Whenever you budget the expenses of your business, Video Templates Editing insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Video Templates Editing
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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 unforeseen happens.
Like any business owner, for your Video Templates Editing enterprise, you must consider how much financial risk you are taking on.
If your Video Templates Editing business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a final 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 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 Video Templates Editing business?
What this means, for any Video Templates Editing 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 Templates Editing business is not protected by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like New Jersey, 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 duty 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 Video Templates Editing operations, you can’t deny 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 an individual.
What does Video Templates Editing insurance protect you from?
For your Video Templates Editing business, the most important types of insurance are meant 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 outline the most important points any Video Templates Editing business owner should consider when negotiating the insurance needed.
The main types of insurance for your Video Templates Editing businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Video Templates Editing business is dealing directly with customers, and that means you usually 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 demand compensation.
General liability insurance policy for your Video Templates Editing business insures you against claims coming from injury to visitors or damage to their property.
It protects your Video Templates Editing 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 demand proper liability insurance.
The average level of general liability insurance for your Video Templates Editing business would be with a upper limit of $1 million for a single claim 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 Templates Editing insurance operations.
Professional liability insurance for your Video Templates Editing business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Video Templates Editing business for them, you can quickly face a court case.
Even if the case against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Almost all small Video Templates Editing 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 Video Templates Editing insurance section below for average prices of professional liability insurance for your Video Templates Editing 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 guidance 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 damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for Video Templates Editing
Only you can estimate exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Video Templates Editing 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 designated commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a collision.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Video Templates Editing business needs specific and dedicated 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 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 need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Video Templates Editing business running.
It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Video Templates Editing business’ equipment.
Commercial Property insurance
Any Video Templates Editing business that owns or rents space in a building needs a commercial property insurance policy.
If you own the space, you may already have a substantial capital investment, as well as a big liability if there’s a mortgage.
Your 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 Templates Editing business operates in areas of high risk, like Florida or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where unlimited cold snaps can cause damage to outer coverings of Video Templates Editing business premises, there is a need for more extra cover than in warmer climes.
Because 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 Video Templates Editing insurance section below to give some indication of the average prices per million dollars of property insurance for your Video Templates Editing business.
Temporary insurance by month, week or day for your Video Templates Editing business
Is your Video Templates Editing business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Video Templates Editing – 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 purchase the cover for a defined period – a designated 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 Templates Editing business
You have the option 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 merges commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Video Templates Editing businesses, such as yours.
There are a few limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are allowed to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and under five million dollars in annual sales.
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 Templates Editing business employees
In most states, it is mandatory to have workers compensation insurance when your Video Templates Editing business has one or more employees.
Workers compensation insurance covers the enterprise 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 regulations 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 calculated 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 Templates Editing insurance level 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 a broker what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Video Templates Editing businesses needs.
|Types of insurance||Price range|
|General liability insurance||$720 – $945|
|Product liability insurance||$225 – $585|
|Commercial insurance||$1045 – $2625|
|Commercial vehicle insurance||$1585 – $2535|
|Equipment insurance||$345 – $1485|
|Public liability insurance||$320 – $540|
Cost of insurance for your Video Templates Editing operations depends on many different factors.
We have reckoned these figures for small independent Video Templates Editing businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Utah, they usually are about 20%-30% lower.
The location and size and type of your Video Templates Editing 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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In addition 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 city.
What is small business insurance for Video Templates Editing operations?
This is a wide term used to describe basic insurance policies designed to protect Video Templates Editing business owners from risks like bodily injury, property damage, claims of negligence.
Does my Video Templates Editing business have to have insurance?
Some of the forms of insurance are not mandatory for you to operate your business, but they can protect you from risks in your business operations.
Certain other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Video Templates Editing business insurance policy cover?
Liability insurance provides coverage 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 most common policies for Video Templates Editing insurance.
How much will Video Templates Editing business insurance cost?
In addition to 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.