Whenever you budget the expenses of your business, Legal Secretaries insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Legal Secretaries
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With the protection provided by liability insurance and all the other sorts 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 Legal Secretaries enterprise, you must consider how much financial danger you are taking on.
If your Legal Secretaries 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 results 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 available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Legal Secretaries business?
What this means, for any Legal Secretaries 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 Legal Secretaries business is not protected 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 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 claimed.
When you are running your Legal Secretaries operations, you can’t avoid responsibility for the outcomes 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 Legal Secretaries insurance protect you from?
For your Legal Secretaries business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Legal Secretaries business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Legal Secretaries businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Legal Secretaries business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Legal Secretaries business covers you against claims coming from injury to clients or damage to their property.
It protects your Legal Secretaries business from the claims themselves and in addition 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 demand proper liability insurance.
The usual level of general liability insurance for your Legal Secretaries 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 Legal Secretaries insurance operations.
Professional liability insurance for your Legal Secretaries business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Legal Secretaries business for them, you can quickly have to fight a monetary claim.
Even if the case against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Legal Secretaries 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 Legal Secretaries insurance section below for average prices of professional liability insurance for your Legal Secretaries 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 the results didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of the particular 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 Legal Secretaries
Only you can determine exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Legal Secretaries business
Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van 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.
Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Legal Secretaries business needs unique and expensive 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 specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Legal Secretaries 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 Legal Secretaries business’ equipment.
Commercial Property insurance
Any Legal Secretaries 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, in addition to a big liability if there’s a mortgage.
Any physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Legal Secretaries business premises, there is a need for more additional cover than in warmer climes.
Although 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 Legal Secretaries insurance section below to give some estimate of the average prices per million dollars of property insurance for your Legal Secretaries business.
Temporary insurance by month, week or day for your Legal Secretaries business
Is your Legal Secretaries 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 Legal Secretaries – 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 less premiums but still having identical risk cover.
The important feature of short-term insurance is that you purchase 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Legal Secretaries business
You have the option 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 amalgamating 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 frequently the right choice for small and medium-sized Legal Secretaries businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are eligible 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.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Legal Secretaries business employees
In almost all states, it is mandatory to have workers compensation insurance when your Legal Secretaries business has one or more employees.
Workers compensation insurance covers the operation 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.
In these states, you cannot get your workers compensation obligations from private insurance corporations.
Workers compensation rates 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 Legal Secretaries insurance requirement is unique, there are enough examples of average 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 collected for the main types of insurance your Legal Secretaries businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1583 – $2872|
|Commercial insurance||$913 – $2101|
|Product liability insurance||$327 – $814|
|Equipment insurance||$302 – $1370|
|General liability insurance||$595 – $1097|
|Public liability insurance||$332 – $513|
Cost of insurance for your Legal Secretaries operations depends on many different factors.
We have calculated these figures for small freelance Legal Secretaries businesses.
The location and size and type of your Legal Secretaries 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.
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In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Legal Secretaries operations?
This is a wide term used to describe common insurance policies designed to protect Legal Secretaries business owners from risks like bodily injury, property damage, claims of negligence.
Does my Legal Secretaries 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Legal Secretaries 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 recommended policies for Legal Secretaries insurance.
How much will Legal Secretaries 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.