Archive for June, 2009
Friday, June 26th, 2009
by Caressa Waechter
So you have your new organization’s name, employees, and legal aspects completed and official. You have your office space in a great spot. Now all you need to do is get some small business insurance and you’re ready to go!
You will want insurance so you can pay for protection from certain accidents rather than have to go bankrupt because you waited until something does happen. You have insurance on your house, right? How is your business any different? You don’t want to lose it. Go out first thing and get a good insurance agent to work with you. They will most likely find you a package deal that has everything you will need. Make sure they have a good reputation, though.
You should check first on available property coverage. This will protect your building if you own it. If not, your landlord will have the policy. Also able to be added to the structure policy is personal furniture, equipment, software, etc. In short, most anything you own can be covered. If you live in an area prone to either floods or earthquake, that can also be factored in. Liability policies will protect you from damages and lawsuits coming from fires caused by negligence. It also covers things like malpractice suits and general injuries.
You will also need certain types of insurance geared towards your employees. If you have people working for you, worker’s compensation is required by law. This is as much for your protection as theirs. It will cover any medical bills if an employee is hurt on the job. Having good health insurance available is priceless in attracting good people to work for you. This is because it’s normally so difficult to find coverage outside work.
Floods, fires, lawsuits, and many other things can ruin a company. Small business insurance is extremely important to protect your investment. Don’t hesitate to find a reputable agent and buy a custom structured policy.
Tags: business insurance, entrepreneur insurance, home business insurance, home insurance, liability insurance, small business insurance
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Friday, June 26th, 2009
by Caressa Waechter
Unfortunately everyone makes mistakes. So for this reason to protect businesses and the people who work in these businesses, errors and omissions insurance is available as part of your business insurance portfolio.
Errors and omissions insurance is also referred to as E & O insurance or malpractice insurance. Professionals who may benefit from E & O insurance include doctors, dentist, chiropractors or real estate agents. E & O insurance should be included in a businesses portfolio at the earliest stage possible. E & O Insurance will cover the business and the individual if a case comes to court.
All professionals need to consider this coverage. If you provide work for a client that can suffer if you make an error or omission, then this insurance is for you.
E & O policies can be written in two forms, claims made or claims made and reported. These claims have a retroactive date, meaning that claims made on an event that happened before the policy date will not be covered. Each practice or agency is completely different, therefore requiring different E & O insurance. A doctor would need different inclusions in their policies compared to a Real Estate agent. The insurance industry is a very competitive field and a business needs to make sure that the insurance company has the practice’s best interests in mind and will be able to cover them fully.
When applying for errors and omissions insurance, the client will need to provide certain documentation to an Insurance Underwriter who will be able to judge the level of coverage required for that particular business. This documentation may include the company’s quality control procedures.
A business owner needs to work with their insurance underwriter so that they are offered the best priced policy that will cover them if an incident was to occur. When an errors and omissions insurance policy is put into place a business needs to make sure that they keep their business running well, to make sure their procedures are all in place and that all employees understand these procedures. With this insurance policy in place the business does not want to lower their standards as the threat of a malpractice claim could put the business and individuals into bankruptcy or the business may have to close down.
Tags: business insurance, entrepreneur insurance, home business insurance, home insurance, liability insurance, small business insurance
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Friday, June 26th, 2009
by Joseph Welusz
You will never know how much insurance coverage you will need until you need it, so it’s better to be safe than sorry. First let’s take a look at what Auto Insurance Liability covers. There are two parts to your liability coverage the first is bodily injury liability and the second is property damage liability.
Bodily Injury liability includes the injury that are suffered due to on automobile accidents.
1. First Aid at the Accident
2. Medical bills due to injuries
3. Compensation for loss of income
4. Death benefits
5. Lawyer Fees
Property Damage Liability covers the damage that is sustained in an accident:
1. Structural damage to homes, storefronts, etc.
2. Money to fix or replace other non-moving objects
3. Vehicle repair or replacement costs
So, what coverage limit are right for you? Every state compiles there minimum guidelines individually. 15,000/30,000/15,000 is the minimal norm but that may vary from state to state so check your state guidelines. You might have noticed that there are three coverage figures and not two. This is because bodily injury liability usually comes in a split limit unless you request a single limit of coverage.
Split Limits: Then if you decided to have split limit coverage the 15,000 from the paragraph above misrepresenting individual coverage for injuries incurred during an accident. While the 30,000 is the total for injuries that incurred for the entire accident with a separate 15,000 for property damages. If you had chosen a single limit of coverage there is only one limit to be divided however need up to the maximum chosen for bodily injury.
The number that always ends your liability coverage is your property damage limit in the above example it is represented by $15,000.
You have probably realized the disadvantage of carrying stat minimum limits 15,000/30,000/15,000. With the price of cars rising and the already high costs of property around the country it makes sense to have more than the 15,000 for property damage. With medical expenses at there highest ever it only makes sense to raise your bodily injury limits as well.
The most common amount of coverage around the country is split limit of 100,000/300,000/50,000 but you might want to consider even higher limits. The cost to raise liability from 15,000/30,000/15,000 to 100,000/300,000/100,000 or even higher shouldn’t cost more than a couple of hundreds of dollars per year. I’ll personally spend a little more now to save thousands later just in case I was sued for expenses costing more than my coverage limits.
About the Author:
The preceding article was written by licensed insurance agent Joseph Welusz who provides
Free Insurance Quotes. He writes intriguing articles on various insurance topics for QuoteMatcher.com. Prior to getting
Insurance Quotes on the web visit Joe’s site for free money saving insurance tips.
Tags: auto, auto insurance, automobile, car, car insurance, compare insurance, Finance, free, free insurance quotes, home insurance, homeowners insurance, Insurance, insurance quotes
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Thursday, June 25th, 2009
by Michael M. Callender
How much you pay for your mortgage insurance premiums will hinge largely on three factors. Even with the same policy, the premiums can be different based on how large the mortgage is, how old the insured is, and whether it is a smoker.
Whether it is mortgage life insurance (insurance to pay off your home in the event of your death) or mortgage disability insurance (insurance that will pay your mortgage if you are unable to work because of a disabling illness or accident we are talking about, the factors that determine the premium are the same.
As in most insurance policies, the health and age of the insured have the most impact since it determines the actual chance the policy will have to be paid. There are policies that will not need that the health of the insured be certified by an examination. Just because a physical is not needed, don’t think you can hide a serious health condition or the fact that you are a smoker. Many smokers think they can hide this fact and keep the premium lower, and believe the insurance companies won’t know. They will know, and if you have made false statements on the application, you may jeopardize the entire policy.
Recognizing this limitation, many companies now offer Regular (for smokers) and Non-tobacco, which is for applicants who do not currently use tobacco or have not used it within the prior twelve months period. Of course, a smoker’s risk is already calculated into that policy.
It also has to be realized that any policy that does not have a health screening will have an automatic cost built in to cover additional risk. Anyone who has exceptional health should think about getting a physical examination, since the premiums will be much lower.
Age and health are such important oarts of the calculations that a 50 year old with 18 years left on his $210,000 loan will pay more than twice as much as a 38 year old with the same conditions. Reducing the principal on the mortgage changes the premium by a few dollars, so it is easy to see that the actuarial tables are what drives this pricing. That age has the biggest impact should not be a surprise; the insurance increases its collection period and decreases its payout period.
The mortgage figure has an affect at a certain level, however. Prior to the $250,000 threshold, however, there is not a big impact on prices. But once the value of the home that is insured starts to go up, the insurer will require a complete application and an individualized quote, and of course, the property itself will need to be assessed.
Tags: home, Insurance, Life Insurance, mortgage, mortgage life insurance, property insurance, real estate
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Tuesday, June 23rd, 2009
by Amy Nutt
Car insurance is necessary for every person who owns and drives a vehicle. In just about every jurisdiction, the law requires that you own auto insurance. It protects both you and other drivers from loss that may arise due to the negligence or actions of others.
Some people believe that price is the most important factor when considering car insurance. Although the price of the policy is an important factor, it is not necessarily the most important factor. What you pay as a rate is based on the risk assessment that the insurance company performs during underwriting. The assessment involves a process of evaluating you as a driver and making a determination of the probability that you will cause a loss.
Insurance is a contract of indemnity. What this means is its purpose is to indemnify, or restore you to your original value at the time of loss. The principle of indemnity means that the policy covers the insurable interest you have as policy owner, namely the vehicle you drive. Without this insurable interest, there would be nothing to insure. For example, a person that is involved in an automobile accident who is in no way related to you does not create a situation where you are exposed to loss. Therefore, no insurable interest exists and there is no need for insurance.
Based on the concept of indemnity and risk assessment, the insurance company wants to know some things about you. How old are you? What is your driving record? What are your driving habits? How far and how often do you travel by car? All of these factors, as well as others are important for the insurer to consider as they consider your premium rate. They are also the most common rating factors used to calculate your premium.
Insurance companies employ actuaries whose job it is to mathematically determine the probability of loss. Another concept regarding insurance is that it is an aleatory contract. This word is derived from a Latin word ‘aleator’ which literally means ‘dice thrower’ or ‘chance.’ This means that your premium is a hedge against a probability or the chance that a loss may occur. It also means that if that loss occurs, as long as you have met all of the conditions of the contract, the insurance company must pay the claim.
The more times that you are exposed to loss, the higher the chance that loss will occur. It is like determining the likelihood of drawing a queen out of a standard deck of 52 cards, which is a 1 in 13 or 8% chance. If you were going to draw a queen out of a deck of two cards, that probability jumps to 50% or 1 in 2. The greater the probability of something happening, the less ideal it becomes as an insurable risk. The more you drive, the longer you drive, coupled with having a lot of speeding tickets indicates that you are a larger risk to the insurance company – a 1 in 2 as oppose to a 1 in 13 – and will be charged more premium. There are other factors that go into premium calculation, but understanding loss exposure gives you an ideal as to why an insurance company charges what it does.
Tags: a, auto, automobile;truck, business, c, car, car insurance, e, F, family, Finance, h, home, home insurance, i, Insurance, l, legal, life, n, o, p, params, personal, r, roadside assistance, s, society, v, variables
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Monday, June 22nd, 2009
by Matt Hellstrom
The best way to adequately protect vehicles dedicated for business or commercial use is to buy commercial vehicle insurance for every vehicle in this category. The insurance is meant to cover damage and losses in the event of fire, accident, or traffic incident.
The prospect of obtaining commerical vehicle insurance can be daunting, but there are numerous options available to cover most contingencies. Needless to say, some locations are at higher risk for loss or damage, but any proposal for insurance coverage should define what factors are taken into consideration.
For businesses that are involved in principally conveying goods or transporting people, commercial vehicle insurance for carriers is imperative. Getting professional guidance for insurance on this type of business is essential to protect not only your assets, but to guard against unforeseen issues that give rise to claims for loss or damage.
There are some factors you need to establish to make an informed decision when purchasing commercial vehicle insurance. You’ll need to determine what the vehicle is to be used for. Is it for transporting only goods? Does it include delivery of packages of some sort? Who handles the driving? Is it the owner or an employee hired for that purpose?
If it is goods, are they industrial goods like flammables? Is it a truck used for local and long haul? If not, is it for local transportation like a courier service? Does it have attached to it heavy equipment like cranes and towing vans? This information must be adequately set forth and explained.
An insurance policy for commercial vehicle can also include bodily injury and liability, medical payments for treatment of those injured in the incident. A more comprehensive coverage also exists which extends it to include damages due to theft, breakages, property damage and fire incidents.
By going for commercial vehicle insurance, you’re not only protecting yourself from claims for personal injury or property damage, you protect your business as well, Seek professional advice for your insurance needs and purchase the type of insurance appropriate to your business and you’ll sleep better at night.
Tags: auto insurance, automobiles, autos, car insurance, cars, family, Finance, home, home insurance, Insurance, motorcycles, online auto insurance, online car insurance, product reviews, vehicles
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Friday, June 19th, 2009
by Matt Peters
Construction site security has become one of the major considerations of clients now, when choosing their contractors. Even the simplest of alarm systems can help in the decision-making process for most customers.
To be able to compete in the industry, contractors must offer better incentives to gain more business. It’s like selling a car; if you sell it with a car alarm, the chances will be greater that you will make a sale.
What Can be Offered?
There are different home security system products for contractors to offer their future homeowner customers. Aside from the usual alarm system that can be installed in a home, contractors can also offer to hard-wire the home ahead of time just in case the homeowner would like to install a hard-wired system in the future. This means installing all the needed cables that run through the walls and parts of the ceiling.
This helps the contractor save time and effort by returning at a later time and open up walls just to install the wiring. All the customer has to do in the future is buy all the components for a hard-wired system (which may include motion sensors and cameras) and he or she can install it themselves or opt for the same contractors to help in the installation process. In any event, it will be easier to set up since all the cables were built in with the construction of the house.
While construction is going on, the contractor may offer the components to be installed. This might raise the cost of the house slightly and much discussion and negotiation will probably take place. Less expensive home security options can also be offered, such as electronic door locks or pre-set silent alarms. With these security options, contractors stand the chance of getting a bigger profit.
Repeat Business
Home security system products for contractors to offer to homeowners is a good way to keep customers satisfied and to promote repeat business. If a contractor shows dedication and concern by offering home security options and also gives a good price for alarms, cameras, etc. then this will translate to more business transactions between the contractor and the same homeowners. Their services might also be referred to other people seeking to have homes built with security already in the package.
As mentioned above, there are various home security products to choose from, based on the customer’s needs. This is just as well because they can attract more profit into their business if they start to compete with home security shops who only offer one kind of service.
Having home security products while construction is being done gives peace of mind to the client. If you are a contractor who is looking to step up the game just a notch, then offer home security system products to your present and future customers.
Tags: family, home accessories, home improvement, home security, home security system, home security system products for contractors, Insurance, property insurance, real estate, wireless home security system
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Wednesday, June 17th, 2009
by Michelle C. Forshee
There is a lot to consider about when you purchase a house. In an instant, you are responsible for an asset probably worth hundreds of thousands of dollars. You have probably already started considered protecting it via mortgage life insurance.
This is a great protection for your family in the case of your death, but in the more likely instance of your disability, neither you nor your family will be protected.
The first place to begin to look for a disability insurance policy is an insurance broker. This professional will do a complete analysis of your income and housing needs; don’t forget that your home loan is only a part of the whole cost of living in your home.
Even if you already possess disability insurance from a government program or from your place of work, this is normally based on a “maximum qualifying” debt to income ratio of 36 to 50. This means that the entirety of your debt, not just your home related debt, should be included. This can mean car payment, your credit cards, your other insurance policies, etc. Your disability policy will be unlikely to cover all of those costs and your mortgage expenses as well.
Make sure you are clear on the basics before you go shopping for mortgage disability insurance, such as what the benefit period is, how long the elimination period is and what riders are available.
The benefit period is the how long the benefit will be paid. In most policies, the benefit period extends to age 65, but if you can shorten it because you can count on some supplementary income before then, you can save a lot of money. For example, if your spouse starts to collect retirement benefits before then, or if you can start taking out your own retirement benefits without penalty.
The next area of interest is the elimination period, how long your disability must exist before you can collect. Needless to say, the longer the waiting period, the less the premiums. If you have saved for a rainy day, this may be it, and you can save a lot of premium costs if you have these funds to cover you for a period of time.
A rider is an added coverage that you may choose to add onto your policy. One of the most common is an inflation rider, that increases the amount of the benefit as the cost of living goes up.
understanding all of these options can be difficult, but it is important to be conscious of what exists. This is the only way you can choose the right policy for you.
Tags: a, advice, b, business;finance, d, e, F, fianance, Finance, h, home, i, Insurance, Life Insurance, m, mortgage, mortgage life insurance, o, property insurance, r, real estate
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Wednesday, June 17th, 2009
by A Nutt
Employer’s liability insurance comes in three different types. There is general liability, property insurance and worker’s compensation insurance.
General Liability If you have a policy for general comprehensive liability insurance, it covers you against anyone physically injury themselves or causing damage to property while on your business site.
This type of coverage is often purchased in company with property insurance (see below) for a more complete protection against any type of accident at the place where you usually operate your business or carry out business functions.
Professional Liability For some business such as retail or food services, comprehensive liability coverage is likely enough. However, professional liability coverage is vital for many, including engineers, consultants, medical professionals and accountants.
Professional liability coverage protects a professional against claims of negligence or incompetence.
Sometimes this type of insurances is called ‘errors and omissions’ coverage, since it protects a businessperson in the case of a mistake or incompetence in carrying out his or her professional duties.
This type of coverage is vital for a professional. Claims for negligence or other omissions can be much larger than general liability claims, as evidenced by medial malpractice suits.
Property Insurance Just as a homeowner must have basic property insurance, so too must a business. This kind of coverage is usually very straightforward.
With property insurance, your business is protected against theft or accident or any other loss of your business property. This coverage is in effect even if the equipment is not at your place of business when it is lost, damaged, or stolen.
Again, property insurance is similar to homeowners in that it covers in the case of fire or other disaster. You need to read your policy carefully to determine if it covers any flooding. That type of disaster is often excluded from coverage, as is water damage from sewer backup. Know your policy and add a rider if you think it is important to do so.
Usually property insurance is packaged with general liability insurance in a single package at a basic rate.
Worker’s Compensation Insurance Worker’s compensation insurance is an employer’s liability insurance that provides coverage for medical or disability claims by employees.
If an employee has an accident or a job related illness, they will file a claim under worker’s compensation.
Each state mandates that businesses with even one employee provide this coverage, and most have pools to help small businesses cope with the expense. It can be expensive to own a policy, particularly if a former employee or employee has a claim.
The amount of a company’s premium is based on a formula calculation. The formula takes into account the services offered by your company and the payroll each pay period.
Requirements vary for each state regarding how much you need to pay into the fund. Make the assumption that you will need to pay for each employee in your business, even though there are times that you as the owner and members of your family are exempted from workers comp insurance.
Depending on your state, you may be able to shop around for the best rates and service.
About the Author:
Full service insurance brokerage offers corporate and personal solutions. When looking for the best protection and information on Home Insurance,
Car insurance in Ajax, Health insurance, Commercial Insurance,
Life Insurance in Ajax options.
Tags: a, Ajax, b, business, business;finance, c, car, car insurance, e, F, family, Finance, h, health, health insurance, home, home insurance, i, Insurance, j, l, liability, life, Life Insurance, n, o
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Tuesday, June 16th, 2009
by Ethan Kalvin
With money being the main stresses in everyone’s lives, there are the concerns about what to forgo and living a frugal life. So some this means giving up extravagant vacations, meals out at restaurants, and shopping sprees. For others it means cutting back on grocery spending and maybe even the amount spent on their insurance premiums each month.
There is a different mentality between wealthier people and those with less money. Wealthier people believe in insurance as a key to their financial security even in times of financial crisis, however the more impoverished see insurance as a luxury; a monthly expense that when compared to food, clothing and shelter, is just flat out unnecessary. This misconception can be very costly.
Insurance should not be considered and extra, instead it should be looked at as an important part of keeping themselves and there family’s safe. Without insurance you may be leaving a bigger hole in your families financial security should a medical situation arise.
Many times, the individuals who believe that there is no need for health insurance, have little to nothing. Realistically these are the individuals who need the insurance the most. Insurance coverage, like health insurance, can cover many unforeseen circumstances. If you become ill and pass away your insurance plan pays all your medical bills leaving your family free of the responsibility. Also, what if your home burns down, will you be able to afford to go and buy a new one right away, could you replace every item in your home? Most likely the answer is no, this is where insurance plays a crucial role in everyone’s life.
To sum up, insurance coverage, such as life, health, car and homeowners policies, are there to protect all that you have accumulated including you family. Please do not over look the importance of this monthly expense. It is better to eat noodles ever night then to not be insured.
About the Author:
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