liability you are taking on.
If your General Maintenance Technician 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 startup businesses to highlight 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 Maintenance Technician business?
What this means, for any General Maintenance Technician 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 General Maintenance Technician business is not harbored 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 New Jersey, 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sued for.
When you are running your General Maintenance Technician operations, you can’t avoid 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 alone.
What does General Maintenance Technician insurance protect you from?
For your General Maintenance Technician business, the most important sorts of insurance are intended 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 General Maintenance Technician business owner should remember when negotiating the insurance needed.
The main headings of insurance for your General Maintenance Technician businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any General Maintenance Technician business is dealing directly with customers, and that means you usually 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 require compensation.
General liability insurance policy for your General Maintenance Technician business covers you against claims coming from injury to clients or damage to their property.
It protects your General Maintenance Technician business from the claims themselves and also 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 demand proper liability insurance.
The average level of general liability insurance for your General Maintenance Technician business would be with a boundary 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 Maintenance Technician insurance operations.
Professional liability insurance for your General Maintenance Technician business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your General Maintenance Technician business for them, you can quickly face a monetary claim.
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 Maintenance Technician business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of General Maintenance Technician insurance section below for average prices of professional liability insurance for your General Maintenance Technician 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 the results didn’t meet your description of function, or that your advice 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 culpable for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for General Maintenance Technician
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 guidance.
Commercial vehicle insurance for your General Maintenance Technician business
Take care! – practically 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 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 guarantee 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 General Maintenance Technician business needs specific and costly equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
In addition, 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 unique 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 General Maintenance Technician business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your General Maintenance Technician business’ equipment.
Commercial Property insurance
Any General Maintenance Technician business that owns or rents space in a building must have 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.
Every physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your General Maintenance Technician business operates in areas of high risk, like Florida or North Carolina, additional 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 Maintenance Technician business premises, there is a need for more extra cover than in warmer climes.
Although 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 Maintenance Technician insurance section below to give some estimate of the average prices per million dollars of property insurance for your General Maintenance Technician business.
Temporary insurance by month, week or day for your General Maintenance Technician business
Is your General Maintenance Technician business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for General Maintenance Technician – 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 essential feature of short-term insurance is that you pay for 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your General Maintenance Technician 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 merges commercial property and public liability insurance by packaging 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 General Maintenance Technician businesses, such as yours.
There are two limits that will rule 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 allowed to take out BOP cover.
The normal business that can take out a BOP policy must have less than one hundred employees, and under five million dollars in annual sales.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your General Maintenance Technician business employees
In almost all states, it is mandatory to have workers compensation insurance when your General Maintenance Technician business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if a worker 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 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 authorize coverage from the government-run monopoly state funds.
In these states, you may not take out your workers compensation obligations from private insurance corporations.
Workers compensation charges 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 Maintenance Technician insurance requirement is unique, there are enough examples of standard 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 Maintenance Technician businesses needs.
|Types of insurance||Price range|
|General liability insurance||$675 – $1075|
|Public liability insurance||$345 – $645|
|Product liability insurance||$205 – $580|
|Commercial vehicle insurance||$1935 – $3495|
|Equipment insurance||$390 – $1055|
|Commercial insurance||$865 – $2715|
Cost of insurance for your General Maintenance Technician operations depends on many different factors.
We have reckoned these figures for small freelance General Maintenance Technician businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they usually are about 20%-30% less.
The location and size and type of your General Maintenance Technician 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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Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for General Maintenance Technician operations?
This is a wide term used to describe standard insurance policies designed to protect General Maintenance Technician business owners from risks like bodily injury, property damage, claims of negligence.
Does my General Maintenance Technician 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small General Maintenance Technician 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 most common policies for General Maintenance Technician insurance.
How much will General Maintenance Technician business insurance cost?
In addition to the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for General Maintenance Technician, in the search box below, and follow the relevant links.