Whenever you budget the expenses of your business, Sales Executive insurance must be included in the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Sales Executive
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With the protection provided by liability 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 Executive enterprise, you must consider how much financial liability you are taking on.
If your Sales Executive 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 Executive business?
What this means, for any Sales Executive business owner, is that if some customer 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 Sales Executive business is not sheltered 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 sort.
When you are running your Sales Executive operations, you can’t escape responsibility for the outcomes 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 as a person.
What does Sales Executive insurance protect you from?
For your Sales Executive business, the most important types of insurance are intended 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 Executive business owner should know when negotiating the insurance needed.
The main categories of insurance for your Sales Executive businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Sales Executive business is dealing directly with members of the public, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Sales Executive business covers you against claims coming from injury to clients or damage to their property.
It protects your Sales Executive business from the claims themselves and as well to any associated 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 demand proper liability insurance.
The average level of general liability insurance for your Sales Executive business would be with a cap 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 Executive insurance operations.
Professional liability insurance for your Sales Executive business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Sales Executive business for them, you can quickly face a law suit.
Even if the matter against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Sales Executive 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 Sales Executive insurance section below for average prices of professional liability insurance for your Sales Executive 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 you delivered didn’t meet your description of function, or that your guidance was basically incorrect.
You need to understand the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for injuries caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Sales Executive
Only you can estimate exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Sales Executive business
Beware! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial truck 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 car is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Sales Executive business needs unique and costly equipment, you can appreciate 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 unexpected acts.
In addition, 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 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 Executive business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Sales Executive business’ equipment.
Commercial Property insurance
Any Sales Executive business that owns or rents space in a building should 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.
Any physical building location needs to carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Sales 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 Executive insurance section below to give some estimate of the average prices per million dollars of property insurance for your Sales Executive business.
Temporary insurance by month, week or day for your Sales Executive business
Is your Sales Executive 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 Sales 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 lower premiums but still having adequate risk cover.
The key 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 higher business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Sales Executive business
You have the chance 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 protect you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Sales Executive businesses, such as yours.
There are a few 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 normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than 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 Sales Executive business employees
In most states, it is mandatory to have workers compensation insurance when your Sales Executive 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 provide for 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 obliged 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 computed 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 Executive 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 researched for the main types of insurance your Sales Executive businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$470 – $1315|
|General liability insurance||$590 – $905|
|Public liability insurance||$295 – $500|
|Commercial insurance||$925 – $2770|
|Product liability insurance||$255 – $745|
|Commercial vehicle insurance||$1720 – $3465|
Cost of insurance for your Sales Executive operations depends on many different factors.
We have reckoned these figures for small freelance Sales Executive businesses.
The location and size and type of your Sales Executive 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 looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Sales Executive operations?
This is a general term used to describe basic insurance policies designed to protect Sales Executive business owners from risks like bodily injury, property damage, claims of negligence.
Does my Sales Executive business have to have insurance?
Some of the forms 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 Executive business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer 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 Sales Executive insurance.
How much will Sales Executive business insurance cost?
On top of the size of the business, certain 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.
You can search for more information insurance for Sales Executive, in the search box below, and follow the relevant links.