Whenever you budget the expenses of your business, Greeting Cards and Videos 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 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 Greeting Cards and Videos enterprise, you must consider how much financial risk you are taking on.
If your Greeting Cards and Videos business runs without proper insurance, you are taking a giant 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 consequences 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 available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Greeting Cards and Videos business?
What this means, for any Greeting Cards and Videos business owner, is that if some customer 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 Greeting Cards and Videos business is not harbored 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 Montana, 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 claimant more than they have claimed.
When you are running your Greeting Cards and Videos operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does Greeting Cards and Videos insurance protect you from?
For your Greeting Cards and Videos business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Greeting Cards and Videos business owner should know when negotiating the insurance needed.
The main categories of insurance for your Greeting Cards and Videos businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Greeting Cards and Videos business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Greeting Cards and Videos business covers you against claims coming from injury to visitors or damage to their property.
It protects your Greeting Cards and Videos business from the claims themselves and also to any resulting 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 insist on proper liability insurance.
The normal level of general liability insurance for your Greeting Cards and Videos 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 Greeting Cards and Videos insurance operations.
Professional liability insurance for your Greeting Cards and Videos business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Greeting Cards and Videos business for them, you can quickly face a law suit.
Even if the lawsuit against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small Greeting Cards and Videos 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 Greeting Cards and Videos insurance section below for average prices of professional liability insurance for your Greeting Cards and Videos 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 be aware of 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 injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Greeting Cards and Videos
Only you can know exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Greeting Cards and Videos business
Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle is being used for business purposes.
The proper 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 cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Greeting Cards and Videos 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 unpredicted acts.
In addition, 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 specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Greeting Cards and Videos business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Greeting Cards and Videos business’ equipment.
Commercial Property insurance
Any Greeting Cards and Videos business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you may already have a substantial capital investment, along with 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 man-made damages like theft and vandalism.
If your Greeting Cards and Videos business operates in areas of high risk, like California or North Carolina, supplementary 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 Greeting Cards and Videos business premises, there is a need for more additional 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 Greeting Cards and Videos insurance section below to give some indication of the average prices per million dollars of property insurance for your Greeting Cards and Videos business.
Temporary insurance by month, week or day for your Greeting Cards and Videos business
Is your Greeting Cards and Videos business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Greeting Cards and Videos – 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 purchase the cover for a defined period – a nominated 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 higher 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 Greeting Cards and Videos business
You have the choice 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 frequently the right choice for small and medium-sized Greeting Cards and Videos businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual sales.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Greeting Cards and Videos business employees
In almost all states, it is mandatory to have workers compensation insurance when your Greeting Cards and Videos business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee 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 laws 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 allow 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 premiums are worked out 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 Greeting Cards and Videos 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 an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Greeting Cards and Videos businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$215 – $665|
|Commercial vehicle insurance||$1745 – $2555|
|Public liability insurance||$360 – $575|
|General liability insurance||$765 – $1275|
|Equipment insurance||$450 – $1180|
|Commercial insurance||$975 – $2690|
Cost of insurance for your Greeting Cards and Videos operations depends on many different factors.
We have calculated these figures for small independent Greeting Cards and Videos businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they can be about 20%-30% lower.
The location and size and type of your Greeting Cards and Videos 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 enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your town.
What is small business insurance for Greeting Cards and Videos operations?
This is a wide term used to describe common insurance policies designed to protect Greeting Cards and Videos business owners from risks like bodily injury, property damage, claims of negligence.
Does my Greeting Cards and Videos business have to have insurance?
Some of the types of insurance are not mandatory for you to open 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 Greeting Cards and Videos business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a third-party 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 recommended policies for Greeting Cards and Videos insurance.
How much will Greeting Cards and Videos 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 talk to professional insurance agents and brokers, or insurance company representatives.