Videos and Video Game Rental Store insurance – what kind and at what cost

Whenever you budget the expenses of your business, Videos and Video Game Rental Store insurance must be included in the list because you can’t always know exactly what could happen in the future.

With the protection provided by general 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 Videos and Video Game Rental Store enterprise, you must consider how much financial risk you are taking on.

If your Videos and Video Game Rental Store business runs without proper insurance, you are taking a giant 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 small businesses to highlight 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 Videos and Video Game Rental Store business?

What this means, for any Videos and Video Game Rental Store business owner, is that if some customer 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 Videos and Video Game Rental Store 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 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 person more than they have sort.

When you are running your Videos and Video Game Rental Store operations, you can’t deny 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 an LLC, all of that liability belongs to you alone.

What does Videos and Video Game Rental Store insurance protect you from?

For your Videos and Video Game Rental Store 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 legal kinds of insurance that various states require.

In the next few paragraphs, we will explain the most important points any Videos and Video Game Rental Store business owner should know when negotiating the insurance needed.

The main headings of insurance for your Videos and Video Game Rental Store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Videos and Video Game Rental Store business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be spoiled.

In such a case, they can require compensation.

General liability insurance policy for your Videos and Video Game Rental Store business insures you against claims coming from injury to visitors or damage to their property.

It protects your Videos and Video Game Rental Store business from the claims themselves and in addition 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 require proper liability insurance.

The usual level of general liability insurance for your Videos and Video Game Rental Store business would be with a boundary 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 Videos and Video Game Rental Store insurance operations.

Professional liability insurance for your Videos and Video Game Rental Store business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Videos and Video Game Rental Store business for them, you can quickly face a monetary claim.

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

Almost all small Videos and Video Game Rental Store 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 Videos and Video Game Rental Store insurance section below for average prices of professional liability insurance for your Videos and Video Game Rental Store 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 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 likely lawsuit, you need Product liability insurance for Videos and Video Game Rental Store

Only you can know 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 Videos and Video Game Rental Store business

Take care! – 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 right 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 car 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 an accident.

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

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

Tools and Equipment insurance

Since your Videos and Video Game Rental Store business needs specialized and expensive equipment, you will realize 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 unexpected acts.

In addition, 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 should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Videos and Video Game Rental Store 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 Videos and Video Game Rental Store business’ equipment.

Commercial Property insurance

Any Videos and Video Game Rental Store business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.

Any physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Videos and Video Game Rental Store business operates in areas of high risk, like Florida or North Carolina, additional 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 Videos and Video Game Rental Store business premises, there is a need for more additional cover than in warmer climes.

Whereas 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 Videos and Video Game Rental Store insurance section below to give some estimate of the average prices per million dollars of property insurance for your Videos and Video Game Rental Store business.

Temporary insurance by month, week or day for your Videos and Video Game Rental Store business

Is your Videos and Video Game Rental Store business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Videos and Video Game Rental Store – 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 reduced premiums but still having adequate risk cover.

The essential 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 larger 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 Videos and Video Game Rental Store 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 integrates 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 often the right choice for small and medium-sized Videos and Video Game Rental Store businesses, such as yours.

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

BOPs do not cover your professional liability or commercial vehicle policies.

Also, the size of your business will determine whether you are allowed 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 necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Videos and Video Game Rental Store business employees

In most states, it is mandatory to have workers compensation insurance when your Videos and Video Game Rental Store business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if an employee experiences an injury or becomes sick as a result of work.

The benefits cover 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 required 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 take out 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 refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Videos and Video Game Rental Store insurance requirement is unique, there are enough examples of standard 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 gathered for the main types of insurance your Videos and Video Game Rental Store businesses needs.

Cost of insurance for your Videos and Video Game Rental Store operations depends on many different factors.

We have estimated these figures for small self-employed Videos and Video Game Rental Store businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they will be about 20%-30% lower.

The location and size and type of your Videos and Video Game Rental Store 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.

Also you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Videos and Video Game Rental Store operations?

This is a general term used to describe standard insurance policies designed to protect Videos and Video Game Rental Store business owners from risks like bodily injury, property damage, claims of negligence.

Does my Videos and Video Game Rental Store 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.

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

What does a small Videos and Video Game Rental Store business insurance policy cover?

Liability insurance provides coverage against lawsuits or claims filed by a customer 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 recommended policies for Videos and Video Game Rental Store insurance.

How much will Videos and Video Game Rental Store business insurance cost?

In addition to the size of the business, several 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.

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