Whenever you budget the expenses of your business, Medical Supplies Store insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Medical Supplies Store
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With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Medical Supplies Store enterprise, you must consider how much financial danger you are taking on.
If your Medical Supplies Store 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 results of their actions.
In this article, we are giving very general guidelines for small businesses to highlight 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 Medical Supplies Store business?
What this means, for any Medical Supplies Store business owner, is that if some customer 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 Medical Supplies Store 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 an adjudicator can award in any case against the state.
In a court case, it’s purely the privilege 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 Medical Supplies Store operations, you can’t avoid 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 limited liability company, all of that liability belongs to you as a person.
What does Medical Supplies Store insurance protect you from?
For your Medical Supplies Store business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Medical Supplies Store business owner should know when negotiating the insurance needed.
The main categories of insurance for your Medical Supplies Store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Medical Supplies Store 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 sue you for compensation.
General liability insurance policy for your Medical Supplies Store business protects you against claims coming from injury to visitors or damage to their property.
It protects your Medical Supplies Store business from the claims themselves and also 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 require proper liability insurance.
The average level of general liability insurance for your Medical Supplies Store business would be with a cap 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 Medical Supplies Store insurance operations.
Professional liability insurance for your Medical Supplies Store business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Medical Supplies Store business for them, you can quickly have to fight a law suit.
Even if the lawsuit against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Medical Supplies Store 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 Medical Supplies Store insurance section below for average prices of professional liability insurance for your Medical Supplies Store operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your recommendation 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 liable for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Medical Supplies Store
Only you can know exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Medical Supplies Store business
Beware! – most policies for private vehicle insurance do not cover any event 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 direct commercial vehicle insurance package.
Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed 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 Medical Supplies Store business needs unique and costly equipment, you will realize 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 unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Medical Supplies Store 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 Medical Supplies Store business’ equipment.
Commercial Property insurance
Any Medical Supplies Store business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location needs to carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Medical Supplies Store business works in areas of high risk, like Texas or Georgia, supplementary 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 Medical Supplies Store business premises, there is a need for more supplementary 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 Medical Supplies Store insurance section below to give some indication of the average prices per million dollars of property insurance for your Medical Supplies Store business.
Temporary insurance by month, week or day for your Medical Supplies Store business
Is your Medical Supplies Store business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Medical Supplies Store – 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 lower premiums but still having the same risk cover.
The key 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Medical Supplies Store business
You have the chance 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 integrates 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 Medical Supplies Store businesses, such as yours.
There are a few limits that will dictate whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle risks.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual turnover.
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 Medical Supplies Store business employees
In many states, it is mandatory to have workers compensation insurance when your Medical Supplies Store 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 include medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s regulations in this regard can leave you as the employer obliged to pay penalties levied by the states.
In these states, you can’t take out 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 Medical Supplies Store insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give rough 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 gathered for the main types of insurance your Medical Supplies Store businesses needs.
|Types of insurance||Price range|
|General liability insurance||$761 – $1185|
|Public liability insurance||$307 – $500|
|Commercial insurance||$873 – $2370|
|Product liability insurance||$299 – $858|
|Equipment insurance||$333 – $1302|
|Commercial vehicle insurance||$1889 – $3117|
Cost of insurance for your Medical Supplies Store operations depends on many different factors.
We have calculated these figures for small self-employed Medical Supplies Store businesses.
The location and size and type of your Medical Supplies Store 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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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 city.
What is small business insurance for Medical Supplies Store operations?
This is an umbrella term used to describe standard insurance policies designed to protect Medical Supplies Store business owners from risks like bodily injury, property damage, claims of negligence.
Does my Medical Supplies Store 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Medical Supplies Store business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Medical Supplies Store insurance.
How much will Medical Supplies Store 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 discuss with professional insurance agents and brokers, or insurance company representatives.