Labor Standards Investigator Insurance – What Kind and at What Cost

Whenever you budget the expenses of your business, labor standards investigator insurance must be included in the list because you can’t always know exactly what could happen in the future.

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 labor standards investigator enterprise, you must consider how much financial danger you are taking on.

If your labor standards investigator 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 small businesses to outline 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 labor standards investigator business?

What this means, for any labor standards investigator business owner, is that if some person 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 labor standards investigator 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 New Jersey, 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 sort.

When you are running your labor standards investigator 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 an LLC, all of that liability belongs to you as a person.

What does labor standards investigator insurance protect you from?

For your labor standards investigator 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 official kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any labor standards investigator business owner should remember when negotiating the insurance needed.

The main types of insurance for your labor standards investigator businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any labor standards investigator business is dealing directly with customers, and that means you always 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 require compensation.

General liability insurance policy for your labor standards investigator business covers you against claims coming from injury to customers or damage to their property.

It protects your labor standards investigator business from the claims themselves and as well to any follow-on 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 insist on proper liability insurance.

The normal level of general liability insurance for your labor standards investigator 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 labor standards investigator insurance operations.

Professional liability insurance for your labor standards investigator business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your labor standards investigator business for them, you can quickly have to fight a monetary claim.

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

Every small labor standards investigator business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.

See the table in the cost of labor standards investigator insurance section below for average prices of professional liability insurance for your labor standards investigator 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 understand the specific laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for labor standards investigator

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

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your labor standards investigator business

Beware! – almost all 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 proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is guaranteed 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 depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your labor standards investigator business needs unique and costly equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment 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 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 need full-level equipment insurance so that you can immediately buy everything needed to keep your labor standards investigator 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 labor standards investigator business’ equipment.

Commercial Property insurance

Any labor standards investigator business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, you certainly 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 deliberate damages like theft and vandalism.

If your labor standards investigator business works in areas of high risk, like Florida or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of labor standards investigator 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 labor standards investigator insurance section below to give some estimate of the average prices per million dollars of property insurance for your labor standards investigator business.

Temporary insurance by month, week or day for your labor standards investigator business

Is your labor standards investigator business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for labor standards investigator – 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 less 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 labor standards investigator business

You have the choice 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 packaging 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 frequently the right choice for small and medium-sized labor standards investigator 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 permitted to take out BOP cover.

The typical business that is allowed to take a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual sales.

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

Workers Compensation insurance for your labor standards investigator business employees

In many states, it is mandatory to have workers compensation insurance when your labor standards investigator 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 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 obliged 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 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 labor standards investigator insurance need is unique, there are enough examples of standard quotes from insurance companies for us to give approximate 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 researched for the main types of insurance your labor standards investigator businesses needs.

Cost of insurance for your labor standards investigator operations depends on many different factors.

We have calculated these figures for small independent labor standards investigator businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they can be about 20%-30% less.

The location and size and type of your labor standards investigator 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.

In addition 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 labor standards investigator operations?

This is an umbrella term used to describe common insurance policies designed to protect labor standards investigator business owners from risks like bodily injury, property damage, claims of negligence.

Does my labor standards investigator business have to have insurance?

Some of the forms 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 labor standards investigator business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a third-party 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 labor standards investigator insurance.

How much will labor standards investigator business insurance cost?

On top of the size of the business, several 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 labor standards investigator, in the search box below, and follow the relevant links.

Related Industries:

Labor Law Investigator Insurance – Cost and Types Of Policies Labor Relations Manager insurance – what kind and at what cost Farm Labor Contractors Insurance – What Kind and at What Cost Labor Union Insurance – What Kind and at What Cost Labor Relations Specialists insurance – cost and types of policies Labor Relations Attorney Insurance – Cost and Coverage Child Protective Investigator Insurance – What Kind and at What Cost Fraud Investigator Insurance – What Kind and at What Cost Credit Investigator insurance – what kind and at what cost Chief Investigator Insurance – What Kind and at What Cost Confidential Investigator Insurance – What Kind and at What Cost Investigator Trainee Insurance – What Kind and at What Cost