Whenever you budget the expenses of your business, Whiteboard and Animated Explainers insurance must be included in the list because you can’t always know exactly what can 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 unwanted happens.
Like any business owner, for your Whiteboard and Animated Explainers enterprise, you must consider how much financial danger you are taking on.
If your Whiteboard and Animated Explainers business runs without proper insurance, you are taking an enormous 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 results of their actions.
In this article, we are giving very general guidelines for startup businesses to explain what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Whiteboard and Animated Explainers business?
What this means, for any Whiteboard and Animated Explainers 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 Whiteboard and Animated Explainers business is not harbored 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 New Jersey, 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 privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sort.
When you are running your Whiteboard and Animated Explainers operations, you can’t avoid responsibility for the consequences 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 Whiteboard and Animated Explainers insurance protect you from?
For your Whiteboard and Animated Explainers 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 legal kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Whiteboard and Animated Explainers business owner should consider when negotiating the insurance needed.
The main types of insurance for your Whiteboard and Animated Explainers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
Liability insurance
General liability insurance
Any Whiteboard and Animated Explainers business is dealing directly with other people, and that means you usually 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 demand compensation.
General liability insurance policy for your Whiteboard and Animated Explainers business covers you against claims coming from injury to visitors or damage to their property.
It protects your Whiteboard and Animated Explainers business from the claims themselves and also 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 insist on proper liability insurance.
The average level of general liability insurance for your Whiteboard and Animated Explainers business would be with a upper limit of $1 million for a single event 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 Whiteboard and Animated Explainers insurance operations.
Professional liability insurance for your Whiteboard and Animated Explainers business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Whiteboard and Animated Explainers business for them, you can quickly be involved in a monetary claim.
Even if the case against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Most small Whiteboard and Animated Explainers 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 Whiteboard and Animated Explainers insurance section below for average prices of professional liability insurance for your Whiteboard and Animated Explainers 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 advice was basically incorrect.
You need to know the specific 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 possible lawsuit, you need Product liability insurance for Whiteboard and Animated Explainers
Only you can estimate 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 Whiteboard and Animated Explainers business
Beware! – almost 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 right 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 cover 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 insured if your van is involved in an accident.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required 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 Whiteboard and Animated Explainers business needs unique and dedicated equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected 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 Whiteboard and Animated Explainers business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Whiteboard and Animated Explainers business’ equipment.
Commercial Property insurance
Any Whiteboard and Animated Explainers business that owns or rents space in a building needs a commercial property insurance policy.
If you own the building, you may already have a substantial capital investment, along with 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 natural occurrences like fire and storms, and against man-made damages like theft and vandalism.
If your Whiteboard and Animated Explainers business works in areas of high risk, like Florida or North Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where extreme cold snaps can cause damage to outer coverings of Whiteboard and Animated Explainers business premises, there is a need for more extra cover than in warmer climes.
Although 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 Whiteboard and Animated Explainers insurance section below to give some estimate of the average prices per million dollars of property insurance for your Whiteboard and Animated Explainers business.
Temporary insurance by month, week or day for your Whiteboard and Animated Explainers business
Is your Whiteboard and Animated Explainers business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Whiteboard and Animated Explainers – 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 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 improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Whiteboard and Animated Explainers business
You have the chance 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 integrates 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 frequently the right choice for small and medium-sized Whiteboard and Animated Explainers businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle risks.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than 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 Whiteboard and Animated Explainers business employees
In almost all states, it is mandatory to have workers compensation insurance when your Whiteboard and Animated Explainers business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if a worker 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 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 cannot get your workers compensation obligations from private insurance corporations.
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 Whiteboard and Animated Explainers insurance need is unique, there are enough examples of usual quotes from insurance companies for us to give rough 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 researched for the main types of insurance your Whiteboard and Animated Explainers businesses needs.
| Types of insurance | Price range |
| General liability insurance | $765 – $915 |
| Public liability insurance | $320 – $690 |
| Product liability insurance | $210 – $845 |
| Commercial vehicle insurance | $1800 – $2580 |
| Commercial insurance | $945 – $2070 |
| Equipment insurance | $400 – $1470 |
Cost of insurance for your Whiteboard and Animated Explainers operations depends on many different factors.
We have reckoned these figures for small independent Whiteboard and Animated Explainers businesses.
In larger states like Texas, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Oregon, they can be about 20%-30% cheaper.
The location and size and type of your Whiteboard and Animated Explainers 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 reliable source of information is the local Better Business Bureau in your city.
FAQ
What is small business insurance for Whiteboard and Animated Explainers operations?
This is an umbrella term used to describe standard insurance policies designed to protect Whiteboard and Animated Explainers business owners from risks like bodily injury, property damage, claims of negligence.
Does my Whiteboard and Animated Explainers business have to have insurance?
Some of the kinds of insurance are not mandatory for you to operate 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 Whiteboard and Animated Explainers 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 precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Whiteboard and Animated Explainers insurance.
How much will Whiteboard and Animated Explainers business insurance cost?
As well as 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.
