Logistics Coordinator insurance – what kind and at what cost

Whenever you budget the expenses of your business, Logistics Coordinator 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 Logistics Coordinator Business?
Get Your Free Quote

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 unforeseen happens.

Like any business owner, for your Logistics Coordinator enterprise, you must consider how much financial risk you are taking on.

Business Insurance for Logistics Coordinator

If your Logistics Coordinator 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 consequences 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 possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Logistics Coordinator business?

What this means, for any Logistics Coordinator 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 Logistics Coordinator 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 claimant more than they have sort.

When you are running your Logistics Coordinator 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 limited liability company, all of that liability belongs to you as a person.

What does Logistics Coordinator insurance protect you from?

For your Logistics Coordinator business, the most important kinds of insurance are designed 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 outline the most important points any Logistics Coordinator business owner should consider when negotiating the insurance needed.

The main types of insurance for your Logistics Coordinator businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Logistics Coordinator business is dealing directly with other people, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.

In such a case, they can demand compensation.

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

It protects your Logistics Coordinator 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 normal level of general liability insurance for your Logistics Coordinator business would be with a boundary 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 Logistics Coordinator insurance operations.

Professional liability insurance for your Logistics Coordinator business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Logistics Coordinator business for them, you can quickly be involved in a law suit.

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

Every small Logistics Coordinator 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 Logistics Coordinator insurance section below for average prices of professional liability insurance for your Logistics Coordinator 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 you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to be aware of the explicit laws of product liability in your own state.

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

To cover yourself against any following lawsuit, you need Product liability insurance for Logistics Coordinator

Only you can know exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your Logistics Coordinator business

Be careful! – practically all policies for private vehicle insurance do not cover any event 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 van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

In addition, 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 an accident.

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

The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your Logistics Coordinator 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 tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

As well, 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 specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Logistics Coordinator business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Logistics Coordinator business’ equipment.

Commercial Property insurance

Any Logistics Coordinator 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, along with a big liability if there’s a mortgage.

Every 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 criminal damages like theft and vandalism.

If your Logistics Coordinator business operates in areas of high risk, like California or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Logistics Coordinator business premises, there is a need for more additional 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 Logistics Coordinator insurance section below to give some estimate of the average prices per million dollars of property insurance for your Logistics Coordinator business.

Temporary insurance by month, week or day for your Logistics Coordinator business

Is your Logistics Coordinator 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 Logistics Coordinator – 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 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 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 Logistics Coordinator business

You have the choice 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 shield you if any claims of injury or property damage are made.

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

There are two limits that will determine whether BOP is suitable for your own business.

BOPs will not cover your professional liability or commercial vehicle risks.

Also, the size of your business will determine whether you are eligible to take out BOP cover.

The normal business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual turnover.

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

Workers Compensation insurance for your Logistics Coordinator business employees

In most states, it is mandatory to have workers compensation insurance when your Logistics Coordinator business has one or more employees.

Workers compensation insurance covers the operation 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 obliged 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 can’t obtain your workers compensation obligations from private insurance companies.

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 see the relevant authorities in your state.

Average costs of these types of insurance

Although every Logistics Coordinator insurance need 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 gathered for the main types of insurance your Logistics Coordinator businesses needs.

Types of insurance Price range
Product liability insurance $265 – $790
Commercial insurance $930 – $2510
Equipment insurance $320 – $1200
Commercial vehicle insurance $1560 – $3195
Public liability insurance $280 – $740
General liability insurance $715 – $870

Cost of insurance for your Logistics Coordinator operations depends on many different factors.

We have calculated these figures for small self-employed Logistics Coordinator businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they can be about 20%-30% lower.

The location and size and type of your Logistics Coordinator business can have a big effect on the cost of different policies.

You should consult with professional insurance agents and brokers, or insurance company representatives.

Also 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 town.

FAQ

What is small business insurance for Logistics Coordinator operations?

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

Does my Logistics Coordinator business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Logistics Coordinator business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client 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 Logistics Coordinator insurance.

How much will Logistics Coordinator business insurance cost?

On top of the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.

You should talk to professional insurance agents and brokers, or insurance company representatives.

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

Was this helpful? Share it!
SBCoverage.com
Enable registration in settings - general