Whenever you budget the expenses of your business, Network Support Services insurance must be near the top of 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 unforeseen happens.
Like any business owner, for your Network Support Services enterprise, you must consider how much financial danger you are taking on.
If your Network Support Services business runs without proper insurance, you are taking a giant 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 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 Network Support Services business?
What this means, for any Network Support Services business owner, is that if some person 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 Network Support Services business is not sheltered by laws in the same way as states are, where laws 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 claimant more than they have sort.
When you are running your Network Support Services operations, you can’t deny 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 corporation, all of that liability belongs to you as an individual.
What does Network Support Services insurance protect you from?
For your Network Support Services business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Network Support Services business owner should remember when negotiating the insurance needed.
The main types of insurance for your Network Support Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Network Support Services business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Network Support Services business covers you against claims coming from injury to customers or damage to their property.
It protects your Network Support Services business from the claims themselves and also 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 require proper liability insurance.
The average level of general liability insurance for your Network Support Services 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 Network Support Services insurance operations.
Professional liability insurance for your Network Support Services business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Network Support Services business for them, you can quickly face a court case.
Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Network Support Services 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 Network Support Services insurance section below for average prices of professional liability insurance for your Network Support Services 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 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 responsible for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Network Support Services
Only you can determine 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 Network Support Services business
Beware! – most 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 best 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 insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary 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 Network Support Services business needs specific and expensive equipment, you can appreciate 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 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 specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy everything needed to keep your Network Support Services business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Network Support Services business’ equipment.
Commercial Property insurance
Any Network Support Services business that owns or rents space in a building must have a commercial property insurance policy.
If you own the space, you certainly 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 deliberate damages like theft and vandalism.
If your Network Support Services business deals in areas of high risk, like California or South 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 Network Support Services business premises, there is a need for more additional cover than in warmer climes.
Although 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 Network Support Services insurance section below to give some idea of the average prices per million dollars of property insurance for your Network Support Services business.
Temporary insurance by month, week or day for your Network Support Services business
Is your Network Support Services business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Network Support Services – 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 adequate risk cover.
The key feature of short-term insurance is that you buy 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Network Support Services 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 combines commercial property and public liability insurance by incorporating 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 Network Support Services businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are allowed to take out BOP cover.
The usual business that is eligible for 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 mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Network Support Services business employees
In many states, it is mandatory to have workers compensation insurance when your Network Support Services business has one or more employees.
Workers compensation insurance covers the enterprise 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 laws in this regard can leave you as the employer required 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 may not get your workers compensation obligations from private insurance providers.
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 consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Network Support Services insurance need 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 a broker what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Network Support Services businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$229 – $785|
|Public liability insurance||$283 – $586|
|Equipment insurance||$448 – $1434|
|General liability insurance||$644 – $1099|
|Commercial insurance||$877 – $2763|
|Commercial vehicle insurance||$1934 – $2829|
Cost of insurance for your Network Support Services operations depends on many different factors.
We have estimated these figures for small independent Network Support Services businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they will be about 20%-30% cheaper.
The location and size and type of your Network Support Services 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 reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Network Support Services operations?
This is a general term used to describe standard insurance policies designed to protect Network Support Services business owners from risks like bodily injury, property damage, claims of negligence.
Does my Network Support Services business have to have insurance?
Some of the kinds of insurance are not mandatory for you to open 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 Network Support Services business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer 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 Network Support Services insurance.
How much will Network Support Services business insurance cost?
As well as 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.