Whenever you budget the expenses of your business, General Office Clerk insurance must be high on the list because you can’t always know exactly what is going to happen in the future.
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With the protection provided by general insurance and all the other types 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 Office Clerk enterprise, you must consider how much financial liability you are taking on.
If your General Office Clerk 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 results of their actions.
In this article, we are giving very general guidelines for small 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 Office Clerk business?
What this means, for any General Office Clerk business owner, is that if some person claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your General Office Clerk business is not sheltered by laws in the same way as states are, where legislation 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 privilege 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 Office Clerk 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 alone.
What does General Office Clerk insurance protect you from?
For your General Office Clerk business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any General Office Clerk business owner should consider when negotiating the insurance needed.
The main headings of insurance for your General Office Clerk businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any General Office Clerk business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your General Office Clerk business covers you against claims coming from injury to clients or damage to their property.
It protects your General Office Clerk business from the claims themselves and as well to any follow-on court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.
The normal level of general liability insurance for your General Office Clerk business would be with a boundary of $1 million for a single claim 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 Office Clerk insurance operations.
Professional liability insurance for your General Office Clerk business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your General Office Clerk business for them, you can quickly be involved in a law suit.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small General Office Clerk 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 General Office Clerk insurance section below for average prices of professional liability insurance for your General Office Clerk 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 they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to understand 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 damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for General Office Clerk
Only you can know 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 General Office Clerk business
Take care! – almost all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle 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 designated commercial vehicle insurance package.
Commercial car policies guarantee 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 insured if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your General Office Clerk 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 equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
As well, 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 unique 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 General Office Clerk 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 General Office Clerk business’ equipment.
Commercial Property insurance
Any General Office Clerk business that owns or rents space in a building needs a commercial property insurance policy.
If you own the building, you may already have a substantial capital investment, along with 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your General Office Clerk business operates in areas of high risk, like California or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of General Office Clerk business premises, there is a need for more supplementary 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 General Office Clerk insurance section below to give some idea of the average prices per million dollars of property insurance for your General Office Clerk business.
Temporary insurance by month, week or day for your General Office Clerk business
Is your General Office Clerk business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for General Office Clerk – are special policies where you can cover a designated 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 identical 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your General Office Clerk business
You have the chance 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 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 often the right choice for small and medium-sized General Office Clerk businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs do not 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 is allowed to take a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual sales.
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 Office Clerk business employees
In many states, it is mandatory to have workers compensation insurance when your General Office Clerk business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if an employee 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 having to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you cannot obtain your workers compensation obligations from private insurance companies.
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 Office Clerk 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 Office Clerk businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$320 – $540|
|Public liability insurance||$340 – $720|
|General liability insurance||$715 – $865|
|Commercial insurance||$835 – $2190|
|Equipment insurance||$465 – $1015|
|Commercial vehicle insurance||$1720 – $2675|
Cost of insurance for your General Office Clerk operations depends on many different factors.
We have reckoned these figures for small freelance General Office Clerk businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they usually are about 20%-30% lower.
The location and size and type of your General Office Clerk 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.
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As well 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 town.
What is small business insurance for General Office Clerk operations?
This is an umbrella term used to describe standard insurance policies designed to protect General Office Clerk business owners from risks like bodily injury, property damage, claims of negligence.
Does my General Office Clerk 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.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small General Office Clerk business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for General Office Clerk insurance.
How much will General Office Clerk business insurance cost?
As well as 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.
You can search for more information insurance for General Office Clerk, in the search box below, and follow the relevant links.