(888) 900 0205What Type of Business Insurance Do I Need?
Business insurance can be complex, and many small business owners find themselves underinsured simply because their carrier doesn't understand their specific industry.
To clear up the confusion, we’ve created a straightforward guide to help you identify the right coverage for your unique operations.
Whether you are a specialized contractor or a high-volume manufacturer, we’ll help you navigate the nuances of protection with ease.
Artisan Contractor
Artisan contractors are among the hardest working people. Day to day operations may include installations, assembly, repair and even manufacturing. Unfortunately Even the most careful and skilled artisan contractors can get into a lawsuit brought by a client or a person who happens to walk by a jobsite. A small accident on a job site can be disastrous and may even wipe out an entire savings account. That’s why it’s imperative to be properly insured.
Contractors need the following coverage:
- General Liability (Important)
- Workers Comp (Important)
- Auto Insurance
- Tools Coverage (Important)
How Much Is Artisan Contractor’s Insurance?
Artisan Contractor Insurance can range from $450 to $3500+ a year depending contractor’s trade and risk characteristics. For example a welder may expect to pay a lot more than a handyman, whereas fire sprinkler contractor’s yearly premium could be several thousand a year. The guide below will demonstrate a basic minimum premium guide based on very basic 1 or 2 men operation:
- Fire Sprinkler Contractor – $1650
- General Contractor – $1200
- Handyman – $600
- Plumber – $780
- Electrician – $580
- Tree Trimmer – $950
Retailer
Retailers need several types of insurance. First and foremost it’s Liability Insurance that’s the important. Secondly business personal property coverage, in case you need to secure your inventory or any items your own. For those who have employees on payroll, may be required by the state law to purchase workers comp insurance (Please check with your insurance agent to find out). Another type of insurance would be auto insurance, in case you deliver goods for your customers or drive for business purposes. Retailers in most states need the following coverage:
How Much Is Retail Store Insurance?
- Shoe Store – $350
- Coffee Shop – $425
- Clothing Store – $425
- Consignment Store – $600
- Thrift Store – $625
Manufacturer
A manufacturing industry is one of the backbones of any country’s industry. This industry employs thousands of people in any state, ranging from food sector to textile, auto making and so on and so forth. Manufacturers insurance is expensive and a bit hard to obtain. Now of course a small shoe manufacturing business will usually pay a lot less than an electronics product manufacturer. Manufacturers are encouraged to be covered with the following coverage or at least get general liability if it is a startup operations.
- General Liability (Important)
- Workers Comp
- Auto Insurance
- Business Owner’s Policy
How Much Is Manufacturers Insurance?
- Plastic Goods Manufacturer – $650
- Air Conditioner Manufacturers – $17,000
- Jewelry Manufacturers – $425
- Pickled, Sauces Manufacturer – $425
- Electronic Cigarette manufacturer – $9500
Professional Services
This industry has wide list of professionals. Architects, engineers, accountants, doctors, land surveyors, Beauty salon owners and many more. Each field has its unique characteristics and business insurance needs. Generally, professionals need the following business insurance coverage, but it’s imperative to have at least GL and PL coverage.
- General Liability (Important)
- Workers Comp
- Auto Insurance
- Professional Liability (Important)
How Much Is Professional Services Insurance?
- Beautician – $250
- Land Surveyor – $2000
- Architect – $550
- Veterinary Office – $450
- Web Designer – $420
- Notary Public – $400
Auto Service
Professionals in the auto service industry will be required to carry insurance by their landlords when they lease a shop for their operations. They also need protection for a slip and fall incidents as well as if they make a professional mistake while fixing a customer vehicle. The most important insurance coverage would be garage keeper’s liability. This is in case a client’s vehicle is damaged in the shop. Errors & Omissions coverage is another important coverage to consider along with tools and equipment insurance. Here’s the list of recommended coverages.
- General Liability (Important)
- Garage Keepers (Important)
- Tools And Equipment (Important)
- Errors & Omissions
- Auto Insurance
- Workers Compensation (Important)
How Much Is Auto Service/Shop Insurance?
- Auto Mechanic – $1200
- Smog Test Station – $1200
- Auto Glass Shop – $500
- Audio System Installation – $850
- Window Tinting – $800
- Auto Body Shop – $1350
Other Businesses
Other businesses include wholesalers, general offices, health industry professionals, fitness centers, import export, building owners and miscellanies services. These class of businesses are generally easier to insure. Yearly premiums range from $250 to $10,000. Here’s a list of some of the policies we have secured for our clients in the recent days.
- General Office – $425 – General Liability
- Wholesaler/Manufacturer – $10,500 – General Liability
- Fitness Center – $650 – General Liability, Professional Liability
- Tattoo Shop – $800 – General Liability
- Art Gallery – $425 – Business Owners’s Policy
- Vending Machine Operation – $500 – General Liability
- Chiropractor – $420
- Kiosk – $450
- Pharmacy – $750 – General Liability, Professional Liability
- Holiday Decorating – $500 – General Liability
- P&C Claims Adjuster – $900 – General Liability, Professional Liability
- Hot Dog Vendor – $650- General Liability