Company insurance is intended to safeguard the financial assets of a firm owner and is a necessary investment for an astrological business.
This article will discuss the primary insurance coverage for astrological enterprises, general liability insurance, as well as additional policies that are appropriate for this industry.
Astrology Businesses 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 ASTROLOGY BUSINESS
Example 1: While visiting your company, a customer stumbles on the stairwell going into your office, fractures his knee, and requests that you pay for his medical treatment. The client’s treatment expenditures would be covered by general liability insurance.
Example 2: A rival alleges your most recent commercial slandered her company. While you’re not clear what she considers libel, you’d want to speak with a lawyer as soon as feasible. If your opponent files a lawsuit, your general liability insurance will cover the expenses of your legal defence.
Example 3: After a customer slips and falls in your toilet, she accuses you of failing to warn her of the potential of harm and sues for compensation. Your legal fees and any needed settlement would be covered by general liability insurance.
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
In the United States, astrological firms pay between $400 and $700 each year for $1 million in general liability insurance.
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 Astrology Coverage Required by Businesses
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 astrological firms should have include:
Insurance for Professional Liability
This insurance protects your company in the event that a customer accuses you of carelessness as a result of a mistake or failure to perform. If a customer sues your organisation because they believe your advice caused them damage, professional liability insurance would cover your legal bills as well as any needed compensation.
Insurance for Commercial Property
Commercial property insurance would cover the expense of repairing or replacing your business-related property in the case of a fire, theft, or natural catastrophe if you own the building in which you operate. This covers structural damage to your facility as well as any equipment or supplies stored inside it.
Coverage Options for Some Astrology Businesses
In addition to the insurance listed above, your astrological company may need other forms of coverage based on particular parts of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Home-Based Businesses
If you operate any portion of your company from home, this insurance may be required to protect your equipment, supplies, and the area in your house dedicated to your business. If you do not declare that you use your house for business purposes, a conventional homeowners insurance policy may not cover business-related products or accidents caused by customers in your home.
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.
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.