Whenever you budget the expenses of your business, Rehabilitation Counselors insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents 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 Rehabilitation Counselors enterprise, you must consider how much financial liability you are taking on.
If your Rehabilitation Counselors business runs without proper insurance, you are taking a giant 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 small 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 Rehabilitation Counselors business?
What this means, for any Rehabilitation Counselors business owner, is that if some person 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 Rehabilitation Counselors 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 Montana, 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 claimant more than they have claimed.
When you are running your Rehabilitation Counselors operations, you can’t escape 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 limited liability company, all of that liability belongs to you alone.
What does Rehabilitation Counselors insurance protect you from?
For your Rehabilitation Counselors business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Rehabilitation Counselors business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Rehabilitation Counselors businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Rehabilitation Counselors business is dealing directly with customers, and that means you usually 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 require compensation.
General liability insurance policy for your Rehabilitation Counselors business covers you against claims coming from injury to visitors or damage to their property.
It protects your Rehabilitation Counselors 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 insist on proper liability insurance.
The average level of general liability insurance for your Rehabilitation Counselors 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 Rehabilitation Counselors insurance operations.
Professional liability insurance for your Rehabilitation Counselors business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Rehabilitation Counselors business for them, you can quickly face a law suit.
Even if the matter against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Almost all small Rehabilitation Counselors 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 Rehabilitation Counselors insurance section below for average prices of professional liability insurance for your Rehabilitation Counselors 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 recommendation was basically incorrect.
You need to understand the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Rehabilitation Counselors
Only you can estimate exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Rehabilitation Counselors business
Take care! – most 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 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 truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Rehabilitation Counselors business needs unique and expensive 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 unpredicted 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 unique 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 Rehabilitation Counselors business running.
It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Rehabilitation Counselors business’ equipment.
Commercial Property insurance
Any Rehabilitation Counselors business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, in addition to 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 natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Rehabilitation Counselors business works in areas of high risk, like Texas or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of Rehabilitation Counselors business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends mainly 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 Rehabilitation Counselors insurance section below to give some idea of the average prices per million dollars of property insurance for your Rehabilitation Counselors business.
Temporary insurance by month, week or day for your Rehabilitation Counselors business
Is your Rehabilitation Counselors business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Rehabilitation Counselors – 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 the same risk cover.
The key feature of short-term insurance is that you purchase 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 better 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 Rehabilitation Counselors 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 combines commercial property and public liability insurance by packaging 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 frequently the right choice for small and medium-sized Rehabilitation Counselors 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 policies.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual turnover.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Rehabilitation Counselors business employees
In almost all states, it is mandatory to have workers compensation insurance when your Rehabilitation Counselors business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand 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 required to pay penalties levied by the states.
In these states, you may not get 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 Rehabilitation Counselors insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate 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 collected for the main types of insurance your Rehabilitation Counselors businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$226 – $566|
|Equipment insurance||$364 – $1183|
|Commercial insurance||$980 – $2171|
|Commercial vehicle insurance||$1948 – $2527|
|General liability insurance||$747 – $1095|
|Public liability insurance||$284 – $679|
Cost of insurance for your Rehabilitation Counselors operations depends on many different factors.
We have reckoned these figures for small independent Rehabilitation Counselors businesses.
The location and size and type of your Rehabilitation Counselors 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 looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your town.
What is small business insurance for Rehabilitation Counselors operations?
This is an umbrella term used to describe standard insurance policies designed to protect Rehabilitation Counselors business owners from risks like bodily injury, property damage, claims of negligence.
Does my Rehabilitation Counselors business have to have insurance?
Some of the kinds of insurance are not mandatory for you to run 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 Rehabilitation Counselors business insurance policy cover?
Liability insurance provides coverage 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 best policies for Rehabilitation Counselors insurance.
How much will Rehabilitation Counselors 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.