Whenever you budget the expenses of your business, Jewelry Maker insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Jewelry Maker
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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Jewelry Maker enterprise, you must consider how much financial risk you are taking on.
If your Jewelry Maker business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total 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 startup 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 Jewelry Maker business?
What this means, for any Jewelry Maker 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 Jewelry Maker 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 Texas, there are specific monetary levels that limit the amount a judge 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 claimant more than they have sued for.
When you are running your Jewelry Maker 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 an LLC, all of that liability belongs to you as a person.
What does Jewelry Maker insurance protect you from?
For your Jewelry Maker business, the most important sorts 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 explain the most important points any Jewelry Maker business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Jewelry Maker businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability for your Jewelry Maker operations
Any Jewelry Maker business is dealing directly with other people, 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 require compensation.
General liability insurance policy for your Jewelry Maker business covers you against claims coming from injury to clients or damage to their property.
It protects your Jewelry Maker business from the claims themselves and in addition 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 insist on proper liability insurance.
The average level of general liability insurance for your Jewelry Maker business would be with a upper limit 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 Jewelry Maker insurance operations.
Professional liability insurance for your Jewelry Maker business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Jewelry Maker business for them, you can quickly be involved in a monetary claim.
Even if the case against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Every small Jewelry Maker 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 Jewelry Maker insurance section below for average prices of professional liability insurance for your Jewelry Maker operations.
Product liability insurance for your Jewelry Maker business
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 know the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Jewelry Maker
Only you can determine 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 Jewelry Maker business
Be careful! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle 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 designated commercial vehicle insurance package.
Commercial truck policies guarantee 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 insured if your truck is involved in a crash.
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 for your Jewelry Maker business
Since your Jewelry Maker business needs specialized and dedicated equipment, you know 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 unexpected 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 need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Jewelry Maker 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 Jewelry Maker business’ equipment.
Commercial Property insurance for your Jewelry Maker operations
Any Jewelry Maker business that owns or rents space in a building needs 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 Jewelry Maker business deals in areas of high risk, like California or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Jewelry Maker business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends mainly 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 Jewelry Maker insurance section below to give some indication of the average prices per million dollars of property insurance for your Jewelry Maker business.
Temporary insurance by month, week or day for your Jewelry Maker business
Is your Jewelry Maker 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 Jewelry Maker – 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 reduced 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 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Jewelry Maker 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 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 often the right choice for small and medium-sized Jewelry Maker businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs will 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 is eligible for a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Jewelry Maker business employees
In many states, it is mandatory to have workers compensation insurance when your Jewelry Maker 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 include 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 required 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 may not obtain your workers compensation obligations from private insurance corporations.
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 consult the relevant authorities in your state.
Average costs of these types of insurance for your Jewelry Maker business
Although every Jewelry Maker insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give rough 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 Jewelry Maker businesses needs.
|Types of insurance||Price range|
|General liability insurance||$610 – $1067|
|Public liability insurance||$376 – $642|
|Equipment insurance||$370 – $1096|
|Commercial vehicle insurance||$1803 – $3439|
|Product liability insurance||$206 – $606|
|Commercial insurance||$1105 – $2123|
Cost of insurance for your Jewelry Maker operations depends on many different factors.
We have estimated these figures for small freelance Jewelry Maker businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they will be about 20%-30% lower.
The location and size and type of your Jewelry Maker 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 useful source of information is the local Better Business Bureau in your city.
What is small business insurance for Jewelry Maker operations?
This is a general term used to describe common insurance policies designed to protect Jewelry Maker business owners from risks like bodily injury, property damage, claims of negligence.
Does my Jewelry Maker business have to have insurance?
Some of the kinds of insurance are not mandatory for you to operate 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 Jewelry Maker business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer 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 best policies for Jewelry Maker insurance.
How much will Jewelry Maker 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 discuss with professional insurance agents and brokers, or insurance company representatives.