Whenever you budget the expenses of your business, Pool Table Repair Services insurance must be high on the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Pool Table Repair Services
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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 Pool Table Repair Services enterprise, you must consider how much financial danger you are taking on.
If your Pool Table Repair Services business runs without proper insurance, you are taking an enormous 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 upshots of their actions.
In this article, we are giving very general guidelines for growing businesses to explain 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 Pool Table Repair Services business?
What this means, for any Pool Table Repair Services 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 Pool Table Repair Services business is not sheltered 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 Montana, 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 duty 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 Pool Table Repair Services operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Pool Table Repair Services insurance protect you from?
For your Pool Table Repair Services business, the most important types of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Pool Table Repair Services business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Pool Table Repair Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Pool Table Repair Services 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 ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Pool Table Repair Services business protects you against claims coming from injury to customers or damage to their property.
It protects your Pool Table Repair Services business from the claims themselves and as well 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 require proper liability insurance.
The average level of general liability insurance for your Pool Table Repair Services business would be with a upper limit 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 Pool Table Repair Services insurance operations.
Professional liability insurance for your Pool Table Repair Services business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Pool Table Repair Services business for them, you can quickly face a court case.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Most small Pool Table Repair 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 Pool Table Repair Services insurance section below for average prices of professional liability insurance for your Pool Table Repair Services 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 guidance was basically incorrect.
You need to know the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for injuries caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Pool Table Repair Services
Only you can know exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Pool Table Repair Services business
Be careful! – most 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 proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.
Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the truck 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 wanted 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 Pool Table Repair Services business needs specific and dedicated equipment, you can appreciate 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 unforeseen acts.
In addition, 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 everything needed to keep your Pool Table Repair Services business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Pool Table Repair Services business’ equipment.
Commercial Property insurance
Any Pool Table Repair Services 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, in addition to a big liability if there’s a mortgage.
Every physical building location should 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 Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Pool Table Repair Services business premises, there is a need for more extra cover than in warmer climes.
Whereas 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 Pool Table Repair Services insurance section below to give some idea of the average prices per million dollars of property insurance for your Pool Table Repair Services business.
Temporary insurance by month, week or day for your Pool Table Repair Services business
Is your Pool Table Repair Services business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Pool Table Repair Services – 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 reduced 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 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 Pool Table Repair Services business
You have the option 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 incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Pool Table Repair Services businesses, such as yours.
There are two limits that will rule 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 eligible to take out BOP cover.
The typical business that can take out a BOP policy must have fewer than one hundred employees, and not more than 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 Pool Table Repair Services business employees
In almost all states, it is mandatory to have workers compensation insurance when your Pool Table Repair 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 cover 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 Pool Table Repair Services insurance requirement 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 gathered for the main types of insurance your Pool Table Repair Services businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$397 – $598|
|Product liability insurance||$268 – $786|
|Commercial vehicle insurance||$1886 – $3369|
|General liability insurance||$725 – $991|
|Commercial insurance||$1078 – $2896|
|Equipment insurance||$354 – $1436|
Cost of insurance for your Pool Table Repair Services operations depends on many different factors.
We have estimated these figures for small independent Pool Table Repair Services businesses.
The location and size and type of your Pool Table Repair Services 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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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 town.
What is small business insurance for Pool Table Repair Services operations?
This is a wide term used to describe common insurance policies designed to protect Pool Table Repair Services business owners from risks like bodily injury, property damage, claims of negligence.
Does my Pool Table Repair Services 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Pool Table Repair Services business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The precise 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 Pool Table Repair Services insurance.
How much will Pool Table Repair Services 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.