Strategic Planner insurance – what kind and at what cost

Whenever you budget the expenses of your business, Strategic Planner insurance must be included in the list because you can’t always know exactly what can happen in the future.

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With the protection provided by general insurance 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 Strategic Planner enterprise, you must consider how much financial danger you are taking on.

Business Insurance for Strategic Planner

If your Strategic Planner business runs without proper insurance, you are taking an enormous 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 consequences of their actions. 

In this article, we are giving very general guidelines for startup businesses to outline 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 Planner business?

What this means, for any Strategic Planner business owner, is that if some customer claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Strategic Planner 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 a judge can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your Strategic Planner operations, you can’t deny 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 Planner insurance protect you from?

For your Strategic Planner business, the most important sorts 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 Strategic Planner business owner should know when negotiating the insurance needed.

The main headings of insurance for your Strategic Planner businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Strategic Planner business is dealing directly with customers, and that means you always 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 sue you for compensation.

General liability insurance policy for your Strategic Planner business protects you against claims coming from injury to customers or damage to their property.

It protects your Strategic Planner 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 require proper liability insurance.

The usual level of general liability insurance for your Strategic Planner business would be with a boundary 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 Planner insurance operations.

Professional liability insurance for your Strategic Planner business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Strategic Planner business for them, you can quickly have to fight 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.

Every small Strategic Planner 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 Strategic Planner insurance section below for average prices of professional liability insurance for your Strategic Planner 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 they received didn’t meet your description of function, or that your advice 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 culpable for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Strategic Planner

Only you can determine exactly how much insurance you should get.

Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Strategic Planner business

Beware! – almost 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 right 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 guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

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

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

The required value of the insurance is calculated on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your Strategic Planner 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 unexpected 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Strategic Planner business running.

It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Strategic Planner business’ equipment.

Commercial Property insurance

Any Strategic Planner 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.

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 deliberate damages like theft and vandalism.

If your Strategic Planner business operates in areas of high risk, like Texas or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of Strategic Planner business premises, there is a need for more extra cover than in warmer climes.

Whereas 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 Strategic Planner insurance section below to give some idea of the average prices per million dollars of property insurance for your Strategic Planner business.

Temporary insurance by month, week or day for your Strategic Planner business

Is your Strategic Planner business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Strategic Planner – 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 reduced premiums but still having identical risk cover.

The important feature of short-term insurance is that you buy the cover for a defined period – a nominated 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 improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Strategic Planner 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 combines commercial property and public liability insurance by packaging 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 frequently the right choice for small and medium-sized Strategic Planner businesses, such as yours.

There are a few limits that will dictate whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle cover.

Also, the size of your business will rule 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 under five million dollars in annual sales.

As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Strategic Planner business employees

In many states, it is mandatory to have workers compensation insurance when your Strategic Planner 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 provide for 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 having to pay penalties levied by the states.

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

In these states, you cannot take out your workers compensation obligations from private insurance corporations.

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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Strategic Planner 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 an insurance representative what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Strategic Planner businesses needs.

Types of insurance Price range
Product liability insurance $320 – $545
Commercial insurance $875 – $2225
General liability insurance $685 – $1120
Commercial vehicle insurance $1830 – $2780
Public liability insurance $260 – $535
Equipment insurance $415 – $1365

Cost of insurance for your Strategic Planner operations depends on many different factors.

We have calculated these figures for small self-employed Strategic Planner businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Oregon, they usually are about 20%-30% cheaper.

The location and size and type of your Strategic Planner 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.

As well you can let the internet do the work for you by searching for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Strategic Planner operations?

This is an umbrella term used to describe standard insurance policies designed to protect Strategic Planner business owners from risks like bodily injury, property damage, claims of negligence.

Does my Strategic Planner 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.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Strategic Planner business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a third-party 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 best policies for Strategic Planner insurance.

How much will Strategic Planner business insurance cost?

As well as 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 Strategic Planner, in the search box below, and follow the relevant links.

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