Insurance for Packaging and Labeling Services
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What Insurance Do Packaging and Labeling Services Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why do Packaging and Labeling Services need insurance?
In this industry, the establishments are involved in the packaging of client-owned materials. Examples of services offered by these businesses include apparel and textile folding and packaging, kit assembling and packaging, shrink-wrapping services, and gift wrapping services.
Your packaging and labeling services need insurance to protect them from every type of risk that could force your business to close. Defending against claims, for example, is costly and any business could end up bankrupt after a lawsuit regardless of whether they win or lose. Your insurance will make sure that it won't happen by covering the defense and court expenses.
What risks do Packaging and Labeling Services face?
There are various risks unique to your business, below are some examples:
The commercial truck your business uses for transporting goods has been involved in an accident in which your driver is proven to be at fault. You'll risk paying for the damage to property of the other party, the medical expenses (if any), and the cost to repair your business vehicle.
Because of the accident, your driver has suffered injuries, which prevents the driver from coming to work. As their employer, your business is responsible for their medical and rehabilitation payments.
How much does insurance for Packaging and Labeling Services cost?
The cost of insurance for packaging and labeling services varies because there are various factors that are taken into account when assessing the cost. The size of your business, the coverage required, and the location of your business are just some of the many criteria insurance companies use to identify the cost of insurance for your business. Without taking these into account, below is the average cost of insurance for your business:
- General Liability insurance costs $500 in annual premiums.
- Business Owners Policy costs $900 in annual premiums.