Whenever you budget the expenses of your business, Music Therapists 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 Music Therapists
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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 unforeseen happens.
Like any business owner, for your Music Therapists enterprise, you must consider how much financial liability you are taking on.
If your Music Therapists business runs without proper insurance, you are taking a tremendous 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 upshots 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 possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Music Therapists business?
What this means, for any Music Therapists 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 Music Therapists 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 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 claimant more than they have sued for.
When you are running your Music Therapists 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 alone.
What does Music Therapists insurance protect you from?
For your Music Therapists 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 official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Music Therapists business owner should consider when negotiating the insurance needed.
The main categories of insurance for your Music Therapists businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Music Therapists business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Music Therapists business insures you against claims coming from injury to clients or damage to their property.
It protects your Music Therapists 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 demand proper liability insurance.
The usual level of general liability insurance for your Music Therapists 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 Music Therapists insurance operations.
Professional liability insurance for your Music Therapists business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Music Therapists business for them, you can quickly have to fight a monetary claim.
Even if the case against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Music Therapists 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 Music Therapists insurance section below for average prices of professional liability insurance for your Music Therapists 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 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 responsible for results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Music Therapists
Only you can estimate exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Music Therapists business
Take care! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car 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 car policies cover 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 insured 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 intended level of cover of contents.
Tools and Equipment insurance
Since your Music Therapists business needs specific and dedicated equipment, you will realize 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.
As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate 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 whatever needed to keep your Music Therapists 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 Music Therapists business’ equipment.
Commercial Property insurance
Any Music Therapists business that owns or rents space in a building must have a commercial property insurance policy.
If you own the space, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.
Any 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 man-made damages like theft and vandalism.
If your Music Therapists business operates in areas of high risk, like California or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Music Therapists 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 Music Therapists insurance section below to give some estimate of the average prices per million dollars of property insurance for your Music Therapists business.
Temporary insurance by month, week or day for your Music Therapists business
Is your Music Therapists 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 Music Therapists – 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 less premiums but still having identical 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 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 Music Therapists business
You have the chance to combine several 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 incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Music Therapists businesses, such as yours.
There are some limits that will dictate 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 typical business that is eligible for a BOP policy must have less than one hundred employees, and under five million dollars in annual sales.
Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Music Therapists business employees
In many states, it is mandatory to have workers compensation insurance when your Music Therapists 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 cover 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.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you cannot take out your workers compensation obligations from private insurance providers.
Workers compensation charges are computed 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 Music Therapists insurance requirement is unique, there are enough examples of average 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 gathered for the main types of insurance your Music Therapists businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$950 – $2925|
|Product liability insurance||$275 – $755|
|Public liability insurance||$370 – $575|
|Commercial vehicle insurance||$1640 – $3285|
|General liability insurance||$625 – $1200|
|Equipment insurance||$405 – $1355|
Cost of insurance for your Music Therapists operations depends on many different factors.
We have reckoned these figures for small freelance Music Therapists businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they will be about 20%-30% less.
The location and size and type of your Music Therapists 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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Also you can let the internet do the work for you by enquiring about 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 Music Therapists operations?
This is an umbrella term used to describe basic insurance policies designed to protect Music Therapists business owners from risks like bodily injury, property damage, claims of negligence.
Does my Music Therapists business have to have insurance?
Some of the types 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 Music Therapists business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer 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 Music Therapists insurance.
How much will Music Therapists 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 Music Therapists, in the search box below, and follow the relevant links.