Whenever you budget the expenses of your business, Grant Writing insurance must be near the top of 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 insurance against accidents and all the other kinds 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 Grant Writing enterprise, you must consider how much financial risk you are taking on.
If your Grant Writing 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 results of their actions.
In this article, we are giving very general guidelines for small 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 Grant Writing business?
What this means, for any Grant Writing business owner, is that if some company 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 Grant Writing 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 Texas, there are specific monetary levels that limit the amount a court 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 person more than they have claimed.
When you are running your Grant Writing operations, you can’t avoid responsibility for the results of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Grant Writing insurance protect you from?
For your Grant Writing business, the most important types of insurance are designed 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 Grant Writing business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Grant Writing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Grant Writing business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can require compensation.
General liability insurance policy for your Grant Writing business protects you against claims coming from injury to visitors or damage to their property.
It protects your Grant Writing business from the claims themselves and in addition to any follow-on 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 insist on proper liability insurance.
The usual level of general liability insurance for your Grant Writing 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 Grant Writing insurance operations.
Professional liability insurance for your Grant Writing business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Grant Writing business for them, you can quickly have to fight a law suit.
Even if the case 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 Grant Writing 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 Grant Writing insurance section below for average prices of professional liability insurance for your Grant Writing 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 you delivered didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of 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 results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Grant Writing
Only you can estimate exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Grant Writing business
Be careful! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van 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 cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the car 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, require this type of insurance.
The required value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Grant Writing business needs unique and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The gear may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.
Unless you can afford to immediately replace such specialized 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 Grant Writing 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 Grant Writing business’ equipment.
Commercial Property insurance
Any Grant Writing business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Any physical building location must 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 Grant Writing 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 Washington, where extreme cold snaps can cause damage to outer coverings of Grant Writing business premises, there is a need for more supplementary cover than in warmer climes.
Whereas 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 Grant Writing insurance section below to give some indication of the average prices per million dollars of property insurance for your Grant Writing business.
Temporary insurance by month, week or day for your Grant Writing business
Is your Grant Writing business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Grant Writing – 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 the same 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 larger 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 Grant Writing business
You have the option 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 often the right choice for small and medium-sized Grant Writing businesses, such as yours.
There are a few limits that will dictate 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 rule whether you are permitted to take out BOP cover.
The normal business that can take out a BOP policy must have less than one hundred employees, and maximum five million dollars in annual sales.
As well, 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 Writing business employees
In most states, it is mandatory to have workers compensation insurance when your Grant Writing 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 cover 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 obliged 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 get your workers compensation obligations from private insurance corporations.
Workers compensation premiums 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 Grant Writing 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 an agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Grant Writing businesses needs.
|Types of insurance||Price range|
|General liability insurance||$565 – $1015|
|Commercial vehicle insurance||$1945 – $3490|
|Product liability insurance||$255 – $535|
|Public liability insurance||$320 – $615|
|Equipment insurance||$410 – $1115|
|Commercial insurance||$1075 – $2465|
Cost of insurance for your Grant Writing operations depends on many different factors.
We have reckoned these figures for small freelance Grant Writing businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they will be about 20%-30% cheaper.
The location and size and type of your Grant Writing 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 searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Grant Writing operations?
This is an umbrella term used to describe basic insurance policies designed to protect Grant Writing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Grant Writing business have to have insurance?
Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Grant Writing 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 best policies for Grant Writing insurance.
How much will Grant Writing 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 consult with professional insurance agents and brokers, or insurance company representatives.