I Could Spoil You

Public liability insurance is vital for the reason that all businesses are at danger to some quantity. Even if nothing very bad has ever taken place to your organisations property doesn’t mean that it won’t sometime in the future. If an individual or group of people are wounded, or their possessions stolen, it’s your legal requirement to properly refund them. The cost could be exceptionally costly, depending on the individual case. Insure your business for cheaper with Insured Risk’s Professional Indemnity Insurance.

Nonetheless, you do have a number of ways to shield yourself for this unforeseen event. Picking public liability indemnity allows you to breathe moderately easier. Even if a client claim is costly, the insurance company will be around to present a protection net. It is their legal duty to make sure you are shielded from any claims and legal charges brought against you. This leaves you available to concentrate on actually doing business, rather than thinking about what may possibly happen. Following are some illustrations of times when public liability insurance will come in helpful.

Owners of plumbing firms regularly get the job done fast & easy. Yet every once in a while something might go terribly wrong. For example, should you smash up a client’s water pipes whilst on the job, destroying belongings such as computers and flooring, public liability insurance will be there to pay the invoice.

Another illustration is that of a marketing business. If a customer were to fracture an ankle in your company even if it’s not your fault, you would be held liable. Though, with public liability insurance you would not have to pay the claim whatsoever.

In a similar circumstance, physical injury caused to an onlooker by a member of staff on a building site is the responsibility of the company’s owner. This kind of claim can turn out to be incredibly pricey in fact, unless you get the correct cover.

How is your driving record lately? Do you have a large amount of speeding tickets or maybe a few car accidents on your driving record? High risk auto insurance generally means one thing for sure, higher car insurance rates. Even though high risk auto insurance rates are typically higher, there are a few things that you can do to reduce your costs now.

There are other factors here as well. Insurance companies will continually deem men a greater risk than women, teens greater than adults, and urban folk greater than rural dwellers. Whether you’ve had auto insurance coverage continuously over the past few years will affect your risk rating, because insurers assume you’ve either been driving without coverage, which is bad or had your policy canceled by the previous insurer, which is even worse. And of course your credit rating will be looked at. Bad credit equals bad risk. So what can you do?

To be blunt, clean up your driving record and start paying bills on time.

It generally takes some time to rebuild a poor driving record. The best way to eliminate your need for high risk auto insurance is to rebuild your driving record. This will take some time. But the most important thing that you can do is drive safely and carefully and over time you will improve your driver rating.

Even though it will take some time to eliminate your need for high risk auto insurance, there are some things that you can do immediately to reduce your insurance costs.

Many insurance companies offer lower insurance rates if you drive an older model car. Also, a four door model may inspire lower rates.

If you are looking to reduce the costs for your high risk auto insurance you may want to consider only getting a basic insurance coverage for your car. With only collision, you will pay a reduced rate. A basic insurance coupled with safer driving will allow you to save money on insurance even when you are considered high risk.

D. Demetre is an author and webmaster of Online-car-Insurance.us, where you can find information on high risk auto insurance

OK, thinking about your own mortality is not a topic anyone enjoys, but our own death is one of the few certainties in life. So why do 35% of Canadians not insure their own life to make sure their family or loved ones are financially protected? While the number of reasons likely match the number of people not insured, the following are the most commonly heard.

Reason #1 - I don’t have a need for life insurance:
Let’s be honest, this reason is by far the most common and for most people untrue. Unless you are an individual who does not have children, has money on hand to cover all debts and funeral expenses, and does not feel the need to offset the loss of their income to a spouse, leave any additional money to family, or to a charity, then it may be true, you don’t need life insurance. But few people have the funds readily available to fulfill all their wishes or meet their obligations after their death.

At the very minimum, if you have anyone who relies on your income for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, then you likely need life insurance.

Reason #2 - Life insurance is too expensive:
If in the past people have found life insurance to be too expensive it could be because of the type of coverage they were seeking, like whole or universal life insurance. Term life insurance is the most affordable of all the products and is very popular because of it.

Term 10 Life insurance, the most popular Term product in Canada, offers a premium guaranteed not to change for 10 years.

A male non-smoker seeking $100,000 in coverage could be paying as little as*:

1 $125 for a 30 year-old
2 $129 for a 35 year-old
3 $157 for a 40 year-old
4 $207 for a 45 year-old
5 $281 for a 50 year-old

A female non-smoker seeking $100,000 in coverage could be paying as little as*:

6 $106 for a 30 year-old
7 $112 for a 35 year-old
8 $133 for a 40 year-old
9 $163 for a 45 year-old
10 $219 for a 50 year-old

As you can see, for very little money a year, you can get $100,000 in life insurance coverage.

* Lowest quote online from October 2005 for a Term 10 policy, one of the most popular life insurance products in Canada. Premiums shown are the rates if paid annually.

Reason #3 - I don’t know anything about life insurance and don’t know where to start:
A number of free online tools have been developed to help you decide which term life insurance product is best for your specific situation and how much life insurance coverage you should get.

1 Term Life Insurance Analyzers. By answering a few simple questions, these tools will assess your needs and let you know what product is most commonly recommended for people with similar lifestyles.

2 Term Life Insurance Calculators. These tools will help you put a dollar value on the amount of coverage you need in order to ensure that your family, loved ones and your debts are covered in the event of your death.

Reason #4 - Life insurance is a hassle to get:
Thanks to the Internet, getting term life insurance quotes is now fast and easy. If you want to shop around first, getting quotes online means you can avoid hard-sell tactics by someone sitting across from you. There is no sales pressure or obligation to buy when you get quotes online. It’s easy, can be done any time at your convenience and is simply a better way to shop for life insurance because of it.

For more information on life insurance, term life insurance analyzers and calculators, or to quotes, kanetix.ca’s life insurance service provides instant online quotes from some of Canada’s most recognized and trusted life insurance companies.

Has it ever crossed your mind to sit down and calculate how much you spend on insurance every year? If you do the sum, you will be surprised at how much you fork out for all the different types of cover. You’ll also, in all probability, find that you are paying for some types of cover more than once - and every element will be adding up to cost you more than you need to pay each year.

Typical areas which end up being duplicated are theft, loss of income, legal expenses and death. It commonly occurs because people often don’t have a full understanding of what their cover involves, especially if it has been arranged through a third party, such as a broker or adviser.

The Financial Services Authority (FSA) recently published results from a survey which showed that add-ons like breakdown recovery and legal expense cover are commonly attached to car insurance premiums, unless the customer says otherwise. Payment protection cover often overlaps with permanent medical insurance, meaning that people take out extra cover for loans and mortgages etc, without realising that the permanent medical insurance policy has got it all covered. For these people, they don’t need to bother making any provisions for payment protection, it’s just a waste of money.

The Financial Ombudsman has offered the following supplement to this issue: “People… often do not realise until they make a claim that they have been paying for a policy that provides very little, if any, benefit”.

It would seem that many people do not even understand what they are actually covered for. The case of Amanda Lariviere from West Yorkshire is the perfect example. Amanda was diagnosed with ovarian cancer and her reaction to the chemotherapy meant she was unable to go back to work. She received a tax bill at the end of the year, and to raise the money to pay the bill, she went into her mortgage provider to arrange a re-mortgage to free up the cash. Luckily, the financial adviser at her building society asked her to bring her life insurance details with her, and discovered that the policies were not covering life at all, but critical illness. Amanda had been paying £80 a month for these Norwich Union and Scottish Provident critical illness policies, without really understanding what they were!

As a survivor of a critical illness, Amanda was able to claim on both policies and received a payout of £100,000, which covered the tax bill and most of her mortgage!

If you have any of these policies, then it’s well worth looking into the extent of your cover to check there’s no duplication:

Critical Illness insurance can be bought on its own or an extra with life insurance. However, you may already be covered by your employer, so ask them before you go and buy this form of cover.

Life Insurance is often included on company pension schemes. It will come under the title of death-in-service benefit and if you were to die while in their employment, they would pay out a tax free lump sum which usually amounts to three or four times your final annual salary. This may mean you don’t need to get an extra policy.

Permanent Medical Insurance (PMI) and Payment Protection Insurance (PPI) are similar in the sense that they pay out a monthly income if you’re unable to work because of illness or an accident. If you have PMI, then you don’t need to get any extra PPI with your car insurance, loan or credit card, because you’re already covered. Most PPI policies only carry on paying for a year, PMI will continue indefinitely, or until the insured period comes to an end. The problem is that most PPI is latched onto the financial product that you are buying, and you don’t really notice the extra amount because it’s so small. The point of this article is that it all adds up, so try to avoid paying extra on these PPI policies if you’ve already got PMI.

Mobile phone insurance is a form of insurance that isn’t worth the paper it’s written on. You will probably have to pay an excess of £50 on any claim, so you’d be better off by switching to pay-as-you-go and not taking out the insurance.

Legal expense insurance crops up on home and contents insurance policies as well as car insurance. It means that if there is a dispute on liability for the damages, then all the court costs will be covered. It’s not compulsory that you get it, so it may or may not be included as standard in your policy. If you are a member of a trade union or a professional association, you may already be covered by the services they offer to their members - so be sure to find out before you add legal cover on.

ID Theft insurance is not something you may necessarily think about getting. However, it does exist and it is a common occurrence that can cause a lot of stress and inconvenience if you are the victim. However, if you are a victim then you will only have to pay the first £50 stolen, according to ‘Which?’ magazine, so it’s not really worth insuring for. Your bank may not even expect you to pay the first £50.

Credit card purchases are covered for a certain amount of time, often up to 60 days, so new purchases are already covered. With Barclaycard for example, a purchase costing between £50 and £2,000 will be covered for theft and accidental damage for the next 60 days.

Michael is the expert financial editor for Scrouge Online who specialise in Life Insurance and Home Insurance