Whenever you budget the expenses of your business, Storyboards insurance must be near the top of the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Storyboards
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With the protection provided by insurance against accidents and all the other sorts 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 Storyboards enterprise, you must consider how much financial danger you are taking on.
If your Storyboards business runs without proper insurance, you are taking a giant 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 upshots of their actions.
In this article, we are giving very general guidelines for small businesses to explain 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 Storyboards business?
What this means, for any Storyboards 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 Storyboards 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 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 duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Storyboards operations, you can’t deny responsibility for the consequences of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does Storyboards insurance protect you from?
For your Storyboards business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Storyboards business owner should know when negotiating the insurance needed.
The main types of insurance for your Storyboards businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Storyboards business is dealing directly with members of the public, and that means you always 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 demand compensation.
General liability insurance policy for your Storyboards business protects you against claims coming from injury to visitors or damage to their property.
It protects your Storyboards business from the claims themselves and in addition 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 insist on proper liability insurance.
The normal level of general liability insurance for your Storyboards business would be with a cap 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 Storyboards insurance operations.
Professional liability insurance for your Storyboards business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Storyboards business for them, you can quickly face a law suit.
Even if the lawsuit against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Most small Storyboards 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 Storyboards insurance section below for average prices of professional liability insurance for your Storyboards 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 the results didn’t meet your description of function, or that your guidance 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 liable for damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Storyboards
Only you can estimate exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial insurance
Commercial vehicle insurance for your Storyboards business
Beware! – practically all policies for private vehicle insurance do not cover any event 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 proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Storyboards 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 tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen 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 specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Storyboards 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 Storyboards business’ equipment.
Commercial Property insurance
Any Storyboards business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every 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 Storyboards business operates in areas of high risk, like Texas or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Storyboards business premises, there is a need for more additional cover than in warmer climes.
Because the level of cover depends completely 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 Storyboards insurance section below to give some idea of the average prices per million dollars of property insurance for your Storyboards business.
Temporary insurance by month, week or day for your Storyboards business
Is your Storyboards 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 Storyboards – 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 less premiums but still having identical risk cover.
The key feature of short-term insurance is that you pay for 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 larger 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 Storyboards business
You have the choice 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 often the right choice for small and medium-sized Storyboards businesses, such as yours.
There are a few limits that will rule 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 dictate whether you are permitted to take out BOP cover.
The typical business that is allowed to take 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 necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Storyboards business employees
In many states, it is mandatory to have workers compensation insurance when your Storyboards 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 include 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 obliged 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 can’t take out your workers compensation obligations from private insurance corporations.
Workers compensation premiums are worked out 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 Storyboards insurance need 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 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 Storyboards businesses needs.
Types of insurance | Price range |
Commercial vehicle insurance | $1605 – $2575 |
General liability insurance | $765 – $1125 |
Equipment insurance | $415 – $1130 |
Public liability insurance | $365 – $690 |
Product liability insurance | $315 – $825 |
Commercial insurance | $1105 – $2565 |
Cost of insurance for your Storyboards operations depends on many different factors.
We have calculated these figures for small independent Storyboards businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they can be about 20%-30% cheaper.
The location and size and type of your Storyboards 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.
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Also 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 city.
FAQ
What is small business insurance for Storyboards operations?
This is a wide term used to describe standard insurance policies designed to protect Storyboards business owners from risks like bodily injury, property damage, claims of negligence.
Does my Storyboards business have to have insurance?
Some of the forms of insurance are not mandatory for you to run 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 Storyboards business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Storyboards insurance.
How much will Storyboards business insurance cost?
On top of 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.