Whenever you budget the expenses of your business, Renting artificial trees and flowers insurance must be high on 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 types of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Renting artificial trees and flowers enterprise, you must consider how much financial danger you are taking on.
If your Renting artificial trees and flowers 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 consequences 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 Renting artificial trees and flowers business?
What this means, for any Renting artificial trees and flowers business owner, is that if some customer 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 Renting artificial trees and flowers 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 New Jersey, 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.
When you are running your Renting artificial trees and flowers operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.
What does Renting artificial trees and flowers insurance protect you from?
For your Renting artificial trees and flowers business, the most important types of insurance are meant 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 explain the most important points any Renting artificial trees and flowers business owner should know when negotiating the insurance needed.
The main categories of insurance for your Renting artificial trees and flowers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Renting artificial trees and flowers business is dealing directly with members of the public, 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 demand compensation.
General liability insurance policy for your Renting artificial trees and flowers business covers you against claims coming from injury to customers or damage to their property.
It protects your Renting artificial trees and flowers 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 insist on proper liability insurance.
The average level of general liability insurance for your Renting artificial trees and flowers business would be with a upper limit of $1 million for a single claim 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 Renting artificial trees and flowers insurance operations.
Professional liability insurance for your Renting artificial trees and flowers business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Renting artificial trees and flowers business for them, you can quickly have to fight a law suit.
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.
Every small Renting artificial trees and flowers 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 Renting artificial trees and flowers insurance section below for average prices of professional liability insurance for your Renting artificial trees and flowers 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 the results didn’t meet your description of function, or that your guidance 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 results caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Renting artificial trees and flowers
Only you can estimate exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Renting artificial trees and flowers business
Beware! – practically 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 best 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 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 guaranteed if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required 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 Renting artificial trees and flowers business needs specific and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The gear 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your Renting artificial trees and flowers 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 Renting artificial trees and flowers business’ equipment.
Commercial Property insurance
Any Renting artificial trees and flowers business that owns or rents space in a building must have a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, along with 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 natural occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Renting artificial trees and flowers business works in areas of high risk, like California or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Renting artificial trees and flowers 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 Renting artificial trees and flowers insurance section below to give some idea of the average prices per million dollars of property insurance for your Renting artificial trees and flowers business.
Temporary insurance by month, week or day for your Renting artificial trees and flowers business
Is your Renting artificial trees and flowers business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Renting artificial trees and flowers – 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 less premiums but still having the same risk cover.
The essential feature of short-term insurance is that you purchase 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 Renting artificial trees and flowers 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 integrates commercial property and public liability insurance by amalgamating 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 Renting artificial trees and flowers businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The typical business that can take out a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual sales.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Renting artificial trees and flowers business employees
In most states, it is mandatory to have workers compensation insurance when your Renting artificial trees and flowers business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee 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 permit coverage from the government-run monopoly state funds.
In these states, you may not obtain your workers compensation obligations from private insurance companies.
Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Renting artificial trees and flowers insurance level is unique, there are enough examples of average 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 Renting artificial trees and flowers businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$275 – $650|
|Product liability insurance||$215 – $735|
|General liability insurance||$735 – $840|
|Equipment insurance||$430 – $1115|
|Commercial vehicle insurance||$1835 – $3050|
|Commercial insurance||$1025 – $2020|
Cost of insurance for your Renting artificial trees and flowers operations depends on many different factors.
We have estimated these figures for small freelance Renting artificial trees and flowers businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they can be about 20%-30% less.
The location and size and type of your Renting artificial trees and flowers 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 enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Renting artificial trees and flowers operations?
This is an umbrella term used to describe common insurance policies designed to protect Renting artificial trees and flowers business owners from risks like bodily injury, property damage, claims of negligence.
Does my Renting artificial trees and flowers business have to have insurance?
Some of the kinds of insurance are not mandatory for you to open 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 Renting artificial trees and flowers 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 Renting artificial trees and flowers insurance.
How much will Renting artificial trees and flowers 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.
You can search for more information insurance for Renting artificial trees and flowers, in the search box below, and follow the relevant links.