How to Save on Home Insurances

How to Save on Home Insurances

If there is something as important as the car and life insurances, it has to be the home insurance. You can’t even afford to debate if you are a family person: it is an absolute no-brainer. When a hailstone storm rips your roof to shreds, a fire breaks in the basement or a thief steals all your valuables while you are away on a vacation, a basic home insurance policy will have you all covered in such unforeseen mishappenings.

But just because you have to buy one, you don’t have to overpay for a home insurance, especially when there are a variety of policies and discounts available. Here are some important tips to save on your home insurance:

How to Save on Home Insurances

  • Shop around for the best deal. An insurance broker can help you with companies that offer discounts, since they have databases of sources of a variety of companies. Other than that you are entitled to special discounts if you are living near a fire department or if you possess safety devices such as a security system or deadbolt locks. Sometimes sticking to the same insurer may get you a loyalty discount.
  • Increase your deductible
    Deductible is the part of the insurance claim that the insured has to pay before the insurance company gives you benefits. If you think the cost of your monthly premiums is increasing annually, you can raise the dollar value of your deductible, and in a way you are reducing the risk on your insurance provider and also reducing the monthly premiums. For example, if your current deductible is $200, raising it to $500 or even $1000 can reduce the as much as about 25% on your monthly or annual premiums. Your deductible is the indication of how much risk you are willing to assume. But the only problem is, you have to bare the damages of minor causalities till the deductible limit is reached.
  • Know the difference between replacement cost and actual cash value
    Replacement cost will insure you with the actual cost it would take to replace your home and the other personal property in it. On the other hand, the actual cash cost will consider the current value of your house as per the market dynamics. So if you take a replacement cost insurance for a laptop worth $800, then on the laptop being, you will be issued $800 for a new laptop. But if you consider a actual cash cost insurance for the same laptop, you will get the current market value for the laptop, which may be much less since the price depreciates over time.
  • Increase safety measures and check your house for repairs
    Little improvements in your house can get you a better deal with lower premiums. The insurance rate depends on a variety of factors including the structure and built of your house, wiring, plumbing and structure material. Upgrading the security system and alarm system may also help. Also, quit smoking. The insurance companies believe that the majority of the fire cases are due to irresponsible smoking.

Reduce your home insurance costs and see how your savings add up!

Why a Health Insurance is an absolute Necessity

health-insurance

In a developing country, most middle-class families are dragged into poverty due to financial over-burden of the medical bills. You may not be spending most of your income on healthcare and medication, but if a medical tragedy hits you, where are to get money for the treatment? Such situations force you to take loans or sell your assets, putting unnecessary burden on your long-term financial goals. Certain medical operations are very rare, and therefore expensive. So what do you do to live a tackle such situations? Apart from maintaining a healthy lifestyle, you should immediately get yourself a health insurance. This is not an option, but an absolute necessity.

I live in a country with a population of 1.23 billion as of this year. In country with so many people, even the government is not able to provide health incentives for everyone. So, most of the people (about 30-40%) get through their hospital admissions with the help of heavy loans and selling of most of their property or other assets. This is the major reason why the rate of people falling below the poverty line every year is rising every year- people are not able to pay hospital bills, and ending up into debts. Most of them move to other cities, giving up their jobs to take care of their sick family members, and spending most of their income and savings on healthcare treatment and purchasing expensive drugs. And sometimes lack of timely funds is the only reason why the patient is not able to receive proper medical care and have worse health outcomes. Lack of insurance is a fiscal burden for them and their families.

It is therefore always advised to adopt a health-insurance policy as soon as possible, even if you don’t want to put your foot into the other insurance policies. You don’t know how the worst times may hit you- inflation, expensive medical procedures, and inadequate funds at the time of unforeseen extreme medical emergencies. Also at the same time, longevity is rising, forcing us to consume more medical care, what do we do? We purchase a health insurance cover.

Now while there are a variety of plans available everywhere, you need to analyze your goals, weighs your options and go for a plan that suits you the best. Don’t wait for the perfect plan, because there won’t be any. You just have to understand your needs, for today, as well as the future and pick up the closest plan. Go for a lifetime renewable policies, and make sure you read the terms and conditions before you sign the documents. If you are a family person, individual policies may turn expensive, so you can go for the family floater, which a very effective service and covers the entire family under a single policy. Understand your options carefully and make sure you consult your financial advisor before you make a decision.

“Feeling healthy, and feeling good about your self is not a luxury, it is an absolute necessity. And the only person who will take care of the older person you will someday be is the younger person you are today.”

Choosing the Best Insurance for your Business

Running a small business is a challenging but rewarding process, but it’s important that we take extra precautions where possible to ensure that our businesses are protected. Insurance is widely regarded as one of the best ways to safeguard against accidents and is a standard practice in various aspects of our life, and if you would insure your car, your home or even your life then why wouldn’t you want to make sure that your business is covered as well?

Know Your Responsibilities

Just like it’s illegal to run a car without insurance, it’s illegal to operate a business without certain forms of insurance. It’s important that you aware fully aware of your legal responsibilities and adhere to them. For example, the site where you operate must be insured, and if you employ people that you are obligated to get employer’s liability insurance.

Types of Insurance

Protecting your business means you have to cover a lot of different bases. For instance, you will need a policy that not only insures your assets but also your employees, if you have them. Here are just some of the kinds of insurance that your business might need:

  • Buildings and Content Insurance – This will cover you in the event of your business premises being damaged. A good policy will include a variety of causes for the damage in its cover. Content Insurance is also important, and Buildings insurance will only cover the premises and not what the premises hold. This sort of cover will help you recover in the event of theft or even loss of earnings.
  • Motor Insurance – Using any vehicle for work means that they need to be insured.
  • Public Liability and Professional Indemnity Cover – It’s vital to protect your business against the worst case scenarios. If another business or an individual decides to take legal action against your business for whatever reason, your insurance policy will help to minimise the impact.
  • Employee’s Insurance – This covers various aspects, and insurance policies for employees can include cover for private medical care, sickness and accidents that prevent them from working.

Flexibility is Key

When choosing insurance for your business, remember that there’s no such thing as a one-size-fits-all policy and that a flexible policy will be more beneficial than a standardised one. Standardised policies don’t take your business’ unique requirements into account and more often than not this can lead to problems later on. Ideally, your insurance policy should be adaptable to your business needs rather than offering restrictive or limited cover.

Not every business’ needs are the same, and so no insurance policy should be the same. Look for policies that offer you that flexibility so you can create a policy that suits the needs of your business.

Shop Around

Don’t pick the first policy that comes along, even if it seems like you’re getting a great deal. Be sure to compare the policies that you’re offered and choose the one that best suits you and your specific business needs. There’s a lot of choice on offer, so be sure to do your research and see what the insurance companies can offer you.

How do I know if I need litigation funding?

litigation fundingIf you are reading this, the chances are that you are already involved in litigation, and are looking for ways to fund that litigation. You are probably in no doubt that you need help to fund the litigation. Litigation is a notoriously risky and lengthy process. The costs of hiring solicitors and counsel to advise and run the case can be horrendous. Even where a case settles before trial the costs can run into hundreds of thousands of pounds. If the case goes onto a full trial it will be more expensive still. And should it fail to succeed at court, then not only is the money spent irrecoverable, adverse costs might be awarded. These can run to an additional hundreds of thousands. So whoever you are, as a would-be litigant or an already committed one, then the answer is in no doubt. You need all the help you can get to help fund your litigation.

Fortunately options which provide help with litigation funding needs have proliferated in recent years. The biggest development has been the rise of litigation funding companies (sometimes also known as third party litigation funders or legal financing companies). Such companies draw up a commercial agreement with the litigant (usually the claimant) whereby they will agree to finance all or some of the client’s legal fees, but in return for a share of the case proceeds (also known as recovered damages) if the case wins. Such funding might be seen as a loan with interest; however, it is more than that because the funding company is sharing in the client’s risk. Where the case loses, the funder bears the full costs incurred and would have to write-off the funding as a lost investment. So obviously you might not just need such help to fund your litigation, you might positively covet third party litigation. Even if you had the money put aside, why risk your own when the litigation funder can take the risk for you?

There might be several types of client seeking litigation funding to pursue their claim. It might be you, the impecunious individual, genuinely without the funds to do it yourself, in which case you might well have to abandon your claim. Equally you might be a company, perhaps pursuing a huge, commercial breach of contract claim against a supplier. If you are involved in a group action, perhaps a shareholder dispute, then along with your fellow claimants funding could be crucial to co-ordinate and organise such a complex legal action. Whichever type of litigant you are though, be warned: less than 5% of applications for funding get it. Few funders would take on cases that did not have at least a 60% chance of succeeding. Equally the quantum value of the claim must be high enough to warrant funding. Cases where the claim is at least £5million are the ones most attractive to funders. Securing funding on a worthwhile claim can be timely and involve much due diligence establishing the strength of the claim. Litigation funders draw up stringent budgets. There is no point their funding risky cases. So if your case secures funding, you can be assured it has not only convinced your first set of lawyers, but a second, independent opinion, Also your risk and initial outlay is also reduced when you secure a third party funder because they will usually insure against loss, in the form of an After the Event insurance policy. Again if you have a case which can’t secure ATE insurance, you should be getting the message to abandon it.

If you have already consulted a solicitor. Indeed, your solicitor ought already to have discussed all funding options available to help you finance your claim.(See Rule 2.03 of the Solicitors’ Professional Code of Conduct.) In addition to the litigation funding route, others to be advised on, might include conditional fee agreements (CFA), where fees would be paid at the end of a successful case. Sometimes a combination of funding options can be used simultaneously: again it is the solicitor’s duty to explain these to his client, and to advise accordingly. Solicitors on top of their game will have established contacts with reputable funders. On a final note of advice these will be members of the Association of the Litigation Funders of England and Wales.

This article was written by Vannin Capital. Visit their website to learn more about business litigation

Six Reasons Why Construction Contractors Absolutely Need Contractor’s Insurance

Contractors insurance agencyIf you own a construction company and do not have contractors insurance, you are putting your entire company at risk if something happens in the foreseeable future. Having contractor’s insurance can be a wonderful way to protect your company and its assets. There are six major reasons why you should consider having liability insurance for your company and why it is essential to have this type of coverage.

1. It Protects Your Workers if There is an Accident
Your workers can get into accidents while on the job, especially if they are doing construction work. If an accident happens and you do not have insurance, you may be wondering how you are going to afford the medical bills. Having insurance for your company will take care of all of these bills for you.

2. It Protects Your Assets
If you have insurance, it will protect your company and its overall assets if you get hit with a lawsuit. There could be a client or even employee who is displeased with your company and wants to sue you to get compensation. Having insurance will protect you if you do have to go to court.

3. It Protects Machinery
As a construction company, you probably also have a variety of large machines and equipment that are used routinely. If one of these machines breaks down, you might have to spend your own money to repair or replace it. If you have insurance, the coverage will pay these costs for you.

4. It Protects Clients
When doing work for a client, your insurance will protect you and the client if something goes wrong on the job. For example, if you accidentally work on something that was not in the original contract, the client could hit you with a lawsuit. However, your coverage will pay for the repairs and damages so that this does not happen to you.

5. It Will Attract Clients
Many clients nowadays want to know that their contractor is fully licensed and insured. Without insurance, you could be severely limiting the amount of business that you are getting. Most people look to see if their contractor has insurance before hiring or paying them.

6. Employee Liability Problems
If one of your workers happens to do something that they were not supposed to do or if they did a bad job on a project, your insurance will cover the damages. Having this type of coverage is essential for anyone who happens to own their own construction company and employees a variety of people to work under their wing.

You will find that contractor’s insurance can help to save you a ton of money in the long run simply because it protects your assets so well. Between the machines that you use daily and the workers who do the projects for you, having contractor’s insurance can protect your company and prevent you from potentially losing millions of dollars if something goes wrong. Be sure to consider getting insurance if you do not already have it for your business. It is always better to have too much coverage than not enough because this will help if something does go wrong in the future that hits you with an incredibly hefty bill that is hard to afford.

Why You Need Business Insurance

best place to find business insuranceThere are all kinds of insurance for all kinds of different things. If you own a business, you have undoubtedly thought about getting business insurance.

Businesses need several different types of insurance to protect them from financial ruin; the decision between getting insurance or not is the decision between whether you, your company and your employees are safe or at risk of losing hard earned money. Having business insurance ensures that you will not be left out of pocket if you encounter a disaster that effects your business operation either from damage to property or loss of finances. It is important to protect your business with different types of insurance that will keep you and your business protected in several ways.

Property insurance will protect your building and the supplies within it if there is a robbery or fire. If your store has been attacked by vandals or a fire has damaged the property or items within it, property insurance will have you covered. This type of insurance is one of the most important, in fact, it’s vital.

Worker’s compensation insurance is the next step and is of utmost importance especially if you employ a large number of people. This insurance will give the employee certain benefits  such as money to help with medical bills and other expenses. A worker cannot sue you if they accept the benefits of worker’s compensation protecting you from a potentially damaging lawsuit.

Similarly, General liability insurance protects your business from customers or others who are trying to sue you for any reason relating to your products. Going through a lawsuit has the potential to ruin your business, the fees are expensive, but there is also the negative press you and your business will receive. Beyond lawsuits, it can also cover you if someone is suing you for injury.

Many companies offer a variety of business insurance options, like McKenzie Ross Insurance Brokers. While you can hope to never need business insurance, it is better to be safe than sorry because going without it could be disastrous.