Holiday Decorating Services insurance – what kind and at what cost

Whenever you budget the expenses of your business, Holiday Decorating Services insurance must be high on 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 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 Holiday Decorating Services enterprise, you must consider how much financial risk you are taking on.

If your Holiday Decorating Services business runs without proper insurance, you are taking an enormous 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. 

Holiday Decorating Services Insurance

In this article, we are giving very general guidelines for growing 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 Holiday Decorating Services business?

What this means, for any Holiday Decorating Services business owner, is that if some company claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Holiday Decorating Services 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 an adjudicator can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sued for.

When you are running your Holiday Decorating Services operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Holiday Decorating Services insurance protect you from?

For your Holiday Decorating Services business, the most important types 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 outline the most important points any Holiday Decorating Services business owner should know when negotiating the insurance needed.

The main types of insurance for your Holiday Decorating Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Holiday Decorating Services 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 spoiled.

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

General liability insurance policy for your Holiday Decorating Services business insures you against claims coming from injury to customers or damage to their property.

It protects your Holiday Decorating Services 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 require proper liability insurance.

The average level of general liability insurance for your Holiday Decorating Services business would be with a boundary 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 Holiday Decorating Services insurance operations.

Professional liability insurance for your Holiday Decorating Services business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Holiday Decorating Services business for them, you can quickly be involved in a law suit.

Even if the case against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Almost all small Holiday Decorating Services 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 Holiday Decorating Services insurance section below for average prices of professional liability insurance for your Holiday Decorating Services operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to understand the particular 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 Holiday Decorating Services

Only you can know exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Holiday Decorating Services business

Be careful! – most 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 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 truck policies cover 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 truck is involved in a collision.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The required 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 Holiday Decorating Services business needs unique and expensive equipment, you can appreciate 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 unforeseen acts.

As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Holiday Decorating Services business running.

It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Holiday Decorating Services business’ equipment.

Commercial Property insurance

Any Holiday Decorating Services 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, as well as a big liability if there’s a mortgage.

Any physical building location should 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 Holiday Decorating Services business operates in areas of high risk, like Florida or North Carolina, additional 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 Holiday Decorating Services business premises, there is a need for more extra 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 Holiday Decorating Services insurance section below to give some idea of the average prices per million dollars of property insurance for your Holiday Decorating Services business.

Temporary insurance by month, week or day for your Holiday Decorating Services business

Is your Holiday Decorating Services 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 Holiday Decorating Services – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.

The essential feature of short-term insurance is that you pay for 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 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 Holiday Decorating Services 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 incorporating 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 Holiday Decorating Services businesses, such as yours.

There are some 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 determine whether you are eligible to take out BOP cover.

The usual business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual revenue.

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 Holiday Decorating Services business employees

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

Workers compensation insurance covers the business 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 laws 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 may not obtain your workers compensation obligations from private insurance providers.

Workers compensation rates are worked out 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 Holiday Decorating Services insurance level 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 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 Holiday Decorating Services businesses needs.

Types of insurance Price range
Public liability insurance $336 – $691
Commercial insurance $1010 – $2822
Commercial vehicle insurance $1727 – $2747
Product liability insurance $242 – $690
Equipment insurance $428 – $1233
General liability insurance $622 – $977

Cost of insurance for your Holiday Decorating Services operations depends on many different factors.

We have reckoned these figures for small independent Holiday Decorating Services businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% less.

The location and size and type of your Holiday Decorating Services 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.

Also you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Holiday Decorating Services operations?

This is a general term used to describe basic insurance policies designed to protect Holiday Decorating Services business owners from risks like bodily injury, property damage, claims of negligence.

Does my Holiday Decorating Services 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.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Holiday Decorating Services business insurance policy cover?

Liability insurance provides insurance 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 most common policies for Holiday Decorating Services insurance.

How much will Holiday Decorating Services 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 talk to professional insurance agents and brokers, or insurance company representatives.

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