Whenever you budget the expenses of your business, Helicopter Mechanic insurance must be near the top of the list because you can’t always know exactly what could 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 unwanted happens.
Like any business owner, for your Helicopter Mechanic enterprise, you must consider how much financial danger you are taking on.
If your Helicopter Mechanic business runs without proper insurance, you are taking a tremendous 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 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 Helicopter Mechanic business?
What this means, for any Helicopter Mechanic business owner, is that if some customer 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 Helicopter Mechanic business is not sheltered 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 privilege 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 Helicopter Mechanic operations, you can’t escape 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 Helicopter Mechanic insurance protect you from?
For your Helicopter Mechanic business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Helicopter Mechanic business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Helicopter Mechanic businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Helicopter Mechanic business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Helicopter Mechanic business covers you against claims coming from injury to clients or damage to their property.
It protects your Helicopter Mechanic business from the claims themselves and also to any associated 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 usual level of general liability insurance for your Helicopter Mechanic business would be with a cap 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 Helicopter Mechanic insurance operations.
Professional liability insurance for your Helicopter Mechanic business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Helicopter Mechanic business for them, you can quickly have to fight a monetary claim.
Even if the matter 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 Helicopter Mechanic 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 Helicopter Mechanic insurance section below for average prices of professional liability insurance for your Helicopter Mechanic 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 recommendation 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 liable for injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Helicopter Mechanic
Only you can know exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Helicopter Mechanic business
Be careful! – practically all 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 direct commercial vehicle insurance package.
Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the truck 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 necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Helicopter Mechanic 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 unexpected acts.
Also, 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 Helicopter Mechanic 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 Helicopter Mechanic business’ equipment.
Commercial Property insurance
Any Helicopter Mechanic business that owns or rents space in a building needs a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Any physical building location needs to 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.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Helicopter Mechanic business premises, there is a need for more extra cover than in warmer climes.
Although 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 Helicopter Mechanic insurance section below to give some idea of the average prices per million dollars of property insurance for your Helicopter Mechanic business.
Temporary insurance by month, week or day for your Helicopter Mechanic business
Is your Helicopter Mechanic 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 Helicopter Mechanic – 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 key 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 Helicopter Mechanic 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 integrates 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 often the right choice for small and medium-sized Helicopter Mechanic businesses, such as yours.
There are two limits that will dictate whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle risks.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual turnover.
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 Helicopter Mechanic business employees
In many states, it is mandatory to have workers compensation insurance when your Helicopter Mechanic business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand 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 requirements in this regard can leave you as the employer obliged to pay penalties levied by the states.
In these states, you may not take out your workers compensation obligations from private insurance corporations.
Workers compensation charges are worked out 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 Helicopter Mechanic insurance level is unique, there are enough examples of average quotes from insurance companies for us to give rough 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 Helicopter Mechanic businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$930 – $2095|
|Equipment insurance||$335 – $1050|
|Product liability insurance||$200 – $595|
|Commercial vehicle insurance||$1805 – $2845|
|General liability insurance||$770 – $830|
|Public liability insurance||$290 – $520|
Cost of insurance for your Helicopter Mechanic operations depends on many different factors.
We have reckoned these figures for small independent Helicopter Mechanic businesses.
The location and size and type of your Helicopter Mechanic 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.
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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your city.
What is small business insurance for Helicopter Mechanic operations?
This is a general term used to describe standard insurance policies designed to protect Helicopter Mechanic business owners from risks like bodily injury, property damage, claims of negligence.
Does my Helicopter Mechanic 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 Helicopter Mechanic business insurance policy cover?
Liability insurance provides insurance 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 Helicopter Mechanic insurance.
How much will Helicopter Mechanic 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 Helicopter Mechanic, in the search box below, and follow the relevant links.