Project Management Insurance Hawaii Policy Information
Project Management Insurance Hawaii. As a project manager you're probably wondering whether or not you need business insurance. The answer is yes. And, yes, there is more than one option or type of coverage you can purchase. So lets look at the project management insurance Hawaii options, additional coverages, and what you should consider, based upon the type of project you manage, who you work with, and other factors.
Project management insurance Hawaii protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Project Managers
When choosing project management insurance Hawaii policies, there are a number of options as it pertains to type of and level of coverage you can buy. Among these are:
- Commercial General Liability - This covers third party bodily injury and property damage claims. So if a client falls in your office, equipment or other property is damaged, or other injuries ensue, you are protected with coverage for court costs, legal fees and awards.
- Professional Liability - Also know as errors and omissions insurance (E&O), this covers negligence claims. There are many areas that people can claim negligence on - whether they are real or frivolous. Professional liability is one of the most important coverages for project managers.
- Project Insurance - You first define the HI project's scope and then purchase this optional coverage. This project management insurance Hawaii coverage applies only work on a single project rather than to the entire business operation
- Workers Compensation - As a project manager you hire employees; these employees can get hurt and sue you. Your employer's coverage will protect you from these lawsuits, and pay damages, hospital bills, medical costs, and other expenses if an employee is hurt on the job. Plus workers comp is required by most states for any non-owner or partner employees and often contractually required.
- Equipment & Property - HI project managers typically have offices. If desks, fax machines, computers, or other equipment is damaged, lost, or stolen, this policy option will protect you from having to pay out of pocket to repair or replace these items.
- Protective Liability - This optional coverage doesn't have a standard form and limits apply separately to each project you are working on with a client. This coverage protects you against liability for injury or damage caused by independent contractors doing work on your behalf.
some of these are optional coverage options you can add to your project management insurance Hawaii policy. Depending on the type of project management work you do, the clientele you work with, who your employees are, and other factors, will help you determine what to buy, and to what extent to purchase additional protections.
Additional Project Manager Coverages
As a HI project manager, you can add on business interruption coverage as well. As the name implies, if a project is interrupted (due to weather, loss of profit, damaged equipment, etc.) you won't be liable to clients for these losses (or are covered to the extent to which you choose to add this protection).
Directors and officers liability coverage is also an option you can tag on to your project management insurance policy. If any member of your board of directors are sued, you are protected.
Another optional policy coverage term you can add to your coverage is consultants insurance coverage. Brokerage firms, financial consultants, and other specialists you hire, are an extension of your company. If they don't give great advice, a client might sue you. This optional coverage is going to protect you from these lawsuits, and liabilities which extend from the project or work for them.
HI Project Management Insurance
Of course each and every project manager will deal with different clients and projects. Cost of projects, equipment, and services you offer, will vary in each case as well. For this very reason, before you do purchase project management insurance Hawaii, it is important to consider all of the optional coverage terms you can add on to your policy. Of course you also have to consider how much you can afford, in order to ensure you choose the top insurance provider, for the coverage you ultimately choose to purchase as a project manager.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii 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.
Hawaii 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 Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find HI local small businesses by General Liability Class Code and learn about Hawaii small business insurance requirements for general liability, business property, commercial auto & workers compensation including HI business insurance costs. Call us (808) 300-0578.