Professional reviewer insurance – cost and types of policies

Whenever you budget the expenses of your business, Professional reviewer insurance must be high on the list because you can’t always know exactly what can happen in the future.

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With the protection provided by general insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.

Like any business owner, for your Professional reviewer enterprise, you must consider how much financial danger you are taking on.

If your Professional reviewer business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a complete 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.

Professional reviewer Insurance

In this article, we are giving very general guidelines for small businesses to highlight 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 Professional reviewer business?

What this means, for any Professional reviewer 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 Professional reviewer business is not sheltered 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 court 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 person more than they have sort.

When you are running your Professional reviewer operations, you can’t avoid 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 corporation, all of that liability belongs to you alone.

What does Professional reviewer insurance protect you from?

For your Professional reviewer business, the most important types 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 describe the most important points any Professional reviewer business owner should know when negotiating the insurance needed.

The main headings of insurance for your Professional reviewer businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability for your Professional reviewer operations

Any Professional reviewer business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be damaged.

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

General liability insurance policy for your Professional reviewer business insures you against claims coming from injury to clients or damage to their property.

It protects your Professional reviewer 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 average level of general liability insurance for your Professional reviewer 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 Professional reviewer insurance operations.

Professional liability insurance for your Professional reviewer business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Professional reviewer business for them, you can quickly face a court case.

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

Most small Professional reviewer 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 Professional reviewer insurance section below for average prices of professional liability insurance for your Professional reviewer operations.

Product liability insurance for your Professional reviewer business

Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your recommendation 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 liable for injuries caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Professional reviewer

Only you can estimate exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Professional reviewer business

Beware! – almost all policies for private vehicle insurance do not cover any event like theft or accidental damage when the car 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 direct commercial vehicle insurance package.

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

Also, in case of any accident, the van 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 necessary 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 for your Professional reviewer business

Since your Professional reviewer business needs specific and dedicated 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 unexpected acts.

As well, 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 specific 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 Professional reviewer 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 Professional reviewer business’ equipment.

Commercial Property insurance for your Professional reviewer operations

Any Professional reviewer business that owns or rents space in a building needs a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.

Your 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 Professional reviewer business works in areas of high risk, like California or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Professional reviewer business premises, there is a need for more supplementary 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 Professional reviewer insurance section below to give some estimate of the average prices per million dollars of property insurance for your Professional reviewer business.

Temporary insurance by month, week or day for your Professional reviewer business

Is your Professional reviewer 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 Professional reviewer – 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 adequate risk cover.

The key feature of short-term insurance is that you pay for 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 increased.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Professional reviewer business

You have the chance 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 merges 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 frequently the right choice for small and medium-sized Professional reviewer businesses, such as yours.

There are some limits that will dictate 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 dictate whether you are eligible to take out BOP cover.

The normal business that is eligible for a BOP policy must have less than one hundred employees, and under 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 Professional reviewer business employees

In many states, it is mandatory to have workers compensation insurance when your Professional reviewer business has one or more employees.

Workers compensation insurance covers the operation against any costs that arise if any hired hand 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 regulations 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 obtain 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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Professional reviewer insurance level 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 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 Professional reviewer businesses needs.

Types of insurance Price range
Equipment insurance $429 – $1000
Public liability insurance $273 – $646
Commercial vehicle insurance $1669 – $2921
Commercial insurance $1185 – $2949
General liability insurance $710 – $946
Product liability insurance $238 – $607

Cost of insurance for your Professional reviewer operations depends on many different factors.

We have calculated these figures for small independent Professional reviewer businesses.

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

The location and size and type of your Professional reviewer 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.

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.

FAQ

What is small business insurance for Professional reviewer operations?

This is a general term used to describe common insurance policies designed to protect Professional reviewer business owners from risks like bodily injury, property damage, claims of negligence.

Does my Professional reviewer business have to have insurance?

Some of the kinds of insurance are not mandatory for you to operate 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 Professional reviewer business insurance policy cover?

Liability insurance provides protection 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 Professional reviewer insurance.

How much will Professional reviewer 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.

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