An irrevocable life insurance trust (ILIT) is a trust that serves as the owner and beneficiary of a life insurance policy. A life insurance trust helps wealthy individuals to protect assets and avoid estate taxes, and is a succession planning tool for small business owners who want to transfer a business to heirs or partners….
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Restaurant Insurance Cost, Coverage & Providers
Restaurant owners in need of insurance typically buy separate policies to protect against a variety of potential business-related losses, including costs of a lawsuit brought by a patron who slipped on their floor, damage due to a fire, a data breach that compromises customer data or injury to employees. Policies that cover these losses could…
Workers Compensation Insurance: Requirements, Cost & Providers
Workers compensation insurance helps businesses provide benefits like medical care and replacement wages to workers injured on the job. Businesses are required by law to purchase workers compensation insurance in every state except Texas. Costs vary widely, ranging from less than $100 to thousands a year per employee, based on risk factors. We’ll share workers…
Insurance for Interior Designers & Decorators: Cost & Providers
Interior designer insurance is a Business Owner’s Policy that offers affordable coverage for property damage and personal injury, with costs averaging $1,200 per year. Interior designers should also consider professional liability coverage, which costs about $1,735 per year, as well as commercial auto insurance at a cost of $750 – $1,200 per vehicle. The Hartford…
Dance Instructor & Dance Studio Insurance: Cost, Coverage & More
Dance instructors insurance protects against liability due to injury or claims arising from bad instruction. Instructors and studio owners also need protection against the risk of injury to employees or property damages. Average annual costs are $1,200 for a Business Owner’s Policy, while professional liability insurance is slightly more at about $1,735 annually. If you’re…
Professional Liability Insurance for Consultants: Cost & Providers
Professional liability insurance for consultants offers protection in the case of lawsuits arising from the professional services they provide. Insurance for consultants should also include a Business Owner’s Policy to cover general liability and property damage. Annual costs of a professional liability policy are $1,367 on average, while a BOP costs around $853 per year….
Electrician Insurance Cost, Coverage, & Providers
Electrician insurance refers to policies protecting against financial loss resulting from property damage, workplace injuries, income loss, and vehicle accidents in work trucks. Electricians may need multiple policies to provide full coverage, but can save using a Business Owner’s Policy (BOP). Electrical contractors usually pay an annual average of $500 to $1,006 for a BOP….
Media Liability Insurance: Cost, Coverage & Providers
Media liability insurance is a type of specialized errors and omissions insurance. It protects authors; publishers or broadcasters; advertising or PR agencies; and other media professionals if they’re sued for defamation, invasion of privacy, plagiarism and related claims. Policies may cost as low as $500, but average around $2,500. We’ve reviewed five policies here. If…
Music, Film, & Entertainment Production Insurance
Entertainment insurance protects producers, crew, equipment, and filming locations. Multiple insurance policies cover potential losses including general liability, production, and media liability insurance. A small production company could obtain general liability coverage and film production insurance for under $1,000 annually. The purchase of a Business Owner’s Policy, which bundles coverage, could provide savings. The Hartford…
LLC Insurance: How Much You Need & What It Should Cost
A limited liability company (LLC) is a type of business entity that protects company owners from personal liability. While LLCs protect owners’ personal assets, LLC insurance protects the business from liability arising from accidents, injuries, or mistakes. LLCs can save money with a Business Owner’s Policy (BOP) that costs $1,281 per year on average. If…
Life Coach Insurance: Cost, Coverage & Providers
The most important part of life coach insurance is malpractice insurance that protects coaches if they’re sued over their advice. Coaches should also consider a Business Owner’s Policy, which costs about $1,200 annually, as well as cyber liability and commercial auto insurance. Professional liability insurance offers additional coverage and typically costs $1,735 annually. If you’re…
Fiduciary Liability Insurance Cost, Coverage, & Providers
Fiduciary liability insurance is a specialized type of errors and omissions insurance coverage. Fiduciaries are individuals or companies responsible for administering employee benefit plans or managing assets belonging to another individual or entity. If they’re sued, fiduciary liability insurance covers legal defense costs and damages. This type of coverage typically costs $500 and $2,500 annually….
