Whenever you budget the expenses of your business, Magician insurance must be high on the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents and all the other sorts 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 Magician enterprise, you must consider how much financial risk you are taking on.
If your Magician business runs without proper insurance, you are taking an enormous 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 small 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 Magician business?
What this means, for any Magician business owner, is that if some customer 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 Magician business is not sheltered 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 an adjudicator 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 sued for.
When you are running your Magician operations, you can’t escape responsibility for the consequences of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Magician insurance protect you from?
For your Magician 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 describe the most important points any Magician business owner should consider when negotiating the insurance needed.
The main categories of insurance for your Magician businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Magician business is dealing directly with members of the public, and that means you always 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 Magician business protects you against claims coming from injury to visitors or damage to their property.
It protects your Magician business from the claims themselves and as well to any associated 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 average level of general liability insurance for your Magician business would be with a cap of $1 million for a single event 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 Magician insurance operations.
Professional liability insurance for your Magician business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Magician business for them, you can quickly be involved in 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.
Most small Magician 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 Magician insurance section below for average prices of professional liability insurance for your Magician 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 the results 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 damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Magician
Only you can determine exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Magician business
Beware! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the van 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 direct commercial vehicle insurance package.
Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Magician business needs specialized and expensive 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 unpredicted acts.
In addition, 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 everything needed to keep your Magician business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Magician business’ equipment.
Commercial Property insurance
Any Magician business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Magician business deals in areas of high risk, like California 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 Magician business premises, there is a need for more extra cover than in warmer climes.
Because 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 Magician insurance section below to give some indication of the average prices per million dollars of property insurance for your Magician business.
Temporary insurance by month, week or day for your Magician business
Is your Magician business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Magician – 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 adequate risk cover.
The key feature of short-term insurance is that you pay for the cover for a defined period – a nominated 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 Magician 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 combines 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 mostly the right choice for small and medium-sized Magician businesses, such as yours.
There are two limits that will determine whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle policies.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The normal business that is eligible for a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual revenue.
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 Magician business employees
In most states, it is mandatory to have workers compensation insurance when your Magician 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 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 permit 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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Magician 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 collected for the main types of insurance your Magician businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$281 – $584|
|General liability insurance||$743 – $1237|
|Commercial insurance||$1022 – $2276|
|Public liability insurance||$278 – $794|
|Commercial vehicle insurance||$1779 – $2806|
|Equipment insurance||$488 – $1417|
Cost of insurance for your Magician operations depends on many different factors.
We have reckoned these figures for small freelance Magician businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they can be about 20%-30% less.
The location and size and type of your Magician 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.
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As well you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your town.
What is small business insurance for Magician operations?
This is a general term used to describe standard insurance policies designed to protect Magician business owners from risks like bodily injury, property damage, claims of negligence.
Does my Magician business have to have insurance?
Some of the types of insurance are not mandatory for you to open 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 Magician business insurance policy cover?
Liability insurance provides coverage 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 most common policies for Magician insurance.
How much will Magician 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 discuss with professional insurance agents and brokers, or insurance company representatives.