Whenever you budget the expenses of your business, National Account Executive insurance must be included in the list because you can’t always know exactly what is going to happen in the future.
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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 National Account Executive enterprise, you must consider how much financial risk you are taking on.
If your National Account Executive 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 upshots of their actions.
In this article, we are giving very general guidelines for growing businesses to outline 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 National Account Executive business?
What this means, for any National Account Executive business owner, is that if some person 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 National Account Executive 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 Texas, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.
When you are running your National Account Executive operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent beforehand 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 National Account Executive insurance protect you from?
For your National Account Executive 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 National Account Executive business owner should remember when negotiating the insurance needed.
The main categories of insurance for your National Account Executive businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any National Account Executive business is dealing directly with customers, 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 require compensation.
General liability insurance policy for your National Account Executive business insures you against claims coming from injury to customers or damage to their property.
It protects your National Account Executive business from the claims themselves and also 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 require proper liability insurance.
The normal level of general liability insurance for your National Account Executive business would be with a cap 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 National Account Executive insurance operations.
Professional liability insurance for your National Account Executive business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your National Account Executive business for them, you can quickly have to fight a court case.
Even if the case against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small National Account Executive 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 National Account Executive insurance section below for average prices of professional liability insurance for your National Account Executive 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 guidance 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 injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for National Account Executive
Only you can estimate exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial insurance
Commercial vehicle insurance for your National Account Executive business
Take care! – almost all policies for private vehicle insurance do not cover any happening 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 car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your National Account Executive business needs specific and costly 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 unpredicted acts.
As well, 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 should have full-level equipment insurance so that you can immediately buy whatever needed to keep your National Account Executive 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 National Account Executive business’ equipment.
Commercial Property insurance
Any National Account Executive business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your National Account Executive business operates in areas of high risk, like Texas or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where extreme cold snaps can cause damage to outer coverings of National Account Executive 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 National Account Executive insurance section below to give some idea of the average prices per million dollars of property insurance for your National Account Executive business.
Temporary insurance by month, week or day for your National Account Executive business
Is your National Account Executive 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 National Account Executive – 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 less premiums but still having adequate risk cover.
The essential feature of short-term insurance is that you pay for the cover for a defined period – a designated 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your National Account Executive 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 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 often the right choice for small and medium-sized National Account Executive businesses, such as yours.
There are two limits that will determine 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 rule whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual sales.
Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your National Account Executive business employees
In many states, it is mandatory to have workers compensation insurance when your National Account Executive business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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.
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 may not take out your workers compensation obligations from private insurance corporations.
Workers compensation premiums 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 National Account Executive insurance requirement 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 gathered for the main types of insurance your National Account Executive businesses needs.
Types of insurance | Price range |
Public liability insurance | $265 – $770 |
Commercial vehicle insurance | $1640 – $2555 |
Commercial insurance | $935 – $2250 |
General liability insurance | $645 – $1030 |
Equipment insurance | $450 – $1485 |
Product liability insurance | $240 – $780 |
Cost of insurance for your National Account Executive operations depends on many different factors.
We have calculated these figures for small freelance National Account Executive businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% less.
The location and size and type of your National Account Executive 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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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.
FAQ
What is small business insurance for National Account Executive operations?
This is an umbrella term used to describe basic insurance policies designed to protect National Account Executive business owners from risks like bodily injury, property damage, claims of negligence.
Does my National Account Executive 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 National Account Executive business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a client 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 National Account Executive insurance.
How much will National Account Executive business insurance cost?
On top of the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for National Account Executive, in the search box below, and follow the relevant links.