Whenever you budget the expenses of your business, Office Equipment Retailer insurance must be included in the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Office Equipment Retailer
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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 Office Equipment Retailer enterprise, you must consider how much financial danger you are taking on.
If your Office Equipment Retailer business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a total 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 possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Office Equipment Retailer business?
What this means, for any Office Equipment Retailer 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 Office Equipment Retailer 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 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 claimant more than they have claimed.
When you are running your Office Equipment Retailer operations, you can’t deny 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 an LLC, all of that liability belongs to you as an individual.
What does Office Equipment Retailer insurance protect you from?
For your Office Equipment Retailer business, the most important kinds 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 outline the most important points any Office Equipment Retailer business owner should consider when negotiating the insurance needed.
The main types of insurance for your Office Equipment Retailer businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Office Equipment Retailer business is dealing directly with customers, and that means you generally 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 sue you for compensation.
General liability insurance policy for your Office Equipment Retailer business covers you against claims coming from injury to visitors or damage to their property.
It protects your Office Equipment Retailer business from the claims themselves and also to any resulting 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 normal level of general liability insurance for your Office Equipment Retailer business would be with a upper limit 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 Office Equipment Retailer insurance operations.
Professional liability insurance for your Office Equipment Retailer business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Office Equipment Retailer business for them, you can quickly face a law suit.
Even if the case against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Office Equipment Retailer business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Office Equipment Retailer insurance section below for average prices of professional liability insurance for your Office Equipment Retailer operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your advice 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 results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Office Equipment Retailer
Only you can estimate exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Office Equipment Retailer business
Be careful! – practically all 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 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 truck 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 insured if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Office Equipment Retailer business needs unique and dedicated 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 unforeseen acts.
Also, 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 specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Office Equipment Retailer 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 Office Equipment Retailer business’ equipment.
Commercial Property insurance
Any Office Equipment Retailer business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, as well as 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 unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Office Equipment Retailer business premises, there is a need for more additional cover than in warmer climes.
Whereas 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 Office Equipment Retailer insurance section below to give some estimate of the average prices per million dollars of property insurance for your Office Equipment Retailer business.
Temporary insurance by month, week or day for your Office Equipment Retailer business
Is your Office Equipment Retailer business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Office Equipment Retailer – are special policies where you can cover a designated 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 essential feature of short-term insurance is that you purchase 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 larger 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 Office Equipment Retailer business
You have the option 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 combines commercial property and public liability insurance by packaging 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 Office Equipment Retailer businesses, such as yours.
There are two 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 allowed to take out BOP cover.
The usual business that is allowed to take a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Office Equipment Retailer business employees
In almost all states, it is mandatory to have workers compensation insurance when your Office Equipment Retailer business has one or more employees.
Workers compensation insurance covers the business 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 regulations in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you can’t obtain your workers compensation obligations from private insurance providers.
Workers compensation charges are calculated 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 Office Equipment Retailer 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 researched for the main types of insurance your Office Equipment Retailer businesses needs.
|Types of insurance
|Product liability insurance
|$268 – $684
|Public liability insurance
|$250 – $716
|$1072 – $2935
|Commercial vehicle insurance
|$1824 – $3205
|General liability insurance
|$707 – $1059
|$318 – $1077
Cost of insurance for your Office Equipment Retailer operations depends on many different factors.
We have reckoned these figures for small independent Office Equipment Retailer businesses.
The location and size and type of your Office Equipment Retailer business can have a big effect on the cost of different policies.
You should consult with 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 looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Office Equipment Retailer operations?
This is a general term used to describe common insurance policies designed to protect Office Equipment Retailer business owners from risks like bodily injury, property damage, claims of negligence.
Does my Office Equipment Retailer 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 Office Equipment Retailer 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 Office Equipment Retailer insurance.
How much will Office Equipment Retailer 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 consult with professional insurance agents and brokers, or insurance company representatives.