General liability is the name of one of the insurances available for your business. It is important to have one because it covers property damage, bodily injury and other claims such as advertising, protecting your budget. If you do not purchase this type of coverage, you will have to pay the costs of the claims with money from your pocket, with personal assets and even with your own business.
Nowadays, the number of business lawsuits increases every day, so you should consider protecting yourself with general liability insurance even if it is not required by law.
What costs are covered by this insurance?
With general liability insurance you can cover costs for legal teams to represent you, evidence costs, witness fees, as well as judgments or settlements.
What is not covered?
This type of insurance does not cover work accidents, occupational diseases, or damage to your business property. For such incidents, you must have workers’ comp and commercial property insurance.
General Liability Insurance is not required by law, but unless you are financially prepared to survive large liability claims, you should purchase it. According to statistics, 25% of small businesses will experience a claim in the next decade and liability claims are the most common. They are also very expensive; for example, Reputation harm claim costs $50,000 on average.
If you are still in doubt about purchasing general liability insurance for your business, here is another good reason to do it: some companies (large companies mostly) may refuse to work with you if you do not carry insurance. That`s because they realize that a liability claim against you may get you out of business if you are not insured, and they prefer having this guarantee that you are able to complete your work.
On the other hand, you should also know that this type of warranty will not protect you if you act irresponsibly, you are professionally negligent, or you mix your business expenses with personal expenses.
General liability insurance is not the same thing with Professional liability insurance
Many people make this confusion, but these two types of insurance are different. We already detailed the concept of general liability insurance; professional liability, on the other hand, covers the costs related to committing errors in the provided services and products, failure to uphold contractor duties, performing incomplete work, making mistakes and omissions, misrepresentation, inaccurate advice as well as violation of good faith. It is also known as Malpractice insurance and is more specific than general liability insurance.
Although the platforms in place work well when it comes to commercial fleet financing, startup businesses might require an update on the importance of this concept and what it can offer you. When you want to get a commercial fleet of vehicles, fleet financing gives you the option to ensure superior quality and avoid the mistake of overspending in an industry where managing your costs and expenses can be crucial to your bottom line.
What Is Commercial Fleet Financing All About?
The financing of a fleet of vehicles is no easy task. You need to make sure that you are covered regarding all the potential problems you might encounter and even those that are not really likely to occur any time soon.
Have you had trouble gathering the capital for your commercial vehicles as of late? Is your business stagnating, or are the debts you’re paying for your commercial vehicles too high? Regardless of what the problem is, a dependable commercial financing company is all that you need to help you:
These are only a few of the benefits that a dependable commercial vehicle financing service can cover. Moreover, many of the best vehicle financing companies will also help you with sound advice and recommendations regarding your financing decisions and what you should know before you invest a lot of money into a fleet of vehicles.
How Can You Enjoy the Best Financing Services on the Market?
Commercial financing can have a lot of undesirable “side effects,” depending on the vehicles you choose. Consider the following scenario: you might start out with a sizable budget, get additional financing to invest in a fleet of vehicles for your transportation service, then end up spending huge amounts of money on repairs and maintenance, since the vehicles you bought offered lower than average value at a higher cost.
You can avoid such issues, if you contact a responsible vehicle financing company. The best experts in your local area can advise you on all the potential benefits and drawbacks of buying a larger array of vehicles.
A few tips to make your experience even better should include the following:
If you follow all these recommendations, you’ll have no trouble managing your costs and making sure all your vehicles can provide you with the best quality on the market. So contact your local commercial fleet financing services today for a great offer!