Whenever you budget the expenses of your business, Public Relations Specialists insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Public Relations Specialists
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With the protection provided by liability insurance 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 Public Relations Specialists enterprise, you must consider how much financial liability you are taking on.
If your Public Relations Specialists business runs without proper insurance, you are taking a tremendous 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 growing businesses to explain 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 Public Relations Specialists business?
What this means, for any Public Relations Specialists business owner, is that if some customer 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 Public Relations Specialists business is not harbored 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 a court can award in any case against the state.
In a court case, it’s purely the privilege 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 Public Relations Specialists operations, you can’t avoid responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Public Relations Specialists insurance protect you from?
For your Public Relations Specialists business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Public Relations Specialists business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Public Relations Specialists businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Public Relations Specialists business is dealing directly with members of the public, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Public Relations Specialists business covers you against claims coming from injury to visitors or damage to their property.
It protects your Public Relations Specialists business from the claims themselves and in addition to any associated 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 demand proper liability insurance.
The usual level of general liability insurance for your Public Relations Specialists 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 Public Relations Specialists insurance operations.
Professional liability insurance for your Public Relations Specialists business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Public Relations Specialists business for them, you can quickly have to fight a monetary claim.
Even if the case 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 Public Relations Specialists 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 Public Relations Specialists insurance section below for average prices of professional liability insurance for your Public Relations Specialists 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 be aware of the particular 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 likely lawsuit, you need Product liability insurance for Public Relations Specialists
Only you can determine exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Public Relations Specialists business
Beware! – 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 direct commercial vehicle insurance package.
Commercial car policies cover 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 insured if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The required value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Public Relations Specialists business needs specialized and dedicated 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 unexpected acts.
In addition, 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Public Relations Specialists business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Public Relations Specialists business’ equipment.
Commercial Property insurance
Any Public Relations Specialists 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 must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of Public Relations Specialists business premises, there is a need for more supplementary cover than in warmer climes.
Because 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 Public Relations Specialists insurance section below to give some indication of the average prices per million dollars of property insurance for your Public Relations Specialists business.
Temporary insurance by month, week or day for your Public Relations Specialists business
Is your Public Relations Specialists 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 Public Relations Specialists – are special policies where you can cover a nominated 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 essential 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 larger 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 Public Relations Specialists business
You have the option 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 integrates commercial property and public liability insurance by incorporating 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 Public Relations Specialists businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs will not 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 fewer than one hundred employees, and maximum five million dollars in annual revenue.
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 Public Relations Specialists business employees
In most states, it is mandatory to have workers compensation insurance when your Public Relations Specialists business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if an employee 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 laws in this regard can leave you as the employer obliged to pay penalties levied by the states.
In these states, you cannot take out 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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every Public Relations Specialists insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give rough 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 gathered for the main types of insurance your Public Relations Specialists businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1896 – $2901|
|Equipment insurance||$347 – $1147|
|General liability insurance||$674 – $1032|
|Commercial insurance||$950 – $2934|
|Public liability insurance||$259 – $648|
|Product liability insurance||$308 – $788|
Cost of insurance for your Public Relations Specialists operations depends on many different factors.
We have calculated these figures for small freelance Public Relations Specialists businesses.
The location and size and type of your Public Relations Specialists 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 reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Public Relations Specialists operations?
This is an umbrella term used to describe standard insurance policies designed to protect Public Relations Specialists business owners from risks like bodily injury, property damage, claims of negligence.
Does my Public Relations Specialists 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.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Public Relations Specialists 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 Public Relations Specialists insurance.
How much will Public Relations Specialists business insurance cost?
On top of the size of the business, certain 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.