Whenever you budget the expenses of your business, home health stores insurance must be high on the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Home Health Stores
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With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your home health stores enterprise, you must consider how much financial liability you are taking on.
If your home health stores business runs without proper insurance, you are taking a giant 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.
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 home health stores business?
What this means, for any home health stores business owner, is that if some company 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 home health stores 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 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.
When you are running your home health stores operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does home health stores insurance protect you from?
For your home health stores 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 outline the most important points any home health stores business owner should remember when negotiating the insurance needed.
The main headings of insurance for your home health stores businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any home health stores business is dealing directly with customers, and that means you usually 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 sue you for compensation.
General liability insurance policy for your home health stores business covers you against claims coming from injury to clients or damage to their property.
It protects your home health stores business from the claims themselves and as well 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 demand proper liability insurance.
The normal level of general liability insurance for your home health stores 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 home health stores insurance operations.
Professional liability insurance for your home health stores business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your home health stores business for them, you can quickly face a monetary claim.
Even if the case against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Almost all small home health stores 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 home health stores insurance section below for average prices of professional liability insurance for your home health stores 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 what you delivered didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for home health stores
Only you can estimate exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your home health stores business
Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van is being used for business purposes.
The best 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 guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your home health stores business needs specific and dedicated equipment, you know 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 unexpected acts.
As well, 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 should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your home health stores 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 home health stores business’ equipment.
Commercial Property insurance
Any home health stores 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, along with a big liability if there’s a mortgage.
Every physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your home health stores business works in areas of high risk, like Texas or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of home health stores business premises, there is a need for more extra cover than in warmer climes.
Although 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 home health stores insurance section below to give some indication of the average prices per million dollars of property insurance for your home health stores business.
Temporary insurance by month, week or day for your home health stores business
Is your home health stores business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for home health stores – 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 key feature of short-term insurance is that you buy the cover for a defined period – a specific 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 larger 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 home health stores business
You have the chance 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 incorporating 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 frequently the right choice for small and medium-sized home health stores 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 dictate whether you are eligible to take out BOP cover.
The typical business that is allowed to take a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your home health stores business employees
In almost all states, it is mandatory to have workers compensation insurance when your home health stores business has one or more employees.
Workers compensation insurance covers the enterprise 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 regulations 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 get 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 home health stores 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 collected for the main types of insurance your home health stores businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$385 – $670|
|General liability insurance||$720 – $1280|
|Product liability insurance||$225 – $635|
|Commercial vehicle insurance||$1655 – $2985|
|Equipment insurance||$390 – $1050|
|Commercial insurance||$1050 – $2565|
Cost of insurance for your home health stores operations depends on many different factors.
We have reckoned these figures for small freelance home health stores businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% cheaper.
The location and size and type of your home health stores 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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In addition 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 city.
What is small business insurance for home health stores operations?
This is an umbrella term used to describe basic insurance policies designed to protect home health stores business owners from risks like bodily injury, property damage, claims of negligence.
Does my home health stores 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.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small home health stores business insurance policy cover?
Liability insurance provides protection 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 recommended policies for home health stores insurance.
How much will home health stores business insurance cost?
In addition to the size of the business, some 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.
You can search for more information insurance for home health stores, in the search box below, and follow the relevant links.