Thursday, 22 March 2012
Wednesday, 21 March 2012
Top Reasons to Compare Auto Insurance Quotes
The continuous increase in the amount that people have to pay for their auto insurances drive them to utilize comparative quotes that they find on the internet. Online insurance quotes are always available and the rates that you can see on these pages are updated so it will be easier and more convenient for you to find the right provider. It is important for you to search for the best company that can provide the most appropriate amount of premium.
Importance of Comparing Automobile Insurance Quotes
1. The main objective in browsing for different insurance quotes is to find the company which provides the cheapest amount of premium but with remarkable terms and riders as well. Instead of spending a huge amount of money on premium payments, it would be better for you to look for a rate that is within your means.
2. If you are a busy person and you want to purchase your own car insurance, the first thing that should enter your mind is to compare the rates that you can find on the web. If you are already aware about the traditional method of searching for auto insurance quotes where you have to call each and every provider and ask the same questions over and over; then you do not have to worry about this kind of process anymore. The internet can provide all the information that you require. Comparison web sites are open anytime and the rates are regularly being revised to conform to every searcher's needs.
3. Comparing various auto insurance rates will assist you in finding the finest policy. Read the terms and conditions of each company and determine which among these stipulations are fit for your needs. A particular insurer may offer lower premium rates but this is not the only thing that you have to take note of. The usefulness of the coverage is the best gauge but the most suitable price should go with it.
4. The online insurance quotes will lead you to the company that provides policies that will suit your financial plans. Comparison of rates is the most expeditious way by which you stumble on the most effective insurance plans for your cars. It is vital that you utilize the web to shop for the right insurance company. If you are in the process of renewing your auto insurance coverage or purchasing for a new one, check all the advantages first and determine if you are amenable to all the limitations or restrictions.
There are several web sites which supply all available automobile insurance quotes. Taking out this kind of coverage is the right thing to do because you will be able to save a lot of money just in case an untoward incident will happen in the future. However, you should also know that these rates fluctuate. This necessarily means that the quote for today may or may not be the same rate that you can see tomorrow or the day after. Study the trend first and make sure that you are dealing with the right company.
You are looking to buy auto insurance coverage? Find most inexpensive car insurance rates from agents and insurance companies in your state.
Money Saving Tricks for Car Insurance
If you love insurance, then you are probably lying. Usually nobody likes having to pay a monthly premium every month for insurance. Insurance comes in many forms and can protect you if you ever need it. Many people try to get away with not having auto insurance. It can be a heavy burden especially when you are still paying on the car. However it is needed and in some states it is mandated. This article will look at a few ways that you can cut your premium costs and still have a great policy. Just remember it is always better to be safe rather than sorry.
Being young can be a great time in your life. Usually as a student you save on tons of everyday items. However traditionally, car insurance is not one of the things that you will save on. As a whole, teenagers are at a higher risk to wreck. Because of this data, companies charge more if there is a teenager on the policy. Now there is a silver lining. If you get good grades in school and you excel then you might be eligible for auto insurance discounts.
Another way that you might be able to save is if you let your driving be monitored. This can infringe on your passion for driving but it will make you a more conscious driver. Some agencies will put a black box in your car and it will keep a tally of all of your driving habits. If you do well then you can expect better rates.
Do you live in the suburb and commute? If you do then you might be in luck. If you can get together a group and carpool together then you can reap the benefits.
Not only do some employers help carpool groups but you also can score discounts. Not to mention better driving lanes in some cities. Carpooling will also save you on mileage and gas. Oh and it is good for the environment. Do you need any other reasons?
Being with a company for several years can also save you money. For example, if you are a policy holder for the same company you had when you first started driving and even you parents have them, chances are that you will be in for some serious discounts. Companies love loyal customers and they will usually do anything that they can to keep you as loyal to them as possible.
Professional Liability/Errors and Omissions Insurance Coverage for Engineers
Loss exposures and claims for engineers from professional liability usually come from a contractual tort related basis. While all professionals will face potential claims or losses from a criminal liability standpoint that type of protection usually is not covered under professional liability policies.
As is the case in all negligent claims in United States there must be a legal duty that is owed to someone and there has to be a breach of that duty that results in damages or injuries and there has to be a connection or causality between the breaches in the proximate cause of loss.
Risk levels vary depending upon the type of engineering work that is being performed. An electrical engineer who is designing electrical systems for buildings typically has less exposure and thus less premiums that are paid for professional liability insurance, then compared to a structural engineer.
Some risk control techniques that engineers can use to limit their loss exposures are as follows:
1. Have formal written policies and procedures in place for workflow and risk evaluation.
2. Keeping adequate details and complete records of all projects, consultation, and meetings with clients will help if I claim should arise.
3. Having appropriate schedules, PERT charts, and reasonable timelines can help keep projects on track and possibly foresee upcoming problems.
4. All change orders or modifications must be in writing with the appropriate sign off from all affected parties within the project.
5. Peer reviews within their own company and maybe having the ability to have peer reviews within their engineering association or other engineering firms that they have contact with.
6. Having protection built into their contracts that provide hold harmless agreements, arbitration clauses, and other contractual verbiage that limit the engineer's exposure to loss can go towards greatly reducing the risk of your professional liability claim.
7. Incorporating loss control techniques that go towards preventing losses as well as reducing the quantity of losses and the severity of losses can help and keeping the insurance premiums low as well as advert unwanted lawsuits and litigation.
8. Finally, the engineer professional should seek out insurance carriers for the professional liability coverage that specialize in the engineering profession. If the engineer has an insurance policy that is tailor-made for the specific engineers type of products and services, that will go a long way in filling any gaps that any engineer might face from future litigation from a project that they have done.
Engineers need to be careful in how the insuring agreement and clause is written within the policy. Sometimes insurance carriers exclude joint ventures and partnerships and other entities and only cover the named professional. Some design professionals desire and need much broader named insured coverage than just coverage for the professional. As is common in professional businesses, professionals tend to come and go on a regular basis. Having the ability to have an insurance policy that can cover past, present and future claims is important so that the engineer and their firm has no gaps in coverages.
R. Glenn Matsen, CEO, MBA, CPCU, ARM, CLU, ChFC has over 32 years of risk management experience in providing insurance solutions for the small business owners needs. His website contains detailed information on Small Business Insurance and Small Business Insurance Quotes.
Maintenance And Coverage: The Best Of Both Worlds
People struggle through life for many things. Some aim for a high end career, while others primarily strive to own a house of their own. There are many things that people dream about and most spend a life time trying to make certain dreams come true. Though most people do not have the capacity to go and buy a brand new car or house on hard cash, many can qualify for a lease or a mortgage.
Most people tend to sign up for a vehicle lease, a house mortgage as well as other loans all at the same time. This practice may allow a person to have a car and a house, but it consequently puts a strain on the monthly financial conditions as well. Blinded by the possibility of owning such assets in the long run, people tend to forget the long term consequences and financial crunches.
This may not seem to be a very big deal initially however; such assets usually require a certain amount of financial backing for up keep and maintenance. When it comes to vehicles of any kind whether used or brand new, the best thing a person can do is to sign up with the best auto insurance company.
That way an individual can get sufficient coverage for that particular asset. This is a very important aspect as it can help in the event of an accident. These days people can also get sufficient coverage for their homes and residential areas. Home owners coverage is not only affordable but, can also be a great safety net. Some companies tend to offer bundle plans which cover both cars and houses alike. Repairs with regards to plumbing, sewerage and other such aspects are common when it comes to house maintenance.
There are several things that people can fix easily however; some things require the assistance of a professional. This can be costly in the long run. Therefore, it is wise to make a properly calculated decision when applying for loans and mortgage plans. Such plans that would take up more than 50% of the monthly income would not be feasible. This is because such a strain would make it difficult to get through the month easily.
A person should always consider opting for such an installment plan that takes up only 10% or 15% of the monthly paycheck. This should always be kept in mind when searching for and signing up with any insurance or coverage company.
Breaking news: Ins proposal highlights the issue of underinsured drivers. You can find details about Ohio auto insurance requirements and more information about the best auto ins company, now.
The Lowdown On Legal Insurance For Business
If you own and operate a business these days you will be aware that there are always risks associated with this. Regardless of whether you sell products or services (or both) there will always be customers that have the mindset to want to file a legal claim against your business if they believe that you have been even the remotest bit negligent in your dealings with them. It is therefore a good idea to investigate what options you have when it comes to protecting your business with legal insurance so that if any legal claims arise you can easily cover them with this kind of protection.
Most business owners are embroiled in the day to day activities that they have to perform to keep the business running and growing and could be completely unaware that they are creating a problem that could result in law suits from either customers or employees. Most business people do not intend this kind of situation but it happens all too frequently in the modern world. If the worse happens and you are sued by a third party then legal insurance cover for your business for financial losses resulting in such claims and will provide peace of mind to you while you are running your business.
The incidents that can lead to these law suits being filed are many and varied. At the extreme end of things a death could be caused by one of your employees being negligent, also personal injuries to customers or employees are a common issue and then there is the problem where an employee causes damage to a customer's property or belongings. With a quality comprehensive legal insurance policy all these kinds of issues are covered as well as the actions of the owners and directors of the company.
Insurance companies that offer these types of policies usually provide a wide range of coverage options. These policies are meant to meet the requirements of different companies which are likely to be different. Examples are a general liability policy, injury compensation cover, cover for the carriage of cargo, transportation cover and umbrella policies. When considering this type of insurance you need to consider what the risks are in your operations and what if any incidents could occur that would initiate a claim against you. You should always check that such policies will completely cover you against compensation pay outs that need to be made as well as any associated legal costs.
There are a lot of legal issues that can affect the financial stability of your business and it is a good idea to seek advice from your insurance agent on what type of policy would best suit your needs. They will have a lot of experience in this area and will be able to recommend the best solution for you. Ask them to review your policy regularly to make sure that the cover is adequate as your business changes and grows. For the small amount that you will pay for legal insurance it is certainly a worthwhile investment.
Do not just accept any policy to protect your business but get advice from Abbey Legal who have been providing legal insurance solutions for many years.
Tuesday, 20 March 2012
Fronting Agreements As an Alternative Risk Management Technique
A fronting agreement is created usually when an unlicensed insurer, referred to as a non-admitted insurer contracts with a license insurer to issue a policy in order to be in compliance with regulatory laws and regulations of a particular state or country.
How this all plays out is that the fronting insurance company which is licensed in that state or country, contracts with the unlicensed, non-admitted insurer to do all the preliminary filings and certifications for that state or country. Then the fronting company immediately re-insures 90% to 100% of the risk to the non-admitted insurer. This fronting process has been existence for well over 100 years but it does give the appearance of behind-the-scenes backdoor dealing. Sometimes it looks like the unlicensed insurer is just trying to pull fast one on the state regulators. In the current economic global unrest these fronting transactions are coming under more scrutiny.
A few years back Congress passed the Liability Risk Retention Act and that has opened the door for unlicensed carriers to meet the regulatory filing and certification process on the front end without having Fronting Agreements. It makes for a more transparent process versus getting a licensed carrier upfront to appear to be on the front lines when really the unlicensed carrier is 100% insuring the risk. Fronting is still legal and is still used in all 50 states and in many countries.
As a business owner it would be prudent to know the contractual relationships behind the scenes of the insurance policies you are purchasing. Having a policy with the fronting carrier that is a brand name and well-known but whereby 100% of the risk has been transferred to a non-admitted unlicensed insurance carrier might lead to insolvency issues come claim time for you.
There can be some advantages for you as the insured, for the fronting insurer and for the unlicensed non-admitted insurer.
For you as the insured this type of fronting arrangement usually is done in high-risk industries or high-risk exposures to loss. Thus the premiums from fronting arrangements tend to be less than policies purchased directly from the carrier.For the fronting insurance carrier this can be an advantage in that they might be able to enter tougher market arenas without having to jump in with 100% of the risk. Even if the fronting carrier re-insures 100% of the risk they still are entitled to a fee for their services.Finally, for the unlicensed non-admitted insurer whose desire is to write policies for a class of business with up to 90% of the risk on their books, having a fronting carrier to help them in regulatory compliance opens up new doors and markets for them to make a profit.Fronting agreements have their advantages and their disadvantages and as a business owner it would be prudent to know what type of arrangement you are under in your insurance program. Fronting agreements can be advantageous if used properly but they also can be an opportunity for fraud if used incorrectly.
R. Glenn Matsen, CEO, MBA, CPCU, ARM, CLU, ChFC has over 32 years of risk management experience in providing insurance solutions for the small business owners needs. His website contains detailed information on Small Business Insurance and Small Business Insurance Quotes.
Find The Best, Cheap Car Insurance Rates For Your Family
In the tough economic climate wherein we all find ourselves these days, it is imperative that we get the best car insurance rates we possibly can and this means comparative shopping, as with any other purchase we make. Do not just look at the rates when looking to buy insurance, though, as cheap is sometimes just that, cheap! Look for the lowest auto insurance quotes offered by a prestigious insurance firm which include all the cover that is pertinent to your particular circumstances.
Before you even go online to research auto insurance quotes, make sure that you have all the relevant information such as what the required auto insurance coverage is in the state in which you reside. It may also be a good idea to review the National Association of Insurance Commissioners guide for some insight into various types of auto insurance. Once you have an idea of what is required in your state and which types of insurance packages are available, you are in a better position to look for the cheapest auto insurance in the category of insurance that you require.
When shopping around, you will naturally compare auto insurance prices, and this is good, but do not only look on the insurance company websites because they will obviously talk up their products and rubbish other companies. Do some comparative shopping for the best car insurance available by searching the internet for websites which offer quotes from various companies. These websites will not deal with insurance companies which are not reputable, and having the comparisons in one place will save you much time and effort.
Remember that car insurance costs are not the only important factor; it is no good buying the cheapest insurance just to find that there are many exclusions in the fine print. Make sure that when you compare auto insurance quotes you do not compare apples with pears; check that all the coverage on the insurance packages that you are comparing is exactly the same. This means that you cannot compare the rates of an insurance package which includes collision and comprehensive cover with one that is only for comprehensive insurance and does not include collision cover.
If you are renewing your auto insurance cover, make a note of what you are currently covered for, whether that is aligned with the cover required by your state and has served you well in the past. It is also imperative that you take your driving record and any outstanding speeding tickets into consideration when searching for affordable car insurance, as that will impact your rate. If you lived in a very safe area before but have moved to one which is renowned for vehicle theft, your rate will be higher than before. This means that you cannot compare the rates you can get now to what you paid before; you need to compare auto insurance rates for the area in which you are currently residing.
Another important factor to bear in mind when shopping around for insurance and gathering quotes is to check that you get both monthly and annual quotes, as the lowest auto insurance rates are often those that are paid annually. Check when the payment is due, what types of payment plans the offer, and what their payment policies are. Also check what their policy is regarding late payment. Bear all of these facts in mind when you compare rates so that you are not only getting the best rate, but a package which suits you in all ways.
Before deciding which insurance company to sign up with, it is important that you check that the company does not have a reputation of not paying out legitimate claims. The National Association of Insurance Commissioners' Consumer Information Source will give you all the information you could ever wish to have about various insurance companies, including prices, key financial data and licensing information. Your state's Department of Insurance will also be able to inform you as to which companies have a high consumer complaint ratio.
Some companies have exclusions or particular requirements regarding using only original manufacturer parts for instance, and it is important that you know this before signing. Something else you need to be sure of when looking for the lowest auto insurance rates is whether the company pays out for claims in states other than your own. Some companies offer what seem to be really excellent auto insurance rates on the surface, but when you look a bit closer they are really scams, so be wary of these.
Another way of ensuring that you obtain cheap rates possible when you compare online quotes is to look for the many discounts that are frequently offered. It is also often possible to negotiate a better rate with your insurance agent. Although companies will want to sell you the most options, but getting the lowest auto insurance rates may mean that you should rather lower certain cover which you do not really need. Do not let anyone try to tell you that you have to take all the cover in certain packages, as that is just salesmanship.
A big factor in assessing car insurance rates and trying to find cheap rates for teenage drivers is the driving style of the teen drivers, as a heavy foot will not only cost in speeding tickets, but also in higher insurance premiums. One way to get low-cost car insurance for your teen is by sending them for a safety course in driving. You can then present proof of this course to the insurance companies when applying for quotes, as they often look upon such driver education favorably.
Gary is a writer for various online blogs, specializing in finance, insurance, and health. For more information on how to find cheap car insurance rates and compare quotes, check out MyCarInsuranceRates.com. Also, for free, instant life insurance quotes to get multiple-policy discounts, use TheLifeInsuranceQuote.com.
Exploring Ways You Can Lower Your Cost Of Insurance Coverage
Most every driver wants to pay the least amount possible for their car insurance coverage. However, many of these drivers may not be aware of all the ways you can do so. The average driver most likely takes advantage of well known discounts and deals, there are some ways to lower your premiums you may want to investigate further with your company.
The area you live in impacts insurance premiums. Companies feel if you live in a wealthy neighborhood, your vehicle is less likely to be stolen or vandalized. The exact opposite is true if you live in an area that has a high crime rate. While moving to a new area is not an option in most cases for lowering your premiums, you can do some things that will help.
Hire a professional to install a security system on your vehicle. This can help to lower your premiums if you live in area that has a high crime rate. You might also consider other parts of your car that will allow you savings. Automatic seat belts, airbags on driver and passengers sides, and anti lock brakes help to keep down the cost of your premiums.
How much you drive your car can cause you to pay more for your coverage. The length you drive back and forth to work is taken into consideration by your company. The shorter distance you commute to work, the less you pay for coverage.
Keeping your automobile parked in a locked garage or in building for parking will also help you to have cheaper premiums. In this way, you are less likely to go out to your vehicle to find it stolen or vandalized. This is the same idea insurance companies have as well about parking your car in a safe place.
Before you go shopping for your dream car, you may want to consider the cost of coverage for it. Many new cars will require comprehensive and collision coverage to satisfy the loan. This kind of coverage can be extremely expensive. If you are on a budget, consider buying a used car that is less likely to cost you a great deal for insurance.
Avoid breaking the speed limit or drinking while driving. Being stopped for violations that can cause you to require high risk insurance will certainly end up costing you a great deal. By maintaining a clean driving record, you can not only wrack up on company discounts, you also avoid losing your permission to drive.
You can get information about how to find the best priced auto insurance coverage and details about important factors to keep in mind when you compare auto insurance quotes, today.
Car Insurance: Why Is It Necessary?
Current car insurance policies have high premiums. Hence, a lot of automobile owners think twice before obtaining insurance. However, most people agree that car insurance is a necessity, and there is no need to go for expensive insurance policies. In fact, one can find reasonable car insurance quotes online.
Car insurance is important in various countries. The nature of automobile insurance depends on what your country or state mandates. Hence, you should ask the authorities or an insurance firm regarding these regulations. Most insurance policies protect your welfare as well as the welfare of other people in case the unexpected incident happens. Also, an insurance policy can provide you a certain degree of leverage when you encounter problems on the road. Check with your traffic authorities if it is all right to drive without insurance. Nevertheless, whether holding an automobile insurance is legally required or not, obtaining an insurance policy for your car is a wise decision.
An auto insurance policy protects you from incurring liability during an accident. Road accidents are sometimes inevitable. Without car insurance, you can be held responsible for all costs sustained after the accident. Such costs cover car repairs and medical bills of injured persons. If the car accident caused loss of life, you could suffer major financial setback. These events may cause disputes that sometimes end in court. While an insurance policy will not keep you from having to face litigation, it can ease some of your burden.
Someone may believe that it is ridiculous for them to anticipate that they would encounter an accident. But unfortunate events have happened to people who resort to too much complacency. Assuring yourself that you will never be a victim of road mishaps may prove to be an error in thinking. Sometimes no matter how careful you are, you might encounter misfortunes.
With the right car insurance product, you will not have to be worried about paying a huge amount of money if you bump your car into someone else's car or if your car slams into a light post. Obtaining even cheap insurance can provide you some peace of mind, considering something will take care of you in case you come across an untoward event.
Car insurance is one of the most popular and needed insurance plans. Some people do not secure an insurance policy right away. They only wait until an accident happens. Insurance firms keep reminding that a risk-free life is unrealistic. You are never without risk no matter where you are. With the existence of legislation that requires car owners to have insurance, there is no need to remind citizens that they should insure their automobiles and themselves. The alternative to buying automobile insurance is to stop driving and to stay at home.
Look for good car insurance companies. Many firms now provide a good range of insurance products. Look for an auto insurance product that matches your needs.
For more information about obtaining car insurance quotes online and cheap car insurance quotes visit our website carinsuranceinet.com.
A Brief History of Mandatory Car Insurance
Compulsory automobile insurance began in Switzerland in 1904. Eight years later Norway adopted it, followed by Denmark in 1918. In this country such insurance was first discussed in New Jersey in 1916, and by 1927 some form of mandatory auto insurance was under consideration in most of the other states.
In January, 1926, Connecticut put into operation a financial responsibility act. The following year the "Stone Plan" went into effect in New Hampshire, while Massachusetts inaugurated the first and, to date, the only, compulsory liability insurance law for car owners.
Maine, Rhode Island, Vermont and Minnesota also have enacted legislation somewhat similar to the Connecticut plan. These various methods of coping with automobile accidents and their accompanying problems will be explained in detail at a later point. In addition to the several plans now in operation, a number of alternative proposals have been set forth.
The Massachusetts system of mandatory liability insurance has served as the proving ground for the experiment of compulsory auto insurance. Interestingly enough the experience of the Bay State has been used to support both the pro and con arguments.
There has been considerable quibbling as to the original purpose of the law, some pointing to it as a failure-claiming that it has not reduced the number of accidents, others maintaining that the law was never intended as a safety measure but only as a means of insuring financial responsibility. It is charged that the administration of the act has become involved in politics.
The total effect of the difficulties raised in the operation of the Massachusetts law has been to divert attention, temporarily at least, from liability insurance to compensation insurance, if the temper and number of magazine articles and newspaper comments may be taken as a criterion.
It is not improbable that the fight over mandatory insurance may shift from the liability field to that of compensation, principally because of the precedent thought to be found in workman's compensation insurance. However, the plan adopted in the future may not be purely either a liability or a compensation measure. The Connecticut and New Hampshire plans, as well as a number of other proposals, present ideas for consideration.
While the public mind has been much confused as to the meaning of the various proposals, those who understand the principles involved and who are taking an active part in the controversy seem to be needlessly far apart on certain fundamental propositions.
For example, there should be general agreement on the point that the prevention of automobile accidents should be the main purpose of any kind of legislation on this subject, for without accidents there would be no need for any form of compensation. However, second only to accident prevention, is the adequate care of the injured persons and of their dependents.
Therefore, a proposal for compensating the accident victim or his dependents should not be condemned merely because it will not, or does not, reduce accidents. Perhaps these two ends cannot be accomplished by the same measure.
Visit the website to compare auto insurance companies and automobile insurance coverage options online.
Monday, 19 March 2012
The Steps For Filing A Car Insurance Claim
Consumers paying premium after premium for their insurance coverage may never think about what to do in actual car accident. While no one likes to think about having an accident, it is best to know ahead of time the steps you would need to take for making sure your insurance claim goes smoothly and quickly. Check out this information for helping you to be prepared before an accident happens.
The first thing you should always remember if you are hit by another or car or you hit one, is to not panic. Panic allows your clear thinking to distorted. Survey the incident and make sure there are no serious injuries. If there are serious medical issues at hand, immediately dial 911. If the injuries are not serious, call the police.
Talk to the other driver and get the license plate number of their car. You should also make sure to get all their insurance information as well. One thing to remember is to get the phone number of the driver. Once you have this information, keep it on you in safe place. Look around for eye witnesses that may have seen the accident in its entirety.
Call your insurance company as soon as possible. No matter whose fault the accident was, make sure to always call your company first. You will be walked through the claims process by an understanding and knowledgeable company representative. Make sure to tell the other drivers insurance company you are filing first through your own company.
In most cases, the two companies will settle the differences between them. Your agent will keep you informed about any monetary expenses you are rewarded or responsible for. In some of these cases, drivers hire a lawyer to represent them in the pursuit of monetary compensation for damages like mental strain and medical problems you may be left with for life.
Once your vehicle is at a garage or at your home, an appointment will be set for an adjuster to come out and have a look at the damages. If your company has direct repairs program, you may have the repairs done right away without an adjuster getting involved. This is a time saving benefit for many consumers that only have one vehicle for getting back and forth to work.
Be prepared for staying calm and making the right choices if you are in an accident. By doing so, you will have an easier time in getting the information you need for making a claim.
Motor vehicle owners, you can get guidelines on how to file a car insurance claim and a list of Arizona ins faqs, now.
Know the Indispensable Nature of Auto Insurance Coverage
If you own a car, then you must know how crucial auto insurance is. By law auto insurance is unavoidable, but this means just to buy the minimum amount of liability insurance required by a particular state. However, auto insurance is far more extensive than just covering the liability costs. If you need total protection from the various costs related to an auto accident, then it's very important to know the various angles of auto insurance coverage. Read on to know the importance of auto insurance coverage and how auto insurance benefits you in various ways.
Types of auto insurance coverage
Buying the suitable amount of auto insurance coverage can really protect you from the financial hazards related to accidents.
Following are the basic coverage that you can get in a typical auto insurance policy:
Bodily injury liability (BI):
This coverage pays for the physical damage that you cause to others in an accident. BI covers the medical bills, pain and suffering and lost wages of the injured party from your side. This coverage also protects you from the cost incurred by lawsuits, if the other party chooses to sue you for their suffered damage. In a tort state, this is the only way of receiving reimbursement in an accident, from the at-fault driver.
Property damage liability (PD):
This covers the liability costs for others' damaged property. If you cause any kind of property damage of the other party, ranging from their vehicle to house or garden fence, PD pays for the loss on your behalf.
Medpay or Personal injury protection (PIP):
This part of the coverage looks after your own medical bills that may arise as a result of an accident related injury. PIP covers you, your passengers and all your permitted drivers for suffered loss. Apart from medical expenses, it also covers for lost wages, funeral expenses and child-care expenses, depending on the policy.
In "no-fault" states, you can get reimbursement for all the above mentioned losses, even if the other party is at fault. This means you don't have to wait for fault determination or lose time in suing the other party to cover for your loss. However, you are free to file a lawsuit, if your losses are higher than the compensation received up to your PIP limit.
Collision coverage:
This coverage pays for the damages suffered by your own car in an accident. Due to collision of vehicles, if your car is damaged, this coverage kicks in, after you pay the deductibles.
Comprehensive coverage:
Collision of vehicles is not only the cause that can harm your vehicle. If your car is damaged due to some other events like fire, theft, vandalism, hail and storm, etc, comprehensive coverage pays to cover for the damage.
Uninsured/Underinsured motorists coverage (UM/UIM):
This coverage pays for your loss, if you suffer in an accident caused by an uninsured or minimally insured driver. This coverage also pays, in case you get victimized in a hit and run situation or by a 'phantom vehicle'.
auto insurance benefits are the most vital to consider, if you possess a vehicle and are worried about your own and your passengers' safety. Understanding your needs and buying appropriate coverage is thus the best thing you can do, before you hit the road.
4.It is not a wise idea to go for individual plans
Most of the people prefer to go for employer's group health insurance plans. They think that individual health insurance plans are quite expensive. But this is not always true. It is said that a steady rise in the cost of the employer's group health insurance plans has been seen in the last few years. A lot of employers have been forced to reduce the benefits due to the rapid increase in the premium rates. Apart from that, the employers are required to follow the state health insurance laws by any means. This implies that you'll have to take up the coverage you don't even need.
However, if you go for individual health plans, then you can purchase the coverage as per your needs. You can purchase coverage as per your health condition. You won't have to spend extra money for the coverage you won't even require in future.
Finally, a lot of people think that the maximum number of uninsured people is below 25 years. Well, this is not exactly true. Statistics reveal that the most of the uninsured people are between 30 and 50 years.
Author Bio: Juanita Martinez is a longtime contributor and Moderator of the Ampminsure community. She is a financial writer, specializing in the field of insurance. You can reach-out to her through the ampminsure community for insurance related queries.
Questions About Auto Insurance? Here Are The Answers
Auto insurance is large part of being a responsible vehicle owner. However, auto insurance policies seem to be written in the most confusing terms possible. This article can help you to better understand what all of those terms mean. By understanding the terms of the auto insurance world, you will be a more informed consumer.
When you do change insurance companies, cancel your old policy in writing, and save a copy for your records. If your cancellation by phone does not get properly recorded by an insurance employee, and you ignore the next bill that comes, you could be reported as someone who has been terminated by the insurer for non-payment. Having an insurance policy terminated for non-payment has credit consequences.
In order to keep your auto insurance premiums low, make certain you are a cautious driver. If you are able to go for long periods of time without getting a ticket or having an accident, you will probably by eligible for safe driver discounts. This savings can really add up over time, and you may even get a larger discount every year you do not get into an accident or get a ticket. Also, doing this will prevent your premiums for getting higher.
It is always possible to purchase additional coverage in excess of what the law requires. Even though these may cost you a bit more, the peace of mind they will give you will be worth it. One good add-on is uninsured motorist coverage, which protects you if you get into an accident with someone who does not have insurance.
You must understand your state's rules about car insurance. Before purchasing any type of auto insurance policy, it is important to know what the requirements are for your state; each state is a little different.
Be sure to consider the cost of insurance when buying a car. Your agent can tell you which cars receive a lower premium because of safety or security features. Sports cars garner higher insurance premiums, than other vehicles on the market. Be sure the premiums for your new car fit comfortably into your budget.
In many states, all drivers are required to purchase adequate liability insurance. You should check the legal requirements for the state where you live, and make sure that your coverage meets the established minimum. If your vehicle is not insured when you are in an accident, there will not only be serious financial consequences, but there will also be consequences from your local authorities.
Insurance is the ultimate protection against any type of accident or disaster happening to your car. A deductible is what you have to pay towards the repair of your vehicle.
Unless you have a claim for more than $25,000 you should not hire an attorney or file a lawsuit. It is better to focus on making a settlement with your insurance company's claims adjuster. The costs associated with using an attorney often makes any benefits they can provide not worth the trouble.
It is important to promptly remove anyone who no longer drives your vehicle, from your policy. Removing a child from your policy will help to lower your monthly premium payment. Always keep the amount of covered drivers to a minimum for your household. Only pay for those that must be covered and you will save on your yearly costs.
Senior citizens are responsible for a high percentage of accidents which occur during daylight hours. This affects auto insurance rates as well as one's ability to secure coverage.
Consider taking off the coverage of a rental in your policy. It is most likely a paid expense that you rarely, if ever, use. You will save money if you decide to drop it, but you must remember that there may come a time when you might need it.
Get quotes from a few different insurance carriers before you settle on a policy. Chances are you'll need to look around to find the best deal.
Compile a list of every discount your company offers, and then carefully go through that list to see which ones you are qualified for. Discounts show how much you could save, which could be surprising.
The best way to keep your insurance down is to avoid tickets and accidents. A car accident can bump up your rates faster than anything else. Avoid dangerous situations and know your driving limits to ensure you stay safe and pay less. If you have poor night vision, avoid driving at night.
Many different things come into play when determining your auto insurance rates. Some of these factors include your age, gender and marital status. If you are aware of the factors involved and how they factor into the rate calculations, you can be a much savvier shopper.
The world of auto insurance is full of technical jargon that can be hard to understand. By gaining a good grasp on those words and terms, you can make an informed decision about any auto insurance policy. If you're as informed as you can be, purchasing insurance can actually be a good experience.
For more information, check out http://truckersinsurance.net/ where you can learn more about coverage and claim filing in the event of an accident.
Factors You Can Control When Looking For Rate Quotes
There are a number of factors that affect the rate you will have to pay for insurance. Looking at them, even if you are not able to change them or choose not to do so, can help you examine a quote to get the lowest rate possible. These factors include: age, gender, location, marital status, and accident and ticket records. Obviously, not all these factors will be something you are able or willing to change.
Location of where your vehicle is garaged is one of the biggest factors in determining costs. Often a difference of only a few miles can make a significant difference, sometimes as much as a few hundred dollars difference. So, if it is possible to move your location, you could save. If you don't plan or desire to move, you can check different companies to find one that does not have a high penalty for location.
Another major factor affecting rates is your accident and ticket record. Though you cannot change a current record, you can work toward improving you record in the future. Adopting a new, safer driving style can help in the future. Again, looking for a company that doesn't have such a high penalty for this factor can help save you money if this is a negative factor for you.
Age and gender are factors you can't do much about. Thus, it is best to either find a company that doesn't impose as large a penalty for them, or find different discounts the company offers that can help offset the higher cost based on these factors. Be assertive in looking for discounts, and in asking what discounts might be available that may not be advertised but are available to some policyholders.
Another factor you could change, and may choose to do so, though preferably not just for the price advantage, is your marital status. Single policyholders generally have higher premium costs. So, if you are planning a wedding, be sure to request the new lower rate you are entitled to. If you don't wish or plan to get married in the near future, again, look for a company that doesn't penalize so highly for being single.
Examining factors affecting rates for Alabama auto insurance and looking at different discounts available helps you get the lowest rate possible. It is possible, and highly desirable, to compare rates and available discounts between different companies. This helps you pay the least amount possible for the same coverage.
Breaking news: Change to Vermont auto ins law highlights uninsured motorist issue. You can find details about the benefits of having UM/UIM coverage and more information about Alabama auto insurance requirements, now.
Sunday, 18 March 2012
Think You Don't Need Restaurant Insurance? Think Again
Running your own restaurant entails a lot of work. There are many details to consider like what kind of menu to serve or what kind of ambience you want your restaurant to have. In the blur of all that activity, you may overlook the need for restaurant insurance with everything else you need to focus on. However, if you care enough about your business and want to ensure its long-term success, you need to consider this carefully. Keep in mind that restaurants are prone to one of the most destructive forces on the planet - fire.
The coverage you get will vary depending on your provider. You can get a simple one which provides protection for your building and its contents. There are also comprehensive ones that provide reimbursement for the most damaging of circumstances. Choosing a business insurance that caters to your specific needs is important. Take your time when thinking about what to include in your package.
The first thing you need to square away is the insurance for your building. Make sure it is insured. Getting a space for your restaurant business can be a big investment. This is because it will help you save on having to pay a monthly rental fee. Aside from this, you are also in full control of how the place will turn out. Therefore, prioritize your insurance from the start. If anything unfortunate happens, you will get compensated. You won't need to worry about starting over.
Second, restaurant equipment is very expensive. If cared for properly, it can last you for many years. Including it along with other fittings in your restaurant insurance policy gives you an additional layer of protection. Aside from the warranty that comes with each appliance, your plan can also reimburse you for these individual items in case of theft or natural disaster. This differentiates it from the building and contents add-on, since these are mainly focused on the building itself.
Getting protection from loss of license is also a good idea, especially if you have a bar. People get drunk all the time, and the government can hold you responsible for any troubles that may occur. Also, you can expect young adults to try to and pass themselves off as of legal drinking age. These are just a few things which can lead you to losing your license. Business insurance protects you from the possible financial losses that may result from these occurrences.
Other things which your plan should carry include worker's compensation coverage and food contamination insurance. Talk to an accredited provider, preferably one that is reputable and knowledgeable in the field. Entrust your trade only to the experts. Together, you can work out a customized plan that suits your needs.
Entrepreneurs and those new to the industry often make the mistake of failing to secure these plans. They believe their money should go to more important things. They only see restaurant insurance as an unnecessary additional cost. What they don't realize is they need it. Having one in your back pocket assures you in case of damages and accidents. Remember to always assess your risks before turning the other cheek. You can never tell what tomorrow has in store.
Protect yourself today and run a risk-free restaurant for years to come.
Mary Fonesca wants to know more about business insurance and which restaurant insurance providers are highly-recommended.
Codes and Standards Governing Commercial Kitchen Ventilation Operations
This is a continuation of our fire investigation series to assist investigators in understanding the operation of commercial kitchen ventilation, commonly called restaurant grease fires.
In this article we will discuss the foundation of the codes and standards that govern commercial kitchen ventilation and appliances.
The construction, installation and maintenance of kitchen systems is regulated by Federal, State/Provincial and Municipal building codes and supporting by standards. Codes define various occupancy characteristics of buildings and establish basic construction features and performance criteria. Standards establish acceptable practices for meeting the minimum criteria and are generally referenced by the codes.
In the U.S. and Canada, various jurisdictions usually adopt a model code with supporting standards. Some jurisdictions make substantial amendments or prepare their own building and fire codes. Once adopted, the code becomes an enforceable legal document administered by various authorities within the jurisdiction. The requirements for commercial cooking facilities are addressed in the building, fire prevention, mechanical, fuel gas, electrical, and life safety codes.
Model codes and standards are developed by various private sector independent standards development organizations. There are presently two major code development organizations in the US and Canada in reference to commercial kitchens, which offer model codes for state/provincial and local adoption. They are:
The National Fire Protection Association - NFPAThe International Code Council - ICC
These bodies are made up of building and fire officials and/or expert volunteers from industry and/or government, as well as professionals from engineering, insurance and other interests. The technical committees of these organizations meet at regular intervals and review changing technologies, construction and other innovations that may affect the building trade or fire safety needs of the community.
When dealing with suggested code changes these bodies have differing procedures and protocols with varying degrees of involvement among interested parties. All, however, have the primary focus of improving fire safety.
Codes and standards relating to commercial kitchen operations are continually evolving. They lag technology as they have typically been written after incidents have occurred, and research results are available, and/or new products have been developed, most notably ultra-violet filtration technology and the integration of computerized HVAC and heat recovery systems. Additionally, the process of code development and adoption can take years, often decades. It is common, in most jurisdictions, that existing buildings are governed by codes and standards that were in effect the time of the building's construction. Cooking equipment, exhaust systems, and fire-extinguishing systems are governed by codes and standards in effect at the time of their installation. Conversely, facility operational aspects, fire safety practices, and system maintenance practices are governed by current fire prevention codes and referenced system standards.
In conducting a system failure or performance analysis, an investigator or expert will need to establish at what point in time specific editions of codes and standards were adopted by state and local jurisdictions. It is a never-ending task to keep abreast of applicable codes, but a thorough knowledge of them is critical to understanding the background of a commercial cooking facility and analyzing a fire incident.
In addition to codes and standards UL, and similar organizations, test products (systems) and prescribe installation and maintenance requirements. These requirements are part of the terms of a product and/or system "listing."
These listing requirements are often more current than governmental Codes and Standards. An investigator must acquire copies of any installation and operation manuals for listed products or systems. This information and service records will assist in determining whether the listing requirements were adhered to.
In our next article we will discuss, at greater length, third party listings; a secondly, identifying the installation and maintenance requirements and how compliance or non-compliance could have affected the spread of the fire.
By Phil Ackland
If you have any additional suggestions or points that you would like to see included, please feel free to contact us.
Phil Ackland is an icon in the field of commercial kitchen safety education, particularly restaurant kitchen fires. http://www.philackland.com/. He sits on the NFPA 96 committee, has been a qualified expert witness and is a consultant to attorneys and insurance companies. He has written a series of books on these systems. Two of the most popular are Inspecting Commercial Kitchen Systems and Fire Investigation in Commercial Kitchen Systems. His one and two day training seminars have been attended by 1000's of fire inspectors and fire investigators. http://www.philackland.com/courses/
How To Successfully Deal With an Auto Accident
If you've been involved in a car accident, whether the traffic collision was head on, rear-ended, t-boned, or side swiped, there are several things you must be aware of in order to protect your interests financially and physically. In the event of a car accident, a lot of people panic or get flustered, and important details that will be necessary later when dealing with insurance companies or lawyers, will be missed. By keeping these key considerations in mind, you can save yourself a lot of time and trouble.
Remember to keep an emergency kit in your car. An emergency kit should contain essentials such as a basic first aid kit with bandages, cotton balls, and rubbing alcohol for minor wounds. More important to the typical crash, it should contain a reliable pen (perhaps a gel-roller pen or ball point) and paper for taking notes, a cheap camera for taking pictures (you never know what may happen to your phone in the event of a crash- it could be dead or get broken, so keep a cheap camera handy as backup), and a card with a list of any allergens or medical conditions that first responders should be made aware of. In addition, another good idea is maintaining a short list of people to call In Case of Emergency (ICE) in the event that you are incapacitated and your phone is not working.
Be mindful of the other traffic around you, and stay off of the road. If both cars are operable, move them off the road, onto the side of the road, out of harm's way. If either person's car has been damaged beyond the ability to move them, it is recommended that the drivers stay in their vehicles, safely strapped in. Put on the emergency flashing hazard lights, and if you have cones, traffic triangles, or flares, make sure to use those to warn other drivers of your presence.
Photograph the accident from multiple angles and view points. Make sure to capture the damaged areas of both vehicles in detail. You want to capture the full scene of the accident in order to completely document the extent of the accident, so a few photos from a (safe) distance of the scene of the accident will be helpful. Make sure to switch information with the other driver, including insurance, driver's license, license plate, VIN and make & model details. Make sure to file a vehicle accident report with the police. In some cities, police won't service accidents that have uninjured parties, so make sure to fill out a vehicle accident report at a police station in these situations. Often times, insurance agencies are more helpful when police reports have been filed, so this can mean a larger payout for you and less down time overall.
Consult a car accident attorney to deal with the insurance companies. Every insurance company is staffed with lawyers of their own, and many often use expert negotiators to deal with claimants, in an effort to limit the amount of money that they pay out. It's just good sense to arm yourself with your own legal defense and to never accept the first offer. You'd be surprised what a good personal injury attorney, experienced in car accidents, can do to help you. Many do not require a payment up front, instead taking a small fee from the final allotment.
I hope this helps you in the event that you have been in a car accident. More importantly, I hope that you utilize this advice to take the necessary steps ahead of time in order to handle a car accident with as little stress as possible.
The Tate Law Firm in the Dallas Metroplex is one of the top law firms in the country. Attorneys at the Tate Law Firm have been named one of the "Best Lawyers in Dallas" from D Magazine, a leading publication in Dallas. If you've been injured in any type of car accident, work-related accident, or construction accident, you may be entitled to compensation. The Tate Law Firm has a long record of helping victims collect compensation from insurance companies, and they can help you too.
Contact them at http://www.tatelawoffices.com/contact-us/
Does A Home Business Need Insurance?
Home businesses are growing rapidly thanks to the Internet and World Wide Wed. Countless consultants, work at home moms, independent contractors now operate their businesses from home. If you're one of these professionals doing business from home, there are some critical insurance issues you need to be aware of.
Chances are, you have a homeowners policy to cover losses related to your home and the contents within your home. But when it comes to your home business, homeowners policies are limited as to what they'll cover. In fact, most homeowners policies cover a maximum of $2,500 in business related losses at home.
Maybe you're not worried about having to replace a damaged or stolen PC or printer. But you still need to consider other liabilities that could leave you in a financial bind. What sorts of liabilities would a home business operator be subject to?
Well for starters, if your customers come to your home for meetings or appointments, they could be injured entering your house by something as incidental as tripping on your steps. This could lead to a lawsuit, and you guessed it -- the suit would likely not be covered by your homeowners policy. Perhaps someone delivering a package falls or has some other type of accident in your driveway? How you do cover yourself for situations like these that are business related in nature, but occur at your home since that's where you're doing business on a full or part-time basis?
There are a few ways to get covered for business related liabilities at home. The first solution is to consider a "combo policy" that covers the home as well as the business. Some insurance companies now offer these policies which combine homeowners insurance with policies like commercial liability insurance and more. By combining homeowners coverage with business insurance you can save money. Ask your insurance agent or broker about this type of policy if your business is operated from home.
A second strategy is to simply get what is called a business "endorsement" added onto your homeowners policy. This is basically a rider that is attached to your homeowners policy that extends your coverage to your business. Depending on the insurance company you work with, your policy endorsement can cover things such as theft or damage to equipment, inventory and even GLI (general liability insurance) which covers you for business related injuries or property damage. If your home business qualifies for this type of policy it can help you save money on your commercial insurance by limiting occurrences of duplicate coverage.
When shopping for a home business combo policy or a business endorsement, be sure to ask about exclusions so you know what is NOT covered. Also, make sure your policy has high enough limits to cover all your potential home and home business liabilities. Too many people buy business insurance then find after an accident or lawsuit that they did not have a high enough limit. If your losses in a claim, settlement or judgment are $1 Million and your policy limits were set at $500,000, you'll be responsible for coming up with the rest. What good is insurance at that point? One way to get higher coverage amounts is to buy an umbrella policy. This type of policy can increase your limits and save save you money in the process.
These types of policies do not cost much for most home business owners. In most cases for just a few hundred dollars a year you can add business coverage to your homeowners premiums, including general liability. You can do it for less if you shop around enough both online and offline.
While running a business from home seems easier than setting up a shop or office at another location, you are still subject to liabilities. The right insurance policies can help protect your finances, your home and your business.
Contractors and home business owners can now combine commercial liability insurance with homeowners coverage to save money on insurance premiums. Ask your insurance agent or broker how you can save or find out more at http://contractors-liability-insurance.org/.
Saturday, 17 March 2012
It's Your Store
Introduction
Small store retailing gets in your blood. Prior to being in the insurance business, I was the manager of a small store and after a five year pause in the game publishing business, a partner of a small retail store chain. It is good now to look back from my new perspective as an insurance professional and bring forward insights for small retail store owners.
Love What You Sell
My path into retailing started as a holiday job at the Lubbock mall toy store (South Plains Mall - Toys by Roy). This was in my Junior year at Texas Tech (Go Raiders!) and my parents had gone crazy about my first college job (compliant desk at the Lubbock newspaper from 5am to 9am) because I made the mistake of bragging that I was sleeping though my morning classes but still "Acing" them. I applied as a holiday clerk in the hobby area selling model trains, Estes Rockets, plastic models and other fun stuff. The manager, Phil Hixon noticed my work ethic and understanding of model trains (my older brother was a model railroader) and I was kept on as part-time hobby clerk. While completing my fourth year of my Business degree, I evolved into being the hobby section manager of this large specialty toy store. I loved selling hobbies and wanted our customers to have what they needed for their projects and soon took over ordering for the entire hobby area. I was a Business Major focused on retailing studies after all and this was my first time to put my learning into practice. I also embraced selling children's toys as an additional passion. I was hooked and while I had several large retailer job offers in the Spring of my senior year, my journey was to be toy & hobby retailing because it was what I loved to sell.
Insight - One of the secrets to success in small store retailing is to love what you sell. Your passion will attract loyal customers. Your personal interest in your products will help you see trends and correctly balance your inventory with the right stock selections.
Rite of Passage: First Christmas In the Toy Business
In the toy retailing business, you must show your mettle by working the Christmas gift buying season. Toys, more than most retailing, are very seasonally focused on the Christmas gift buying event. The whole year is focused on being ready and having the right selection to "bring home the bacon" during November and December. Last year's "must have" toy is now only an OK seller and the two years ago hot toy is in the clearance aisle. Your buyer (that's you in the small retailer world), had to guess at the January Toyfair, what will be the hot items for this year's Christmas season. Half your total sales will happen between mid-November and December 24th. The manager and assistant manager are expected to work long hours and stay focused. Being willing and able to work the 80+ hour per week for the entire Christmas sales season is "the Rite of Passage" in toy retailing. My baptism as an Assistant Manager in the toy business was the Star Wars toy crazed Christmas of 1978.
Insight - Hard work and long hours come with the retail store territory. You will earn your markup.
Ertl Riding Tractor
I still dream about assembling the big green Ertl John Deere Riding Tractor (Lubbock was Cotton Farm country and this was the prime "just like daddy" large gift for five to eight year-old boys). None of the consumers ever successfully assembled this expensive toy. There was no point in selling them the kit in the box because it would only become a messy mangled return. It took an hour per unit, even with practice, to get this beast put together. As assistant manager, I became the designated expert assembler. We sold the heck out of them in 1978 and 1979 when I worked at the Lubbock Toys by Roy as assistant manager.
Insight - Retailing is about adjusting to your customer product wants and delivering it. An assembled Ertl Riding Tractor was something our clients could not get anywhere else. We had them in stock and happily put them together. We delivered what they needed - the other local stores didn't care. We won both the large sale on the tractor and often a whole family Christmas gift purchasing event and repeat off-season visits from the thrilled parent that had obtained their son's critical "under the tree" gift without the torture of putting it together Christmas Eve.
Insight - Your product in retail is the whole shopping experience, not just the item sold. Our "product" included broad selection, help finding the right toy, location, free gift wrapping and yes, free assemble of the Ertl Riding Tractor. We were never the low price leader for toys but had a loyal clientele because of the whole product we offered.
Be the Destination
As a small retailer, you need to achieve and maintain "Destination" status. I ended my career in retailing rather than yield to my ex-partner of our three game store chain in Dallas, Texas over maintaining "Destination" status with adequate inventory selection. Let's face it; Wal-Mart will beat you on price and advertising spending on any market segment they want. Your store must develop a small niche that the big retailers don't want and then dominate it. This is the classic "Big Fish in the Small Pond" approach. If you become just another "Small Fish in the Ocean" your store's going out of business sale will be in the near future. In game retailing, the focus is a selection including the new game releases and having a wide range of accessories in stock. My ex-partner, after I sold out, paid off the IRS and other creditors by not refilling inventory for four months. He then refilled but had lost "Destination" status and our regular customers had left for other better stocked stores where they could buy what they wanted. The chain was liquidated a couple months later.
Insight - Decide on your small niche and do what it takes to be important for your regular clients. Be the destination for your chosen niche. You have to provide a reason for your customers to come, buy and bring their friends.
Lease Smart
Most small retail stores are in leased space and getting the right location with an acceptable lease is a critical business decision. My second retail venture was a Game Store chain. Envision a store that featured chess, dominoes, board games and adventure games (Dungeons & Dragons, etc.) and not a video game store. We had a successful location in Amarillo but wanted to move into a large market and were enamored with malls. Dallas was the "Land of Oz" to the eyes of a small city retailer. The only Dallas mall that would offer a lease was Red Bird Mall in far South Dallas. As I assessed the mall opportunity, I made the key mistake of seeing the location from the perspective of Amarillo and not the needed perspective of the big city. This was a mall in decline in the wrong part of town and we had just signed a five year lease in hell. The financial wounds of this bad choice eventually lead to our enterprises' demise.
As a commercial insurance salesman, I often see new store owners sign the lease without any understanding the insurance requirements that they have agree to. The insurance required by the lease can be extensive, sometime ridiculous and well beyond any affordability. Lucky me, I get to be the messenger. While this is a different error, it can have similar results.
Insight - Your location and lease are critical to your financial success in retailing. Be sure you have understanding of your market and have a professional review your lease terms before you sign-up. By all means, have an insurance agent quote the insurance required by the landlord. A bad or overpriced lease or a lease for the wrong location is a quick way to bankruptcy.
Evolution and Listening to Your Customers
The wolf at the door can be the driver of innovation needed to survive in retailing. Faced with an expensive mall store with flagging sales, I had all three staff members writing down anything that our customers asked for that we didn't have. This act of listening was why we survived the unfavorable mall lease and led us to a new niche that made real money. We found many good individual product line extensions based on requests of 2 or 3 customers, but we added an entire new product segment with 153 votes for Nintendo. My partner and I were initially completely deaf to this big wave that was engulfing the game, movie rental and toy business. Nintendo was extraordinarily "hot" and people expected a "Game Store" to have it. Without capital for a big expansion into this very expensive area, we developed a low capital approach of a small selection of new games, taking trade-ins and then renting them by the week or selling them used for a good markup. It was a cash engine and actually pushed us into "percentage rent" (our nasty mall lease had a provision to charge a percentage based on sales).
Retailing is never a steady state. We cornered the "Best Value in Nintendo" market for several years but the market never stays still. The big money (Blockbusters, Funcoland - now Game Stop, et.al.) invaded our niche of used games sales and extended video game rentals. One of my conflicts with my ex-partner was that we had to push our envelope again and find new niches. He resisted any increase in our product selections and insisted that we stay focused on cost cutting and not growth.
Insight - Retailing requires listening to your customers and paying attention to what they want. The evolution of new product niches is part of the business of retailing. Failing to grow your concept or change your product selections to stay focused on your customers will doom any store.
Summary
I hope my vignettes of my personal retailing experiences have been helpful. Retailing was a passion of mine for many years and helped mold the insurance salesman that I now have become. I don't miss the long hours, weekend shifts or the bounced paychecks but I still have fond memories of my years in retailing.
David W. Crump, Ross Gray Insurance Agency
See our website for more information about insurance for retailers: http://www.quoteaustininsurance.com/Retailers
I specialize in Business, Health and Personal Insurance sales and service.
A graduate of Texas Tech University (BBA Marketing), I began my career in retailing of Toy, Hobbies and Games. I have been a business owner but changed careers to insurance after selling my interest in a Dallas area Game Store Chain thirteen years ago. Hobbies include Gardening, Music (Bass Vocal) and Stock Investing.
See our website at http://www.quoteaustininsurance.com/
Ross Gray Insurance Agency has a 30+ year history serving Central Texas on all facets of insurance. We are located in South Austin at 2404 S. IH-35. We are here to help!
Copyright 2009, Ross Gray Insurance Agency, Inc.
How to Save Money on Car Insurance
In spite of the state of the economy one expense that drivers these days can't cut from their monthly budget is auto insurance. The good news is that thanks to the wide variety of leading car insurance companies in this day and age, drivers no longer have to be stuck with paying for expensive full coverage auto insurance plans. Every driver has the opportunity to choose a cheap auto insurance plan or a more affordable full coverage auto insurance.
How Much Car Insurance Do You Need?
The first step to finding a more affordable car insurance policy is determining how much auto insurance you really need. For example, most people who lease or purchase new vehicles are required to have full coverage policies but after the car is five years old or older those full coverage policies are no longer necessary. Before switching to a more affordable auto insurance policy, make sure that you verify how much automobile insurance you're required by law to have in your state because, the amount of insurance does vary from state to state and you can face a ticket and heavy fines if you're found to be under-insured.
Saving Money Is Easy
Before choosing just any vehicle insurance policy, there are several key things that you can do:
1. Ask for a bundle rate - If the insurance company offers other forms of insurance like life, disaster or home owners insurance make sure that you ask for a special bundle rate for choosing more than one policy with the same company.
2. Drive your car less per year - Even though you might not like the idea of driving less this is the best way to save money on car insurance.
3. Stay a good driver - It's true that a good drivers discount does pay off. If you want to continue saving money on your vehicle insurance, set a priority to stay a safe driver and you will be able to continue enjoying that savings.
4. Be a good student - one of the best ways to get an affordable car insurance policy for a student is to have good grades.
5. Move to a safe neighborhood - Most auto insurance policies charge their customers more based on where they live. If you're able to move to a safer neighborhood, you can enjoy a significant savings every year.
How to Find the Right Car Insurance Company
You should get at least five quotes to get a good comparison of the best rates that are available for you on the internet. Before signing up with a new automobile insurance company make sure that they have a solid history of paying accident claims and that their coverage is good nationwide.
To get additional thoughts and guides on how to save on auto insurance companies as well as discover real truth about the importance of full coverage car insurance follow to autoinsurancemonitor.com
Car Insurance Tips To Lessen Your Financial Load
Anyone who drives needs to pay for car insurance. Driving without insurance is illegal, to say nothing of the potentially huge cost of being in an accident without it. Nevertheless, no one wants to pay more than necessary for insurance. Here are NUMBER ways to significantly lower your car insurance premiums.
Raise Your Deductible. A deductible is the amount of money you are responsible for in the event of a claim. The higher your deductible, the lower your monthly premiums. Opting for an increased deductible can save you hundreds every year, but be careful. Put some of that money away each month to pay the higher deductible, just in case.
Reduce Coverage. If you drive an older vehicle with limited value, it may not be financially worthwhile to pay for full collision and comprehensive coverage. The most your insurance company will pay out in the event of a claim is the book value of the car. If that value isn't high enough to justify spending hundreds of dollars for full coverage, cut back to the minimum.
Consider Storage Insurance. Do you own a car that you only use for part of the year, or a spare vehicle that just sits in your garage? Why pay full price for insurance when you aren't actually driving the vehicle? Consider getting a storage insurance policy, which will not allow you to drive the car but covers any damage the vehicle might sustain during storage. Since the risk of an accident is so much lower, insurance companies charge much less for this type of insurance.
Get a Safer Car. Many factors go into calculating insurance premiums. One is your model's loss history, which is based on the number of filed claims involving your type of car. Many insurers also offer discounts for optional safety features, such as anti-lock brakes and car alarms. If you are in the market for a new vehicle, consider the cost of insurance before you buy. It may be worthwhile to buy a more expensive car and save money on premiums.
Look for Discounts. Different insurance companies offer different ranges of discounts. You may be able to qualify for safe driver discounts, long-term customer discounts or good student discounts. If your insurer offers a discount for low mileage, look into creative ways to reduce your mileage to qualify, and save on fuel costs to boot. Other insurance companies offer discounts for optional driver safety courses; see if those are available and save.
Live in a Safer Area. Are you planning to move soon? Insurers take the accident rate in your area into consideration when computing your premiums. Obviously, insurance costs are just one of many factors to consider when planning a move, but be sure to include them in your overall assessment.
Pay in Full. If, like most drivers, you pay your premiums every month, you are actually paying more than you owe. Ask your insurance agent about paying your whole premium every six months or every year. Arranging your budget to accommodate these large up-front costs instead of smaller monthly payments can be tricky, but the savings are often worth the effort.
Shop Around. Find out who's offering the best auto insurance quotes. Armed with all this knowledge, look at all of your insurance options to find the best deal. Opting for the company that offers the lowest base premium is not always the best choice. Find out where you can qualify for discounts and compute your premiums based on your whole situation. Choose the insurance company that offers you the best bottom line, and your finances will improve accordingly.
Jeffrey Wells has been promoting smart insurance purchase tips for decades, and is a semi-retired Kanetix auto insurance agent. Canadians who are interested in reducing their rates will appreciate the additional tips about auto insurance that Jeffrey has produced.
The Importance Of Acquiring Lorry Insurance
The rise of many financial lending institutions has really changed how the average person lives. In the past few years, many businesses were owned by financially stable individuals. But, this has really changed after the emergence of various financial lending institutions. These institutions have empowered the average person's financially to an extent where they can open their own business. A transport business is among the various ventures that people are undertaking. This can be a very good idea if you learn how to run it. There are various aspects that you must look into if you want to run a successful transport business or rather lorry business.
First, you must do a thorough research and get an insurance firm that provides lorry insurance policies. For no good reasons, many entrepreneurs overlook the whole idea of acquiring HGV insurance. Critiques try to argue that the money you spend on insurance can be used in different investment plans, but this is not a good idea. It is important to safeguard your expensive vehicle from the unforeseen mishap, since no one knows the day of the calamity. Furthermore, the numbers of vehicles running on the roads have increased resulting to a rise in the number of accidents, as a result of road congestion or drivers' negligence.
Insuring a commercial vehicle entails insuring the motor vehicle as well as the business. Therefore, you must ensure that the clients' goods and your vehicle are secure. This means that you must get a policy to safeguard your clients' good and another to protect your vehicle. Fortunately, some insurance companies saw the needs of such clients and designed a single cover that will perfectly suit their requirements. Some policies are mandatory while others are options. These are;
Vehicle insurance. It is important to get a vehicle insurance to safeguard your vehicle from accident, theft or natural disaster. If the unexpected happens, the insurance company will either pay for vehicle pair or buy a new lorry, if the former lorry was damaged beyond repair. This coverage is compulsory. It is therefore, illegal to operate a vehicle without the same.
Good in Transit policy. This policy is optional, but a prerequisite to running a successful business. Customers want their goods protected against damage or theft. So, if you buy this coverage, then you are building your customers confidence. If the customers feel that you are protecting their goods, then they will give you more business or even refer other customers to your business. Nevertheless, it is important to seek counsel from the providers, so that they can advice you on the best coverage that will guarantee full compensation.
Continental insurance is also optional, but very crucial if you deliver goods abroad.
Public liability coverage is another policy that you may also consider getting. In the short- run, buying insurance coverage could be quite expensive, but this cannot be compared with the benefits that you are entitled to if an accident or a misfortune happens.
James Copper is a writer for Falcon Insurance where you can find advice on getting the best insurance for your lorry
Friday, 16 March 2012
Do You Have The Right Car Insurance For Your Needs?
If you're searching for a good, dependable car insurance company, you know how confusing it can be to compare insurers. Not only do you need to compare rates, but also look into how trustworthy the companies are. For tips on choosing an auto insurer right for you, read on.
You should know when it comes to car insurance that your age, gender, and driving history affect your premiums. Amongst these the only one you can control is your driving history, so you should aim to keep your driving history as pristine as possible in order to keep your premiums as low as possible.
Discuss any employment-related discounts with your insurance company. Car insurance is all about statistics, and some career paths have shown a tendency to have fewer accidents. Discussing your line of work with your insurance company could therefore net you a discount, but they can't discount what they don't know about.
To save money on your insurance, consider what making a claim will cost you before reporting it. Asking the company to make a $600 repair when you have a $500 deductible is only going to net you $100 but may cause your premiums to go up more than that, for the next three years
When filling out applications for car insurance be sure to be completely honest. If you do encounter a situation where you need to file a claim with your insurance company and they find that you lied or misled them in any way in your application they can refuse to pay the claim and all premiums paid will be a waste.
To get a lower car insurance rate for teens, add them to an existing family account and take advantage of any special programs or discounts. For example, if your teenager is on the honor roll at school, they may be eligible for a good student discount. Likewise, their participation in some organizations can also earn them a special rate.
Careful, some car insurance policies do not cover damage done while you are driving other motor vehicles, such as motorcycles, four wheelers, snowmobiles, or jet skis. Be sure to check your policy to see whether these vehicles are covered before you decide to ride on one, or at the very least, make sure that your health insurance provides coverage to you.
A great tip for getting affordable car insurance is to consider limiting the amount of your comprehensive coverage if your car is not worth much. This type of coverage pays for damage to your vehicle besides an accident. Examples of this include theft and natural disasters. Consider the value of your vehicle and make the decision you think is right.
When searching for an car insurance policy that is right for you and your vehicle, be aware of how much coverage you actually need. It is dangerous to be underinsured, but if you have too much insurance, it can be an expensive mistake since you are paying for what you may not need.
As you can see, there's a lot of knowledge that goes in to selecting the right car insurance for your needs. Now that you know what needs to be done, you can make an informed decision about your insurance provider. Make sure to keep this information in mind, and good luck!
Benefits Of Insurance For Nuclear Accidents
Companies and the federal agencies running and managing the business of nuclear energy are aware about the risks involved. The first, risk of radiation exposure; if due to any accident or the general public is exposed to the radiations of a nuclear energy resource, and then the amount of damage repair would require billions of pounds. The second major risk is the risk of polluting land, air and water, which need no explanation. Polluting the planet can cause the permanent shutdown of business. Insurance for nuclear accidents has benefits as explained below.
Professional indemnity insurance covers the cost of defending your business against allegations of professional negligence (such as radiation exposure and pollution) and if unsuccessful. The cost of damages awarded against you.
All-risk property protection:
Nuclear power plant has properties like turbines, nuclear reactors, transformers, imagine not having this cover would mean a lot of money has to be spent in the repairs of these structures.
Insurance protection against the third party lawsuits and liabilities:
In today's litigious society, businesses have to incorporate safeguards to protect themselves from the outside lawsuits. Damage to a third party business or property, while you're doing your work; exemplify how devastating the results can be for businesses without liability insurance protection.
Legal Expenses Insurance:
Even if your company is diligent about complying with federal regulations regarding discrimination, sexual harassment and unfair hiring, lawsuits are filed every day. Legal Expenses insurance covers the company for these occurrences, and can be structured to additionally cover legal costs.
Office property Insurance and Employer's liability insurance:
Second only to its staff, a business's structure, warehouse, products and property are important to insure. Business owners should make it a point to check out insurance companies that specialize in commercial property. These companies know how to assess the importance and value of machinery, equipment, and inventory.
Employer's liability offers protection in case of a death or an injury to the member of the staff or an employee; employer's liability will protect the management against any claims made by the family members of the dead employee. Imagine the amount of damage without this policy.
Business Interruption Cover:
Coverage for business interruption includes income loss and, based on financial history, loss of revenue. If you must close the nuclear plant due to an event such as a chemical leak or earthquake, your policy pays for the anticipated income. Reimbursements for expenses are also covered, such as utilities, vendors and any other services required for operations. Expenses for operating at an alternate location may as well apply during recovery.
Protect Your Restaurant Business With The Right Insurance
Running a restaurant calls for the ability to maintain the business and foresee the prospective risks, apart from having good management. There are several risks that may incur losses due to unforeseen circumstances or catastrophes like earthquakes, hurricanes, avalanches, tornadoes; malicious damage, rioting and arson; fire breakouts due to electric short circuit - and above all, general economic recession or a public liability. When things unfortunately go wrong, restaurant insurance helps restaurant owners manage their risks and claims by providing financial support.
There are quite a few insurance products available in the market. You can choose according to your business' needs, as per the property involved in the restaurant, the goods and services the restaurant offers, and the like. Insurance vendors offer a wide range of insurance products to cater the needs of prospective clients.
Focus on crucial covers
A restaurant can be considered as well protected when it takes care of the most crucial things, which have high possibility of occurrence and which can possibly lead to high financial losses.
• Property insurance: The foremost requirement for a restaurant business is its premises. Owning/buying premises (building) for a restaurant entails huge investment involving a lot of risk. Even if you do not own the building, you need insurance for the inventory, mechanical equipment (of heavy price) and other aspects, if any.
• Employers' liability insurance: You need to have employers' liability insurance if your restaurant has employees. It is your responsibility to take care of the employees when they get injured or become ill as a result of the work they do -cooking, washing dishes, etc. Insurance protects your restaurant by providing the cost of compensation to a claimant and legal fees.
• Public liability: Public liability insurance for restaurants covers the risk in the event an individual is wounded in the premises of a restaurant, and the person claims for compensation. It also covers the risk if the customer suffers serious reactions on consuming the food of the restaurant, which may also lead to legal claims.
• Business interruption: Business interruption might be the fallout of unfavorable business conditions in the industry itself or public outrage for diverse reasons like political upheaval, economic recession; employee outrage, social riots, natural disasters like heavy rains, floods, earthquake that force temporary shutdown of business. For all this, the business would be imperiled unless supported by appropriate risk coverage.
• Vehicle Liability: If you have a vehicle for your restaurant, for transport, make sure that it is insured. If the vehicle is used for transporting inventory or commuting staff members or customers, it is rational to buy insurance for the vehicle.
Without coverage- it is too risky
Running a restaurant thus involves various types of risks - financial or otherwise. The risks involved are not only intensive but also numerous. If these short-term or unexpected risks are not handled properly, they will have a deteriorating effect on the business in the long run. Hence, it is risky not to have any insurance coverage as it might prove fatal.
Get a policy through a reliable brokerage firm
Choosing appropriate insurance policy for a restaurant business is not an easy task. For this, you need to make a thorough search - online and offline. First, find the most suitable firm that can assess the needs of your business, from the standpoint of size and the risk involved. Approach a brokerage firm that can help you in tailoring the policy according to your needs. Some of the reputed brokerage firms help you get discounts on premiums. They even help you in the renewals.
To conclude, buying restaurant insurance is a rational and wise decision. Contrarily, without restaurant insurance, the restaurant is under great risk which could prove decisive in determining the fate as well as the survival of his business.
Keystone Insurance Group is Ireland's premier supplier of public liability insurance and business insurance solutions to Irish industry. We offer a broad range of insurance products for hospitality business including restaurant insurance and hotel insurance. Our experienced and professional team quickly arranges quotes for all classes of business insurance.
Subscribe to:
Posts (Atom)