Saving Money on Electric Vehicle Insurance Essential Tips

Essential Tips for Saving Money on General Liability Insurance Policy

Most established businesses are familiar with general liability insurance as a primary safety net against litigation. Sometimes entrepreneurs launching startups look for ways to bypass insurance, but the companies that cut corners on insurance are typically not the ones that eventually thrive. Here are essential points about saving money and still getting sufficient coverage with general liability insurance in Portland, OR.

Does your small business require general liability insurance coverage?

The main factors that determine proper liability coverage for businesses involve risks that can turn into insurance claims and lawsuits. Someone working from home online as a sole proprietor typically doesnt need as much insurance as a company with regular employees. Insurance is like a future bank account that pays for damages from various types of disasters. Firms that engage in dangerous work like construction contractors or establishments that allow plenty of physical contacts are most in need of customization and elaborate liability policies.

What does a commercial general liability insurance plan typically cover?

Commercial general liability insurance covers many of the bare minimum essentials most businesses need to protect their assets from getting drained by lawsuits. While each policy depends on the insurer, general liability covers someone elses bodily injury or property damage at your place of business. A one-person entity, though, can still face lawsuits involving defamation and false advertising claims. This coverage pays for the legal costs of litigation, even for frivolous lawsuits. The coverage is up to limits determined by the policy terms.

Does the law need businesses to carry general liability insurance?

Laws involving insurance must be reviewed at the state level, although most states do not require businesses to carry any type of insurance except workers compensation if they hire employees. Its still a good idea to purchase general liability coverage because you never know when a visitor might slip and get hurt at your establishment. Its better to pay affordable monthly payments to get access to enormous payout benefits than to have no insurance and then potentially owe thousands or millions over lawsuits. Your clients or landlord might need your firm to carry general liability insurance coverage so as to ensure that your business can tackle personal injury or property damage lawsuits.

How can commercial general liability insurance safeguard my business?

Commercial liability insurance protects your business from collapse if it gets hit with a massive lawsuit. Most small businesses cannot afford million-dollar lawsuits but can afford to pay monthly premiums to stay out of money-burning legal problems. Coverage limits determine how much the policy pays out for claims. Typical plans offer a $1 million per occurrence limit or a $2 million aggregate limit over the policys lifetime.

How can I purchase a general liability insurance policy?

Once you find a knowledgeable insurance expert, you can ask a series of questions that pertain to your specific business instead of making the mistake of assuming the cheapest policy will cover everything. The insurer should be experienced in your industry and licensed in your state. Many insurers allow you to apply online.

How much does general liability insurance coverage typically cost?

General liability insurance is typically affordable for small businesses in most states. Organizations with high liability insurance premiums include construction, cleaning, and landscaping. Small businesses usually pay $300-600 per year on liability coverage. About 17 percent of small firms pay less than $300 per year. Costs are determined by the type of business, how long the company has been in business, and location.

How do I get proof of my general liability insurance coverage?

Some entrepreneurs or organizations must show proof of general liability insurance in order to subcontract with other companies. All you need to do is talk with your insurance agent and request a certificate of insurance. Its important first to review the policy and clearly understand what it covers.

Do independent contractors need any general liability insurance coverage?

Many independent contractors need general liability insurance, especially if larger firms outsource them. Its often a requirement among business partners to reduce financial risks. Even if the larger organization carries enough liability insurance, it will likely still require subcontractors to carry their own liability insurance. Another example when you may be asked to provide proof of liability is when you sign for a property lease or equipment.

What should I do if my business needs more coverage?

You can always update your coverage based on changes to your business when you need to increase coverage limits. Its wise for business owners to manage risks as the enterprise evolves proactively. Contacting your insurance agent periodically to review your coverage and discuss business model changes is the best approach to meet your coverage needs.

How do general liability and professional liability insurance differ from each other?

General liability insurance differs from professional liability insurance based on different types of risks. While general liability plans cover physical damage, a professional plan covers more abstract damage such as errors and omissions related to a service, e.g., a client claiming financial loss caused by a professional mistake you made. Professional insurance coverage is often bundled with a standard business owners policy (BOP).

Some money-saving tips on general liability coverage

The best way to lower business insurance payments is to reduce risks by creating a safer work environment rather than just cutting coverage. Here are other tips to help you save on general liability coverage:

• Use checklists to review workplace risks and have proper safety protocols in place
• Bundle your insurance policies if your provider offers a discount for buying multiple types of policies together
• Try to pay the full premium upfront if your provider gives a discount on advance payments
• Launch a safety training program for employees
• Purchase security cameras
• Establish a policy on how to use social media to avoid defamation lawsuits

Conclusion

Understanding general liability coverage helps businesses cut costs and get the right plan. Contact us here at Action Insurance Group to learn more about securing appropriate general liability insurance in Portland, OR. We can help customize your commercial liability insurance to fit your specific needs so you can spend more time focused on running your business.

How to Save Money Now (Before You Really Need It)

You've been meaning to save more money. It's been on your mind for a while. But now right now feels like the time to get serious.

To save a big chunk of cash before you really need it.

When it comes to saving money, small changes can add up quickly. Here are some of the best ways to save money right away.

Nerdy Tip

Interest rates are on the rise for savings accounts, thanks to the Federal Reserves actions this year.

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28 ways to save money

1. Automate transfers

By setting up automatic transfers from your checking account to your savings account each month, the money will accumulate over time without any additional work on your part. This technique can be especially useful when your savings accounts are dedicated to specific goals, such as establishing an emergency fund, going on a vacation or building a down payment.

You can also let apps like Digit or Qapital do some of the work for you. After you sign up, they'll transfer small amounts from your checking account to a separate savings account for you. That way, you dont have to spend time or energy thinking about making a transfer. You can learn more about apps that automate savings and decide if theyre a good fit for you.

2. Count your coins and bills

Another option is saving your change manually by setting it aside each night. After you have a sizable amount, you can deposit it directly into your savings and watch your account grow from there. In fact, when you want to watch your spending, its a good idea to use cash instead of credit cards because it can be harder to part with physical money. While this strategy doesnt build savings overnight, it's a solid approach for slow-and-steady savings growth.

3. Prep for grocery shopping

A little work before you go to the grocery store can go a long way toward helping you save money on groceries. Check your pantry and make a shopping list to avoid impulse buying something you don't need. Learn how to get coupons and join loyalty programs to maximize your savings as you shop. In exchange for sharing your phone number or email address, your local stores loyalty program might offer additional discounts.

If you use a cash-back credit card, you could earn extra cash back on grocery purchases. Some cards offer as much as 5% or 6% cash back, but youll want to be sure to pay off your bill each month to avoid paying interest and fees.

If you shop for groceries at a large retailer like Target, Amazon or Walmart, you can often find additional savings by downloading the stores app. And apps like Flipp help you sort through sales flyers and coupons from local stores when you enter your ZIP code.

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4. Minimize restaurant spending

One of the easiest expenses to cut when you want to save more is restaurant meals, since eating out tends to be pricier than cooking at home. If you do still want to eat at restaurants, try to reduce the frequency and take advantage of credit cards that reward restaurant spending.

You can also opt for appetizers or split an entree with your dining companion to save money when you eat out. Skipping drinks and dessert or indulging in both at home post-dinner can help stretch your budget as well.

5. Get discounts on entertainment

You can take advantage of free days at museums and national parks to save on entertainment costs. Your local community might offer free concerts and other in-person or virtual events; check your local calendar before splurging on pricey tickets to private events. You can also ask about discounts for older adults, students, military members or veterans, first responders and more.

6. Map out major purchases

You can save by timing your purchases of appliances, furniture, cars, electronics and more according to annual sale periods. Its also worth confirming a deal is actually a deal by tracking prices over time. You can let tools do this step for you; the Camelizer browser extension tracks prices on Amazon and can alert you of price drops. The Honey browser extension pulls in coupon codes and checks for lower prices elsewhere.

When you're shopping in person, make sure you get the best deal by using the ShopSavvy app. It lets you scan bar codes and alerts you of better prices elsewhere.

7. Restrict online shopping

You can make it more difficult to shop online to stop spending money on things you may not need. Instead of saving your billing information, opt to input your shipping address and credit card number each time you order. Youll probably make fewer impulse purchases because of the extra work involved. You may even consider deleting any shopping apps from your phone for the time being.

8. Delay purchases with the 30-day rule

One way to avoid overspending is to give yourself a cooling-off period between the time an item catches your eye and when you actually make the purchase. If youre shopping online, consider putting the item in your shopping cart and then walking away until youve had more time to think it over. (In some cases, you might even get a coupon code when the retailer notices you abandoned the cart.) If 30 days seems like too long to wait, you can try shorter periods like a 24- or 48-hour delay.

9. Get creative with gifts

You can save money with affordable gift ideas, like herb gardens and books, or go the do-it-yourself route. Baking cookies, creating art or preparing someone dinner can demonstrate that you care just as much as making an expensive purchase, and perhaps even more so. You can also shower someone with the gift of your time by offering to take them to a local (free) museum or other event.

To plan for costs, create a calendar for all the important gift-giving events for the year. Then create a savings bucket or "sinking fund" specifically for gifts, and buy the items during major sale periods like Independence Day, Labor Day or Black Friday.

10. Lower your car costs

Refinancing your auto loan and taking advantage of lower interest rates could save you considerably over the life of your loan. Shopping around for car insurance regularly can also help you cut costs compared with simply letting your current policy auto-renew. You can cut ongoing car maintenance costs by driving less, removing heavy items from your trunk and avoiding unnecessary rapid acceleration.

11. Reduce your gas usage

12. Bundle cable and internet

You could lower your cable bill by as much as $40 per month by downsizing your cable package. And you could save more than $1,000 over two years by bundling your cable and internet service, depending on your carrier. Another option to consider is cutting cable or at least cutting some of your additional streaming services or premium subscriptions.

13. Switch your cell phone plan

Changing your plan is one way to save money on your cell phone bill, but its not the only way. Signing up for autopay and paperless statements can save you an additional $5 to $10 per month, per line. Removing insurance from your plan could save you $80 to $300 per year, depending on your plan. We compared different cell phone plans to help you find the best match.

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14. Reduce your electric bill

Big and small changes in your energy usage can help you save hundreds annually on your electric bill. Consider plugging any insulation leaks in your home, using smart power strips, swapping in more energy-efficient appliances and switching to a smart thermostat. Even incremental drops in your monthly electricity usage can add up to big savings in the long term.

15. Lower your student loan payments

Enrolling in income-driven repayment could lower your monthly payments to a manageable level since the amount you pay is tied to your earnings. Other options include refinancing, enrolling in autopay to trigger a discount and making extra payments so you can unload the debt faster, which cuts the overall interest youll pay.

16. Cancel unnecessary subscriptions

You might be paying for subscriptions you no longer use or need. Reviewing your credit card or bank statement carefully can help you flag any recurring expenses you can eliminate. And avoid signing up for free trials that require payment information, or at least make a note or set a calendar reminder to cancel before the free period ends.

17. Refinance your mortgage

If youre able to snag a lower interest rate, refinancing your mortgage can save you several hundred dollars each month. Use our mortgage refinance calculator to find out how much you could save. While refinancing comes with some initial costs upfront, they can be recouped over time, once you start paying less each month.

18. Set savings goals

Set a specific but realistic goal. It may be save $5,000 in an individual retirement account this year or pay off my credit card debt faster.

19. Track spending

20. Pay off high-interest debt

Debt payments can be a huge burden on your overall budget. If you can pay off high-interest debt more quickly through extra payments using the snowball or avalanche methods, youll save on total interest paid and free yourself from that burden sooner. Then, start putting the money into savings instead. If you dont have disposable income to make extra payments, consider picking up a side hustle to make money to put toward your debt.

21. Keep savings in a high-yield savings account

As you work toward your financial goals, make sure to put your accumulating funds in a high-yield online savings account to maximize your money. Some of the best online accounts pay interest rates that are higher than the ones at large traditional banks.

22. Create a 50/30/20 budget

One smart way to manage your money and hopefully hold on to more of it is to follow a budget, which means setting priorities for your spending.

At NerdWallet, we recommend the 50/30/20 budget for money management. This approach means devoting 50% of your after-tax income to necessities, 30% to wants and 20% to savings and any debt payments. If one of your allocations exceeds these percentages, you can make some adjustments elsewhere.

23. Shop consignment and thrift stores

Shopping at thrift or consignment stores is a way to save money. Consignment stores sell items for you, giving you a cut of the money, whereas at thrift stores you shop used items. Platforms like ThredUp, an online consignment and thrift store, do both. You can buy used clothes as well as donate old clothes you dont want and earn money or shopping credits.

Whether buying at a consignment or thrift store, compare prices to ensure youre getting a reasonable discount.

Consider buying hobby supplies at a thrift store. That way, if you decide you want to drop the hobby, you havent spent tons on equipment.

24. Join initiatives to get free items

Initiatives like The Freecycle Network and Buy Nothing groups make it possible to get items you need for free. You can exchange items locally for free with the goal of reducing waste and helping the environment. If you're looking for free clothing, check out community swap events.

25. Use car sharing services

If you need to rent a car, consider nontraditional car-sharing services like Turo or Getaround. Look at these services as the Airbnbs of cars. Do your homework to see if car-sharing services work out cheaper than large, well-known rental services. If you dont drive much because you work remotely or just choose not to have a car, you may also find using car-sharing services works out cheaper than owning a car or using taxis.

26. Stock up on household supplies when theyre cheap

It can feel like youre constantly buying items like dishwashing soap, paper towels or toiletries. Track your inventory of household supplies and consider buying these items in bulk when theyre on sale. It may work out cheaper than rushing to buy them last-minute when theyre selling at full price. Amazons Subscribe & Save program can also be a way to get regular shipments of household supplies at a discount.

27. Enjoy community events

Getting out and having new experiences can be expensive. Find low-cost or free events in your community by checking listings at libraries, churches and websites like Eventbrite. Or enter your city and "events" in a search engine to find some things to do.

Community events can be an inexpensive way to keep kids engaged and spend quality time together. For outdoor events, pack snacks and water to minimize the amount you spend on food.

28. Cash in on your birthday

Once a year, set aside extra money by getting freebies and discounts on your birthday. You could get free food or rewards to redeem on clothing purchases. We compiled a list of dozens of companies that offer birthday freebies.

Frequently asked questions

How much should I save each month?

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the right amount of savings for you.

How can I save money fast?

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about making your money work harder for you.

How can I build an emergency fund?

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about how to build an emergency fund of your own.

How much should I save each month?

Saving from 10% to 20% of your paycheck is a solid goal, but the details can get more complicated. Learn how to determine the

right amount of savings for you

.

How can I save money fast?

Saving money more quickly often starts with making sure your money is working for you by placing it in a high-yield savings account. Learn more about

making your money work harder for you

.

How can I build an emergency fund?

An emergency fund can be there for you when you face an unexpected cost or income loss. Building one starts with setting a savings goal and working toward it. Get more ideas about

how to build an emergency fund

of your own.