Whenever you budget the expenses of your business, Strategic Account Manager insurance must be included in the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Strategic Account Manager
Get Your Free Quote
With the protection provided by general insurance 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 Strategic Account Manager enterprise, you must consider how much financial liability you are taking on.
If your Strategic Account Manager 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 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 we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Strategic Account Manager business?
What this means, for any Strategic Account Manager business owner, is that if some company 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 Strategic Account Manager 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 Montana, there are specific monetary levels that limit the amount an adjudicator 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 Strategic Account Manager operations, you can’t avoid responsibility for the outcomes 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 Strategic Account Manager insurance protect you from?
For your Strategic Account Manager 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 Strategic Account Manager business owner should know when negotiating the insurance needed.
The main categories of insurance for your Strategic Account Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Strategic Account Manager business is dealing directly with other people, and that means you usually 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 require compensation.
General liability insurance policy for your Strategic Account Manager business covers you against claims coming from injury to clients or damage to their property.
It protects your Strategic Account Manager business from the claims themselves and as well 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 demand proper liability insurance.
The usual level of general liability insurance for your Strategic Account Manager business would be with a upper limit 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 Strategic Account Manager insurance operations.
Professional liability insurance for your Strategic Account Manager business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Strategic Account Manager business for them, you can quickly have to fight a monetary claim.
Even if the case 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 Strategic Account Manager 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 Strategic Account Manager insurance section below for average prices of professional liability insurance for your Strategic Account 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 the results 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 responsible for injuries caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Strategic Account 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 guidance.
Commercial vehicle insurance for your Strategic Account Manager business
Be careful! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the van 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 truck policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Strategic Account Manager business needs specialized and costly equipment, you can appreciate 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 unforeseen acts.
Also, 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 specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Strategic Account Manager business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Strategic Account Manager business’ equipment.
Commercial Property insurance
Any Strategic Account Manager business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Strategic Account Manager business operates in areas of high risk, like Texas or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Strategic Account Manager business premises, there is a need for more extra cover than in warmer climes.
Although 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 Strategic Account Manager insurance section below to give some idea of the average prices per million dollars of property insurance for your Strategic Account Manager business.
Temporary insurance by month, week or day for your Strategic Account Manager business
Is your Strategic Account 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 Strategic Account Manager – 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 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 raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Strategic Account Manager business
You have the choice 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 integrates commercial property and public liability insurance by amalgamating 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 mostly the right choice for small and medium-sized Strategic Account Manager 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 eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual revenue.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Strategic Account Manager business employees
In most states, it is mandatory to have workers compensation insurance when your Strategic Account Manager business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if any hired hand 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 requirements in this regard can leave you as the employer having to pay penalties levied by the states.
In these states, you cannot obtain your workers compensation obligations from private insurance providers.
Workers compensation charges 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 Strategic Account Manager insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give rough 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 Strategic Account Manager businesses needs.
|Types of insurance||Price range|
|Equipment insurance||$380 – $1360|
|Public liability insurance||$270 – $550|
|General liability insurance||$670 – $1050|
|Product liability insurance||$320 – $695|
|Commercial insurance||$1060 – $2400|
|Commercial vehicle insurance||$1790 – $3170|
Cost of insurance for your Strategic Account Manager operations depends on many different factors.
We have calculated these figures for small independent Strategic Account Manager businesses.
The location and size and type of your Strategic Account 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.
What Are You Looking For?
Choose and Get Your Free Quote:👇️
General Liability Insurance ->
Professional Liability ->
Product Liability Insurance ->
Commercial Auto ->
Workers Compensation ->
Commercial Property ->
Other Business Insurance ->
In addition 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 Strategic Account Manager operations?
This is an umbrella term used to describe common insurance policies designed to protect Strategic Account Manager business owners from risks like bodily injury, property damage, claims of negligence.
Does my Strategic Account Manager business have to have insurance?
Some of the forms 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 Strategic Account Manager business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party 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 Strategic Account Manager insurance.
How much will Strategic Account Manager 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 talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Strategic Account Manager, in the search box below, and follow the relevant links.