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Finance and Law Insurance

Choose A Term Life Insurance Which You Can Afford

Life insurance is a requisite in today’s time. However, it is more important to have an affordable insurance. People sometimes take up policies just to make sure that their family gets the money after their death. They take up plans which have high premiums with a thought that higher the premium, higher will be the payback. Such insurance becomes a burden which he/she keeps dragging.

term life insurance

Finding Suitable Insurance Helps

Everybody has different requirements and expectations when they opt for a life insurance. The biggest mistake a person does while deciding a plan is that he does not calculate his expenses. Thus, it is advisable that you follow following steps to avoid making the wrong decision.

  • A person has some expenses which cannot be neglected and have to be paid every month. Calculate all the payments you need to make. This will include the smallest possible transaction so that you have a realistic figure with you.
  • One must always remember that life insurance is not a saving. Therefore, you must pay the premium after you save some money for the future and for emergencies.
  • Sometimes a person thinks that he/she will reduce his expenses in the future and thus takes up an expensive insurance plan. However, the reality is that if you get into false predictions and fail, you might get into problem. Therefore, aim high, but then be realistic. Move slowly and steadily.

However, premiums are not the only concern when you want to have an affordable insurance. You also need to consider the duration for which you wish to take the insurance. The insurance companies offer a range of policies with different timeframes but then it is you who need to know what you actually you expect of the insurance policy.

Types of Insurance Based on Duration

  • Decreasing term policy: This is believed to be the cheapest option you can go for. But it has certain conditions. According to this policy, a company is only liable to pay your debts to the bank or mortgage companies if you die during the term of the insurance. Here, your family will own the property which would have been sealed otherwise.
  • Increasing premium policy: This insurance is a yearly policy which can be renewed. However, it becomes expensive with time as the premium keeps increasing yearly. This is the best option if you are looking for insurance with short duration.
  • 5-year and 10-year insurance: These policies are valid and give a death benefit within the respective definite time period. These are a bit expensive than the options stated above, but then still the premiums are not very high if you study all available options and figure out the best one.
  • 20-year and 30-year Insurance: These are used mostly by business men. However, these are most expensive amongst available options though still affordable due to flexible plans.

With the right mix of duration and estimates, you can easily find the most affordable term life insurance which will help you protect the future of your family in case you are no longer there.

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Cars Insurance

Four Tips For Choosing The Right Auto Insurance Company

If you’re in the market for car insurance, you’ve probably already heard the standard tips of comparing quotes and checking their service record on impartial sites. But what advice are you missing? What other steps can you take to ensure that you’re getting the best possible protection for you and your family? Here are four tips for choosing the right auto insurance company that you may not have heard before.

Auto Insurance

1: Protect Yourself In Case of Corporate Bankruptcy

What happens to your insurance policy if the company goes out of business? You might think they’re too big and successful for such an event to come to pass, but people trust their banks, too, and failed financial institutions have cost the U.S. over $1 billion since the year 2000. Look for an insurance company covered by the state’s guaranty fund: If something unthinkable happens to their brand, the fund will still pay your claims.

2: Ask About The Company’s OEM Policy

If you get into an accident serious enough to require extensive repairs, you have the choice of replacing your parts with either OEM (original equipment manufacturer) or aftermarket parts. Some insurance companies will only cover the cost of aftermarket parts because they’re so much cheaper than the originals, but OEM parts are often required to maintain your car’s resell value. So ask your insurers where they fall on the spectrum.

3: Look Into Gap Insurance

In the event of an accident or natural disaster, gap insurance exists to cover the difference between what the insurance company offers to pay and what you still owe on your car. For example, if your insurers will only pay $28,000 for a totaled car that originally cost you $30,000, and you still owed $5000 before it was fully paid off, that’s $7000 that you’ll be expected to cover. If you don’t want to eat large out-of-pocket costs because of your insurance company’s arbitrary limits, make sure you have gap coverage.

4: Pay Attention To Location

Because there are no national laws regarding auto insurance, premium costs tend to fluctuate depending on location, state requirements, et cetera. They can also change just by county: For example, if you’re living in South Caroline, the same insurance agency in Charleston might charge something different to your cousins living in Columbia. When choosing an auto insurance provider, never base your decision on the prices you’re quoted on the website or through an e-mail. Get on the phone and discover what they’re going to charge you specifically.

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Insurance

Some Of The Best Known Insurance Companies For Your iPhone 5

If you have accounts with banks, it may get easier for you to obtain insurance for your iPhone. You will simply be required to discuss the situation with the bank, in order to know about the possibilities or the options available. You can also check all other details from the insurance based websites. There are various UK based insurance companies that provide insurance online. You will simply be required to check out the comparison chart, in order to make sure which policy would be best for you. PYB is one of the leading insurance service provider in UK, you may check the details of their services at Protect Your Bubble iPhone 5 insurance.

iPhone 5

Best policies for the iPhone

It may be an option for you to get the insurance for your iPhone free of cost, with the topmost banks. However, that is not an option for one and all, and so you may have to check out other options too. Some of the best known bank based policies for your iPhone are available with:

Nationwide FlexPlus – For a Nationwide FlexPlus account, you will be charged £10 every month for a selection of perks against various kinds of coverage, including that of the mobile insurance policy. It is best known for its great customer service features. In case of the savings accounts too, it beats others by paying 3% AER as the credit interest against balances amounting up to £2,500. So, if you buy iPhone insurance with it, you will be able to obtain coverage for the repairs and also for replacement in case of loss or damage or theft. This coverage can amount to a value of £1,000 against every phone. The greatest thing about this iPhone insurance is that it provides coverage on all phones which are owned by people belonging to the family. However, these people will have to live with you in order to enjoy the benefits of the policy.

Barclays – You can get insurance for your iPhone with the Barclays too. The cost of the insurance on an annual basis is £90. In general, only one iPhone can be covered under this policy. However if you have joint account, you can get both of the phones of the holders covered through the insurance policy offered by the Barclays. Standard excess available for the iPhones is £100 and the amount for maximum claim on mobiles is £1000.

Halifax – Like that of Barclays, Halifax too offers insurance for your iPhone. In this case, the annual cost for the iPhone is £180. In this case too, you can get a single iPhone covered through the policy. Again in case of joint holders, you can get coverage for two phones at the same time. Furthermore, just like Barclays, you can get £100 in standard excess for your iPhone under the policy offered by Halifax. On the other hand, the maximum claim for the mobiles is £2000.

Lloyds – The cost of the policy available with Lloyds is a bit less than that of the one offered by Halifax, but is still more than Barclays (on the annual basis). As for Lloyd, the annual cost for the iPhone is £119. Again the phone coverage option is same as that of Barclays or Halifax. A single iPhone covered under this policy. If you have a joint holder, that person’s iPhone can be insured or covered too by the policy. The standard excess is same as that of Barclays which is £100 and the maximum claim amount available for the mobiles is £2000 like that of Halifax.

Other than these, there also are various other insurance agencies which offer policies for your iPhone 5. Some of these are the traditional ones and some the online ones in UK.

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Insurance

Is Private Mortgage Insurance Really Necessary?

When lending money every institution except those who help consumers get easy cash online wants some kind of collateral, which can be used to secure the loan and claimed or even liquidated in case the customer fails to pay the taken money back.

Properties are usually secured by “equity”, which is the margin between the loan amount and the property value. If a 50000 USD loan is secured by a 100000 USD house, for instance, there is plenty of equity and the lender has enough security. The house can be claimed in a foreclosure if the monthly payment does not come in.

If the equity is not so substantial, the lender has certain problems. Sometimes the house taken in foreclosure does not match the sum owed on the mortgage, and then the lender has to bear costs connected with juridical procedures, owing home for a while and broker’s fee to resell the house.

Private Mortgage Insurance

There is a solution to all this, its PMI – Private Mortgage Insurance. As a rule if the amount of a loan is more than 80 percent of the house value, the customer has to insure his ability to make payments. In case he fails to pay the insurer will pay it off for the client.

PMI used to be required on the part of the buyers, who did not have 20 percent to put down. There is a certain formula to determine the rates: it’s loan amount multiplied by 0.005. Therefore $80,000 balance requires annual $400 PMI, divided into monthly payments of $33.

As 20 percent of home sale price is rather a big sum of money, most customers in real estate market need PMI. But if the principle balance drops below 80 percent of the house value, the lender is obliged to inform the clients and cancel the requirement of Private Mortgage Insurance. Usually it happens in several years after the deal.

In the past decade the lending companies helped the borrowers to avoid the PMI requirement, because the lending standards were of loser model. The customers who lacked a 20 percent payment were allowed to apply for a “second” loan to make up the difference.

A homebuyer with a 10 percent down payment could, for example, take a loan for 80 percent of the house price and another one for 10 percent, which he lacks. The loan for the 10 percent has higher interest rate as it’s more risky for the lender, because he is in junior position to the first lender who is able to foreclose the house. In such a pattern there is no PMI, and the buyer has the advantage of tax deductible interest rate on the second loan, in contrast to PMI.

There was one more option in earlier days: on the condition you pay 0.75-1 percent more interest on your first-position note the lenders agreed to waive the PMI requirement. Such condition may seem attractive, but if to look at it carefully, you may notice that there is a possibility to stick in a 10-year time warp.

However financial tricks have gone to the past and nowadays very few lenders have much cash to put into second-position loans.

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Insurance

The Differences in Medical Insurance Accounts – HSA, MRA, FSA

Choosing the medical insurance account that will meet you and your family’s needs can be a confusing process. In fact, the only thing that Health Savings Accounts, Health Reimbursement Accounts and Flexible Spending Accounts all have in common is that they can reduce the amount of money an account holder has to pay out of pocket. By making sense of the rules for each account and assessing each plan’s advantages and drawbacks, it becomes easier to decide which is right for you.

Health Savings Account

image

With a health savings account, you are the account holder. This means that even if you change jobs, change health plans, or retire, you can take the account with you. Although anyone can contribute to your HSA, employers are often the primary contributors. One of the most attractive aspects of a Health Savings Account (HSA) is that there are tax advantages. An employer will take money from your paycheck pre-tax and put it in the HSA. This means that in the long run, you have access to more money because a portion of it is not taxed. And if you do not use all the money within a year, that is okay. With an HSA, unused money rolls over to the next year’s plan. As of 2013, the contribution limit for singles is $3250; for a family it is $6450. No matter the source, all contributions go toward the annual maximum.

In order to have an HSA, you must be part of a high deductible health plan (HDHP) with your insurance. An HDHP requires that you pay a larger amount of money upfront before your health coverage can be accessed. Even though the deductible is higher than most deductibles, there are a few advantages to this:

–          Higher deductibles mean lower monthly premiums. If you do not have a history of visiting the doctor a lot, you will rarely need to pay deductibles and monthly payments are relatively low.

–          You can use your HSA funds to pay the deductible. Having an HSA fund solely to pay for the required high deductible may seem counterintuitive. But remember, if your employer is the main contributor, the money has not been taxed and therefore you have more money than if you did not have the HSA.

How it works:

If an employer deposits money into your HSA, they must give an equal amount to each employee, so as to not discriminate. The only exception is that it is okay if they deposit one amount into full-time employees’ accounts and another amount into part-time employees’ accounts. Meanwhile, because you are the account holder, anyone who happens to want to contribute to your HSA is allowed. The great thing about this is that this is the only medical insurance account option that can earn interest. After the account reaches a minimum balance requirement (usually $2000), you can make investments similar to IRA investments. (To learn more about HSA investing, visit this website.) After you turn 65, you can withdraw the funds without penalty. But if you withdraw for non-qualified medical expenses, the withdrawals will be subject to the income tax.

Besides paying for deductibles, HSAs cover a variety of medical expenses. These medical expenses can cover the account holder, spouse, and dependents. Qualified medical expenses usually include copays, vision and hearing care, dental care, prescription drugs, and medical equipment. Over the counter drugs are not covered by HSAs. Using your HSA for qualified medical expenses is tax free; nonqualified expenses are taxed and penalized.

Medical Reimbursement Arrangement

MRAs (also known as HRAs) is an account for employees or retirees where employers reimburse employees for their out-of-pocket expenses.  Like the HSA, the HRA can cover deductibles, copayments, and qualified medical expenses. Also like the HSA, leftover money can roll to the next year’s plan. Unlike the HSA, only the employer can contribute to the account and the employer is the account holder. This means that if you change jobs or retire, the arrangement is void. And because the reimbursements are only made once transactions have occurred and have been reported, there is no option of earning interest.

How it works:

Unlike the HRA, the MRA cannot be funded through non-taxed salary deductions. Instead, employers will pay taxed salaries, and then set an annual limit of expenses that they are willing to reimburse. They will arrange a qualified plan that must be described in an HRA document. This plan will include definitions of what the funds can be used for and the procedure for getting reimbursed.

Employers find this option attractive, as the reimbursements themselves are tax deductible. Employers also know exactly what the maximum expense will be, so they are able to have a more solid plan. Employees are attracted to the MRA because deductibles are relatively low. For somebody who may need to get medical attention often, this is a great option.

Although people who are self-employed cannot have an MRA, if they can hire a spouse and prove that the spouse is legitimately working for the business, the spouse can get an HRA. The business owner can then benefit from the HRA.

Flexible Spending Account

Flexible spending accounts most distinguished attributes are both similar and different from those of HSAs. Like the HSA, money is taken from your paycheck pre-tax and put into an account. Unlike the HSA, money that is not used after the year-plan is not allowed to be used the next year. Also, you cannot take the funds with you if you change jobs or retire. Instead, unused money will go back to the employer, even though the employee is the account owner. Like the MRA, the FSA has an annual contribution limit that is designed by the employer (though it cannot exceed $2500 for each spouse) and there is no potential for earning interest. However, if you have multiple employers, you can have an FSA with up to $2500 per employer.

How it works:

FSAs are a type of cafeteria plan; you can choose which benefits will best suit you. These can range from medical benefits, to paying for an employee’s dependents medical or childcare. Like the other two medical insurance accounts, FSAs have a list of qualified medical expenses. Most commonly, the FSA covers medical and dental expenses that insurance will not cover, and it will only cover over the counter drugs if there is a  prescription for it. Check out FSAstore.com (everything is qualified) and drugstore.com, where part of the site is especially for FSAs.

Employees will contribute a certain amount of pre-tax money throughout the entire year. The ability to withdraw starts as soon as you make your first contribution, though you have the ability to exceed that contribution. For example, if you decide to contribute $100 every two weeks, and after the first contribution you need $500 in medical expenses, you are able to spend that much. You will just subtract that $500 from the annual $2400 limit. And if you end up leaving your job after only contributing $300, you do not have to pay your employer back. But, on the flip side, if you have contributed the $1200 and have not used the entire amount, the employer keeps the difference. An estimated 14% of contributions end up being unused. These funds are then taxed and the employer gets the rest of the money.

FSAs are usually accessed through paper money or an FSA debit card. Employees have to submit receipts, which show complete names of products and services. This is to make sure that the employee has only paid for approved expenses. The FSA debit card will not allow you to buy anything that is not qualified, as each of the items is divided in inventory as eligible or ineligible.

Each account has pros and cons, and must be carefully considered. Take the time to sit down and assess you and your family’s upcoming medical needs and expected expenses. Doing so will help shed light on which account is best for you and your unique situation.

Works Cited:

http://www.hsacenter.com/2012limits.html

http://www.irs.gov/pub/irs-drop/rp-12-26.pdf

http://healthinsurancebrokersdenver.com/denver-health-savings-accounts/

http://www.law.cornell.edu/uscode/text/26/106

http://well.blogs.nytimes.com/2009/03/23/good-question-flex-spend-funds-after-job-loss/?_r=0

http://www.kaiserhealthnews.org/Stories/2009/June/12/FSA.aspx

http://www.zanebenefits.com/health-reimbursement-accounts/

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Insurance Technology

Secure Your Expensive Handset with a Reliable Mobile Phone Insurance

Technology has become so advanced that the people are depending on it for everything they require. Gadgets are getting popular day after day and there are new and latest gadgets coming up in the market every now and then. One of the useful gadgets of the past decade inventions is the mobile phone. Besides keeping in touch with friends and relatives, people also make use of mobile phones for various entertaining and business purposes. There exist chances of loss or damage for your precious handset although you care for it a lot.

It is simply because losses or accidents do not knock before arriving and hence it is important to take useful steps and safeguard your handsets by getting them insured. In case when your handset gets stolen or damaged it becomes really tough for a common man to get a new one. Mobile phones are expensive and it is not at all easy to get a new one. Hence, thanks to mobile phone insurance that has come up as a great option for all gadget owners to secure their gadgets at very low price.

Mobile Phone Insurance

Who are in need of these mobile phone insurance?

No doubt it is wise to secure your mobile phone with perfect mobile phone insurance before it get troubled. This will surely aid you to some extent to compensate your loss. Individuals those who intend to retain their mobile phones for a pretty long period will find mobile insurance as much useful and supportive. There are many possible occasions that may affect your mobile phone badly, such as flopping or losing the gadget. Guys those who have exclusive phones always have a fear of mishaps that may get happen to their precious handset. Mobile phone insurance will wipe away this fear as it will compensate you in such adverse cases. It is advisable for the people who labor in probably risky environments to get insurance for mobile phones in order to secure their phone.

Choose wisely before purchasing

The only material factor have an effect on your premiums is the kind of handset you possess as most policies would not care whether you have had any earlier claims or not. Before you have purchased mobile phone insurance you have to consider the possible risks you may have to face. If you are intending to choose a standard cover, you have to check the terms and conditions in detail. You have to get clarified whether you will obtain a replacement or financial payment. In case of theft or damage you may have to continue paying a monthly service charge for the fixed period bond. You have to take in consider of several features before you decide to purchase a particular mobile insurance. The key feature of the insurance must be the substitution of your phone if anything bad occurs to it. Most insurance policies propose this, but you need to pay an additional sum. Thus, it is essential to learn all the terms and conditions before going for any insurance policy so as to go for the best one as per your need and pocket.

What coverage your policy offers?

You have to check whether the policy offer coverage for theft. Accidently dropping of your mobile phone may cause internal or external damage. Besides this there is a chance to get your handset wet, so you have to ensure your mobile phone insurance covers your phone for destruction including soaking. Some mobile phone insurance companies offer coverage for mobiles when the owner takes it to abroad. This seems to be very useful in the case of damage or theft when you are in another nation or in another state. If you voyage abroad for job or enjoyment, you have to ensure that your phone insurance covers your phone for the regions you explore or effort. Surely, this service is significant for people who find their profession in foreign countries.

As there is a straight increase in the introduction of new companies in the field of mobile insurance it is better to ensure the reliability of the company you have picked to get your mobile phone insured. Analyze customer reviews and feed backs regarding the claiming of payment. In all having ideal mobile phone insurance seems to be worthwhile, as it aid you to save a lot in case of mishaps. If you own a costly phone and you feel you possibly will miss it, then mobile phone insurance is the brightest and inexpensive way to ensure your compensation in case of harm.

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Insurance

On the Subject of Bike Protection

Bike riding has turned out to be one of the best modes of commutation, during the contemporary period; this is mainly because of the fact that it is very convenient to ride road bikes through all possible terrains, and even in the midst of huge traffic jams. Moreover, bike riding is very much cost effective also and won’t harm the wallets of common people extensively. Having said that, road bike thefts have also increased considerably in recent times, along with the increase of demand of such vehicles, and indeed, this is a noticeable actuality in many parts of the world. Various voluntary organizations and governmental level agencies are regularly conducting diverse types of campaign works, for educating the general public on the subject matter and thereby creating a common awareness in the society, regarding the topic of road bike theft protection and the various remedial measures for bike thefts.

There are numerous components for all advanced types of road bikes and all of these parts will be very much expensive; another salient factor is that, many of these parts can be very easily dismantled with the help of a few connected tools. This is the main reason why bike robbers try to steal the available bike parts, when they fail to take the entire unit in one go. As a matter of fact, all bike owners can thwart and outwit all kinds of possible theft attempts to a great extent, by following certain precautions. Some of the suggested safety measures are listed below:

road bike theft protection

  • You must always make it a point to close the bike engine and forks properly, as soon as you get down from the bike; try to make this action, a habit. This will certainly reduce the odds of bike theft.

  • You must take the key from the key-hole, as soon as you switch off the engine; you must not leave it in the bike. When you do so, then that itself will be a real temptation for bike thieves.

  • You must park your bike in the parking area in such a way that it stays within your ‘eye-reach’ area; in any case, don’t park the vehicle in unattended areas, and go to some other places. If you have got any urgent business to attend, always park the vehicle in ‘paid parking’ spaces, which are supervised by security guards.

  • Many of the modern parking spaces will be fitted with most advanced level surveillance cameras for close watching purpose; try to park your bike, somewhere very near to these cameras.

  • You must arrange a perfect security system for your bike; a good burglar-alarm is a fitting choice. You can also fix an ‘immobilizer unit’ to your bike, if possible.

  • You can also fix a good ‘auto-theft recovery – tracking system’ in your bike; this will become highly handy for tracing the unit, when it gets stolen by somebody.

You must also take a suitable road bike theft protection policy from a professionally managed insurance firm; this will give you the needed shield from the financial loses, when the bike gets stolen.

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Finance and Law Insurance

Why No Win No Fee is so important in clinical negligence claims

If you have suffered from clinical negligence then you may be entitled to compensation. Taking on a large national institution may seem a little daunting at first, but with the help of medical lawyers and experts you will soon have the confidence to win your claim and get the compensation you deserve. In cases of clinical negligence it is important that your lawyer works on a ‘no win no fee’ basis. In this article we will explain what ‘no win no fee’ means and why it is important in clinical negligence claims.

The ‘no win no fee’ system has encouraged more people to come forward and make claims of clinical negligence as they are no longer put off by the risk of expensive court costs.
The ‘no win no fee’ system has encouraged more people to come forward and make claims of clinical negligence as they are no longer put off by the risk of expensive court costs.

Clinical negligence

In order for clinical negligence to be proven the claimant must show that the medical practitioner was negligent in their duty of care to the patient. Clinical negligence can cover, but is not limited to delayed diagnosis, misdiagnosis, infection, pain caused by surgical error, inability to work and permanent disability. If you believe you have suffered from clinical negligence it is essential that you seek guidance on how to claim compensation from a qualified, experienced and reputable solicitor.

No win no fee explained

‘No win no fee’ is a conditional fee agreement made between a person seeking legal assistance and a law firm. The agreement states that the solicitor will only receive their fee if they win the case. If the solicitor does not win the case they cannot claim their payment. It was introduced in the UK in 1995 to replace legal aid.

Why it is important in cases of clinical negligence

In the past many people were put off from suing for clinical negligence because of the risk of having to pay expensive legal costs if they lost the case. No win no fee gives victims the confidence to sue national organisations without worrying about the expenses. It enables everyone, no matter how much money they have, to make a claim and get the justice they deserve.

In the past if your solicitor successfully won the case for you, your costs, compensation settlement and solicitor’s success fee were covered by the opposing party. Earlier this year the rules slightly changed so that the claimant now has to pay the success fee themselves if they win the case. The success fee can be no more than twenty five per cent of the compensation they receive.

If your solicitor does not win the case you will be technically liable for the defendant’s court costs. However providing that you have chosen an experienced and reputable solicitor, they will have taken out an insurance policy on your behalf that covers your legal fees and expenses.

If the solicitor does not win the case, they will not receive any form of payment from their client.
If the solicitor does not win the case, they will not receive any form of payment from their client.

Choosing the right solicitor

It is paramount that you find a solicitor that will successfully guide you through the proceedings, ensuring that you are kept informed every step of the way. Finding the right solicitor can be time consuming and tricky, but it is worth doing your research to ensure you choose the right person for the job. An experienced solicitor with successes can make a huge difference in a case verdict.

When looking into different law firms make sure that you check out the fields that their solicitors specialise in. Some solicitors work on specific types of clinical negligence claims related to illnesses like cancer or injuries to the brain and other vital organs. Having a solicitor with excellent communication skills and reasoning power on your side stands you in a much better place for winning your clinical negligence case.

Conclusion

The no win no fee system plays an important role in clinical negligence claims. It has given everyone the chance to receive the compensation and justice they deserve, no matter what their financial situation is. Expensive court costs and legal fees may have put people off suing large medical institutions in the past, but with no win no fee, claimants now have the confidence to take them on.

 

 

Image credits: Kevan & Images_of_Money

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Insurance

5 Questions You Should Ask Yourself When Shopping For Insurance

There are many people who are increasingly becoming interested in starting small scale industries such as small factories. This can be attributed to issues such as increasing demand for products, which many people see as an opportunity to make some quick money. When you are in a position where you are thinking of doing the same, there are a few things that you often need to do before you actually start the business.

The first of these is making sure that you have all the prerequisites needed for running a business. One that most people ignore is getting the right kind of insurance for the business. Though most people think that this is optional, the fact of the matter is that it can go a long way in making sure that the business can be run stress free. When you have insurance for your business, it basically means that you will not need to worry in case of any calamity that befalls it since you will be covered. When getting such a product, there are a few questions you need to ask yourself including:

  • What kinds of risks are you primarily exposed to?

If you are to get the best insurance for your factory, you will need to know what you are insuring it against. You only need to figure out the kinds of operations that are going to take place on the factory floor in order to understand what kind of insurance to get. For instance, if the process of manufacturing mostly involves the use of flammable chemicals, you will need to ensure that any insurance product you subscribe to can specifically cover fires. This way, you can be sure that in case of such an event, it will be easy for you to file a claim with them.

  • How much can you afford to pay?

Insurance is an expense, which means that the more you pay for it the less your profits will be. When getting insurance for a manufacturing plant, you need to find ways of keeping the cost of getting the insurance down. Some of these include negotiating with the insurance agent as well as shopping around to find the cheapest product for your needs. This is a labor intensive process but which often bears fruit especially if done right.

  • What are your legal obligations as far as insurance is concerned?

There are some countries and legal jurisdictions that will require you to take out some form of insurance when you run particular types of manufacturing plants. To ensure that you conform to such laws, you need to be conversant with all the legal issues that you need to fulfil when starting the kind of plant you want to start. This is information that can be found easily online for most countries. If you are unable to do this, you only need to visit a government office in your locality and then ask them for guidance as far as this is concerned. Doing this will help you avoid any legal issues related to insurance in future, something that might cost you a lot.

Construction of shopping center

  • What is your business’ worth?

When you get insurance, it’s important to try and ensure that it’s just enough to help you start over in case something goes wrong. The only way this can be done is by first knowing how much value the business is. For instance, when you run a manufacturing plant, it’s a good idea to find out how much the equipment in it costs. This makes it easier figure out just how much insurance you will need. The beauty of this is that it will help you avoid spending too much on insurance that is excessive in comparison to how much you are covering, or too little to help you start over in case of a calamity.

  • What process do you need to go through when filing a claim?

The main point of getting insurance for a facility such as a manufacturing plant is to give you the ability to get back on your feet in case it suffers from issues such as fires. When you are out shopping for the insurance, you should always try to end up with one that makes the process of filing a claim as simple as possible. This way, there will be no delays during those times when you really need the money.

As long as you follow the above, it will be easy for you to end up with insurance that will be very good value for money in the long run.

Jay is a business advisor who specializes in small and large scale manufacturing plant management. Over the past ten years, he has provided valuable advice for people who need information on a wide range of issues. These include theoretical ones such as management tips as well as practical ones such as how to find the best deburring applications.

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Insurance

Tenant and Liability Insurance

There are many reasons people rent their homes as opposed to purchasing them. Some want to avoid having the responsibility of yard work, others may not be at home as much as they would like because of travel or other work responsibilities, some may not be able to afford the total home ownership package, and there are just some looking for as minimal responsibilities as possible. As a landlord does take on many responsibilities in a dwelling such as maintenance repairs, keeping up the grounds, and are even responsible for fires and floods, the one thing many tenants are not knowledgeable of is that the landlord is not responsible for the contents inside the home that the tenant brings in, even if it’s something due to the landlords negligence. Here are a few things tenants should understand about liability insurance protection policies.

Liability Insurance

Landlord Liability vs. Tenant Liability

First off, a home should be covered under two policies: a landlord liability insurance policy and a tenant liability insurance policy. The landlord policy will cover rebuilding the property and protection against damages such as fires, flooding and other unexpected hazards.  If a property has faults and someone injures themselves on it because of negligence then any lawsuits would be covered from this policy. Now if a fire happens and a tenant’s furniture gets damaged the unit will be restored but that tenant will not have their furniture covered unless they have their own tenant liability insurance.

How Tenant Liability Insurance Protects Tenants

Tenant liability insurance protects the valuables the tenant brings inside the home. It also protects the tenant’s assets in case something goes wrong inside their home. For example, if the tenant is hosting a party and some friends fall and hurt themselves inside the home, the tenant has protection with tenant liability insurance against any medical costs and other law suits their friends may file against them. However, if the friends fell outside their home due to an unstable handle railing, the friend could sue the landlord.

It’s important for tenants to thoroughly read through their insurance protection policy so they know if they would prefer to add on any additional waivers. They also need to take pictures of their valuables and keep receipts and store them in a fire safe box or at least keep an electronic record of it all. This way when something does happen they will have everything documented and can send over to their insurance agent’s office.