Wedding Coordination insurance – cost and types of policies

Whenever you budget the expenses of your business, Wedding Coordination insurance must be included in 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 sorts 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 Wedding Coordination enterprise, you must consider how much financial liability you are taking on.

If your Wedding Coordination business runs without proper insurance, you are taking a giant 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. 

Wedding Coordination Insurance

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 possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Wedding Coordination business?

What this means, for any Wedding Coordination business owner, is that if some company 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 Wedding Coordination 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 judge 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 Wedding Coordination operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.

What does Wedding Coordination insurance protect you from?

For your Wedding Coordination 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 explain the most important points any Wedding Coordination business owner should know when negotiating the insurance needed.

The main categories of insurance for your Wedding Coordination businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Wedding Coordination business is dealing directly with other people, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be ruined.

In such a case, they can demand compensation.

General liability insurance policy for your Wedding Coordination business covers you against claims coming from injury to clients or damage to their property.

It protects your Wedding Coordination business from the claims themselves and in addition to any associated court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The normal level of general liability insurance for your Wedding Coordination business would be with a cap 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 Wedding Coordination insurance operations.

Professional liability insurance for your Wedding Coordination business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Wedding Coordination business for them, you can quickly face a court case.

Even if the case against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.

Most small Wedding Coordination 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 Wedding Coordination insurance section below for average prices of professional liability insurance for your Wedding Coordination 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 the results didn’t meet your description of function, or that your guidance 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 liable for damages caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Wedding Coordination

Only you can determine exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Wedding Coordination business

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

The best 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 guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in a collision.

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

The required 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 Wedding Coordination 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 unexpected acts.

As well, 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 must have full-level equipment insurance so that you can immediately buy everything needed to keep your Wedding Coordination 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 Wedding Coordination business’ equipment.

Commercial Property insurance

Any Wedding Coordination business that owns or rents space in a building should have a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Every physical building location needs to carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Wedding Coordination business deals 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 Wedding Coordination 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 Wedding Coordination insurance section below to give some estimate of the average prices per million dollars of property insurance for your Wedding Coordination business.

Temporary insurance by month, week or day for your Wedding Coordination business

Is your Wedding Coordination business working part-time or casually, or is the level of business variable?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Wedding Coordination – 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 identical risk cover.

The important feature of short-term insurance is that you purchase 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 better business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Wedding Coordination 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 merges commercial property and public liability insurance by packaging 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 frequently the right choice for small and medium-sized Wedding Coordination businesses, such as yours.

There are a few 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 dictate whether you are eligible to take out BOP cover.

The normal business that is eligible for a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual turnover.

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 Wedding Coordination business employees

In most states, it is mandatory to have workers compensation insurance when your Wedding Coordination 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 cover 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 authorize coverage from the government-run monopoly state funds.

In these states, you can’t obtain your workers compensation obligations from private insurance companies.

Workers compensation charges are calculated 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 Wedding Coordination insurance level 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 an insurance representative what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Wedding Coordination businesses needs.

Types of insurance Price range
Commercial insurance $1065 – $2099
Product liability insurance $250 – $520
Equipment insurance $413 – $1314
General liability insurance $573 – $825
Commercial vehicle insurance $1539 – $3306
Public liability insurance $263 – $525

Cost of insurance for your Wedding Coordination operations depends on many different factors.

We have calculated these figures for small freelance Wedding Coordination businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they usually are about 20%-30% cheaper.

The location and size and type of your Wedding Coordination business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

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

Another useful source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Wedding Coordination operations?

This is an umbrella term used to describe basic insurance policies designed to protect Wedding Coordination business owners from risks like bodily injury, property damage, claims of negligence.

Does my Wedding Coordination business have to have insurance?

Some of the types 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 Wedding Coordination business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a third-party 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 recommended policies for Wedding Coordination insurance.

How much will Wedding Coordination 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 discuss with professional insurance agents and brokers, or insurance company representatives.

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