Whenever you budget the expenses of your business, Riggers insurance must be high on the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Riggers
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With the protection provided by liability insurance and all the other kinds 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 Riggers enterprise, you must consider how much financial liability you are taking on.
If your Riggers business runs without proper insurance, you are taking a tremendous 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 upshots of their actions.
In this article, we are giving very general guidelines for small 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 Riggers business?
What this means, for any Riggers 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 Riggers business is not protected 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 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 plaintiff more than they have claimed.
When you are running your Riggers operations, you can’t deny responsibility for the consequences of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Riggers insurance protect you from?
For your Riggers business, the most important sorts of insurance are designed 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 describe the most important points any Riggers business owner should know when negotiating the insurance needed.
The main headings of insurance for your Riggers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Riggers business is dealing directly with other people, 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 Riggers business protects you against claims coming from injury to visitors or damage to their property.
It protects your Riggers business from the claims themselves and in addition 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 Riggers business would be with a upper limit 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 Riggers insurance operations.
Professional liability insurance for your Riggers business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Riggers business for them, you can quickly be involved in a court case.
Even if the matter 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 Riggers business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Riggers insurance section below for average prices of professional liability insurance for your Riggers 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 what they received 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 culpable for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Riggers
Only you can know exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Riggers business
Take care! – almost all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the van 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 proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your truck is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Riggers 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 gear may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
Also, 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 must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Riggers business running.
It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Riggers business’ equipment.
Commercial Property insurance
Any Riggers business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you may already have a substantial capital investment, along with a big liability if there’s a mortgage.
Any physical building location should 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 Riggers business operates in areas of high risk, like Texas or South Carolina, additional 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 Riggers business premises, there is a need for more additional cover than in warmer climes.
Whereas the level of cover depends completely 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 Riggers insurance section below to give some indication of the average prices per million dollars of property insurance for your Riggers business.
Temporary insurance by month, week or day for your Riggers business
Is your Riggers business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Riggers – 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 adequate risk cover.
The key feature of short-term insurance is that you buy 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 larger 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 Riggers business
You have the choice to combine a few 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 frequently the right choice for small and medium-sized Riggers 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 determine whether you are permitted to take out BOP cover.
The normal business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual revenue.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Riggers business employees
In almost all states, it is mandatory to have workers compensation insurance when your Riggers 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 include 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.
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 may not obtain your workers compensation obligations from private insurance corporations.
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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Riggers insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give approximate 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 Riggers businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1695 – $3130|
|General liability insurance||$610 – $880|
|Public liability insurance||$345 – $500|
|Product liability insurance||$265 – $695|
|Commercial insurance||$1160 – $2910|
|Equipment insurance||$475 – $1040|
Cost of insurance for your Riggers operations depends on many different factors.
We have calculated these figures for small freelance Riggers businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% less.
The location and size and type of your Riggers 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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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 Riggers operations?
This is a general term used to describe standard insurance policies designed to protect Riggers business owners from risks like bodily injury, property damage, claims of negligence.
Does my Riggers business have to have insurance?
Some of the forms of insurance are not mandatory for you to run 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 Riggers business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Riggers insurance.
How much will Riggers 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 talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Riggers, in the search box below, and follow the relevant links.