Human Resources Executive Insurance – Cost and Coverage

Whenever you budget the expenses of your business, Human Resources Executive insurance must be near the top of the list because you can’t always know exactly what can happen in the future.

Need General Liability Insurance for Your Human Resources Executive Business?
Get Your Free Quote

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 unforeseen happens.

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

Business Insurance for Human Resources Executive

If your Human Resources Executive 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 upshots 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 Human Resources Executive business?

What this means, for any Human Resources Executive 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 Human Resources Executive 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 a court 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 sued for.

When you are running your Human Resources Executive operations, you can’t escape responsibility for the consequences of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.

What does Human Resources Executive insurance protect you from?

For your Human Resources Executive business, the most important types of insurance are intended 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 explain the most important points any Human Resources Executive business owner should consider when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any Human Resources Executive business is dealing directly with customers, and that means you generally 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 demand compensation.

General liability insurance policy for your Human Resources Executive business protects you against claims coming from injury to clients or damage to their property.

It protects your Human Resources Executive 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 demand proper liability insurance.

The average level of general liability insurance for your Human Resources Executive 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 Human Resources Executive insurance operations.

Professional liability insurance for your Human Resources Executive business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Human Resources Executive business for them, you can quickly face a court case.

Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Almost all small Human Resources Executive 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 Human Resources Executive insurance section below for average prices of professional liability insurance for your Human Resources Executive 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 advice was basically incorrect.

You need to know 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 likely lawsuit, you need Product liability insurance for Human Resources Executive

Only you can estimate exactly how much insurance you must have.

Best advice is to contact experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Human Resources Executive business

Be careful! – most 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 designated commercial vehicle insurance package.

Commercial car policies cover 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 guaranteed if your car is involved in a collision.

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

The required value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

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

The gear may be subject to malicious damage, deliberate fire, theft, other such unforeseen 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 should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Human Resources Executive 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 Human Resources Executive business’ equipment.

Commercial Property insurance

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

If you own the space, you certainly have a substantial capital investment, as well as 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 criminal damages like theft and vandalism.

If your Human Resources Executive business deals in areas of high risk, like California or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Human Resources Executive 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 Human Resources Executive insurance section below to give some indication of the average prices per million dollars of property insurance for your Human Resources Executive business.

Temporary insurance by month, week or day for your Human Resources Executive business

Is your Human Resources Executive business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Human Resources Executive – 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 reduced premiums but still having the same risk cover.

The important feature of short-term insurance is that you pay for 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 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 Human Resources Executive 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 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 mostly the right choice for small and medium-sized Human Resources Executive 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 cover.

Also, the size of your business will dictate whether you are allowed to take out BOP cover.

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

Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Human Resources Executive business employees

In many states, it is mandatory to have workers compensation insurance when your Human Resources Executive business has one or more employees.

Workers compensation insurance covers the business 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 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 permit 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 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 Human Resources Executive insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate 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 gathered for the main types of insurance your Human Resources Executive businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1800 – $2790
Product liability insurance $275 – $890
General liability insurance $710 – $1170
Equipment insurance $455 – $1135
Public liability insurance $390 – $620
Commercial insurance $875 – $2625

Cost of insurance for your Human Resources Executive operations depends on many different factors.

We have reckoned these figures for small self-employed Human Resources Executive businesses.

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

The location and size and type of your Human Resources Executive 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.

In addition you can let the internet do the work for you by searching for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Human Resources Executive operations?

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

Does my Human Resources Executive business have to have insurance?

Some of the forms of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.

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

What does a small Human Resources Executive 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 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 Human Resources Executive insurance.

How much will Human Resources Executive 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 discuss with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Human Resources Executive, in the search box below, and follow the relevant links.

Was this helpful? Share it!
SBCoverage.com
Enable registration in settings - general