Whenever you budget the expenses of your business, Technical Account Manager 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 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 unforeseen happens.
Like any business owner, for your Technical Account Manager enterprise, you must consider how much financial risk you are taking on.
If your Technical Account Manager 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 upshots 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 possible, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Technical Account Manager business?
What this means, for any Technical Account Manager business owner, is that if some company 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 Technical Account Manager business is not sheltered 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 duty 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 Technical Account Manager operations, you can’t avoid responsibility for the outcomes 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 as a person.
What does Technical Account Manager insurance protect you from?
For your Technical Account Manager business, the most important kinds 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 describe the most important points any Technical Account Manager business owner should consider when negotiating the insurance needed.
The main types of insurance for your Technical Account Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Technical Account Manager 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 sue you for compensation.
General liability insurance policy for your Technical Account Manager business covers you against claims coming from injury to clients or damage to their property.
It protects your Technical Account Manager business from the claims themselves and as well to any associated 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 demand proper liability insurance.
The usual level of general liability insurance for your Technical 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 Technical Account Manager insurance operations.
Professional liability insurance for your Technical Account Manager business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Technical Account Manager business for them, you can quickly face a law suit.
Even if the matter against you is judged in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Technical 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 Technical Account Manager insurance section below for average prices of professional liability insurance for your Technical Account Manager 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 you delivered 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 culpable for damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Technical Account Manager
Only you can estimate exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for support.
Commercial insurance
Commercial vehicle insurance for your Technical Account Manager business
Beware! – most 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 proper 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 van policies cover 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 insured if your truck is involved in an accident.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Technical 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 unpredicted 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 must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Technical Account Manager business running.
It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Technical Account Manager business’ equipment.
Commercial Property insurance
Any Technical Account Manager business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you may already have a substantial capital investment, as well as 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Technical Account Manager business works in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Technical Account Manager business premises, there is a need for more additional cover than in warmer climes.
Whereas 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 Technical Account Manager insurance section below to give some estimate of the average prices per million dollars of property insurance for your Technical Account Manager business.
Temporary insurance by month, week or day for your Technical Account Manager business
Is your Technical Account Manager 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 Technical Account Manager – 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 reduced premiums but still having the same risk cover.
The key 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 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 Technical Account Manager business
You have the chance 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 combines commercial property and public liability insurance by amalgamating 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 mostly the right choice for small and medium-sized Technical Account Manager businesses, such as yours.
There are two limits that will determine 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 dictate whether you are permitted to take out BOP cover.
The typical business that is allowed to take a BOP policy must have less than one hundred employees, and under five million dollars in annual sales.
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 Technical Account Manager business employees
In most states, it is mandatory to have workers compensation insurance when your Technical Account Manager business has one or more employees.
Workers compensation insurance covers the operation 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 required 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 can’t take out your workers compensation obligations from private insurance companies.
Workers compensation rates are computed 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 Technical Account Manager insurance level is unique, there are enough examples of average 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 gathered for the main types of insurance your Technical Account Manager businesses needs.
Types of insurance | Price range |
Product liability insurance | $275 – $760 |
Equipment insurance | $480 – $1405 |
Commercial insurance | $1055 – $2220 |
Public liability insurance | $320 – $525 |
General liability insurance | $640 – $820 |
Commercial vehicle insurance | $1705 – $3075 |
Cost of insurance for your Technical Account Manager operations depends on many different factors.
We have estimated these figures for small self-employed Technical Account Manager businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they usually are about 20%-30% lower.
The location and size and type of your Technical Account Manager 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 searching for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your town.
FAQ
What is small business insurance for Technical Account Manager operations?
This is a general term used to describe standard insurance policies designed to protect Technical Account Manager business owners from risks like bodily injury, property damage, claims of negligence.
Does my Technical Account Manager business have to have insurance?
Some of the kinds 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 Technical Account Manager business insurance policy cover?
Liability insurance provides insurance 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 most common policies for Technical Account Manager insurance.
How much will Technical Account Manager business insurance cost?
In addition to the size of the business, certain 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 Technical Account Manager, in the search box below, and follow the relevant links.