Geriatric Nursing Assistant insurance – what kind and at what cost

Whenever you budget the expenses of your business, Geriatric Nursing Assistant insurance must be high on 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 sorts 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 Geriatric Nursing Assistant enterprise, you must consider how much financial risk you are taking on.

Business Insurance for Geriatric Nursing Assistant

If your Geriatric Nursing Assistant 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 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 Geriatric Nursing Assistant business?

What this means, for any Geriatric Nursing Assistant 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 Geriatric Nursing Assistant business is not sheltered 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 Montana, 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 Geriatric Nursing Assistant operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Geriatric Nursing Assistant insurance protect you from?

For your Geriatric Nursing Assistant business, the most important types of insurance are intended 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 outline the most important points any Geriatric Nursing Assistant business owner should remember when negotiating the insurance needed.

The main categories of insurance for your Geriatric Nursing Assistant businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Geriatric Nursing Assistant business is dealing directly with customers, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

In such a case, they can sue you for compensation.

General liability insurance policy for your Geriatric Nursing Assistant business covers you against claims coming from injury to customers or damage to their property.

It protects your Geriatric Nursing Assistant 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 usual level of general liability insurance for your Geriatric Nursing Assistant business would be with a upper limit 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 Geriatric Nursing Assistant insurance operations.

Professional liability insurance for your Geriatric Nursing Assistant business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Geriatric Nursing Assistant business for them, you can quickly face a law suit.

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

Most small Geriatric Nursing Assistant 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 Geriatric Nursing Assistant insurance section below for average prices of professional liability insurance for your Geriatric Nursing Assistant 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 understand the particular 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 likely lawsuit, you need Product liability insurance for Geriatric Nursing Assistant

Only you can estimate exactly how much insurance you need.

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

Commercial insurance

Commercial vehicle insurance for your Geriatric Nursing Assistant business

Take care! – most policies for private vehicle insurance do not cover any event 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 car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, 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 an accident.

Most states, other than Virginia and New Hampshire, mandate 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 Geriatric Nursing Assistant business needs unique and costly 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.

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 specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Geriatric Nursing Assistant business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Geriatric Nursing Assistant business’ equipment.

Commercial Property insurance

Any Geriatric Nursing Assistant business that owns or rents space in a building should have a commercial property insurance policy.

If you own the space, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Geriatric Nursing Assistant business operates in areas of high risk, like California or North Carolina, 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 Geriatric Nursing Assistant business premises, there is a need for more supplementary cover than in warmer climes.

Because 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 Geriatric Nursing Assistant insurance section below to give some indication of the average prices per million dollars of property insurance for your Geriatric Nursing Assistant business.

Temporary insurance by month, week or day for your Geriatric Nursing Assistant business

Is your Geriatric Nursing Assistant 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 Geriatric Nursing Assistant – 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 lower premiums but still having the same risk cover.

The essential feature of short-term insurance is that you buy 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 improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Geriatric Nursing Assistant 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 integrates 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 often the right choice for small and medium-sized Geriatric Nursing Assistant businesses, such as yours.

There are two 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 is eligible for a BOP policy must have fewer than one hundred employees, and under five million dollars in annual revenue.

In addition, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Geriatric Nursing Assistant business employees

In many states, it is mandatory to have workers compensation insurance when your Geriatric Nursing Assistant business has one or more employees.

Workers compensation insurance covers the enterprise 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 requirements in this regard can leave you as the employer required 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 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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Geriatric Nursing Assistant insurance requirement 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 a broker what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Geriatric Nursing Assistant businesses needs.

Types of insurance Price range
Equipment insurance $305 – $1415
Public liability insurance $375 – $585
General liability insurance $700 – $930
Commercial vehicle insurance $1630 – $2660
Product liability insurance $240 – $790
Commercial insurance $865 – $2855

Cost of insurance for your Geriatric Nursing Assistant operations depends on many different factors.

We have calculated these figures for small freelance Geriatric Nursing Assistant businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% cheaper.

The location and size and type of your Geriatric Nursing Assistant 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 enquiring about insurance companies near where your business is located.

Another good source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Geriatric Nursing Assistant operations?

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

Does my Geriatric Nursing Assistant 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 Geriatric Nursing Assistant 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 Geriatric Nursing Assistant insurance.

How much will Geriatric Nursing Assistant 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.

You can search for more information insurance for Geriatric Nursing Assistant, in the search box below, and follow the relevant links.

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