Graphic Designers Advertisers Insurance Wyoming Policy Information
Graphic Designers Advertisers Insurance Wyoming. As a graphic designer, protecting your business with a business owner insurance policy is probably the last thing on your mind. However, this type of policy is essential for running any type of business. Even though you may do the bulk of your work on a computer, that doesn't mean that you're immune from liability lawsuits that can be brought against you from clients.
Graphic designers use computer-assisted design programs, audiovisual equipment, and printing or reproduction processes to develop commercial advertising, websites, or publishing. They often work independently. Their work can include a wide variety of processes, such as photography, video filming, or painting.
A graphic designers advertisers insurance Wyoming business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.
Graphic designers advertisers insurance Wyoming protects your firm from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
What Is An Graphic Designers Advertisers Insurance Business Owner's Policy?
This graphic designers advertisers insurance Wyoming which is usually abbreviated as BOP, serves the needs of most advertising, graphic design and media service providers. A BOP provides three types of coverages under one policy, making it a breeze to bundle your insurance requirements for simplicity and complete coverage. Graphic designers can purchase BOP policies on their own or with other insurance policies they might need.
Standard BOP policies include:
- Business liability coverage. This protects your business from liability claims and the financial fallout from several types of lawsuits. For instance, if a client becomes injured while visiting your office - say they trip on your rug or slip on your linoleum floor - this insurance pays for the claims against you. It shouldn't be viewed as a professional liability policy, though, since it won't cover damages that result from when you provide professional services to a client.
- Business property coverage. The building that you operate your advertising business or graphic design business out of and the furniture, equipment, office supplies, graphic design software, and other items are protected from loss under business property coverage in most BOP policies. For instance, if your computer gets fried during a lightning storm, this policy has you covered—and it pays for both owned and leased items.
- Business income insurance. This policy protects your business from financial loss in the event that something happens that causes you to be unable to keep your business open. For instance, if a tree falls down during a storm and crashes through the roof of the building that you operate your business out of, this type of policy will enable you to recoup lost income while your business is closed for repairs.
Who Needs a BOP Policy?
While a graphic designers advertisers insurance Wyoming purchase is not required under any state or federal laws, there are quite a number of professionals and small business owners who may benefit from them. You may need a BOP policy if you:
- Are in a line of work in which you face the potential of being sued.
- Possess assets that can be damaged or stolen, including digital information, customer data, equipment, and furniture.
- Conduct your business out of a physical location, including rented office space or home offices.
Additional Graphic Designers Advertisers Insurance Wyoming Coverages
A standard BOP policy may provide most of the coverage your small business needs, there are other types of graphic designers advertisers insurance Wyoming coverage available for advertising, graphic design and media service professionals, such as:
- Professional liability coverage. The work you provide your clients is important, but if your services lead to damage for a client, they may have grounds to sue you. Professional liability coverage enables you to worry less about the financial hardship paying claims could cost you.
- Accounts receivable coverage. Most likely you store important records or data for clients; if something happens which requires you to research to recover the data or you have to hire someone else to do so, this coverage covers the cost.
- Computer breach. Clients expect you to protect the sensitive information stored in your computer system. If a data breach occurs and confidential information is leaked or compromised, this coverage allows you to handle claims against you and pay out monetary settlements as a result.
- Workers compensation coverage. If you have employees working under you, then it's essential that you purchase a worker's compensation policy, which covers losses due to sickness or physical injury deemed to be job-related.
- Employee dishonesty coverage. It's important that you protect your clientele from dishonest employees who might gain access to confidential information and cause your clients' a financial loss.
- Commercial auto insurance. If your line of work requires you to use a car, truck, SUV, or other vehicle, this vehicle is required to have commercial auto insurance. For instance, if you drive to a clients' home or place of business to discuss project perimeters, the vehicle you drive should be covered by commercial auto insurance, since you are using it for work-related travel.
Learn more about graphic designers advertisers insurance Wyoming BOP policies for advertising, graphic design and media service providers by speaking with a licensed agent now. An agent can help you decide on the right policy for your needs and customize any add-ons you may require to protect your business from all angles.
WY Graphic Designer's Risks & Exposures
Premises liability exposures are minimal on site due to lack of public access. If visitors are permitted in design or process areas, aisles must have adequate space and be free of debris. Flooring should be in good condition with no frayed or worn spots on carpet, and no cracks or holes in flooring. Sufficient exits must exist and be well marked, with backup systems in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Off-site exposures can be extensive. Areas should be secured to prevent injury to the general public, who may trip over equipment or artwork or be struck by falling objects. An off-premises shoot may also attract unwanted attention from children.
Professional liability exposures include personal and advertising injury, errors in design, allegations of trademark or copyright infringement, and breach of a client’s confidentiality. Prototypes and designs should be approved by the client in writing prior to final publication or dissemination. Conflicts of interest may arise if the designer works for two competitors.
Environmental impairment exposure may be a concern if operations include printing. The chemicals or solvents used may produce vapors, fumes, and byproducts that contaminate air, soil, or water. Disposal must adhere to EPA standards.
Workers compensation exposures can be limited to that of an office. As work is done primarily on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injured that can be addressed through ergonomically designed workstations. Back sprains and strains can result from lifting heavy artwork. If printing is done on premises, workers may inhale chemicals or be injured by machinery.
Property exposure may be limited to office equipment such as computers and photocopiers if the designer outsources printing operations. If printing is done on premises, ignition sources include electrical wiring, heating and air conditioning systems, wear, and overheating of equipment. The use of hot metals, molds, chemicals, inks, or dyes, coupled with flammable solvents and combustible paper supplies, presents a high fire potential.
Studios may be targeted by thieves. Appropriate security controls should be taken including physical barriers to prevent access to the premises after hours and an alarm system that reports directly to a central station of the police department.
Crime exposure is from employee dishonesty. Hazards increase in the absence of proper background checks and monitoring of the insured’s workers who may have such access. Inventory and disbursement duties should be separated and regular audits performed.
Inland marine exposures include accounts receivable if the designer offers credit, cameras, computers, and valuable papers and records for customers' and suppliers' information. Computer-aided design programs may be used in the development process. There should be a frequent backup and off-site data storage of duplicates. High-valued audiovisual equipment taken to off-site premises may be a target for theft.
Commercial auto exposures may be limited to hired and non-ownership. If owned vehicles are used to pick up supplies or deliver the end product to the client, all drivers must have appropriate licenses and acceptable MVRs. If vehicles are supplied to employees, there should be written procedures regarding personal use by employees and their families. Vehicles must be maintained and records kept in a central location.
Wyoming Economic Data, Regulations And Limits On Commercial Insurance
Whether you are an established or a prospective business owner, the location you choose for your company is critical. If you want to achieve as much success as possible, the area needs to offer a healthy market that the goods and services you intend on offering will appeal to, otherwise there's a good chance that you won't garner the success you are hoping for.
Unemployment rate provides valuable insight about a state's economy. A lower unemployment rate indicates that there are more jobs available, and more jobs are available as a result of successful business operations in the area.
Additionally, knowing what industries are thriving in the state will allow you to determine if opening a business in your sector will be beneficial. Lastly, entrepreneurs should familiarize themselves with the kinds of commercial insurance policies they will need to invest in to protect their businesses and ensure they are operating within compliance of the laws.
If you're thinking about starting a business in Wyoming, read on for an overview of the state's economy and commercial insurance requirements so you can determine if the Equality State is the right location for your operation.
Economic Trends For Business Owners In Wyoming
According to the Bureau of Labor Statistics, the unemployment rate in Wyoming was 3.7%; just .02% of the national average of 3.5% at the same time. This rate of unemployment has remained relatively steady over the course of 2019, which is evidenced by the 3.6% rate in July, 2019, and the 3.7% rate in November.
Economists predict that the job rate will continue to remain steady or see a slight increase or decrease in the coming years.
If you are thinking about starting a business in the Equality State, the best locations include metropolitan regions and the areas that surround them. As with all states, urban areas offer larger markets, a larger workforce, and easier access to national distribution centers. With that said, some of the best places to start a business in Wyoming include:
- Rock Springs
- Salt Lake City
Several industries are thriving in WY, but the sectors that are seeing the largest boom include:
- Hospitality and tourism
- Mining and extraction
- Real estate
- State and local government
- Transportation and warehousing (logistics)
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Wyoming are favorable.
Commercial Insurance Requirements In Wyoming
The Wyoming Department of Insurance regulates insurance in WY. Wyoming mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Wyoming requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Wyoming also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Advertising, Marketing & Media Insurance
Learn about small business media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Call Center
- Graphic Arts
- Graphic Designers
- Market Research Firm
- Marketing Consultant
- Public Relations
- Search Engine Services SEO
- Social Media Consultant
Media operations are fast-paced businesses with unique property and liability insurance exposures. They depend more and more on computer systems and up-to-date software programs. These businesses usually have extensive contracts with both freelance individuals and corporations.
In addition, personal injury liability and confidentiality issues must be addressed. Insurance coverage for these concerns must be as comprehensive, flexible and responsive as the organization seeking it.
Advertising and Media Liability Insurance provisions are not standardized, so it is critical to carefully review a particular form's basic features and available coverage options. While some carriers offer coverage on an open perils basis, most will provide coverage only on a named perils basis.
The named perils generally include coverage against allegations involving defamation, disparagement of an individual's reputation, product disparagement, invasion or infringement of the right of privacy, infliction of emotional distress, plagiarism, piracy, infringement of copyright, trademark, or other intellectual property, newsgathering torts such as trespass and assault, unfair competition with respect to other covered communication perils, and errors and omissions.
Coverage can be written on a claims-made basis or on occurrence-based forms. The occurrence basis affords additional protection to the insured as coverage is provided for a claim or event occurring during the policy period, even if the coverage expires or is cancelled or nonrenewed.
Most media liability policies provide a Limit of Liability per event, plus an Aggregate Limit of Liability for all events covered during the policy term. Some carriers now offer coverage without requiring an Aggregate Limit of Liability. Such a policy is an advantage to the insured as this eliminates the fear that the policy limits will run out before the policy expires.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Bailees' Customers, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional and Advertising Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Automobile Liability and Physical Damage, Foreign Automobile Liability and Physical Damage, Foreign Workers Compensation, Repatriation Expense and Stop Gap Liability.
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