Precision Agriculture Technicians Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, Precision Agriculture Technicians insurance must be near the top of 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 general insurance 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 Precision Agriculture Technicians enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Precision Agriculture Technicians

If your Precision Agriculture Technicians 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 upshots of their actions. 

In this article, we are giving very general guidelines for startup businesses to explain 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 Precision Agriculture Technicians business?

What this means, for any Precision Agriculture Technicians 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 Precision Agriculture Technicians business is not harbored 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 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 sued for.

When you are running your Precision Agriculture Technicians operations, you can’t escape responsibility for the outcomes of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Precision Agriculture Technicians insurance protect you from?

For your Precision Agriculture Technicians business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Precision Agriculture Technicians business owner should consider when negotiating the insurance needed.

The main categories of insurance for your Precision Agriculture Technicians businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Precision Agriculture Technicians 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 spoiled.

In such a case, they can sue you for compensation.

General liability insurance policy for your Precision Agriculture Technicians business covers you against claims coming from injury to visitors or damage to their property.

It protects your Precision Agriculture Technicians business from the claims themselves and also 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 demand proper liability insurance.

The average level of general liability insurance for your Precision Agriculture Technicians 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 Precision Agriculture Technicians insurance operations.

Professional liability insurance for your Precision Agriculture Technicians business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Precision Agriculture Technicians business for them, you can quickly be involved in a monetary claim.

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

Almost all small Precision Agriculture Technicians 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 Precision Agriculture Technicians insurance section below for average prices of professional liability insurance for your Precision Agriculture Technicians 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 guidance was basically incorrect.

You need to understand the particular 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 Precision Agriculture Technicians

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

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

Commercial insurance

Commercial vehicle insurance for your Precision Agriculture Technicians business

Be careful! – 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 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 truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.

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

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

The wanted 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 Precision Agriculture Technicians business needs unique 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 unforeseen 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 should have full-level equipment insurance so that you can immediately buy everything needed to keep your Precision Agriculture Technicians business running.

It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Precision Agriculture Technicians business’ equipment.

Commercial Property insurance

Any Precision Agriculture Technicians business that owns or rents space in a building needs a commercial property insurance policy.

If you own the space, 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Precision Agriculture Technicians business deals 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 Illinois, where extreme cold snaps can cause damage to outer coverings of Precision Agriculture Technicians business premises, there is a need for more additional cover than in warmer climes.

Because 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 Precision Agriculture Technicians insurance section below to give some estimate of the average prices per million dollars of property insurance for your Precision Agriculture Technicians business.

Temporary insurance by month, week or day for your Precision Agriculture Technicians business

Is your Precision Agriculture Technicians 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 Precision Agriculture Technicians – are special policies where you can cover a designated period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.

The key feature of short-term insurance is that you buy 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 higher 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 Precision Agriculture Technicians business

You have the chance 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 amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Precision Agriculture Technicians businesses, such as yours.

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

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

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

The normal business that is allowed to take a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual revenue.

As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Precision Agriculture Technicians business employees

In many states, it is mandatory to have workers compensation insurance when your Precision Agriculture Technicians 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 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 obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance companies.

Workers compensation premiums are computed 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 Precision Agriculture Technicians insurance need 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 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 Precision Agriculture Technicians businesses needs.

Types of insurance Price range
Equipment insurance $340 – $1125
Product liability insurance $325 – $590
General liability insurance $720 – $825
Public liability insurance $325 – $730
Commercial vehicle insurance $1890 – $3350
Commercial insurance $895 – $2425

Cost of insurance for your Precision Agriculture Technicians operations depends on many different factors.

We have estimated these figures for small self-employed Precision Agriculture Technicians businesses.

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

The location and size and type of your Precision Agriculture Technicians 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 suburb.

FAQ

What is small business insurance for Precision Agriculture Technicians operations?

This is a general term used to describe standard insurance policies designed to protect Precision Agriculture Technicians business owners from risks like bodily injury, property damage, claims of negligence.

Does my Precision Agriculture Technicians business have to have insurance?

Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

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

What does a small Precision Agriculture Technicians business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a third-party 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 best policies for Precision Agriculture Technicians insurance.

How much will Precision Agriculture Technicians 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 talk to professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Precision Agriculture Technicians, in the search box below, and follow the relevant links.

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