Whenever you budget the expenses of your business, Presentations insurance must be high on 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 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 unexpected happens.
Like any business owner, for your Presentations enterprise, you must consider how much financial liability you are taking on.
If your Presentations business runs without proper insurance, you are taking an enormous 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 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 Presentations business?
What this means, for any Presentations business owner, is that if some company 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 Presentations 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 Montana, 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 plaintiff more than they have sort.
When you are running your Presentations operations, you can’t escape 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 an LLC, all of that liability belongs to you as an individual.
What does Presentations insurance protect you from?
For your Presentations business, the most important types of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Presentations business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Presentations businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Presentations business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Presentations business protects you against claims coming from injury to customers or damage to their property.
It protects your Presentations 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 Presentations business would be with a upper limit of $1 million for a single submission 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 Presentations insurance operations.
Professional liability insurance for your Presentations business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Presentations business for them, you can quickly be involved in a monetary claim.
Even if the lawsuit against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Every small Presentations business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Presentations insurance section below for average prices of professional liability insurance for your Presentations operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that the results didn’t meet your description of function, or that your advice was basically incorrect.
You need to understand 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 following lawsuit, you need Product liability insurance for Presentations
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 support.
Commercial vehicle insurance for your Presentations business
Take care! – almost 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 direct commercial vehicle insurance package.
Commercial truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on 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 Presentations 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 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 wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Presentations business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Presentations business’ equipment.
Commercial Property insurance
Any Presentations business that owns or rents space in a building must have a commercial property insurance policy.
If you own the property, you may already have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every 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 criminal damages like theft and vandalism.
If your Presentations business deals in areas of high risk, like Texas or Georgia, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of Presentations business premises, there is a need for more supplementary cover than in warmer climes.
Whereas the level of cover depends mainly 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 Presentations insurance section below to give some estimate of the average prices per million dollars of property insurance for your Presentations business.
Temporary insurance by month, week or day for your Presentations business
Is your Presentations business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Presentations – 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 the same 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 higher 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 Presentations 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 combines 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 mostly the right choice for small and medium-sized Presentations businesses, such as yours.
There are a few limits that will determine 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 dictate whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have less than one hundred employees, and under 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 Presentations business employees
In many states, it is mandatory to have workers compensation insurance when your Presentations business has one or more employees.
Workers compensation insurance covers the enterprise 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 required 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 obtain your workers compensation obligations from private insurance companies.
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 consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Presentations insurance need 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 researched for the main types of insurance your Presentations businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1755 – $3220|
|Public liability insurance||$345 – $690|
|Product liability insurance||$305 – $795|
|Commercial insurance||$1120 – $2960|
|General liability insurance||$695 – $1065|
|Equipment insurance||$485 – $1120|
Cost of insurance for your Presentations operations depends on many different factors.
We have calculated these figures for small independent Presentations businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% less.
The location and size and type of your Presentations 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.
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Also you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Presentations operations?
This is a general term used to describe common insurance policies designed to protect Presentations business owners from risks like bodily injury, property damage, claims of negligence.
Does my Presentations 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 Presentations business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Presentations insurance.
How much will Presentations business insurance cost?
In addition to the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.