Business insurance is intended to safeguard the financial assets of a business owner and is a necessary investment for a billboard advertising firm.
This article will discuss the primary insurance coverage for billboard advertising firms, general liability insurance, as well as additional policies that are appropriate for this industry.
Billboard Advertising 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.
Situations That A Billboard Advertising Company’s General Liability Insurance May Cover
Example 1: A customer arrives at your office to talk about advertising and falls over an extension cable, injuring her wrist. She requests that you pay her medical costs. The expense of therapy would most likely be covered by your general liability coverage.
Example 2: One of your workers is setting up a billboard advertising when he knocks over a canister of glue. The adhesive lands on a luxurious car below. Your general liability coverage would cover the cost of losses caused by your employee.
Example 3: While transporting items from a delivery truck to another car in your parking lot, an employee loses control of his hand truck. The supplies collide with a customer’s automobile, ripping off the mirror and creating a big gash along the side. The consumer files a lawsuit against your firm. Your legal expenses in the litigation would be covered by your general liability coverage.
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
For $1 million in general liability coverage, the typical billboard advertising firm in America costs between $450 and $750 each year.
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 Coverage Required by Billboard Advertising Companies
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that every billboard advertising firms should have are as follows:
Insurance for Workers’ Compensation
Workers’ compensation insurance will safeguard the personnel who assist you in installing billboard ads. It will cover the expense of treating work-related injuries as well as assist compensate injured workers for missed income. Most states require firms to have workers’ compensation insurance.
Insurance for Commercial Vehicles
A commercial vehicle insurance should cover the trucks you use mainly for work, both to comply with state regulations and to safeguard you, your employees, and others on the road. In the case of an accident, the coverage will assist pay for damages and medical expenses. This allows you to get your car back on the road as soon as possible.
Coverage Options for Some Billboard Advertising Companies
In addition to the insurance listed above, your billboard advertising firm may need other forms of coverage based on particular elements 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.
Umbrella Insurance for Businesses
An umbrella policy is intended to cover expenditures that exceed the limitations of your general liability coverage. When those limitations are reached, the umbrella insurance will begin to pay until its own limits are met. An umbrella insurance protects you from having to pay large sums of money out of pocket in the case of a large bill, such as a pricey lawsuit.
Insurance for Commercial Property
Your billboard advertising equipment and materials would be costly to repair if they were damaged or destroyed in an incident such as a fire or severe storm. A commercial property insurance coverage would assist you in paying for replacements, enabling you to replenish and return to business as soon as feasible.
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.