Whenever you budget the expenses of your business, Photo Booth Rentals 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 unexpected happens.
Like any business owner, for your Photo Booth Rentals enterprise, you must consider how much financial liability you are taking on.
If your Photo Booth Rentals 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 outline 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 Photo Booth Rentals business?
What this means, for any Photo Booth Rentals 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 Photo Booth Rentals business is not harbored 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 Montana, 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 claimant more than they have sort.
When you are running your Photo Booth Rentals operations, you can’t deny 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 corporation, all of that liability belongs to you alone.
What does Photo Booth Rentals insurance protect you from?
For your Photo Booth Rentals 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 legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Photo Booth Rentals business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Photo Booth Rentals businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Photo Booth Rentals business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be damaged.
In such a case, they can demand compensation.
General liability insurance policy for your Photo Booth Rentals business insures you against claims coming from injury to visitors or damage to their property.
It protects your Photo Booth Rentals 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 Photo Booth Rentals business would be with a upper limit of $1 million for a single event 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 Photo Booth Rentals insurance operations.
Professional liability insurance for your Photo Booth Rentals business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Photo Booth Rentals business for them, you can quickly have to fight a law suit.
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.
Every small Photo Booth Rentals 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 Photo Booth Rentals insurance section below for average prices of professional liability insurance for your Photo Booth Rentals 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 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 injuries caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Photo Booth Rentals
Only you can determine exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Photo Booth Rentals business
Take care! – practically all 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 designated commercial vehicle insurance package.
Commercial van 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 guaranteed if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The required 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 Photo Booth Rentals 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 gear 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 wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Photo Booth Rentals 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 Photo Booth Rentals business’ equipment.
Commercial Property insurance
Any Photo Booth Rentals business that owns or rents space in a building needs 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.
Every 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.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Photo Booth Rentals business premises, there is a need for more supplementary cover than in warmer climes.
Because 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 Photo Booth Rentals insurance section below to give some indication of the average prices per million dollars of property insurance for your Photo Booth Rentals business.
Temporary insurance by month, week or day for your Photo Booth Rentals business
Is your Photo Booth Rentals 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 Photo Booth Rentals – 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 essential 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 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 Photo Booth Rentals business
You have the choice 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 protect you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Photo Booth Rentals businesses, such as yours.
There are some limits that will determine 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 dictate whether you are permitted to take out BOP cover.
The usual business that is eligible for 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 required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Photo Booth Rentals business employees
In many states, it is mandatory to have workers compensation insurance when your Photo Booth Rentals business has one or more employees.
Workers compensation insurance covers the business 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 requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you may not obtain 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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Photo Booth Rentals insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Photo Booth Rentals businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$270 – $634|
|Public liability insurance||$329 – $670|
|Commercial vehicle insurance||$1681 – $2759|
|Equipment insurance||$391 – $1146|
|Commercial insurance||$1087 – $2851|
|General liability insurance||$575 – $903|
Cost of insurance for your Photo Booth Rentals operations depends on many different factors.
We have estimated these figures for small freelance Photo Booth Rentals businesses.
The location and size and type of your Photo Booth Rentals 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 searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Photo Booth Rentals operations?
This is a wide term used to describe common insurance policies designed to protect Photo Booth Rentals business owners from risks like bodily injury, property damage, claims of negligence.
Does my Photo Booth Rentals business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate 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 Photo Booth Rentals business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party 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 Photo Booth Rentals insurance.
How much will Photo Booth Rentals 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 consult with professional insurance agents and brokers, or insurance company representatives.