Whenever you budget the expenses of your business, General Service 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 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 Service Technician enterprise, you must consider how much financial danger you are taking on.
If your General Service Technician business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a complete 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 growing businesses to explain 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 Service Technician business?
What this means, for any General Service Technician 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 Service Technician business is not protected 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 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 plaintiff more than they have claimed.
When you are running your General Service Technician 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 corporation, all of that liability belongs to you as an individual.
What does General Service Technician insurance protect you from?
For your General Service 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 mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any General Service Technician business owner should know when negotiating the insurance needed.
The main categories of insurance for your General Service Technician businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any General Service Technician business is dealing directly with members of the public, 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 Service Technician business insures you against claims coming from injury to clients or damage to their property.
It protects your General Service Technician business from the claims themselves and also to any associated 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 usual level of general liability insurance for your General Service Technician 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 General Service Technician insurance operations.
Professional liability insurance for your General Service Technician business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your General Service Technician business for them, you can quickly be involved in a monetary claim.
Even if the case against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small General Service Technician 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 Service Technician insurance section below for average prices of professional liability insurance for your General Service Technician 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 guidance was basically incorrect.
You need to be aware of the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for General Service Technician
Only you can determine 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 Service Technician business
Be careful! – most policies for private vehicle insurance do not cover any event 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 proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted 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 Service Technician business needs unique and costly equipment, you can appreciate 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 everything needed to keep your General Service Technician business running.
It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your General Service Technician business’ equipment.
Commercial Property insurance
Any General Service Technician business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, as well as 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 Service Technician business operates in areas of high risk, like California or South Carolina, supplementary 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 General Service Technician business premises, there is a need for more extra cover than in warmer climes.
Although the level of cover depends completely 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 Service Technician insurance section below to give some indication of the average prices per million dollars of property insurance for your General Service Technician business.
Temporary insurance by month, week or day for your General Service Technician business
Is your General Service 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 Service Technician – 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 identical risk cover.
The important 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 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 Service Technician business
You have the chance to combine a few 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 shield you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized General Service Technician businesses, such as yours.
There are a few limits that will determine whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.
In addition, 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 Service Technician business employees
In most states, it is mandatory to have workers compensation insurance when your General Service Technician 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 include 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 permit coverage from the government-run monopoly state funds.
In these states, you may not get your workers compensation obligations from private insurance corporations.
Workers compensation rates are computed 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 Service Technician insurance level is unique, there are enough examples of standard 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 General Service Technician businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$385 – $1305|
|Commercial vehicle insurance||$1625 – $2875|
|Commercial insurance||$1095 – $2955|
|Product liability insurance||$270 – $615|
|General liability insurance||$660 – $1215|
|Public liability insurance||$340 – $695|
Cost of insurance for your General Service Technician operations depends on many different factors.
We have estimated these figures for small self-employed General Service Technician businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they usually are about 20%-30% less.
The location and size and type of your General Service Technician 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 useful source of information is the local Better Business Bureau in your town.
What is small business insurance for General Service Technician operations?
This is a general term used to describe common insurance policies designed to protect General Service Technician business owners from risks like bodily injury, property damage, claims of negligence.
Does my General Service Technician business have to have insurance?
Some of the kinds 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 Service Technician business insurance policy cover?
Liability insurance provides insurance 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 Service Technician insurance.
How much will General Service Technician business insurance cost?
In addition to the size of the business, some 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 Service Technician, in the search box below, and follow the relevant links.