Table Games Dealer insurance – what kind and at what cost

Whenever you budget the expenses of your business, Table Games Dealer insurance must be near the top of the list because you can’t always know exactly what could happen in the future.

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With the protection provided by liability insurance 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 Table Games Dealer enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Table Games Dealer

If your Table Games Dealer 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 results of their actions. 

In this article, we are giving very general guidelines for startup businesses to explain 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 Table Games Dealer business?

What this means, for any Table Games Dealer 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 Table Games Dealer 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 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 privilege 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 Table Games Dealer operations, you can’t avoid 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 an LLC, all of that liability belongs to you alone.

What does Table Games Dealer insurance protect you from?

For your Table Games Dealer business, the most important sorts of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some mandatory kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Table Games Dealer business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Table Games Dealer businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Table Games Dealer business is dealing directly with customers, and that means you usually 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 sue you for compensation.

General liability insurance policy for your Table Games Dealer business covers you against claims coming from injury to visitors or damage to their property.

It protects your Table Games Dealer business from the claims themselves and as well to any follow-on court costs and legal fees of the lawsuits.

In many cases, it should 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 Table Games Dealer business would be with a upper limit 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 Table Games Dealer insurance operations.

Professional liability insurance for your Table Games Dealer business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Table Games Dealer business for them, you can quickly be involved in a monetary claim.

Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Almost all small Table Games Dealer 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 Table Games Dealer insurance section below for average prices of professional liability insurance for your Table Games Dealer 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 advice was basically incorrect.

You need to be aware of 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 Table Games Dealer

Only you can estimate exactly how much insurance you must have.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Table Games Dealer business

Take care! – almost all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car is being used for business purposes.

The proper 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 car 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 van is involved in an accident.

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

The required value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Table Games Dealer 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 unexpected 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 specific 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 Table Games Dealer 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 Table Games Dealer business’ equipment.

Commercial Property insurance

Any Table Games Dealer business that owns or rents space in a building must have a commercial property insurance policy.

If you own the space, you may already 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 accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Table Games Dealer business works 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 Washington, where intense cold snaps can cause damage to outer coverings of Table Games Dealer 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 Table Games Dealer insurance section below to give some indication of the average prices per million dollars of property insurance for your Table Games Dealer business.

Temporary insurance by month, week or day for your Table Games Dealer business

Is your Table Games Dealer 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 Table Games Dealer – 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 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 Table Games Dealer 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 merges commercial property and public liability insurance by incorporating 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 frequently the right choice for small and medium-sized Table Games Dealer businesses, such as yours.

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

BOPs cannot cover your professional liability or commercial vehicle policies.

Also, the size of your business will rule whether you are eligible to take out BOP cover.

The typical business that is eligible for a BOP policy must have no more than one hundred employees, and under five million dollars in annual sales.

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

Workers Compensation insurance for your Table Games Dealer business employees

In almost all states, it is mandatory to have workers compensation insurance when your Table Games Dealer business has one or more employees.

Workers compensation insurance covers the business 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.

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

In these states, you cannot obtain your workers compensation obligations from private insurance companies.

Workers compensation rates 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 Table Games Dealer insurance level is unique, there are enough examples of standard quotes from insurance companies for us to give rough 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 researched for the main types of insurance your Table Games Dealer businesses needs.

Types of insurance Price range
Product liability insurance $230 – $840
General liability insurance $690 – $1055
Commercial insurance $860 – $2720
Public liability insurance $355 – $590
Commercial vehicle insurance $1855 – $3145
Equipment insurance $430 – $1450

Cost of insurance for your Table Games Dealer operations depends on many different factors.

We have reckoned these figures for small self-employed Table Games Dealer businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they will be about 20%-30% lower.

The location and size and type of your Table Games Dealer 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 city.

FAQ

What is small business insurance for Table Games Dealer operations?

This is a general term used to describe standard insurance policies designed to protect Table Games Dealer business owners from risks like bodily injury, property damage, claims of negligence.

Does my Table Games Dealer 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.

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

What does a small Table Games Dealer business insurance policy cover?

Liability insurance provides protection against lawsuits or claims filed by a client 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 Table Games Dealer insurance.

How much will Table Games Dealer business insurance cost?

On top of 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 Table Games Dealer, in the search box below, and follow the relevant links.

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