Historians insurance – what kind and at what cost

Whenever you budget the expenses of your business, Historians insurance must be included in the list because you can’t always know exactly what can happen in the future.

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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 unexpected happens.

Like any business owner, for your Historians enterprise, you must consider how much financial danger you are taking on.

If your Historians 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 upshots of their actions. 

Historians Insurance

In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Historians business?

What this means, for any Historians 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 Historians 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 an adjudicator 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 claimed.

When you are running your Historians operations, you can’t escape responsibility for the consequences 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 Historians insurance protect you from?

For your Historians 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 describe the most important points any Historians business owner should remember when negotiating the insurance needed.

The main categories of insurance for your Historians businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Historians business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be spoiled.

In such a case, they can sue you for compensation.

General liability insurance policy for your Historians business covers you against claims coming from injury to visitors or damage to their property.

It protects your Historians business from the claims themselves and as well to any resulting court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The normal level of general liability insurance for your Historians business would be with a upper limit 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 Historians insurance operations.

Professional liability insurance for your Historians business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Historians 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 Historians 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 Historians insurance section below for average prices of professional liability insurance for your Historians 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 responsible for damages caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Historians

Only you can estimate exactly how much insurance you need.

Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Historians business

Be careful! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the van 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 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 covered 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 declared level of cover of contents. 

Tools and Equipment insurance

Since your Historians business needs unique and costly equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The tools may be subject to malicious damage, deliberate fire, theft, other such unpredicted 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 specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Historians 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 Historians business’ equipment.

Commercial Property insurance

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

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

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

If your Historians 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 Historians business premises, there is a need for more supplementary cover than in warmer climes.

Whereas 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 Historians insurance section below to give some idea of the average prices per million dollars of property insurance for your Historians business.

Temporary insurance by month, week or day for your Historians business

Is your Historians 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 Historians – are special policies where you can cover a designated 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 the same risk cover.

The essential feature of short-term insurance is that you buy 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 raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Historians business

You have the choice 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 merges commercial property and public liability insurance by packaging 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 Historians businesses, such as yours.

There are some limits that will rule 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 rule whether you are allowed to take out BOP cover.

The normal business that is allowed to take 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 required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Historians business employees

In most states, it is mandatory to have workers compensation insurance when your Historians business has one or more employees.

Workers compensation insurance covers the operation 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 obliged 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 can’t get your workers compensation obligations from private insurance providers.

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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Historians insurance need is unique, there are enough examples of standard 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 Historians businesses needs.

Types of insurance Price range
General liability insurance $662 – $862
Commercial vehicle insurance $1771 – $2533
Product liability insurance $208 – $500
Commercial insurance $1017 – $2894
Public liability insurance $284 – $777
Equipment insurance $462 – $1425

Cost of insurance for your Historians operations depends on many different factors.

We have calculated these figures for small self-employed Historians businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they usually are about 20%-30% less.

The location and size and type of your Historians 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.

As well 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 suburb.

FAQ

What is small business insurance for Historians operations?

This is a wide term used to describe standard insurance policies designed to protect Historians business owners from risks like bodily injury, property damage, claims of negligence.

Does my Historians business have to have insurance?

Some of the types 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 Historians business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client 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 best policies for Historians insurance.

How much will Historians business insurance cost?

As well as 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.

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