Whenever you budget the expenses of your business, Procurement Coordinator insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Procurement Coordinator
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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 unwanted happens.
Like any business owner, for your Procurement Coordinator enterprise, you must consider how much financial liability you are taking on.
If your Procurement Coordinator business runs without proper insurance, you are taking an enormous 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 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 Procurement Coordinator business?
What this means, for any Procurement Coordinator 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 Procurement Coordinator business is not sheltered 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 Texas, there are specific monetary levels that limit the amount an adjudicator 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 claimed.
When you are running your Procurement Coordinator operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as a person.
What does Procurement Coordinator insurance protect you from?
For your Procurement Coordinator business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Procurement Coordinator business owner should consider when negotiating the insurance needed.
The main categories of insurance for your Procurement Coordinator businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Procurement Coordinator 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 demand compensation.
General liability insurance policy for your Procurement Coordinator business protects you against claims coming from injury to customers or damage to their property.
It protects your Procurement Coordinator business from the claims themselves and as well to any resulting court costs and legal fees of the lawsuits.
In many cases, it will even 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 Procurement Coordinator business would be with a cap 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 Procurement Coordinator insurance operations.
Professional liability insurance for your Procurement Coordinator business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Procurement Coordinator business for them, you can quickly have to fight a court case.
Even if the case against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Procurement Coordinator 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 Procurement Coordinator insurance section below for average prices of professional liability insurance for your Procurement Coordinator 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 you delivered didn’t meet your description of function, or that your advice was basically incorrect.
You need to know 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 possible lawsuit, you need Product liability insurance for Procurement Coordinator
Only you can determine exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Procurement Coordinator business
Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the van 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 proper commercial vehicle insurance package.
Commercial car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Procurement Coordinator business needs specialized and costly equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.
The gear may be subject to malicious damage, deliberate fire, theft, other such unexpected 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 specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Procurement Coordinator 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 Procurement Coordinator business’ equipment.
Commercial Property insurance
Any Procurement Coordinator business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, in addition to 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 man-made damages like theft and vandalism.
If your Procurement Coordinator business works in areas of high risk, like California or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Procurement Coordinator business premises, there is a need for more extra 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 Procurement Coordinator insurance section below to give some indication of the average prices per million dollars of property insurance for your Procurement Coordinator business.
Temporary insurance by month, week or day for your Procurement Coordinator business
Is your Procurement Coordinator business working part-time or casually, or is the level of business variable?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Procurement Coordinator – 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 buy 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 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 Procurement Coordinator 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 integrates 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 often the right choice for small and medium-sized Procurement Coordinator businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are permitted to take out BOP cover.
The normal business that is eligible for a BOP policy must have fewer 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 Procurement Coordinator business employees
In many states, it is mandatory to have workers compensation insurance when your Procurement Coordinator 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 laws in this regard can leave you as the employer having 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 may not obtain your workers compensation obligations from private insurance corporations.
Workers compensation premiums are calculated 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 Procurement Coordinator insurance need is unique, there are enough examples of standard 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 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 Procurement Coordinator businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$240 – $725|
|Equipment insurance||$380 – $1490|
|Public liability insurance||$380 – $655|
|Commercial vehicle insurance||$1915 – $2990|
|General liability insurance||$640 – $870|
|Commercial insurance||$885 – $2530|
Cost of insurance for your Procurement Coordinator operations depends on many different factors.
We have estimated these figures for small freelance Procurement Coordinator businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% cheaper.
The location and size and type of your Procurement Coordinator business can have a big effect on the cost of different policies.
You should consult with professional insurance agents and brokers, or insurance company representatives.
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In addition 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 Procurement Coordinator operations?
This is a general term used to describe standard insurance policies designed to protect Procurement Coordinator business owners from risks like bodily injury, property damage, claims of negligence.
Does my Procurement Coordinator 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Procurement Coordinator business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a third-party 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 recommended policies for Procurement Coordinator insurance.
How much will Procurement Coordinator business insurance cost?
In addition to the size of the business, certain 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 Procurement Coordinator, in the search box below, and follow the relevant links.