Whenever you budget the expenses of your business, Sales Account Executive insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
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With the protection provided by insurance against accidents and all the other sorts 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 Sales Account Executive enterprise, you must consider how much financial liability you are taking on.
If your Sales Account Executive business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a complete 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 startup businesses to highlight 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 Sales Account Executive business?
What this means, for any Sales Account Executive 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 Sales Account Executive business is not harbored by laws in the same way as states are, where legislation 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 court 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 sued for.
When you are running your Sales Account Executive operations, you can’t deny 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 alone.
What does Sales Account Executive insurance protect you from?
For your Sales Account Executive business, the most important types of insurance are meant 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 outline the most important points any Sales Account Executive business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Sales Account Executive businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Sales Account Executive business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them bodily or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Sales Account Executive business protects you against claims coming from injury to visitors or damage to their property.
It protects your Sales Account Executive business from the claims themselves and also 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 Sales Account Executive business would be with a upper limit 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 Sales Account Executive insurance operations.
Professional liability insurance for your Sales Account Executive business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Sales Account Executive business for them, you can quickly be involved in a monetary claim.
Even if the matter against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Sales Account Executive 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 Sales Account Executive insurance section below for average prices of professional liability insurance for your Sales Account Executive 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 they received didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know the specific 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 Sales Account Executive
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 Sales Account Executive business
Take care! – 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 right 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 guarantee 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 insured if your truck is involved in a collision.
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 declared level of cover of contents.
Tools and Equipment insurance
Since your Sales Account Executive business needs specific and expensive 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.
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 need full-level equipment insurance so that you can immediately buy whatever needed to keep your Sales Account Executive business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Sales Account Executive business’ equipment.
Commercial Property insurance
Any Sales Account Executive business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Your physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.
In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Sales Account Executive business premises, there is a need for more extra cover than in warmer climes.
Although 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 Sales Account Executive insurance section below to give some estimate of the average prices per million dollars of property insurance for your Sales Account Executive business.
Temporary insurance by month, week or day for your Sales Account Executive business
Is your Sales Account Executive 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 Sales Account Executive – 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 reduced premiums but still having identical risk cover.
The key feature of short-term insurance is that you buy 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 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 Sales Account Executive business
You have the option 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 packaging 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 often the right choice for small and medium-sized Sales Account Executive 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 policies.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The usual business that is allowed to take a BOP policy must have fewer than one hundred employees, and maximum five million dollars in annual revenue.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Sales Account Executive business employees
In most states, it is mandatory to have workers compensation insurance when your Sales Account Executive 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 cover 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.
In these states, you can’t take out your workers compensation obligations from private insurance companies.
Workers compensation charges 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 Sales Account Executive insurance requirement 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 Sales Account Executive businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$835 – $2830|
|Commercial vehicle insurance||$1940 – $3280|
|Public liability insurance||$390 – $630|
|Equipment insurance||$470 – $1135|
|Product liability insurance||$290 – $710|
|General liability insurance||$715 – $880|
Cost of insurance for your Sales Account Executive operations depends on many different factors.
We have calculated these figures for small independent Sales Account Executive businesses.
The location and size and type of your Sales Account Executive business can have a big effect on the cost of different policies.
You should discuss with 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 reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Sales Account Executive operations?
This is a wide term used to describe basic insurance policies designed to protect Sales Account Executive business owners from risks like bodily injury, property damage, claims of negligence.
Does my Sales Account Executive business have to have insurance?
Some of the kinds of insurance are not mandatory for you to operate 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 Sales Account Executive business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer 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 Sales Account Executive insurance.
How much will Sales Account Executive 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 can search for more information insurance for Sales Account Executive, in the search box below, and follow the relevant links.