Whenever you budget the expenses of your business, Safe Store 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 Safe Store
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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 Safe Store enterprise, you must consider how much financial liability you are taking on.
If your Safe Store business runs without proper insurance, you are taking an enormous 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 consequences of their actions.
In this article, we are giving very general guidelines for small businesses to outline 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 Safe Store business?
What this means, for any Safe Store business owner, is that if some company 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 Safe Store business is not sheltered 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 judge 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 person more than they have claimed.
When you are running your Safe Store operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.
What does Safe Store insurance protect you from?
For your Safe Store business, the most important types 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 Safe Store business owner should remember when negotiating the insurance needed.
The main types of insurance for your Safe Store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Safe Store 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 sue you for compensation.
General liability insurance policy for your Safe Store business covers you against claims coming from injury to visitors or damage to their property.
It protects your Safe Store business from the claims themselves and in addition to any resulting 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 Safe Store 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 Safe Store insurance operations.
Professional liability insurance for your Safe Store business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Safe Store 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 substantial, and the impact on your reputation can be damaging.
Almost all small Safe Store 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 Safe Store insurance section below for average prices of professional liability insurance for your Safe Store 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 what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Safe Store
Only you can estimate exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Safe Store business
Beware! – almost 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 direct commercial vehicle insurance package.
Commercial car policies cover 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 covered 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 calculated on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Safe Store 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 equipment 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 specialized gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Safe Store 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 Safe Store business’ equipment.
Commercial Property insurance
Any Safe Store business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you may already 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 unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Safe Store business works in areas of high risk, like Texas or Georgia, 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 Safe Store 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 Safe Store insurance section below to give some idea of the average prices per million dollars of property insurance for your Safe Store business.
Temporary insurance by month, week or day for your Safe Store business
Is your Safe Store business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Safe Store – are special policies where you can cover a nominated period when you want to be covered.
By only paying for that period of cover, you will save by having reduced 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 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 better 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 Safe Store 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 packaging 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 Safe Store 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 risks.
Also, the size of your business will determine 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 maximum five million dollars in annual revenue.
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 Safe Store business employees
In many states, it is mandatory to have workers compensation insurance when your Safe Store 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 provide for 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 obliged 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 calculated 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 Safe Store insurance need is unique, there are enough examples of usual 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 researched for the main types of insurance your Safe Store businesses needs.
|Types of insurance||Price range|
|General liability insurance||$555 – $937|
|Commercial insurance||$869 – $2574|
|Product liability insurance||$249 – $883|
|Public liability insurance||$316 – $645|
|Equipment insurance||$485 – $1481|
|Commercial vehicle insurance||$1818 – $3492|
Cost of insurance for your Safe Store operations depends on many different factors.
We have reckoned these figures for small independent Safe Store businesses.
The location and size and type of your Safe Store 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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As well you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Safe Store operations?
This is a general term used to describe basic insurance policies designed to protect Safe Store business owners from risks like bodily injury, property damage, claims of negligence.
Does my Safe Store 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Safe Store business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party 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 most common policies for Safe Store insurance.
How much will Safe Store business insurance cost?
As well as the size of the business, several 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.