Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Wedding Planner Insurance
Wedding Planner Insurance. As a wedding planner, your job to ensure that everything for the wedding is in place so that the bride and groom can focus on their big day. This day should be a beautiful one for your clients, which is why you should try to anticipate anything that could go wrong. Although you can try to ensure that everything is in place, you may still miss some things.
Things such as inclement weather, vendors not sticking to their responsibilities, injuries and a host of other things. Many of these things you've probably experienced at one time or another which is why it's important to protect yourself by having insurance. In this post, we'll discuss the different wedding planner insurance plans you can get to protect your business.
Wedding planner insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Wedding Planners Need Business Insurance?
Insurance is important to your business. It helps you to protect your business from anything that can go wrong beyond your control. There are many different policies you can get for your business as a wedding planner. Let's take a look at some of the specific types of wedding planner insurance you can use to protect your wedding planning operation.
Commercial General Liability: The guests, vendors, delivery persons and any other person at the location of your event can slip, trip or fall and be injured. Although you're not entirely responsible for the safety of guests at the site of your event, you still can be held liable. If you work from home, and you have client meetings there, you can be liable if a person gets injured while on your property.
General liability insurance protects you from third-party bodily harm and property damage claims made against your business. If there's a lawsuit against you, then this insurance helps to cover any costs associated such as legal fees or court costs. This wedding planner insurance also covers settlements or judgments and medical expenses.
Professional Liability Insurance: To adequately protect your wedding planning business a wedding planner must have professional liability insurance - also know as errors and omissions (E&O). This insurance coverage protects you when a client suggests that the services you provided were not up to standard, negligent or caused them harm. This insurance covers any mistakes made in your business. When a client isn't satisfied with the services you offered, you must have wedding planner insurance to protect you if they sue you.
Business Property Insurance: As a wedding planner, you should have business property insurance. By having this insurance, you protect the equipment you use for the operation of your business. This insurance protects your office equipment, files, computers, tablets, and smartphones. It also helps to cover property damage as a result of fire, vandalism, smoke, theft and weather events.
If you operate from a home office, you should still include business property coverage. Your homeowner's insurance policy probably doesn't include coverage for your business property in your home which is why it's important to have this insurance. You should also include flood insurance or earthquake insurance especially if you live in areas where these types of events are common.
Other Insurance Policies For A Wedding Planner
Workers Compensation: When people work for you, it is mandated in most states that have workers comp for any non-owner employees. Workers comp coverage is the insurance that helps you to protect your employees. If an employee is injured while working for you, this wedding planner insurance helps to cover any expenses associated with the injury. Also if an employee dies as a result of their sustained injuries this insurance will pay benefits to the surviving family.
Commercial Auto Insurance: As a wedding planner, you are sometimes going to use vehicles to transport equipment for your business. This makes having insurance to protect your business vehicles important. You can never predict what can happen on the road but having this insurance protects you when something does. If a vehicle you use for your business causes property damage or third-party bodily harm commercial auto insurance will keep you covered.
Wedding Planner's Risks & Exposures
Premises liability exposure is generally low as visitors to the event planner's premises are few. While the facility owner would be primarily responsible for any injuries to guests on the rented facility premises, the event planner could incur liability for recommending the facility to the customer.
The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Workers compensation exposure can be very high if employees set up, build, or transport stage settings, equipment, lighting, and scenery. These activities can result in back injury, hernia, slips and falls, strains, and sprains. Stage and lighting setup may involve above-ground exposures that need additional protection and precautions.
Adequate security and training must be provided if employees handle money at events due to the possibility of holdups. Security personnel may suffer injury not only from theft but also from unruly patrons. The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Property exposures are limited on premises to that of an office containing telecommunication equipment, computers, and printers. Ignition sources include electrical equipment, heating, and air conditioning. Electrical wiring must be up to code and be adequate for the occupancy. Off-premises property exposures are higher but are from property of others which should be covered on an inland marine bailees form.
Crime exposure is from both employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. The event planner consolidates vendors' bills and sends one bill to the customer. Employees who are in charge of ordering must not be the same ones who handle disbursements, deposits, and billings.
Frequent inventories and audits must be conducted. If tickets are sold at events, a significant amount of cash may accumulate. There must be adequate security from guards, plus regular deposits.
Inland marine exposures include accounts receivable if the planner offers credit, bailees' customers for property of others at event sites, computers, and valuable papers and records for clients' and vendors' information.
The bailees' exposure can be very high because of the wide variety of equipment that must be rented to provide sound and lighting at events, plus any rented furnishings or display scenery.
Business auto exposure is generally limited to hired nonownership for employees running errands. If company vehicles are supplied for use, all drivers must have a valid driver's license and acceptable MVR. There should be written procedures regarding personal use by employees and their family members. Vehicles must be regularly maintained with documentation kept in a central location.
Wedding Planner Insurance
Owning a wedding planning business exposes you to lawsuits and other risks. For this very reason, you must get insurance to protect your business. You can never predict what can go wrong in your business, but you can put measures in place to protect your investment. After reading this information, you should have a better idea of the different insurance policies you can use to protect your business. Get insurance today and protect your business for a lifetime.
Small Business Economic Data & Insurance Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Small Business Economic Data In The United States
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
- In 2015, small businesses in the United States employed an estimated 58.9 million American workers, or 47.5 percent of the nation's private workforce.
- Largest shares = fewer than 100 employees. The small businesses that employed 100 people or less had the largest share of employment amount small businesses.
- Employment increased by nearly 2 percent. In 2018, employment amongst small businesses increased by 1.8 percent, which is an increase of 1 percent from the prior year.
- Increase in proprietors. In 2016, the number of small business proprietors increased by 2.3 percent.
- In 2015, small businesses were responsible for creating 1.9 million net jobs. Organizations that employed 20 people or less had the largest gains, as they added an estimated 1.1 million net jobs.
- There were 5.7 million loans that were value less than $100,000 issued by lenders in the United States in 2016. These loans were issued under the Community Reinvestment Act.
- Small business owners that were self-employed at the incorporated businesses that they owned reported a median income of $50,347 in 2016.
- Small business owners that were self-employed at the unincorporated businesses that they owned reported a median income of $23,060 in 2016.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
- Commercial Property Insurance: In the case of an unplanned disaster - fire, flood, vandalism, theft, etc. - this type of coverage will help you avoid paying for the damage out of your own pocket. Even if you rent the property, you should still carry commercial property insurance.
- Commercial Liability Insurance: In the event that a legal situation arises - a negligence lawsuit, for example - commercial liability coverage will provide financial protection. It will cover the cost of legal defense fees, court fees, and even moneys that may be awarded.
- Commercial Auto Insurance: If you operate a vehicle for any activities that are related to your business - transporting and/or delivering goods, or meeting with clients - commercial auto insurance is legally required for businesses of all sizes, including small businesses.
Additional Resources For Miscellaneous & Non-Profit Insurance
Find informative articles on small business commercial insurance for miscellaneous and non-profit 501(c)(3) businesses.
- Adult Novelty
- Agriculture, Forestry, Fishing & Hunting
- Employment / Staffing Agency
- Engraving Business
- Facility Support Services
- Mail Order
- Parking Lot
- Personal Concierge
- Photofinishing Lab
- Private Water Districts
- Process Server
- RV Parks & Campgrounds
- Social Work Services
- Unmanned Aerial Vehicles (UAV) Drone
- Wedding Planner
For 501(c) Non-Profits - Directors And Officers Liability Insurance has become an increasingly important policy to have. D&O coverage protects insured directors or officers against claims involving allegations of wrongful acts occurring while performing their duties as such. The insurance is divided into two separate coverages:
Side A coverage reimburses the individual directors and officers for payments made for loss each has incurred because of wrongful acts.
Side B coverage reimburses the corporation for the payments it has made on behalf of the directors or officers themselves.
General Liability is a foundational policy for almost any business. Most companies do not have any control over the final cost of injuries to a person injured because of their operations, products, or services. The person injured may be a young child, a blue-collar worker, a surgeon, or a homeless person.
The cost of the injuries may be comparatively minor or run into the millions of dollars, depending on the person and the extent of his or her injuries. Do you have sufficient assets to pay such a loss?
Commercial general liability insurance is designed to help you protect your assets with three main coverages:
- Coverage A: Bodily Injury and Property Damage Liability
- Coverage B: Personal and Advertising Injury Liability
- Coverage C: Medical Payments
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.