Kayak Store Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, kayak store insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by general insurance and all the other types 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 kayak store enterprise, you must consider how much financial liability you are taking on.

If your kayak store business runs without proper insurance, you are taking a giant chance not just of losing some money but of a final 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 outline 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 kayak store business?

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

Your kayak store business is not protected 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 Montana, 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 plaintiff more than they have sort.

When you are running your kayak store operations, you can’t avoid 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 an individual.

What does kayak store insurance protect you from?

For your kayak store business, the most important sorts of insurance are designed 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 kayak store business owner should consider when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any kayak store business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.

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

General liability insurance policy for your kayak store business protects you against claims coming from injury to visitors or damage to their property.

It protects your kayak store business from the claims themselves and also to any resulting 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 require proper liability insurance.

The average level of general liability insurance for your kayak store 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 kayak store insurance operations.

Professional liability insurance for your kayak store business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your kayak store business for them, you can quickly have to fight a court case.

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

Every small kayak store business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of kayak store insurance section below for average prices of professional liability insurance for your kayak store 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 results caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for kayak store

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

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

Commercial insurance

Commercial vehicle insurance for your kayak store business

Beware! – almost all policies for private vehicle insurance do not cover any happening 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 designated 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 van itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in an accident.

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

The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your kayak store business needs specific and expensive equipment, you can appreciate 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 unpredicted 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your kayak store business running.

It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your kayak store business’ equipment.

Commercial Property insurance

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

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

Your 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 man-made damages like theft and vandalism.

If your kayak store business operates in areas of high risk, like Texas or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of kayak store business premises, there is a need for more extra cover than in warmer climes.

Whereas 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 kayak store insurance section below to give some estimate of the average prices per million dollars of property insurance for your kayak store business.

Temporary insurance by month, week or day for your kayak store business

Is your kayak store business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for kayak store – 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 lower premiums but still having the same risk cover.

The key feature of short-term insurance is that you buy 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 better 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 kayak store 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 integrates 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 mostly the right choice for small and medium-sized kayak store businesses, such as yours.

There are some limits that will determine 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 allowed to take out BOP cover.

The normal business that is allowed to take a BOP policy must have less 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 kayak store business employees

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

Workers compensation insurance covers the business against any costs that arise if an employee 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 having 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 cannot take out 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 see the relevant authorities in your state.

Average costs of these types of insurance

Although every kayak store insurance requirement is unique, there are enough examples of standard 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 researched for the main types of insurance your kayak store businesses needs.

Cost of insurance for your kayak store operations depends on many different factors.

We have reckoned these figures for small freelance kayak store businesses.

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

The location and size and type of your kayak store 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.

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

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

FAQ

What is small business insurance for kayak store operations?

This is a wide term used to describe basic insurance policies designed to protect kayak store business owners from risks like bodily injury, property damage, claims of negligence.

Does my kayak store 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 kayak store 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 precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the best policies for kayak store insurance.

How much will kayak store 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 consult with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for kayak store, in the search box below, and follow the relevant links.

Related Industries:

Kayak Rental Insurance – Cost and Coverage Antiques Store insurance – cost and types of policies Comic Book Store insurance – cost and types of policies Thrift Store insurance – cost and types of policies Fabric Store insurance – cost and types of policies Uniform Store insurance – cost and types of policies Vitamins and Supplements Store insurance – cost and types of policies Retail Store Manager Insurance – Cost and Types Of Policies Store Cashier Insurance – Cost and Types Of Policies Store Assistant Manager insurance – cost and types of policies Grocery Store Delivery Insurance – Cost and Types Of Policies Cosmetic Store Insurance – Cost and Types Of Policies