An incredibly thoughtful and generous gift option, there are few presents that elicit the type of excitement as that of an automobile. A present that can improve one’s life immediately and indefinitely, gifting someone with a car represents providing them with invaluable things such as autonomy and more freedom. With that said, before you go out and pick up that car, the following is a bit of advice to heed before purchasing a car as a gift.
The first thing to consider before purchasing a car as a gift is how reliable the car you plan to give away truly is. Despite having great intentions, if you don’t select a vehicle that is reliable, you will be passing on another problem to the very person you are attempting to help.
Next, a matter that very few seem to consider before purchasing cars in general, the overall cost of maintenance for any car can be pricey. Moreover, rare, expensive, and foreign cars tend to carry heftier maintenance price tags. Given these facts, it is vital to consider whether the person will be able to afford the general maintenance of the car as well as if you’re at all willing to pitch in, to help ensure they are safe on the road.
Lastly, no car is legally operable without insurance. If the person you are buying the car for has bad credit or other issue preventing them from purchasing a policy, you may end up on the hook in terms of acquiring insurance as well.
Overall, although purchasing a car as a gift is more complex than it seems, this should not deter you from committing such a noble deed. In terms of insurance coverage, let XL Brokerage Inc. provide the answers to all of your questions and concerns.
Owning your own company can be a great way to exercise your entrepreneurial spirit. However, doing so often comes with added responsibility—both personally and financially. Here are three insurance risks of owning a small business and how to protect yourself against them.
Risk #1: Excess Liability
Liability is one of those broad risk categories that encompasses more than can be discussed in a blog post. The simple explanation is that liability includes anytime a person or object is damaged by someone who is a part of your company—whether it be you directly or one of your employees that causes the harm. The damage can be physical, emotional, or financial to be considered a valid claim.
Having proper liability coverage for the business activities and size of your small business is important. Failure to do so could open you up to a costly lawsuit or cause you to lose industry licensing. The best way to reduce excess liability risk is simply to protect yourself against it with an adequate commercial insurance policy.
Risk #2: Worker Injuries
Any small business with employees has the risk of a worker becoming injured while on the job. This is one reason why worker’s compensation insurance is required in our state. Besides making sure your policy is up-to-date and meets the needs of your company, stressing the importance of workplace safety amongst your staff is another way to help keep accidents from happening.
Risk #3: Property Damage
Property damage is another common small business insurance risk. Situations where vandalism, theft, fire, storms, and other incidents can quickly (and unexpectedly) arise. While there are multiple small steps you can take to protect yourself against these types of scenarios, the fact of the matter is that sometimes these things are just unavoidable. In this case, it is important to have adequate insurance coverage for the size of your business and the industry you are in.
Is your small business covered against these risks? Please contact us at XL Brokerage Inc. today for a no-obligation insurance review.