Whenever you budget the expenses of your business, Wedding Planning insurance must be included in the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Wedding Planning
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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 Wedding Planning enterprise, you must consider how much financial liability you are taking on.
If your Wedding Planning business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences 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 Wedding Planning business?
What this means, for any Wedding Planning business owner, is that if some company 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 Wedding Planning business is not harbored 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 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 plaintiff more than they have sued for.
When you are running your Wedding Planning operations, you can’t deny responsibility for the results of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as an LLC, all of that liability belongs to you alone.
What does Wedding Planning insurance protect you from?
For your Wedding Planning business, the most important sorts of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some official kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Wedding Planning business owner should know when negotiating the insurance needed.
The main categories of insurance for your Wedding Planning businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Wedding Planning business is dealing directly with customers, and that means you always have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your Wedding Planning business covers you against claims coming from injury to customers or damage to their property.
It protects your Wedding Planning business from the claims themselves and also 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 insist on proper liability insurance.
The average level of general liability insurance for your Wedding Planning 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 Planning insurance operations.
Professional liability insurance for your Wedding Planning business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Wedding Planning 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 substantial, and the impact on your reputation can be damaging.
Most small Wedding Planning 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 Wedding Planning insurance section below for average prices of professional liability insurance for your Wedding Planning 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 they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the particular 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 following lawsuit, you need Product liability insurance for Wedding Planning
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 vehicle insurance for your Wedding Planning business
Take care! – almost all policies for private vehicle insurance do not cover any event 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 direct commercial vehicle insurance package.
Commercial van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in an accident.
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 intended level of cover of contents.
Tools and Equipment insurance
Since your Wedding Planning business needs specific and costly 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 unpredicted acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate 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 Wedding Planning business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Wedding Planning business’ equipment.
Commercial Property insurance
Any Wedding Planning 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, in addition to a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Wedding Planning business operates in areas of high risk, like Texas or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Wedding Planning business premises, there is a need for more supplementary 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 Wedding Planning insurance section below to give some estimate of the average prices per million dollars of property insurance for your Wedding Planning business.
Temporary insurance by month, week or day for your Wedding Planning business
Is your Wedding Planning 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 Wedding Planning – 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 identical risk cover.
The essential 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 Planning business
You have the chance 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 combines commercial property and public liability insurance by incorporating 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 Wedding Planning 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 cover.
Also, the size of your business will rule whether you are allowed to take out BOP cover.
The usual business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual turnover.
Plus, 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 Planning business employees
In many states, it is mandatory to have workers compensation insurance when your Wedding Planning business has one or more employees.
Workers compensation insurance covers the operation 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 having to pay penalties levied by the states.
In these states, you can’t obtain your workers compensation obligations from private insurance companies.
Workers compensation charges are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Wedding Planning insurance requirement 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 an agent what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Wedding Planning businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$385 – $728|
|Product liability insurance||$304 – $500|
|Commercial insurance||$819 – $2361|
|Equipment insurance||$340 – $1413|
|Commercial vehicle insurance||$1605 – $2917|
|General liability insurance||$610 – $1071|
Cost of insurance for your Wedding Planning operations depends on many different factors.
We have estimated these figures for small self-employed Wedding Planning businesses.
The location and size and type of your Wedding Planning 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 enquiring about insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Wedding Planning operations?
This is a wide term used to describe basic insurance policies designed to protect Wedding Planning business owners from risks like bodily injury, property damage, claims of negligence.
Does my Wedding Planning business have to have insurance?
Some of the forms 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 Wedding Planning 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 Wedding Planning insurance.
How much will Wedding Planning 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.