Money Saving Tips When Purchasing Auto InsuranceMoney Saving Tips When Purchasing Auto Insurance

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Money Saving Tips When Purchasing Auto Insurance

There are many factors to consider when purchasing auto insurance. For many people, the cost is often the deciding factor when choosing between several different policies. We don't work in the auto insurance industry, but just like many others, we do strive to save money. We wanted to find out how we could lower the cost of automobile insurance, so we performed extensive research. We studied insurance polices, learned about deductibles and interviewed auto insurance agents to discover the best money saving tips. Since lowering car insurance costs are important to many people, we wanted to give others the opportunity to find out what we learned. We've included this information in our blog and I hope that it also helps you save money when purchasing auto insurance.


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3 Types Of Insurance Your Small Business Needs

Insurance comes in many forms, and most people are familiar with the most common types: car insurance, health insurance, and life insurance, to name a few. But if you're planning to start your own small business, you will have to rethink the reasons behind the insurance you purchase and what types of insurance will fit your circumstances best. If you're unsure of the types of business insurance you'll need, take a look below at three of the most necessary ones. 

Worker's Compensation

Any business should carry insurance that compensates its employees in the event they are injured while on the job. In fact, in many states, even very small businesses (those with five or fewer employees) are legally required to provide worker's compensation or face penalties otherwise. Besides this, a robust compensation package can help attract employees who may be concerned about their livelihood should they require sustained medical treatment for a job-related accident.

Product Liability

Any small business that sells a product to the general public will need to look into product liability insurance. Of course, all companies will seek to provide the best possible product to consumers, but it may be the case that a customer claims that a product has caused damages of some kind or another. In the case of such a claim — and a likely subsequent lawsuit — a business should be prepared to carry insurance that protects against possible financial repercussions. A business caught off guard without product liability insurance can find itself struggling to stay afloat in the wake of a legal battle, even if the initial claims by the plaintiff don't hold up.

Business Income and Interruptions

In the event of a sudden catastrophe such as a natural disaster, your small businesses' property and equipment may already be covered by insurance policies.  But what about the income you lose as the result of temporarily closing shop? Even a month's worth of interrupted income can devastate a small business, which is why it is invaluable to have a policy that covers such interruptions. Typically, an insurance company will take a look at past earning statements as the most reliable way to judge expected earnings and will pay out accordingly during the time it takes for a business to get back on its feet following a disaster. While such disasters are admittedly rare, they should only interrupt your business, and never force it to cease operating altogether.