Whenever you budget the expenses of your business, Regional Account Manager insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
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With the protection provided by general insurance and all the other kinds 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 Regional Account Manager enterprise, you must consider how much financial danger you are taking on.
If your Regional Account Manager business runs without proper insurance, you are taking a giant 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 growing businesses to explain what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Regional Account Manager business?
What this means, for any Regional Account Manager business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Regional Account Manager business is not harbored 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 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 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 Regional Account Manager operations, you can’t avoid 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 Regional Account Manager insurance protect you from?
For your Regional Account Manager business, the most important kinds 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 Regional Account Manager business owner should know when negotiating the insurance needed.
The main types of insurance for your Regional Account Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Regional Account Manager 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 spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your Regional Account Manager business covers you against claims coming from injury to clients or damage to their property.
It protects your Regional Account Manager business from the claims themselves and also to any resulting court costs and legal fees of the lawsuits.
In many cases, it should 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 Regional Account Manager 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 Regional Account Manager insurance operations.
Professional liability insurance for your Regional Account Manager business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Regional Account Manager business for them, you can quickly be involved in a law suit.
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.
Most small Regional Account Manager 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 Regional Account Manager insurance section below for average prices of professional liability insurance for your Regional Account Manager operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that the results didn’t meet your description of function, or that your guidance was basically incorrect.
You need to understand the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Regional Account Manager
Only you can estimate exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial insurance
Commercial vehicle insurance for your Regional Account Manager 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 designated commercial vehicle insurance package.
Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your van 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 calculated on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Regional Account Manager business needs unique 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.
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 unique gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy everything needed to keep your Regional Account Manager business running.
It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Regional Account Manager business’ equipment.
Commercial Property insurance
Any Regional Account Manager business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you may already 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 deliberate damages like theft and vandalism.
If your Regional Account Manager business works in areas of high risk, like Texas or North Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where extreme cold snaps can cause damage to outer coverings of Regional Account Manager 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 Regional Account Manager insurance section below to give some idea of the average prices per million dollars of property insurance for your Regional Account Manager business.
Temporary insurance by month, week or day for your Regional Account Manager business
Is your Regional Account Manager 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 Regional Account Manager – 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 lower premiums but still having identical risk cover.
The essential feature of short-term insurance is that you pay for the cover for a defined period – a specific 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Regional Account Manager 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 integrates commercial property and public liability insurance by amalgamating 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 often the right choice for small and medium-sized Regional Account Manager businesses, such as yours.
There are two 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 dictate whether you are allowed 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 revenue.
Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Regional Account Manager business employees
In many states, it is mandatory to have workers compensation insurance when your Regional Account Manager 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 regulations 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 can’t get your workers compensation obligations from private insurance providers.
Workers compensation premiums are worked out 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 Regional Account Manager insurance requirement 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 gathered for the main types of insurance your Regional Account Manager businesses needs.
Types of insurance | Price range |
Product liability insurance | $285 – $690 |
Commercial vehicle insurance | $1695 – $3150 |
Equipment insurance | $470 – $1010 |
Public liability insurance | $295 – $690 |
General liability insurance | $740 – $1220 |
Commercial insurance | $1170 – $2210 |
Cost of insurance for your Regional Account Manager operations depends on many different factors.
We have estimated these figures for small independent Regional Account Manager 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 Regional Account Manager 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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In addition you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
FAQ
What is small business insurance for Regional Account Manager operations?
This is a general term used to describe common insurance policies designed to protect Regional Account Manager business owners from risks like bodily injury, property damage, claims of negligence.
Does my Regional Account Manager 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 Regional Account Manager 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 specific 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 Regional Account Manager insurance.
How much will Regional Account Manager business insurance cost?
As well as the size of the business, some 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.
You can search for more information insurance for Regional Account Manager, in the search box below, and follow the relevant links.