Whenever you budget the expenses of your business, Surveying and Mapping Technicians insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents and all the other kinds 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 Surveying and Mapping Technicians enterprise, you must consider how much financial danger you are taking on.
If your Surveying and Mapping Technicians business runs without proper insurance, you are taking an enormous 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 results of their actions.
In this article, we are giving very general guidelines for growing businesses to outline what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Surveying and Mapping Technicians business?
What this means, for any Surveying and Mapping Technicians 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 Surveying and Mapping Technicians business is not protected by laws in the same way as states are, where legislation 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 claimant more than they have sort.
When you are running your Surveying and Mapping Technicians 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 limited liability company, all of that liability belongs to you alone.
What does Surveying and Mapping Technicians insurance protect you from?
For your Surveying and Mapping Technicians business, the most important sorts of insurance are designed 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 explain the most important points any Surveying and Mapping Technicians business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Surveying and Mapping Technicians businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Surveying and Mapping Technicians business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be damaged.
In such a case, they can require compensation.
General liability insurance policy for your Surveying and Mapping Technicians business insures you against claims coming from injury to clients or damage to their property.
It protects your Surveying and Mapping Technicians business from the claims themselves and in addition to any follow-on 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 insist on proper liability insurance.
The usual level of general liability insurance for your Surveying and Mapping Technicians 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 Surveying and Mapping Technicians insurance operations.
Professional liability insurance for your Surveying and Mapping Technicians business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Surveying and Mapping Technicians business for them, you can quickly be involved in a law suit.
Even if the lawsuit against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Surveying and Mapping Technicians business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Surveying and Mapping Technicians insurance section below for average prices of professional liability insurance for your Surveying and Mapping Technicians 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 understand the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Surveying and Mapping Technicians
Only you can determine exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Surveying and Mapping Technicians business
Be careful! – most 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 direct 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 car itself, the content and any legal bills, medical expenses, and property damage is covered if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary 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 Surveying and Mapping Technicians 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 tools 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 destroy your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Surveying and Mapping Technicians 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 Surveying and Mapping Technicians business’ equipment.
Commercial Property insurance
Any Surveying and Mapping Technicians business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you probably have a substantial capital investment, as well as 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 man-made damages like theft and vandalism.
If your Surveying and Mapping Technicians business deals in areas of high risk, like Florida or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where extreme cold snaps can cause damage to outer coverings of Surveying and Mapping Technicians 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 Surveying and Mapping Technicians insurance section below to give some indication of the average prices per million dollars of property insurance for your Surveying and Mapping Technicians business.
Temporary insurance by month, week or day for your Surveying and Mapping Technicians business
Is your Surveying and Mapping Technicians business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Surveying and Mapping Technicians – 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 identical risk cover.
The important 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 Surveying and Mapping Technicians business
You have the choice 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 incorporating 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 Surveying and Mapping Technicians businesses, such as yours.
There are some limits that will determine whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle policies.
Also, the size of your business will rule whether you are allowed to take out BOP cover.
The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual turnover.
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 Surveying and Mapping Technicians business employees
In most states, it is mandatory to have workers compensation insurance when your Surveying and Mapping Technicians 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 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 permit coverage from the government-run monopoly state funds.
In these states, you can’t get your workers compensation obligations from private insurance companies.
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 see the relevant authorities in your state.
Average costs of these types of insurance
Although every Surveying and Mapping Technicians 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 agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Surveying and Mapping Technicians businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1881 – $3400|
|Product liability insurance||$302 – $609|
|Public liability insurance||$320 – $547|
|Equipment insurance||$392 – $1225|
|General liability insurance||$727 – $1112|
|Commercial insurance||$1176 – $2514|
Cost of insurance for your Surveying and Mapping Technicians operations depends on many different factors.
We have reckoned these figures for small independent Surveying and Mapping Technicians 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% cheaper.
The location and size and type of your Surveying and Mapping Technicians 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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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Surveying and Mapping Technicians operations?
This is a general term used to describe common insurance policies designed to protect Surveying and Mapping Technicians business owners from risks like bodily injury, property damage, claims of negligence.
Does my Surveying and Mapping Technicians business have to have insurance?
Some of the types 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 Surveying and Mapping Technicians 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 exact cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Surveying and Mapping Technicians insurance.
How much will Surveying and Mapping Technicians business insurance cost?
On top of the size of the business, some 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.