Whenever you budget the expenses of your business, Speech-Language Pathologists 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 Speech-Language Pathologists
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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Speech-Language Pathologists enterprise, you must consider how much financial liability you are taking on.
If your Speech-Language Pathologists business runs without proper insurance, you are taking a giant 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 growing 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 Speech-Language Pathologists business?
What this means, for any Speech-Language Pathologists 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 Speech-Language Pathologists business is not harbored 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 plaintiff more than they have sued for.
When you are running your Speech-Language Pathologists operations, you can’t avoid responsibility for the consequences 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 alone.
What does Speech-Language Pathologists insurance protect you from?
For your Speech-Language Pathologists business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Speech-Language Pathologists business owner should know when negotiating the insurance needed.
The main categories of insurance for your Speech-Language Pathologists businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Speech-Language Pathologists 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 damaged.
In such a case, they can require compensation.
General liability insurance policy for your Speech-Language Pathologists business insures you against claims coming from injury to clients or damage to their property.
It protects your Speech-Language Pathologists business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The usual level of general liability insurance for your Speech-Language Pathologists 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 Speech-Language Pathologists insurance operations.
Professional liability insurance for your Speech-Language Pathologists business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Speech-Language Pathologists business for them, you can quickly face a court case.
Even if the lawsuit against you is judged in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small Speech-Language Pathologists 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 Speech-Language Pathologists insurance section below for average prices of professional liability insurance for your Speech-Language Pathologists 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 they received didn’t meet your description of function, or that your guidance was basically incorrect.
You need to know 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 likely lawsuit, you need Product liability insurance for Speech-Language Pathologists
Only you can estimate exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Speech-Language Pathologists business
Be careful! – practically all 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 best 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 van policies insure 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 covered if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Speech-Language Pathologists business needs specialized and costly 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.
As well, 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 specialized 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 Speech-Language Pathologists business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Speech-Language Pathologists business’ equipment.
Commercial Property insurance
Any Speech-Language Pathologists business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you probably have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Speech-Language Pathologists business works in areas of high risk, like California or North Carolina, additional 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 Speech-Language Pathologists business premises, there is a need for more extra cover than in warmer climes.
Because 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 Speech-Language Pathologists insurance section below to give some idea of the average prices per million dollars of property insurance for your Speech-Language Pathologists business.
Temporary insurance by month, week or day for your Speech-Language Pathologists business
Is your Speech-Language Pathologists 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 Speech-Language Pathologists – 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 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 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 Speech-Language Pathologists 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 protect you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Speech-Language Pathologists businesses, such as yours.
There are two 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 eligible 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 sales.
Plus, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Speech-Language Pathologists business employees
In most states, it is mandatory to have workers compensation insurance when your Speech-Language Pathologists business has one or more employees.
Workers compensation insurance covers the enterprise 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 laws in this regard can leave you as the employer required to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you may not get your workers compensation obligations from private insurance companies.
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 consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Speech-Language Pathologists insurance need is unique, there are enough examples of usual 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 collected for the main types of insurance your Speech-Language Pathologists businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$300 – $680|
|Commercial vehicle insurance||$1515 – $3360|
|Commercial insurance||$1030 – $2455|
|Equipment insurance||$365 – $1480|
|Public liability insurance||$330 – $755|
|General liability insurance||$625 – $970|
Cost of insurance for your Speech-Language Pathologists operations depends on many different factors.
We have calculated these figures for small independent Speech-Language Pathologists businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they can be about 20%-30% less.
The location and size and type of your Speech-Language Pathologists 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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In addition you can let the internet do the work for you by searching 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 Speech-Language Pathologists operations?
This is a wide term used to describe standard insurance policies designed to protect Speech-Language Pathologists business owners from risks like bodily injury, property damage, claims of negligence.
Does my Speech-Language Pathologists business have to have insurance?
Some of the types of insurance are not mandatory for you to operate 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 Speech-Language Pathologists business insurance policy cover?
Liability insurance provides insurance 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 recommended policies for Speech-Language Pathologists insurance.
How much will Speech-Language Pathologists business insurance cost?
As well as the size of the business, certain 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.
You can search for more information insurance for Speech-Language Pathologists, in the search box below, and follow the relevant links.