Solar Energy Project Manager Insurance – Cost and Coverage

Whenever you budget the expenses of your business, solar energy project manager insurance must be included in 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 kinds 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 solar energy project manager enterprise, you must consider how much financial danger you are taking on.

Business Insurance for solar energy project manager

If your solar energy project manager business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a total 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 highlight 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 solar energy project manager business?

What this means, for any solar energy project manager business owner, is that if some customer 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 solar energy project manager business is not protected 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 judge 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 sort.

When you are running your solar energy project manager operations, you can’t deny responsibility for the results 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 alone.

What does solar energy project manager insurance protect you from?

For your solar energy project manager business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any solar energy project manager business owner should remember when negotiating the insurance needed.

The main categories of insurance for your solar energy project manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any solar energy project manager business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be damaged.

In such a case, they can sue you for compensation.

General liability insurance policy for your solar energy project manager business covers you against claims coming from injury to visitors or damage to their property.

It protects your solar energy project manager 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 insist on proper liability insurance.

The usual level of general liability insurance for your solar energy project manager 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 solar energy project manager insurance operations.

Professional liability insurance for your solar energy project manager business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your solar energy project manager business for them, you can quickly have to fight a court case.

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 solar energy project 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 solar energy project manager insurance section below for average prices of professional liability insurance for your solar energy project manager 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 they received didn’t meet your description of function, or that your recommendation was basically incorrect.

You need to understand 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 injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for solar energy project manager

Only you can estimate exactly how much insurance you need.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your solar energy project manager business

Take care! – almost all policies for private vehicle insurance do not cover any occurrence 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 car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in a crash.

Most states, other than Virginia and New Hampshire, require this type of insurance.

The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents. 

Tools and Equipment insurance

Since your solar energy project manager business needs specialized and dedicated equipment, you know 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 unpredicted acts.

In addition, 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 unique 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 solar energy project manager business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your solar energy project manager business’ equipment.

Commercial Property insurance

Any solar energy project manager business that owns or rents space in a building must have a commercial property insurance policy.

If you own the property, you may already 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 natural occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your solar energy project manager 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 unlimited cold snaps can cause damage to outer coverings of solar energy project manager business premises, there is a need for more extra cover than in warmer climes.

Whereas 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 solar energy project manager insurance section below to give some estimate of the average prices per million dollars of property insurance for your solar energy project manager business.

Temporary insurance by month, week or day for your solar energy project manager business

Is your solar energy project manager business working part-time or casually, or is the level of business variable?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for solar energy project manager – 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 less premiums but still having the same 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 higher 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 solar energy project 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 amalgamating 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 solar energy project manager businesses, such as yours.

There are two limits that will determine 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 eligible to take out BOP cover.

The normal 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 required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your solar energy project manager business employees

In many states, it is mandatory to have workers compensation insurance when your solar energy project manager business has one or more employees.

Workers compensation insurance covers the operation 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 regulations in this regard can leave you as the employer obliged to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.

In these states, you can’t 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 solar energy project manager insurance need 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 researched for the main types of insurance your solar energy project manager businesses needs.

Types of insurance Price range
General liability insurance $690 – $905
Commercial vehicle insurance $1915 – $2760
Commercial insurance $845 – $2435
Equipment insurance $395 – $1100
Product liability insurance $295 – $745
Public liability insurance $265 – $730

Cost of insurance for your solar energy project manager operations depends on many different factors.

We have reckoned these figures for small freelance solar energy project manager businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they can be about 20%-30% cheaper.

The location and size and type of your solar energy project 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.

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 suburb.

FAQ

What is small business insurance for solar energy project manager operations?

This is an umbrella term used to describe basic insurance policies designed to protect solar energy project manager business owners from risks like bodily injury, property damage, claims of negligence.

Does my solar energy project manager 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 solar energy project manager business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a client 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 recommended policies for solar energy project manager insurance.

How much will solar energy project manager business insurance cost?

In addition to the size of the business, several 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 solar energy project manager, in the search box below, and follow the relevant links.

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