Whenever you budget the expenses of your business, Printing Services 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 insurance against accidents 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 Printing Services enterprise, you must consider how much financial danger you are taking on.
If your Printing Services 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 growing businesses to outline 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 Printing Services business?
What this means, for any Printing Services business owner, is that if some person 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 Printing Services business is not protected by laws in the same way as states are, where legislation 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 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 Printing Services operations, you can’t escape responsibility for the consequences of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.
What does Printing Services insurance protect you from?
For your Printing Services business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Printing Services business owner should know when negotiating the insurance needed.
The main categories of insurance for your Printing Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Printing Services 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 spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Printing Services business insures you against claims coming from injury to clients or damage to their property.
It protects your Printing Services business from the claims themselves and in addition to any follow-on 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 usual level of general liability insurance for your Printing Services business would be with a cap 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 Printing Services insurance operations.
Professional liability insurance for your Printing Services business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Printing Services business for them, you can quickly be involved in a law suit.
Even if the matter against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Printing Services 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 Printing Services insurance section below for average prices of professional liability insurance for your Printing 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 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 responsible for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Printing Services
Only you can estimate exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Printing Services business
Be careful! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle is being used for business purposes.
The right 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 van policies cover 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 covered if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The required 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 Printing Services business needs specific 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 unpredicted acts.
In addition, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Printing Services business running.
It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Printing Services business’ equipment.
Commercial Property insurance
Any Printing Services business that owns or rents space in a building should have 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.
Your physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Printing Services business deals in areas of high risk, like Florida 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 Printing Services business premises, there is a need for more additional 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 Printing Services insurance section below to give some estimate of the average prices per million dollars of property insurance for your Printing Services business.
Temporary insurance by month, week or day for your Printing Services business
Is your Printing Services business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Printing Services – 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 less premiums but still having adequate risk cover.
The key feature of short-term insurance is that you purchase the cover for a defined period – a nominated 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 improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Printing Services business
You have the choice 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 combines commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will protect you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Printing Services businesses, such as yours.
There are some limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The usual business that is eligible for a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.
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 Printing Services business employees
In many states, it is mandatory to have workers compensation insurance when your Printing Services 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 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 allow 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 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 Printing Services insurance requirement is unique, there are enough examples of usual 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 researched for the main types of insurance your Printing Services businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$324 – $653|
|Equipment insurance||$392 – $1451|
|Commercial vehicle insurance||$1884 – $3124|
|Public liability insurance||$262 – $696|
|General liability insurance||$672 – $1151|
|Commercial insurance||$913 – $2011|
Cost of insurance for your Printing Services operations depends on many different factors.
We have reckoned these figures for small freelance Printing Services businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they can be about 20%-30% lower.
The location and size and type of your Printing Services 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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Also 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 suburb.
What is small business insurance for Printing Services operations?
This is a general term used to describe common insurance policies designed to protect Printing Services business owners from risks like bodily injury, property damage, claims of negligence.
Does my Printing Services business have to have insurance?
Some of the types 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 Printing 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 Printing Services insurance.
How much will Printing Services 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.