Whenever you budget the expenses of your business, Video Streaming and Webcasting Services insurance must be included in the list because you can’t always know exactly what is going to happen in the future.
Need General Liability Insurance for Your Video Streaming And Webcasting Services
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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 unwanted happens.
Like any business owner, for your Video Streaming and Webcasting Services enterprise, you must consider how much financial liability you are taking on.
If your Video Streaming and Webcasting Services business runs without proper insurance, you are taking a tremendous 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 highlight 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 Video Streaming and Webcasting Services business?
What this means, for any Video Streaming and Webcasting Services business owner, is that if some customer 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 Video Streaming and Webcasting Services business is not sheltered 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 court 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 claimant more than they have claimed.
When you are running your Video Streaming and Webcasting Services operations, you can’t avoid responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a corporation, all of that liability belongs to you alone.
What does Video Streaming and Webcasting Services insurance protect you from?
For your Video Streaming and Webcasting Services business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Video Streaming and Webcasting Services business owner should consider when negotiating the insurance needed.
The main types of insurance for your Video Streaming and Webcasting Services businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Video Streaming and Webcasting Services business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Video Streaming and Webcasting Services business covers you against claims coming from injury to visitors or damage to their property.
It protects your Video Streaming and Webcasting Services business from the claims themselves and as well to any resulting 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 Video Streaming and Webcasting Services 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 Video Streaming and Webcasting Services insurance operations.
Professional liability insurance for your Video Streaming and Webcasting Services business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Video Streaming and Webcasting Services business for them, you can quickly be involved in a law suit.
Even if the matter against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Video Streaming and Webcasting Services 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 Video Streaming and Webcasting Services insurance section below for average prices of professional liability insurance for your Video Streaming and Webcasting Services 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 what they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to know the explicit 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 following lawsuit, you need Product liability insurance for Video Streaming and Webcasting Services
Only you can estimate exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Video Streaming and Webcasting Services business
Be careful! – almost all policies for private vehicle insurance do not cover any occurrence 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 direct commercial vehicle insurance package.
Commercial car policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on 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 Video Streaming and Webcasting Services business needs unique 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 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 unique 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 Video Streaming and Webcasting Services 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 Video Streaming and Webcasting Services business’ equipment.
Commercial Property insurance
Any Video Streaming and Webcasting Services business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Any physical building location must carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Video Streaming and Webcasting Services business operates 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 Video Streaming and Webcasting Services business premises, there is a need for more supplementary 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 Video Streaming and Webcasting Services insurance section below to give some indication of the average prices per million dollars of property insurance for your Video Streaming and Webcasting Services business.
Temporary insurance by month, week or day for your Video Streaming and Webcasting Services business
Is your Video Streaming and Webcasting Services 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 Video Streaming and Webcasting Services – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.
The important feature of short-term insurance is that you buy 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 increased.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Video Streaming and Webcasting Services 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 merges 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 often the right choice for small and medium-sized Video Streaming and Webcasting Services businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle risks.
Also, the size of your business will rule whether you are permitted to take out BOP cover.
The usual business that can take out a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Video Streaming and Webcasting Services business employees
In almost all states, it is mandatory to have workers compensation insurance when your Video Streaming and Webcasting Services 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 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 may not take out your workers compensation obligations from private insurance corporations.
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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every Video Streaming and Webcasting Services insurance requirement is unique, there are enough examples of usual 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 gathered for the main types of insurance your Video Streaming and Webcasting Services businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$374 – $682|
|Equipment insurance||$422 – $1027|
|General liability insurance||$624 – $1222|
|Commercial vehicle insurance||$1936 – $2573|
|Commercial insurance||$1169 – $2872|
|Product liability insurance||$242 – $728|
Cost of insurance for your Video Streaming and Webcasting Services operations depends on many different factors.
We have reckoned these figures for small independent Video Streaming and Webcasting Services businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they can be about 20%-30% lower.
The location and size and type of your Video Streaming and Webcasting Services business can have a big effect on the cost of different policies.
You should talk to professional insurance agents and brokers, or insurance company representatives.
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As well you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your town.
What is small business insurance for Video Streaming and Webcasting Services operations?
This is an umbrella term used to describe common insurance policies designed to protect Video Streaming and Webcasting Services business owners from risks like bodily injury, property damage, claims of negligence.
Does my Video Streaming and Webcasting Services business have to have insurance?
Some of the kinds of insurance are not mandatory for you to run 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 Video Streaming and Webcasting Services 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 Video Streaming and Webcasting Services insurance.
How much will Video Streaming and Webcasting Services 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 talk to professional insurance agents and brokers, or insurance company representatives.