Whenever you budget the expenses of your business, review websites insurance must be included in the list because you can’t always know exactly what is going to happen in the future.
Need General Liability Insurance for Your Review Websites
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With the protection provided by general insurance and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your review websites enterprise, you must consider how much financial danger you are taking on.
If your review websites 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 startup businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your review websites business?
What this means, for any review websites 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 review websites business is not protected 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 Texas, 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 review websites operations, you can’t deny responsibility for the results 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 an individual.
What does review websites insurance protect you from?
For your review websites business, the most important types 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 outline the most important points any review websites business owner should know when negotiating the insurance needed.
The main categories of insurance for your review websites businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any review websites business is dealing directly with other people, 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 review websites business covers you against claims coming from injury to customers or damage to their property.
It protects your review websites business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it can also 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 review websites 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 review websites insurance operations.
Professional liability insurance for your review websites business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your review websites 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 large, and the impact on your reputation can be damaging.
Every small review websites 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 review websites insurance section below for average prices of professional liability insurance for your review websites 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 the results didn’t meet your description of function, or that your guidance was basically incorrect.
You need to be aware of 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 damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for review websites
Only you can determine exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your review websites business
Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle 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 van policies guarantee 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 an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your review websites business needs specific and costly equipment, you can appreciate 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 unforeseen acts.
As well, 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 review websites 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 review websites business’ equipment.
Commercial Property insurance
Any review websites 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, as well as a big liability if there’s a mortgage.
Your physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your review websites business deals in areas of high risk, like Texas or Georgia, additional 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 review websites 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 review websites insurance section below to give some estimate of the average prices per million dollars of property insurance for your review websites business.
Temporary insurance by month, week or day for your review websites business
Is your review websites 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 review websites – 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 identical risk cover.
The essential feature of short-term insurance is that you purchase 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 review websites business
You have the choice 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 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 mostly the right choice for small and medium-sized review websites businesses, such as yours.
There are two limits that will determine whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The typical business that can take out a BOP policy must have less than one hundred employees, and under five million dollars in annual revenue.
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 review websites business employees
In most states, it is mandatory to have workers compensation insurance when your review websites business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 requirements in this regard can leave you as the employer required 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 take out your workers compensation obligations from private insurance corporations.
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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every review websites insurance need is unique, there are enough examples of standard 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 agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your review websites businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1870 – $3330|
|Product liability insurance||$245 – $840|
|General liability insurance||$625 – $1185|
|Public liability insurance||$295 – $515|
|Equipment insurance||$315 – $1135|
|Commercial insurance||$870 – $2160|
Cost of insurance for your review websites operations depends on many different factors.
We have reckoned these figures for small freelance review websites businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they can be about 20%-30% lower.
The location and size and type of your review websites 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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Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your town.
What is small business insurance for review websites operations?
This is an umbrella term used to describe basic insurance policies designed to protect review websites business owners from risks like bodily injury, property damage, claims of negligence.
Does my review websites business have to have insurance?
Some of the forms of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small review websites business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client 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 review websites insurance.
How much will review websites business insurance cost?
In addition to the size of the business, several 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.
You can search for more information insurance for review websites, in the search box below, and follow the relevant links.