Grant Project Manager Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, grant project manager insurance must be included in 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 sorts 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 grant project manager enterprise, you must consider how much financial liability you are taking on.

Business Insurance for grant project manager

If your grant project manager business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total 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 startup businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your grant project manager business?

What this means, for any grant project manager 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 grant project manager 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 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.

When you are running your grant project manager operations, you can’t deny 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 corporation, all of that liability belongs to you as a person.

What does grant project manager insurance protect you from?

For your grant project manager business, the most important sorts of insurance are intended 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 grant project manager business owner should know when negotiating the insurance needed.

The main types of insurance for your grant project manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any grant project manager business is dealing directly with customers, and that means you always 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 grant project manager business insures you against claims coming from injury to clients or damage to their property.

It protects your grant project manager business from the claims themselves and as well to any resulting 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 demand proper liability insurance.

The usual level of general liability insurance for your grant project manager business would be with a cap 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 grant project manager insurance operations.

Professional liability insurance for your grant project manager business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your grant project manager 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 substantial, and the impact on your reputation can be damaging.

Almost all small grant project manager 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 grant project manager insurance section below for average prices of professional liability insurance for your grant project manager 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 the results didn’t meet your description of function, or that your guidance was basically incorrect.

You need to understand 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 possible lawsuit, you need Product liability insurance for grant project manager

Only you can know exactly how much insurance you need.

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

Commercial insurance

Commercial vehicle insurance for your grant project manager business

Beware! – almost all 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 car 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 insured if your van is involved in an accident.

Most states, other than Virginia and New Hampshire, mandate 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 grant project manager business needs specific and costly equipment, you know 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 unpredicted 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 everything needed to keep your grant project manager business running.

It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your grant project manager business’ equipment.

Commercial Property insurance

Any grant project manager business that owns or rents space in a building should have a commercial property insurance policy.

If you own the property, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.

Every physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your grant project manager business works in areas of high risk, like Texas or North Carolina, extra 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 grant project manager business premises, there is a need for more supplementary 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 grant project manager insurance section below to give some indication of the average prices per million dollars of property insurance for your grant project manager business.

Temporary insurance by month, week or day for your grant project manager business

Is your grant project manager 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 grant project manager – 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 lower premiums but still having identical risk cover.

The important feature of short-term insurance is that you purchase 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 grant project manager business

You have the choice 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 merges commercial property and public liability insurance by amalgamating 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 mostly the right choice for small and medium-sized grant project manager businesses, such as yours.

There are two limits that will dictate whether BOP is suitable for your own business.

BOPs will 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 less than one hundred employees, and maximum five million dollars in annual revenue.

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

Workers Compensation insurance for your grant project manager business employees

In most states, it is mandatory to have workers compensation insurance when your grant project manager 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 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 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 obtain your workers compensation obligations from private insurance companies.

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 see the relevant authorities in your state.

Average costs of these types of insurance

Although every grant project manager insurance level is unique, there are enough examples of usual 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 collected for the main types of insurance your grant project manager businesses needs.

Types of insurance Price range
Public liability insurance $375 – $595
Equipment insurance $440 – $1020
Commercial insurance $1070 – $2335
Commercial vehicle insurance $1990 – $3435
Product liability insurance $225 – $835
General liability insurance $660 – $960

Cost of insurance for your grant project manager operations depends on many different factors.

We have estimated these figures for small self-employed grant project manager businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% lower.

The location and size and type of your grant project manager 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 searching for insurance companies near where your business is located.

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

FAQ

What is small business insurance for grant project manager operations?

This is a general term used to describe basic insurance policies designed to protect grant project manager business owners from risks like bodily injury, property damage, claims of negligence.

Does my grant project manager 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.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small grant project manager business insurance policy cover?

Liability insurance provides coverage 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 most common policies for grant project manager insurance.

How much will grant project manager business insurance cost?

As well as 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 grant project manager, in the search box below, and follow the relevant links.

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