Postal Service Clerk Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, postal service clerk insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

With the protection provided by insurance against accidents and all the other types 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 postal service clerk enterprise, you must consider how much financial danger you are taking on.

If your postal service clerk business runs without proper insurance, you are taking a tremendous 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. 

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 available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your postal service clerk business?

What this means, for any postal service clerk business owner, is that if some customer 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 postal service clerk business is not protected 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 a court 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 plaintiff more than they have sued for.

When you are running your postal service clerk operations, you can’t deny 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 as a person.

What does postal service clerk insurance protect you from?

For your postal service clerk business, the most important sorts of insurance are intended 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 outline the most important points any postal service clerk business owner should remember when negotiating the insurance needed.

The main headings of insurance for your postal service clerk businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any postal service clerk business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

In such a case, they can require compensation.

General liability insurance policy for your postal service clerk business covers you against claims coming from injury to visitors or damage to their property.

It protects your postal service clerk 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 postal service clerk business would be with a boundary 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 postal service clerk insurance operations.

Professional liability insurance for your postal service clerk business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your postal service clerk business for them, you can quickly have to fight a law suit.

Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Almost all small postal service clerk 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 postal service clerk insurance section below for average prices of professional liability insurance for your postal service clerk 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 the results didn’t meet your description of function, or that your guidance 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 culpable for damages caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for postal service clerk

Only you can know exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your postal service clerk 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 proper commercial vehicle insurance package.

Commercial car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in an accident.

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

The required 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 postal service clerk business needs unique and costly equipment, you can appreciate 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 unexpected acts.

Also, 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 whatever needed to keep your postal service clerk business running.

It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your postal service clerk business’ equipment.

Commercial Property insurance

Any postal service clerk 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, along with a big liability if there’s a mortgage.

Any 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.

If your postal service clerk business works in areas of high risk, like Texas or Georgia, extra 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 postal service clerk business premises, there is a need for more supplementary 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 postal service clerk insurance section below to give some indication of the average prices per million dollars of property insurance for your postal service clerk business.

Temporary insurance by month, week or day for your postal service clerk business

Is your postal service clerk 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 postal service clerk – 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 reduced premiums but still having identical risk cover.

The essential 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 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 postal service clerk business

You have the option to combine most 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 packaging 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 frequently the right choice for small and medium-sized postal service clerk 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 cover.

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

The normal business that can take out a BOP policy must have less than one hundred employees, and not more than five million dollars in annual turnover.

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 postal service clerk business employees

In many states, it is mandatory to have workers compensation insurance when your postal service clerk 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 provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s laws 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 can’t take out your workers compensation obligations from private insurance corporations.

Workers compensation rates are calculated 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 postal service clerk insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give rough 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 collected for the main types of insurance your postal service clerk businesses needs.

Cost of insurance for your postal service clerk operations depends on many different factors.

We have reckoned these figures for small self-employed postal service clerk businesses.

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

The location and size and type of your postal service clerk 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 good source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for postal service clerk operations?

This is a wide term used to describe standard insurance policies designed to protect postal service clerk business owners from risks like bodily injury, property damage, claims of negligence.

Does my postal service clerk 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 postal service clerk business insurance policy cover?

Liability insurance provides coverage 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 most common policies for postal service clerk insurance.

How much will postal service clerk business insurance cost?

On top of 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.

You can search for more information insurance for postal service clerk, in the search box below, and follow the relevant links.

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