Company insurance is intended to safeguard the financial assets of a firm owner and is a necessary investment for an aquarium care business.
This article will discuss the primary insurance coverage for aquarium maintenance firms, general liability insurance, as well as additional products that are appropriate for this industry.
Aquarium Maintenance Companies Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR AN AQUARIUM MAINTENANCE BUSINESS
Example 1: You trip over your vacuum cord while conducting aquarium maintenance at a client’s house and fall into the client’s entertainment centre, destroying a huge television and numerous other pieces of equipment. The expense of repairing the client’s damaged property would be covered by general liability insurance.
Example 2: While doing maintenance on an aquarium in an office building, your employee accidently knocks over one of your client’s workers, causing her to break her wrist. She files a lawsuit against your company for her injuries. Your legal expenses, including any settlement, would be covered by general liability insurance.
Example 3: A rival says your most recent commercial slandered his company and plans to sue. Even if you disagree with the charge, you must promptly find a counsel. Your general liability coverage will cover the cost of your legal counsel as well as any awarded settlement.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Aquariam maintenance companies in America pay an average of $300 – $700 per year for $1 million in general liability coverage.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Aquarium Maintenance Coverage Required
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all aquarium care firms should have include:
Insurance for Professional Liability
While you work hard to assist your customers manage complicated marine ecosystems in their homes or companies, there is always the possibility that they may decide your professional services harmed them. Professional liability insurance would pay your legal bills and any needed settlement if a client filed a case.
Insurance for Commercial Vehicles
Any vehicle you use mainly for work must have commercial auto insurance to safeguard the vehicle, driver, and others on the road in the case of an accident. Choose a policy that covers not just accident-related vehicle repair expenses and medical care for anybody harmed, but also enough coverage for any business equipment and supplies you transport in your vehicle.
Coverage Options for Aquarium Maintenance Companies
In addition to the insurance listed above, your aquarium care company may need other forms of coverage based on particular features of your operations. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Umbrella Insurance for Businesses
While most claims are covered by your general liability insurance policy, certain incidents or lawsuits may be so severe that they threaten to deplete the limits of your main coverage. Commercial umbrella insurance protects you from having to pay for legal expenses and awarded damages that exceed the limits of your main policy out of pocket.
Insurance for Workers’ Compensation
Most states will require you to have workers’ compensation insurance for both part-time and full-time employees if you have any employees. This coverage covers your workers if they are hurt at work or get sick as a result of a workplace accident. It covers not just an employee’s medical expenditures and missed pay if they need time off to recuperate, but also any disability or death benefits resulting from a work-related accident.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.