Whenever you budget the expenses of your business, Petroleum Inspector 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 sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Petroleum Inspector enterprise, you must consider how much financial liability you are taking on.
If your Petroleum Inspector business runs without proper insurance, you are taking an enormous 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 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 possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Petroleum Inspector business?
What this means, for any Petroleum Inspector business owner, is that if some person claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Petroleum Inspector business is not protected by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.
In some states, like Texas, 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 plaintiff more than they have sued for.
When you are running your Petroleum Inspector operations, you can’t escape responsibility for the results 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 Petroleum Inspector insurance protect you from?
For your Petroleum Inspector business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Petroleum Inspector business owner should consider when negotiating the insurance needed.
The main types of insurance for your Petroleum Inspector businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Petroleum Inspector business is dealing directly with members of the public, 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 sue you for compensation.
General liability insurance policy for your Petroleum Inspector business protects you against claims coming from injury to clients or damage to their property.
It protects your Petroleum Inspector business from the claims themselves and in addition to any associated 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 demand proper liability insurance.
The normal level of general liability insurance for your Petroleum Inspector 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 Petroleum Inspector insurance operations.
Professional liability insurance for your Petroleum Inspector business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Petroleum Inspector business for them, you can quickly be involved in a monetary claim.
Even if the lawsuit against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Petroleum Inspector 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 Petroleum Inspector insurance section below for average prices of professional liability insurance for your Petroleum Inspector 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 you delivered 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 injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Petroleum Inspector
Only you can determine exactly how much insurance you should get.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Petroleum Inspector business
Beware! – almost all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van 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 proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, 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 crash.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary 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 Petroleum Inspector business needs unique 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.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Petroleum Inspector 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 Petroleum Inspector business’ equipment.
Commercial Property insurance
Any Petroleum Inspector business that owns or rents space in a building needs a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every 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 criminal damages like theft and vandalism.
If your Petroleum Inspector business operates in areas of high risk, like Texas or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Petroleum Inspector business premises, there is a need for more supplementary 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 Petroleum Inspector insurance section below to give some idea of the average prices per million dollars of property insurance for your Petroleum Inspector business.
Temporary insurance by month, week or day for your Petroleum Inspector business
Is your Petroleum Inspector 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 Petroleum Inspector – 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 lower 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 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 larger 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 Petroleum Inspector 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 amalgamating 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 often the right choice for small and medium-sized Petroleum Inspector businesses, such as yours.
There are two 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 allowed to take out BOP cover.
The normal business that can take out a BOP policy must have no more than one hundred employees, and under five million dollars in annual revenue.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Petroleum Inspector business employees
In most states, it is mandatory to have workers compensation insurance when your Petroleum Inspector 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 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 obliged to pay penalties levied by the states.
In these states, you may not get 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 Petroleum Inspector insurance need 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 researched for the main types of insurance your Petroleum Inspector businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1670 – $3235|
|Product liability insurance||$305 – $755|
|General liability insurance||$770 – $955|
|Public liability insurance||$340 – $600|
|Equipment insurance||$485 – $1220|
|Commercial insurance||$1110 – $2440|
Cost of insurance for your Petroleum Inspector operations depends on many different factors.
We have estimated these figures for small freelance Petroleum Inspector businesses.
The location and size and type of your Petroleum Inspector 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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As well you can let the internet do the work for you by searching 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 Petroleum Inspector operations?
This is a wide term used to describe standard insurance policies designed to protect Petroleum Inspector business owners from risks like bodily injury, property damage, claims of negligence.
Does my Petroleum Inspector business have to have insurance?
Some of the forms 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 Petroleum Inspector business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client 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 Petroleum Inspector insurance.
How much will Petroleum Inspector 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.
You can search for more information insurance for Petroleum Inspector, in the search box below, and follow the relevant links.