Whenever you budget the expenses of your business, Radio Stations 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 unwanted happens.
Like any business owner, for your Radio Stations enterprise, you must consider how much financial risk you are taking on.
If your Radio Stations 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 upshots 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 Radio Stations business?
What this means, for any Radio Stations 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 Radio Stations business is not sheltered 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 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 person more than they have sort.
When you are running your Radio Stations 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 alone.
What does Radio Stations insurance protect you from?
For your Radio Stations business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Radio Stations business owner should know when negotiating the insurance needed.
The main types of insurance for your Radio Stations businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Radio Stations business is dealing directly with members of the public, and that means you always 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 require compensation.
General liability insurance policy for your Radio Stations business covers you against claims coming from injury to customers or damage to their property.
It protects your Radio Stations business from the claims themselves and also to any follow-on 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 insist on proper liability insurance.
The normal level of general liability insurance for your Radio Stations business would be with a boundary 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 Radio Stations insurance operations.
Professional liability insurance for your Radio Stations business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Radio Stations business for them, you can quickly face a court case.
Even if the case against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Every small Radio Stations 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 Radio Stations insurance section below for average prices of professional liability insurance for your Radio Stations 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 recommendation 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 injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Radio Stations
Only you can know exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Radio Stations business
Beware! – almost all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car is being used for business purposes.
The proper 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 cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck 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 is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Radio Stations business needs specialized and expensive equipment, you will realize 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.
Also, 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 any equipment needed to keep your Radio Stations business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Radio Stations business’ equipment.
Commercial Property insurance
Any Radio Stations business that owns or rents space in a building must have a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Any physical building location needs to carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Radio Stations business operates in areas of high risk, like Texas or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where extreme cold snaps can cause damage to outer coverings of Radio Stations business premises, there is a need for more extra cover than in warmer climes.
Although 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 Radio Stations insurance section below to give some estimate of the average prices per million dollars of property insurance for your Radio Stations business.
Temporary insurance by month, week or day for your Radio Stations business
Is your Radio Stations 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 Radio Stations – 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 identical 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 better 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 Radio Stations business
You have the option 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 merges commercial property and public liability insurance by incorporating 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 often the right choice for small and medium-sized Radio Stations businesses, such as yours.
There are a few limits that will rule 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 rule whether you are permitted to take out BOP cover.
The typical business that is eligible for a BOP policy must have no more than one hundred employees, and under five million dollars in annual sales.
In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Radio Stations business employees
In many states, it is mandatory to have workers compensation insurance when your Radio Stations business has one or more employees.
Workers compensation insurance covers the business 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.
In these states, you may not obtain your workers compensation obligations from private insurance companies.
Workers compensation charges are calculated 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 Radio Stations insurance need is unique, there are enough examples of average 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 Radio Stations businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$494 – $1230|
|General liability insurance||$644 – $1285|
|Product liability insurance||$281 – $667|
|Commercial insurance||$902 – $2719|
|Public liability insurance||$319 – $608|
|Commercial vehicle insurance||$1737 – $2771|
Cost of insurance for your Radio Stations operations depends on many different factors.
We have reckoned these figures for small self-employed Radio Stations businesses.
The location and size and type of your Radio Stations 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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As well you can let the internet do the work for you by enquiring about 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 Radio Stations operations?
This is a general term used to describe standard insurance policies designed to protect Radio Stations business owners from risks like bodily injury, property damage, claims of negligence.
Does my Radio Stations business have to have insurance?
Some of the types of insurance are not mandatory for you to open 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 Radio Stations 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 Radio Stations insurance.
How much will Radio Stations business insurance cost?
As well as the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.