Business insurance is intended to safeguard the financial assets of a business owner and is a critical investment for a successful firm.
This article will discuss the primary insurance coverage for jingle firms, general liability insurance, as well as additional products that are appropriate for this industry.
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Jingle 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 Jingle Company’s General Liability Insurance May Cover
Your jingle firm has recently been sued by a rival who claims you slandered their company. Your legal defence and settlement expenses would be covered by general liability insurance.
A customer comes into your recording studio and falls over an exposed wire, breaking her wrist. She files a lawsuit against your company for monetary damages. General liability insurance would cover your legal bills as well as the price of a settlement if one was required.
When a customer opens his laptop to show you some of their favourite jingles, one of your staff inadvertently spills her coffee on it, shorting it out. Accidental damage to client property will 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
Jingle enterprises in America typically pay between $300 and $600 each 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 Coverage Required by Jingle 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 all jingle firms should have include:
Coverage Varieties Some jingle businesses may need
In addition to the insurance listed above, your jingle firm may need other forms of coverage based on specific features 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.
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.