Whenever you budget the expenses of your business, Sales Account Manager insurance must be high on the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Sales Account Manager
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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 Sales Account Manager enterprise, you must consider how much financial risk you are taking on.
If your Sales Account Manager business runs without proper insurance, you are taking an enormous 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 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 available, 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 Manager business?
What this means, for any Sales Account Manager 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 Sales Account Manager 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 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 claimant more than they have sued for.
When you are running your Sales Account Manager operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Sales Account Manager insurance protect you from?
For your Sales Account Manager business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Sales Account Manager business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Sales Account Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Sales Account Manager business is dealing directly with members of the public, and that means you always 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 require compensation.
General liability insurance policy for your Sales Account Manager business protects you against claims coming from injury to visitors or damage to their property.
It protects your Sales Account Manager business from the claims themselves and in addition to any associated 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 require proper liability insurance.
The average level of general liability insurance for your Sales Account Manager business would be with a boundary 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 Sales Account Manager insurance operations.
Professional liability insurance for your Sales Account Manager business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Sales Account Manager business for them, you can quickly be involved in a law suit.
Even if the case against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Sales Account Manager 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 Sales Account Manager insurance section below for average prices of professional liability insurance for your Sales Account Manager 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 what you delivered didn’t meet your description of function, or that your advice was basically incorrect.
You need to know 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 likely lawsuit, you need Product liability insurance for Sales Account Manager
Only you can determine exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Sales Account Manager business
Be careful! – most policies for private vehicle insurance do not cover any happening 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 direct commercial vehicle insurance package.
Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Sales Account Manager 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 tools 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 wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Sales Account Manager 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 Sales Account Manager business’ equipment.
Commercial Property insurance
Any Sales Account Manager business that owns or rents space in a building must have 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 unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Sales Account Manager business works in areas of high risk, like Texas or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Sales Account Manager 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 Manager insurance section below to give some estimate of the average prices per million dollars of property insurance for your Sales Account Manager business.
Temporary insurance by month, week or day for your Sales Account Manager business
Is your Sales Account Manager business working part-time or casually, or is the level of business fluctuating?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Sales Account Manager – 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 important feature of short-term insurance is that you purchase 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 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 Manager business
You have the chance 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 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 Manager businesses, such as yours.
There are some limits that will dictate 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 no more than one hundred employees, and under five million dollars in annual turnover.
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 Sales Account Manager business employees
In almost all states, it is mandatory to have workers compensation insurance when your Sales Account Manager business has one or more employees.
Workers compensation insurance covers the business 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 laws in this regard can leave you as the employer obliged to pay penalties levied by the states.
In these states, you can’t obtain your workers compensation obligations from private insurance providers.
Workers compensation rates 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 Sales Account Manager insurance level is unique, there are enough examples of average quotes from insurance companies for us to give appropriate 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 collected for the main types of insurance your Sales Account Manager businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$350 – $535|
|General liability insurance||$765 – $1235|
|Commercial insurance||$975 – $2370|
|Commercial vehicle insurance||$1860 – $2910|
|Product liability insurance||$330 – $885|
|Equipment insurance||$335 – $1130|
Cost of insurance for your Sales Account Manager operations depends on many different factors.
We have calculated these figures for small freelance Sales Account Manager businesses.
The location and size and type of your Sales Account Manager 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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Also 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 Sales Account Manager operations?
This is a general term used to describe standard insurance policies designed to protect Sales Account Manager business owners from risks like bodily injury, property damage, claims of negligence.
Does my Sales Account Manager 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Sales Account Manager business insurance policy cover?
Liability insurance provides coverage 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 recommended policies for Sales Account Manager insurance.
How much will Sales Account Manager business insurance cost?
In addition to 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 Sales Account Manager, in the search box below, and follow the relevant links.