Whenever you budget the expenses of your business, Mass Media 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 Mass Media
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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 Mass Media enterprise, you must consider how much financial danger you are taking on.
If your Mass Media 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 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 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 Mass Media business?
What this means, for any Mass Media business owner, is that if some customer 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 Mass Media business is not protected 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 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 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 Mass Media operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.
What does Mass Media insurance protect you from?
For your Mass Media business, the most important sorts of insurance are meant 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 Mass Media business owner should know when negotiating the insurance needed.
The main headings of insurance for your Mass Media businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Mass Media business is dealing directly with customers, 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 require compensation.
General liability insurance policy for your Mass Media business insures you against claims coming from injury to customers or damage to their property.
It protects your Mass Media business from the claims themselves and in addition to any follow-on 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 demand proper liability insurance.
The normal level of general liability insurance for your Mass Media business would be with a upper limit 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 Mass Media insurance operations.
Professional liability insurance for your Mass Media business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Mass Media business for them, you can quickly face a monetary claim.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Almost all small Mass Media 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 Mass Media insurance section below for average prices of professional liability insurance for your Mass Media 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 recommendation was basically incorrect.
You need to know 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 results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Mass Media
Only you can know exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Mass Media business
Beware! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.
The right 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 cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, 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 depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Mass Media business needs unique and expensive equipment, you know 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 unforeseen acts.
In addition, 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 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 Mass Media business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Mass Media business’ equipment.
Commercial Property insurance
Any Mass Media 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, in addition to 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Mass Media business premises, there is a need for more additional cover than in warmer climes.
Although the level of cover depends mainly 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 Mass Media insurance section below to give some indication of the average prices per million dollars of property insurance for your Mass Media business.
Temporary insurance by month, week or day for your Mass Media business
Is your Mass Media business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Mass Media – 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 the same risk cover.
The important 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 higher business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Mass Media business
You have the chance 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 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 often the right choice for small and medium-sized Mass Media businesses, such as yours.
There are some limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The usual business that is allowed to take a BOP policy must have fewer than one hundred employees, and under five million dollars in annual turnover.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Mass Media business employees
In almost all states, it is mandatory to have workers compensation insurance when your Mass Media business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if a worker 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 requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you cannot obtain your workers compensation obligations from private insurance providers.
Workers compensation charges are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Mass Media insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Mass Media businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$810 – $2430|
|Public liability insurance||$267 – $669|
|General liability insurance||$778 – $1239|
|Equipment insurance||$484 – $1271|
|Commercial vehicle insurance||$1653 – $3200|
|Product liability insurance||$344 – $679|
Cost of insurance for your Mass Media operations depends on many different factors.
We have calculated these figures for small independent Mass Media businesses.
The location and size and type of your Mass Media 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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In addition 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 suburb.
What is small business insurance for Mass Media operations?
This is a general term used to describe basic insurance policies designed to protect Mass Media business owners from risks like bodily injury, property damage, claims of negligence.
Does my Mass Media business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate 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 Mass Media business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a client 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 Mass Media insurance.
How much will Mass Media 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 discuss with professional insurance agents and brokers, or insurance company representatives.