Whenever you budget the expenses of your business, Mobile App Marketing insurance must be high on the list because you can’t always know exactly what could happen in the future.
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With the protection provided by liability insurance and all the other types 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 Mobile App Marketing enterprise, you must consider how much financial danger you are taking on.
If your Mobile App Marketing business runs without proper insurance, you are taking an enormous 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 growing businesses to highlight 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 Mobile App Marketing business?
What this means, for any Mobile App Marketing 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 Mobile App Marketing business is not harbored 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 New Jersey, 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 Mobile App Marketing operations, you can’t avoid responsibility for the results of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Mobile App Marketing insurance protect you from?
For your Mobile App Marketing business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Mobile App Marketing business owner should remember when negotiating the insurance needed.
The main types of insurance for your Mobile App Marketing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Mobile App Marketing business is dealing directly with other people, and that means you always 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 Mobile App Marketing business insures you against claims coming from injury to customers or damage to their property.
It protects your Mobile App Marketing business from the claims themselves and in addition to any resulting court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.
The usual level of general liability insurance for your Mobile App Marketing business would be with a boundary 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 Mobile App Marketing insurance operations.
Professional liability insurance for your Mobile App Marketing business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Mobile App Marketing business for them, you can quickly be involved in a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small Mobile App Marketing 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 Mobile App Marketing insurance section below for average prices of professional liability insurance for your Mobile App Marketing 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 they received 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 liable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Mobile App Marketing
Only you can know exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial insurance
Commercial vehicle insurance for your Mobile App Marketing business
Take care! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car 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 designated commercial vehicle insurance package.
Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Mobile App Marketing business needs specialized and costly 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 unexpected 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 unique gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Mobile App Marketing business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Mobile App Marketing business’ equipment.
Commercial Property insurance
Any Mobile App Marketing business that owns or rents space in a building should have 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.
Any physical building location should 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.
If your Mobile App Marketing business operates 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 Mobile App Marketing business premises, there is a need for more extra 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 Mobile App Marketing insurance section below to give some estimate of the average prices per million dollars of property insurance for your Mobile App Marketing business.
Temporary insurance by month, week or day for your Mobile App Marketing business
Is your Mobile App Marketing 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 Mobile App Marketing – 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 key feature of short-term insurance is that you purchase 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 improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Mobile App Marketing 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 incorporating 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 Mobile App Marketing businesses, such as yours.
There are a few limits that will dictate whether BOP is suitable for your own business.
BOPs will 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 can take out a BOP policy must have fewer than one hundred employees, and under five million dollars in annual sales.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Mobile App Marketing business employees
In most states, it is mandatory to have workers compensation insurance when your Mobile App Marketing 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 cover 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.
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 take out your workers compensation obligations from private insurance corporations.
Workers compensation rates are computed 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 Mobile App Marketing insurance level is unique, there are enough examples of average quotes from insurance companies for us to give appropriate 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 collected for the main types of insurance your Mobile App Marketing businesses needs.
Types of insurance | Price range |
Public liability insurance | $315 – $625 |
Commercial vehicle insurance | $1770 – $3130 |
General liability insurance | $705 – $1270 |
Equipment insurance | $435 – $1360 |
Product liability insurance | $260 – $630 |
Commercial insurance | $1165 – $2660 |
Cost of insurance for your Mobile App Marketing operations depends on many different factors.
We have calculated these figures for small freelance Mobile App Marketing businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% lower.
The location and size and type of your Mobile App Marketing business can have a big effect on the cost of different policies.
You should talk to 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 enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
FAQ
What is small business insurance for Mobile App Marketing operations?
This is a wide term used to describe common insurance policies designed to protect Mobile App Marketing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Mobile App Marketing 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 Mobile App Marketing 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 specific 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 Mobile App Marketing insurance.
How much will Mobile App Marketing business insurance cost?
In addition to the size of the business, several 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.