General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Why do Vehicle Leasing businesses need insurance?
This industry consists of companies that lease passenger cars. Drivers are not provided.
Insurance is important as it can save your vehicle leasing business from financial catastrophe if something goes wrong - and anything can go wrong. Insurance powers your growth by securing your income when an unforeseen incident happens. It handles the costly lawsuits, pays for the damaged vehicle from an accident, complies with the state laws and, more importantly, helps your business to get more clients.
What risks does your Vehicle Leasing business face?
Below are some common risks your vehicle leasing business can face:
A customer claims that the vehicle you leased them is faulty and has caused them to pay a great amount for the repairs of the vehicle. They want to get their money back so they sue your business for the costs.
A storm has struck your place and causes heavier floods than what your area normally has. This causes most of the vehicles in your showroom to get flooded.
How much does insurance for your Vehicle Leasing business cost?
The cost of insurance for vehicle leasing varies. The cost mostly relies on the size of your business, the services you offer, and the number of employees you have. Without taking any of these into account, below is the average cost of insurance for your business: