Whenever you budget the expenses of your business, Popcorn Shops insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Popcorn Shops
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With the protection provided by general insurance 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 Popcorn Shops enterprise, you must consider how much financial liability you are taking on.
If your Popcorn Shops 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 startup businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Popcorn Shops business?
What this means, for any Popcorn Shops business owner, is that if some company 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 Popcorn Shops 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 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 plaintiff more than they have sued for.
When you are running your Popcorn Shops operations, you can’t avoid responsibility for the results 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 as an individual.
What does Popcorn Shops insurance protect you from?
For your Popcorn Shops business, the most important types of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Popcorn Shops business owner should remember when negotiating the insurance needed.
The main types of insurance for your Popcorn Shops businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Popcorn Shops business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Popcorn Shops business insures you against claims coming from injury to visitors or damage to their property.
It protects your Popcorn Shops 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 insist on proper liability insurance.
The usual level of general liability insurance for your Popcorn Shops 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 Popcorn Shops insurance operations.
Professional liability insurance for your Popcorn Shops business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Popcorn Shops business for them, you can quickly have to fight a law suit.
Even if the matter 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 Popcorn Shops 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 Popcorn Shops insurance section below for average prices of professional liability insurance for your Popcorn Shops 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 the results didn’t meet your description of function, or that your guidance was basically incorrect.
You need to be aware of the explicit 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 Popcorn Shops
Only you can determine exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Popcorn Shops business
Take care! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the car 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 direct commercial vehicle insurance package.
Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, 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 collision.
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 Popcorn Shops business needs specialized and expensive 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.
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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your Popcorn Shops 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 Popcorn Shops business’ equipment.
Commercial Property insurance
Any Popcorn Shops business that owns or rents space in a building needs 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 should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Popcorn Shops business works in areas of high risk, like Texas or South 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 Popcorn Shops business premises, there is a need for more additional cover than in warmer climes.
Whereas the level of cover depends entirely 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 Popcorn Shops insurance section below to give some indication of the average prices per million dollars of property insurance for your Popcorn Shops business.
Temporary insurance by month, week or day for your Popcorn Shops business
Is your Popcorn Shops business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Popcorn Shops – 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 the same risk cover.
The important feature of short-term insurance is that you buy 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 Popcorn Shops 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 merges commercial property and public liability insurance by amalgamating 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 Popcorn Shops businesses, such as yours.
There are a few limits that will determine 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 determine whether you are permitted to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual turnover.
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 Popcorn Shops business employees
In most states, it is mandatory to have workers compensation insurance when your Popcorn Shops business has one or more employees.
Workers compensation insurance covers the operation 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 obliged to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you may not get your workers compensation obligations from private insurance companies.
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 consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Popcorn Shops insurance level is unique, there are enough examples of average quotes from insurance companies for us to give appropriate 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 Popcorn Shops businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$246 – $873|
|Commercial insurance||$1050 – $2246|
|General liability insurance||$768 – $921|
|Equipment insurance||$426 – $1006|
|Commercial vehicle insurance||$1637 – $3209|
|Public liability insurance||$349 – $598|
Cost of insurance for your Popcorn Shops operations depends on many different factors.
We have estimated these figures for small freelance Popcorn Shops businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they will be about 20%-30% lower.
The location and size and type of your Popcorn Shops 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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As well 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 city.
What is small business insurance for Popcorn Shops operations?
This is a wide term used to describe standard insurance policies designed to protect Popcorn Shops business owners from risks like bodily injury, property damage, claims of negligence.
Does my Popcorn Shops 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 Popcorn Shops business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a customer 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 recommended policies for Popcorn Shops insurance.
How much will Popcorn Shops 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 discuss with professional insurance agents and brokers, or insurance company representatives.