Whenever you budget the expenses of your business, solar panel stores insurance must be high on the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Solar Panel Stores
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With the protection provided by liability insurance and all the other sorts 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 panel stores enterprise, you must consider how much financial risk you are taking on.
If your solar panel stores business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a final 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 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 panel stores business?
What this means, for any solar panel stores business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your solar panel stores business is not protected 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 Montana, 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.
When you are running your solar panel stores operations, you can’t deny responsibility for the results 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 as an individual.
What does solar panel stores insurance protect you from?
For your solar panel stores business, the most important types of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any solar panel stores business owner should remember when negotiating the insurance needed.
The main types of insurance for your solar panel stores businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any solar panel stores 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 spoiled.
In such a case, they can demand compensation.
General liability insurance policy for your solar panel stores business protects you against claims coming from injury to visitors or damage to their property.
It protects your solar panel stores 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 insist on proper liability insurance.
The average level of general liability insurance for your solar panel stores 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 solar panel stores insurance operations.
Professional liability insurance for your solar panel stores business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your solar panel stores business for them, you can quickly have to fight a law suit.
Even if the case against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small solar panel stores 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 solar panel stores insurance section below for average prices of professional liability insurance for your solar panel stores 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 you delivered didn’t meet your description of function, or that your advice 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 liable for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for solar panel stores
Only you can know exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your solar panel stores business
Take care! – most 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 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 cover 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 an accident.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required 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 solar panel stores business needs specific and dedicated equipment, you know 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.
Also, 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 specific 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 solar panel stores business running.
It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your solar panel stores business’ equipment.
Commercial Property insurance
Any solar panel stores 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, along with a big liability if there’s a mortgage.
Any physical building location must 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.
If your solar panel stores business works in areas of high risk, like Texas or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where extreme cold snaps can cause damage to outer coverings of solar panel stores business premises, there is a need for more supplementary 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 solar panel stores insurance section below to give some idea of the average prices per million dollars of property insurance for your solar panel stores business.
Temporary insurance by month, week or day for your solar panel stores business
Is your solar panel stores 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 solar panel stores – 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 lower premiums but still having adequate risk cover.
The key feature of short-term insurance is that you pay for 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 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 panel stores business
You have the option to combine most 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 mostly the right choice for small and medium-sized solar panel stores 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 cover.
Also, the size of your business will rule whether you are allowed to take out BOP cover.
The usual business that is eligible for a BOP policy must have less than one hundred employees, and maximum 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 solar panel stores business employees
In most states, it is mandatory to have workers compensation insurance when your solar panel stores business has one or more employees.
Workers compensation insurance covers the operation 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 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 cannot get your workers compensation obligations from private insurance providers.
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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every solar panel stores 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 a broker what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your solar panel stores businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$1060 – $2885|
|Product liability insurance||$205 – $590|
|General liability insurance||$615 – $1035|
|Commercial vehicle insurance||$1885 – $3285|
|Equipment insurance||$430 – $1325|
|Public liability insurance||$290 – $530|
Cost of insurance for your solar panel stores operations depends on many different factors.
We have calculated these figures for small self-employed solar panel stores businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they usually are about 20%-30% less.
The location and size and type of your solar panel stores 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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As well you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your town.
What is small business insurance for solar panel stores operations?
This is an umbrella term used to describe basic insurance policies designed to protect solar panel stores business owners from risks like bodily injury, property damage, claims of negligence.
Does my solar panel stores business have to have insurance?
Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small solar panel stores business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client 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 solar panel stores insurance.
How much will solar panel stores 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 discuss with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for solar panel stores, in the search box below, and follow the relevant links.