Piano Tuning insurance – cost and coverage

Whenever you budget the expenses of your business, Piano Tuning insurance must be included in the list because you can’t always know exactly what could happen in the future.

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With the protection provided by general insurance 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 Piano Tuning enterprise, you must consider how much financial risk you are taking on.

If your Piano Tuning 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 consequences of their actions. 

Piano Tuning Insurance

In this article, we are giving very general guidelines for startup 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 Piano Tuning business?

What this means, for any Piano Tuning 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 Piano Tuning 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 an adjudicator 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 person more than they have claimed.

When you are running your Piano Tuning operations, you can’t avoid 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 as an individual.

What does Piano Tuning insurance protect you from?

For your Piano Tuning business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Piano Tuning business owner should know when negotiating the insurance needed.

The main categories of insurance for your Piano Tuning businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Piano Tuning 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 sue you for compensation.

General liability insurance policy for your Piano Tuning business covers you against claims coming from injury to clients or damage to their property.

It protects your Piano Tuning business from the claims themselves and also to any associated court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.

The average level of general liability insurance for your Piano Tuning business would be with a boundary 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 Piano Tuning insurance operations.

Professional liability insurance for your Piano Tuning business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Piano Tuning business for them, you can quickly have to fight a court case.

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.

Most small Piano Tuning 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 Piano Tuning insurance section below for average prices of professional liability insurance for your Piano Tuning 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 guidance was basically incorrect.

You need to understand 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 possible lawsuit, you need Product liability insurance for Piano Tuning

Only you can estimate exactly how much insurance you should get.

Best advice is to talk to experienced insurance agents, brokers or company representatives for help.

Commercial insurance

Commercial vehicle insurance for your Piano Tuning business

Take care! – most 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 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 car 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 covered if your truck is involved in an accident.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The required value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Piano Tuning 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 tools 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 must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Piano Tuning business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Piano Tuning business’ equipment.

Commercial Property insurance

Any Piano Tuning business that owns or rents space in a building should have a commercial property insurance policy.

If you own the space, you may already have a substantial capital investment, in addition to 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Piano Tuning business deals in areas of high risk, like Texas or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Piano Tuning business premises, there is a need for more extra cover than in warmer climes.

Because 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 Piano Tuning insurance section below to give some idea of the average prices per million dollars of property insurance for your Piano Tuning business.

Temporary insurance by month, week or day for your Piano Tuning business

Is your Piano Tuning business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Piano Tuning – 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 the same risk cover.

The key feature of short-term insurance is that you purchase 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 better 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 Piano Tuning business

You have the choice 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 protect you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized Piano Tuning businesses, such as yours.

There are a few limits that will determine whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle cover.

Also, the size of your business will determine whether you are permitted to take out BOP cover.

The typical business that is eligible for a BOP policy must have less than one hundred employees, and maximum five million dollars in annual revenue.

In addition, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Piano Tuning business employees

In many states, it is mandatory to have workers compensation insurance when your Piano Tuning business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits cover 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.

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 get your workers compensation obligations from private insurance corporations.

Workers compensation premiums 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 Piano Tuning insurance requirement 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 collected for the main types of insurance your Piano Tuning businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1616 – $2774
General liability insurance $677 – $1250
Public liability insurance $374 – $793
Product liability insurance $278 – $835
Equipment insurance $367 – $1194
Commercial insurance $878 – $2324

Cost of insurance for your Piano Tuning operations depends on many different factors.

We have estimated these figures for small freelance Piano Tuning businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they will be about 20%-30% lower.

The location and size and type of your Piano Tuning business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

Also you can let the internet do the work for you by searching 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 Piano Tuning operations?

This is a general term used to describe common insurance policies designed to protect Piano Tuning business owners from risks like bodily injury, property damage, claims of negligence.

Does my Piano Tuning 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.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Piano Tuning business insurance policy cover?

Liability insurance provides protection 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 recommended policies for Piano Tuning insurance.

How much will Piano Tuning business insurance cost?

As well as the size of the business, certain 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.

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