Whenever you budget the expenses of your business, Screen Printing and T Shirt Printing 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 Screen Printing And T Shirt Printing
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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 Screen Printing and T Shirt Printing enterprise, you must consider how much financial liability you are taking on.
If your Screen Printing and T Shirt Printing 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 results of their actions.
In this article, we are giving very general guidelines for startup businesses to outline 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 Screen Printing and T Shirt Printing business?
What this means, for any Screen Printing and T Shirt Printing 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 Screen Printing and T Shirt Printing 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 person more than they have sued for.
When you are running your Screen Printing and T Shirt Printing operations, you can’t deny responsibility for the results of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you alone.
What does Screen Printing and T Shirt Printing insurance protect you from?
For your Screen Printing and T Shirt Printing business, the most important sorts of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Screen Printing and T Shirt Printing business owner should know when negotiating the insurance needed.
The main categories of insurance for your Screen Printing and T Shirt Printing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Screen Printing and T Shirt Printing 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 ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Screen Printing and T Shirt Printing business insures you against claims coming from injury to customers or damage to their property.
It protects your Screen Printing and T Shirt Printing business from the claims themselves and also 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 Screen Printing and T Shirt Printing business would be with a cap 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 Screen Printing and T Shirt Printing insurance operations.
Professional liability insurance for your Screen Printing and T Shirt Printing business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Screen Printing and T Shirt Printing business for them, you can quickly be involved in a monetary claim.
Even if the case against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Most small Screen Printing and T Shirt Printing 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 Screen Printing and T Shirt Printing insurance section below for average prices of professional liability insurance for your Screen Printing and T Shirt Printing 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 advice 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 responsible for results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Screen Printing and T Shirt Printing
Only you can determine exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Screen Printing and T Shirt Printing business
Beware! – most policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle 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 direct 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 crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Screen Printing and T Shirt Printing business needs specific and costly 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 unforeseen acts.
Also, 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 must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Screen Printing and T Shirt Printing business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Screen Printing and T Shirt Printing business’ equipment.
Commercial Property insurance
Any Screen Printing and T Shirt Printing business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you certainly have a substantial capital investment, in addition to 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 unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Screen Printing and T Shirt Printing 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 Washington, where unlimited cold snaps can cause damage to outer coverings of Screen Printing and T Shirt Printing business premises, there is a need for more additional cover than in warmer climes.
Because the level of cover depends entirely 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 Screen Printing and T Shirt Printing insurance section below to give some indication of the average prices per million dollars of property insurance for your Screen Printing and T Shirt Printing business.
Temporary insurance by month, week or day for your Screen Printing and T Shirt Printing business
Is your Screen Printing and T Shirt Printing 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 Screen Printing and T Shirt Printing – 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 the same 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 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 Screen Printing and T Shirt Printing 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 combines commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Screen Printing and T Shirt Printing businesses, such as yours.
There are a few limits that will dictate 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 less than one hundred employees, and maximum five million dollars in annual turnover.
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 Screen Printing and T Shirt Printing business employees
In many states, it is mandatory to have workers compensation insurance when your Screen Printing and T Shirt Printing 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 laws in this regard can leave you as the employer required to pay penalties levied by the states.
In these states, you may not take out your workers compensation obligations from private insurance providers.
Workers compensation rates 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 Screen Printing and T Shirt Printing 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 gathered for the main types of insurance your Screen Printing and T Shirt Printing businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$486 – $1309|
|Public liability insurance||$392 – $777|
|Commercial vehicle insurance||$1958 – $2634|
|Commercial insurance||$979 – $2163|
|General liability insurance||$778 – $1109|
|Product liability insurance||$342 – $758|
Cost of insurance for your Screen Printing and T Shirt Printing operations depends on many different factors.
We have calculated these figures for small freelance Screen Printing and T Shirt Printing businesses.
The location and size and type of your Screen Printing and T Shirt Printing 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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Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your city.
What is small business insurance for Screen Printing and T Shirt Printing operations?
This is an umbrella term used to describe standard insurance policies designed to protect Screen Printing and T Shirt Printing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Screen Printing and T Shirt Printing 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.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Screen Printing and T Shirt Printing 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 Screen Printing and T Shirt Printing insurance.
How much will Screen Printing and T Shirt Printing 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 consult with professional insurance agents and brokers, or insurance company representatives.