Whenever you budget the expenses of your business, Helicopter Pilot insurance must be high on the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Helicopter Pilot
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With the protection provided by liability insurance 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 Pilot enterprise, you must consider how much financial liability you are taking on.
If your Helicopter Pilot 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 growing businesses to outline 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 Pilot business?
What this means, for any Helicopter Pilot business owner, is that if some person 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 Helicopter Pilot business is not harbored 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 an adjudicator 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 Helicopter Pilot operations, you can’t avoid 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 as an individual.
What does Helicopter Pilot insurance protect you from?
For your Helicopter Pilot business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Helicopter Pilot business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Helicopter Pilot businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Helicopter Pilot business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be ruined.
In such a case, they can require compensation.
General liability insurance policy for your Helicopter Pilot business insures you against claims coming from injury to customers or damage to their property.
It protects your Helicopter Pilot business from the claims themselves and also to any associated 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 average level of general liability insurance for your Helicopter Pilot 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 Helicopter Pilot insurance operations.
Professional liability insurance for your Helicopter Pilot business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Helicopter Pilot business for them, you can quickly be involved in a monetary claim.
Even if the matter against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Helicopter Pilot 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 Pilot insurance section below for average prices of professional liability insurance for your Helicopter Pilot 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 guidance was basically incorrect.
You need to know the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Helicopter Pilot
Only you can estimate exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Helicopter Pilot business
Be careful! – 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 direct commercial vehicle insurance package.
Commercial van 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, insist on this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Helicopter Pilot 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 destroy 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 everything needed to keep your Helicopter Pilot business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Helicopter Pilot business’ equipment.
Commercial Property insurance
Any Helicopter Pilot business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you probably 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 natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Helicopter Pilot business works in areas of high risk, like Florida or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Helicopter Pilot business premises, there is a need for more supplementary cover than in warmer climes.
Whereas 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 Pilot insurance section below to give some indication of the average prices per million dollars of property insurance for your Helicopter Pilot business.
Temporary insurance by month, week or day for your Helicopter Pilot business
Is your Helicopter Pilot 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 Pilot – 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 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 higher business activity, get the existing cover increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Helicopter Pilot business
You have the option to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP combines commercial property and public liability insurance by amalgamating 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 mostly the right choice for small and medium-sized Helicopter Pilot businesses, such as yours.
There are a few 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 rule 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 not more than five million dollars in annual turnover.
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 Helicopter Pilot business employees
In almost all states, it is mandatory to have workers compensation insurance when your Helicopter Pilot business has one or more employees.
Workers compensation insurance covers the business 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 regulations in this regard can leave you as the employer having 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 cannot take out your workers compensation obligations from private insurance providers.
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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Helicopter Pilot insurance requirement is unique, there are enough examples of standard quotes from insurance companies for us to give rough 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 Helicopter Pilot businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$350 – $1095|
|Public liability insurance||$380 – $725|
|Commercial insurance||$1050 – $2305|
|Commercial vehicle insurance||$1855 – $2500|
|General liability insurance||$565 – $1120|
|Product liability insurance||$240 – $530|
Cost of insurance for your Helicopter Pilot operations depends on many different factors.
We have reckoned these figures for small freelance Helicopter Pilot businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they can be about 20%-30% less.
The location and size and type of your Helicopter Pilot 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 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 Helicopter Pilot operations?
This is an umbrella term used to describe standard insurance policies designed to protect Helicopter Pilot business owners from risks like bodily injury, property damage, claims of negligence.
Does my Helicopter Pilot 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Helicopter Pilot 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 Helicopter Pilot insurance.
How much will Helicopter Pilot business insurance cost?
On top of the size of the business, certain 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 Pilot, in the search box below, and follow the relevant links.