Indiegogo Advisor insurance – cost and types of policies

Whenever you budget the expenses of your business, Indiegogo Advisor insurance must be near the top of 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 types 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 Indiegogo Advisor enterprise, you must consider how much financial liability you are taking on.

If your Indiegogo Advisor 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 upshots of their actions.

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

are you covered?

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

What this means, for any Indiegogo Advisor business owner, is that if some customer 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 Indiegogo Advisor 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 Montana, 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sort.

When you are running your Indiegogo Advisor operations, you can’t escape 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 corporation, all of that liability belongs to you alone.

What does Indiegogo Advisor insurance protect you from?

For your Indiegogo Advisor business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Indiegogo Advisor business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Indiegogo Advisor businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Indiegogo Advisor business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

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

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

It protects your Indiegogo Advisor 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 usual level of general liability insurance for your Indiegogo Advisor 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 Indiegogo Advisor insurance operations.

Professional liability insurance for your Indiegogo Advisor business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Indiegogo Advisor business for them, you can quickly face a monetary claim.

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

Almost all small Indiegogo Advisor 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 Indiegogo Advisor insurance section below for average prices of professional liability insurance for your Indiegogo Advisor 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 they received didn’t meet your description of function, or that your recommendation 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 culpable for damages caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Indiegogo Advisor

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

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

Commercial insurance

Commercial vehicle insurance for your Indiegogo Advisor business

Take care! – almost all policies for private vehicle insurance do not cover any occurrence 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 car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, 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 crash.

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 declared level of cover of contents.

Tools and Equipment insurance

Since your Indiegogo Advisor business needs unique and expensive equipment, you will realize 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 unforeseen 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 unique 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 Indiegogo Advisor business running.

It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Indiegogo Advisor business’ equipment.

Commercial Property insurance

Any Indiegogo Advisor business that owns or rents space in a building needs a commercial property insurance policy.

If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.

Your physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Indiegogo Advisor business operates in areas of high risk, like California or South Carolina, extra 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 Indiegogo Advisor 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 Indiegogo Advisor insurance section below to give some idea of the average prices per million dollars of property insurance for your Indiegogo Advisor business.

Temporary insurance by month, week or day for your Indiegogo Advisor business

Is your Indiegogo Advisor business working part-time or casually, or is the level of business variable?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Indiegogo Advisor – 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 identical risk cover.

The essential 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 improved.

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

Business Owners Policy BOP for your Indiegogo Advisor business

You have the chance 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 amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will shield you if any claims of injury or property damage are made.

It is mostly the right choice for small and medium-sized Indiegogo Advisor businesses, such as yours.

There are two limits that will rule 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 rule whether you are eligible to take out BOP cover.

The typical business that can take out 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 mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Indiegogo Advisor business employees

In most states, it is mandatory to have workers compensation insurance when your Indiegogo Advisor 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 provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements 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 authorize coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance companies.

Workers compensation charges are computed 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 Indiegogo Advisor insurance requirement 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 collected for the main types of insurance your Indiegogo Advisor businesses needs.

Types of insurance Price range
Commercial insurance $815 – $2575
Public liability insurance $390 – $685
Commercial vehicle insurance $1970 – $2515
Product liability insurance $200 – $835
General liability insurance $555 – $870
Equipment insurance $320 – $1310

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

We have reckoned these figures for small independent Indiegogo Advisor businesses.

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

The location and size and type of your Indiegogo Advisor 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 town.

FAQ

What is small business insurance for Indiegogo Advisor operations?

This is an umbrella term used to describe standard insurance policies designed to protect Indiegogo Advisor business owners from risks like bodily injury, property damage, claims of negligence.

Does my Indiegogo Advisor 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 Indiegogo Advisor 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 recommended policies for Indiegogo Advisor insurance.

How much will Indiegogo Advisor business insurance cost?

In addition to the size of the business, certain 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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