You must have heard about general liability insurance. But what does it mean and why would you need it? General liability insurance is also referred to as commercial general business liability. It is a significant form of coverage in the country, protecting business assets and making payments for any obligations of the company. For instance, it can cover medical costs when an employee is injured while working for your firm. If someone’s property is damaged by your employee, this is also covered.
General liability insurance covers the cost of your legal defense and settlement if your business is sued. General liability insurance covers a variety of risks. These can include non-monetary losses, compensatory and punitive damages, and losses incurred by the injured party.
Why Does Your Business Need Liability Insurance Cover?
We are part of a litigious society. Even if you think that it will never happen to you, the unthinkable can happen. It doesn’t cost as much as you think, with annual premiums ranging from $750 to $2000. This is a wise investment considering the financial outlay you need to fight a case in court.
You can purchase general liability insurance as a separate entity, but it can also come with a Business Owner’s Policy. This comes as a bundle combining property and liability insurance as one. If you have already invested in a BOP, you must take into account the limit of the coverage. In most case, business owners find it inadequate, propelling them to look for a separate general liability insurance cover.
What Kind of General Liability Cover Does My Business Need?
The amount of coverage your business needs is dependent on two major factors. One is the type of business you run, and the other is the risks associated with it. Thus, a building constructor would need greater coverage from a freelance photographer. You should note that the location of your business also plays a significant role in this respect. Some states in the USA tend to award more damages to the injured party who has claimed personal injury. A financial advisor can guide you to determine how much coverage you need for your business. They can evaluate your business by assessing the risks, BOPs, and yearly revenues. As already mentioned, if you fall in the category of low-risk businesses, a Business Owner’s Policy may be enough for you. But it pays to invest in general liability insurance cover.
General liability insurance can protect your business from all kinds of debts. If you are a tenant, it can cover the damages you have caused to the property that you have taken as rent. So, if you want to protect your best interests, start comparing business liability insurance quotes. Talk to the experts, and invest in the policy that suits you best.
There are companies that work on collecting and maintaining credit information of consumers. These are known as credit reporting agencies (CRAs). There are three such major CRAs in the country, namely Equifax, Experian, and TransUnion. Apart from these, there are other smaller-scale agencies too that specialize at the job. If you’re worried about “where to get my credit score?,” the larger CRAs are the most reliable bets.
These major CRAs obtain information from companies that you hold business and transactions with. People or companies that lend you money regularly report to these CRAs on your repaying status. There is also detailed information on the amount you are indebted and whether you have ever defaulted on your payments. Aside from the reports obtained from lenders, these companies also tally your general records based on certain other aspects. Some of these aspects are your public records from the local and state judiciary. These include your tax records and bankruptcy information. This information makes up an important chunk of your credit score and its report.
Equifax
Present in 24 countries, Equifax is an agency that offers consumers protection against identity theft and credit fraudulence. They also sell credit reports and credit monitoring assistance to businesses.
Experian
Experian started off in London and is now a trusted agency in 39 different countries. It provides you with a credit score, credit report, and even credit tracker on subscription. The agency uses FICO 8 system of credit score calculation. Experian was a part of Forbes’ “World’s Most Innovative Companies” in 2018.
TransUnion
Based across 30 countries with a database of over 1 billion consumers, TransUnion is another CRA giant. The agency, like the other ones, will provide you with your credit score and your credit reports. In case you decide to freeze your TransUnion credit report, it will also go the extra mile to notify Equifax and Experian, which frankly is a big help especially in case of identity theft and credit fraud.
So, the next time you are sat wondering “where to get my credit score?,” think of these three giants that provide you with an annual credit score and credit report for free once each year. However, if you are looking for more frequent updates, you can subscribe to their services and receive your monthly updates.
Did you know that you have more than a single credit score? Agencies calculate your credit score based on the data in your credit reports. If you are wondering, “where to get my credit score?,” there are three main credit reporting agencies. These can have different credit scores for you if your information on each of their credit reports is different. Also, these agencies charge a fee to reveal your credit score.
Recently, it has become easier to track and get hold of your credit score without paying any fees. You can get it from your credit card company, your loan provider, and even from a non-profit counselor. Here are a few tips you can use to check your score.