insurance

According to sources, there are around 28 million small business owners in the United States. From small retail shops to well established businesses. No matter what type of business it is and how well established it is, all types of businesses can suffer losses which is why they require protection. Perhaps, this is the main reason as to why so many business owners are found asking questions about business insurance.

Here are some of the top most Googled questions about business insurance which can help you understand it properly.

1. What Exactly is Business Insurance?

Business insurance is basically coverage and compensation that is provided to business owners to protect them from financial risks or losses. From your smallest to your biggest business assets, you can get all your business properties insured. Some coverage consists of errors and omission insurance policy, worker’s compensation insurance policy, property insurance policy, commercial auto insurance and much more.

2. How will you know if you Need it?

As a business owner, you will find a need for it in most instances. While you may be thinking that your business does not require insurance policies and does not have enough assets to be sued, you will still need to get your business insured. Risks and threats are involved in any business, either directly or indirectly. That is why in order to secure your business venture from potential risks, you should better shield your business from them. It is simple; if you have assets, even some of them, you would require business insurance. Obviously, if you have a small business, you would be scared to lose even one of your assets.

3. Who will be Responsible to Guide you Through the Process?

An Insurance Agent or Broker will guide you throughout the process of getting an insurance policy for your business. They are just like trusted business advisors who will meet you face-to-face and will help you in understanding the business insurance policies by explaining you each and everything in detail. Also, they will come up with the best suitable plan to help you provide the adequate coverage.

4. What are the Types of Business Insurance Policies?

Your broker will help you review each of them in detail. However, since this is one of the most important things which is searched most on Google, here’s what comes under it;

• Casualty Insurance: This is the liability compensation which is for the premises of your business and the products that are manufactured on the jobsite.

• Property Insurance: This is the liability coverage that covers physical location, which is either owned or rented, by the business.

• Commercial Auto Insurance: This is the type of insurance that provides coverage for the loss or damage to business vehicles in the business’ use.

• Worker’s Compensation: This is the liability coverage that provides compensation in the event that an employee gets injured on the job.…

Secret #1: Don’t spend too much time on a life insurance quote.

Do not be fooled by the low price quotes you get online – they don’t apply to you unless you are extremely healthy. Statistically only 10% of people who apply actually get the lowest priced policy. The premium you end up paying has nothing to do with the initial quote you get online or from an agent. It is amazing to me how often I see people getting duped by an agent who quotes company X at a lower price than another agent.

Life insurance policies are the same price no matter who you buy from! One agent or website quoting a lower premium means nothing. Prices for any given policy is based on your age and health. There are a few exceptions to this but that is beyond the breadth of this article.

Most life insurance companies have 10-20 different health/price ratings and no agent or website can assure you the quote they give you is accurate. You have to apply, do a health check, and then go through underwriting (meaning you complete a mini-exam with a nurse in your home and then the company checks you doctor records and reviews and ‘rates’ your health) to get the real price of the policy. Remember that a health rating also factors in your family history, driving record, and the type of occupation you have. Only use quotes to help narrow down your choices to the top companies. You may want to consider a no load or low policy. The more that you save on commissions the more money builds up in your policy. You can even buy term insurance no load, and save a lot on premiums. You will not get the help of an agent, which may be worth something if they are very good.

The most important factor determining price is matching your particular health history with the company best suited for that niche. For instance company X might be best for smokers, company Y for cancer survivors, Company Z for people with high blood pressure, etc.

Secret #2: Ignore the hype on term versus cash value permanent insurance.

You can go crazy reading what everyone has to say on buying term insurance versus a whole or universal life policy. Big name websites give advice that I think borders on fraudulent. Simply put there is NO simple answer on whether you should buy permanent cash value policies or term insurance.

But I do think there is a simple rule of thumb – buy term for your temporary insurance needs and cash value insurance for your permanent needs. I have read in various journals and run mathematical equations myself which basically show that if you have a need for insurance beyond 20 years that you should consider some amount of permanent insurance. This is due to the tax advantage of the growth of the cash value within in a permanent policy. I am divorced and have taken …

The other day a co-worker told me about her salary journey as a CNA. After completing her CNA classes she immediately started to look for a job and was a little shocked to see that the pay rates were surprisingly low. But she was confident and decided that she wanted to be a CNA not primarily because of the salary, but in order to help others and hoped that with more experience her salary would go up. Now it is five years later and her CNA salary has indeed increased, however, not as much she’d have liked. In my opinion, it really is a huge problem for many CNA who put their heart and time into this demanding job and the income doesn’t increase much with time. Therefore, here are four options to help you maximize the money you can make as CNA.

Location, Location, Location

Do you know that the starting pay of a CNA varies widely between different states? According to the U.S. Bureau of Labor Statistics CNA earn an average annual salary of $24,190 or $11.63 per hour (2011 data). However, depending on the state you work in the actual salary could be $23,500 (in Iowa) or $32,000 (in New York) or anywhere in-between. Therefore, if you are mobile and want to travel you stand a good chance to increase your salary as a CNA simply by moving to a different state.

Unfortunately, there is a catch. The cost of living in or near New York is notably higher than the cost of living in Iowa. Thus, although your income can be 35% higher in New York, you might end up having less in the bank after rent, taxes and food. However, though they may be an expensive states to live in – who wouldn’t desire to move to New York City or Hawaii?

Consider that if you move to another state, you also have to transfer your CNA license. To do so visit the website of the state’s Nurse’s Aide Registry and find out how you can transfer your license to this state. Alternatively, in case you are still thinking of becoming a CNA and want to explore the United States, You can also move to your preferred state after your initial training and obtain the CNA license there directly. It saves time and money.

Not All Work Settings Are Equal

With a CNA license you can find work in numerous settings. You could start in nursing facilities, community care facilities, hospitals, or possibly even as a home health aide. Depending on the place you go the salary can be quite different.

Nursing Homes

Many certified nursing assistants have told me that the salary in long term care facilities is typically not as high as that in hospitals. The difference is not excessive, but it is there. However, this doesn’t mean you shouldn’t consider working in a nursing home. It is a great place to start your career. In addition, there are other opportunities to raise …

1. Gather and Prepare Your Personal Financial Situation Status Quo

This kind of information can depend a lot on you as an individual, but it usually has to do with…

— your investments,

— your insurance policies (life, health, long-term care, property, liability, etc.),

— your retirement benefits,

— your tax situation (income tax, estate tax, gift taxes, etc.),

— your will or trust,

— your other estate planning information,

— your powers of attorney,

— any other financial information or documents you may need.

It’s helpful for you to put together some simple personal financial statements. These can be much like those that are used in business. They might include your personal balance sheet, an income statement, and other relevant statements.

In the case of a balance sheet and income statement, the assets and liabilities, as well as your income and expenses, are included in the statements. These can be combined, for example in the case of husband and wife, or separate income statements and balance sheets could be put together for each person in your family.

If you are using a professional, they may have forms already made up that you can use for these purposes.

2. Identify Your Goals and Objectives

This will take some thought, and is one of the most important foundations to your financial planning.

Put some time and thought into it, and the rest will fall into place much better.

3. Compare Your Current Scenario With Alternative Ways To Handle Each Part of Your Financial Planning

Relate it to your goals and objectives. Get the advice and information you need from others, including professionals, and make decisions for changing what is the status quo.

4. Develop and Put Into Place Your Plan

Not someone else’s plan, but YOUR plan.

Putting together the facts of your current situation, your potential future situation, your goals and objectives, and looking at those alternative ways of handling your case, you can lay down a plan that, while flexible, will act as a map for your future years in planning your finances.

5. Review and Revise Your Plan As Needed Periodically

Don’t think of your plan as carved in stone. Things change. Circumstances change. YOU change.

There may be family occurrences like marriages, divorces, deaths, births, changes of occupation, varying economic conditions, and many other things that enter into making financial planning decisions.

Put these five steps into play, and you’ll be glad they did. Read more. Absorb lots of information. But don’t let it paralyze you. Information plus action will take you a long way.…

Insurance and finance are closely interwoven fields of business, not least because they both involve money. They also often both involve speculation and risk, and often where one goes, the other will follow. Take property investment for example, it involves a large amount of capital out lay, swiftly followed by insurance to protect the capital investment. It would be ridiculous to spend such a vast sum of money on a venture and not protect it against possible damage. It therefore makes sense to store information on these two subjects together, as the relationship is so logical.

Insurance is a form of risk management used to protect the insured against the risk of a loss. It is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for a premium. There are different kinds of insurance for just about every conceivable event. The most common insurance is probably life insurance, which provides a monetary benefit to a decedent’s family or other designated beneficiary.

It can cover funeral or burial costs and can be paid out to the beneficiary in either a lump sum or as an annuity. Property insurance is one of the more necessary insurances as property is extremely expensive and if it is lost or damaged for some reason (fire, earthquake, flood) it can be very difficult to replace without adequate reimbursement. Travel insurance used to be seen as an unnecessary expense and is still viewed as such by many. Its importance is, however, being increasingly recognised by the public at large. It is cover taken by those who travel abroad and covers certain unforeseen events such as medical expenses, loss of personal belongings, travel delays etc. There are numerous other types of insurance, too many to mention, all vital if you want to protect something of particular importance to you or another.

In the world of finance there are many sub-categories, also too numerous to mention but a few will be included here. Forex, or the foreign exchange market wherever one currency is traded for another. It includes trading between banks, speculators, institutions, corporations, governments, and other financial markets. The average daily trade in the global forex is over US$ 3 trillion.

Tax consulting usually involves CPAs and tax lawyers in addressing any tax issues that you may have. There may also be Professional Strategic Tax Planners and Enrolled Agents, depending on the company that you hire. They will help you reduce your tax debt, eliminate tax penalties, an innocent spouse claim, tax liens, bank levies, and preparing unfilled tax returns, as well as any other tax resolution problem that you might have.

Property investment is usually when an investor buys property with an eye to generate profit and not to occupy it. It is an asset that has been purchased and held for future appreciation, income or portfolio purposes. In some instances an investment property does not have to be held for profit, as some landlords in New York …

Employers’ Liability Insurance (ELI) and Workers Compensation Insurance (WCI) are two important insurance covers to protect the interests of employees, as well as employers. There are, however, certain differences between the two. Due to these differences, it may result in wrongful litigation and consequently anxiety to parties involved. The differences between ELI and WCI are relating to where they apply and what they cover. We will discuss about them here briefly.

Where they apply

Employers’ liability insurance

As an employer, it is mandatory for you in UK to purchase employers’ liability insurance. Not purchasing attracts penalty under law. In certain situations your employees may feel that you are liable for job related illness/injury which they may sustain and they sue for this. If it is really a case, it may bring in expenses such as hospitalization, financial compensation and the like. ELI helps you under such circumstances.

While it is mandatory for you as an employer to have ELI, your employees need to prove that the job related injury/illness is because of your negligence. Imagine yours is a lumber business. While working, your employees should have the necessary equipment, training and skills to operate them. If you employ them without teaching the safety norms, imparting the training and checking the fitness, and they sustain injuries, it will amount to your negligence as per rules framed under Employers’ Liability Insurance Act and employees are likely to feel appropriate to sue you, because you are liable.

Workers compensation insurance

On the other hand, workers compensation insurance is a cover for the welfare of the employees. It depends on the circumstances that are the tone of relation between employer and employees. Thus, if you are more concerned about employees’ health and safety, you need to purchase this insurance. It does not matter whether it was your fault or your employees’ fault that resulted illness, accident or death, this insurance comes to your help.

Coverage

Employers’ liability insurance

As an employer, you have to go to court of law if the affected employee sues you. You need to pay financial compensation and bear the hospitalization and medication. ELI covers all these expenses.

Likewise, for employees ELI covers the permanent and temporary disability, injury and wrongful death at workplace. It covers the cost of litigation as well.

Workers compensation insurance

For employers, WCI is a Good Samaritan. In most cases, it ensures that your employees do not resort to litigation. However, in such unfortunate event, WCI covers the expenses because of litigation. It covers the financial expenses to be given to the affected employee for work-related injury, illness or even death.

Employees when inured at workplace, under WCI, are guaranteed to get compensation from the employer to cover medical and hospitalization expenses and certain portion of wages. In most cases, it is two-thirds or more. WCI covers the expenses on litigation, by the employee. In general, WCI takes care of the situation and makes sure that litigation on the part of employees is avoided.

WCI …

Business security systems

Any business, big or small, is essentially exposed to many threats against possible losses due to various reasons. All business owners would naturally like to protect their businesses against any losses from the public or from their own employees.

The world renowned company ABC Malls, which has a chain of malls all over the world, has an elaborate business security system in place in each and every mall which they operate. In fact, these business security systems were an integral part of the mall’s beginning. These systems were able to help the mall recover millions of dollars in items recovered.

If we were to look at the reasons as to why they have invested in these elaborate and sophisticated business systems (which include security cameras and burglar alarms) in place at every single location, we would have an extremely long list. Below, I listed the top 7 reasons, I believe, as to why so many businesses like the chain of malls use these systems.

1. Decrease theft by employees – Security cameras lower the incidents of thefts by employees to a considerable extent. Strategically placed security cameras are a big deterrent.

2. Deter shoplifting – Some customers, no matter how rich or famous they may be, are in the habit of shoplifting small items. If they see themselves in a strategically placed camera as they enter the store, it deters them from shoplifting.

3. Increase employee productivity – Employees know that they are under constant watch and this leads to an increase in employee productivity.

4. Prevent or reduce unauthorized entry – When people know that their entry and movement within the store is not only being watched but is also being recorded, it prevents unauthorized or undesirable people from entering the store with any bad intentions.

5. Deter burglars – A good burglar alarm installed in the premises in addition to strategically placed security cameras as a part of business security systems definitely deters burglars from trying to steal at the store.

6. Reduce insurance premium – Most insurance companies offer significant discounts on monthly insurance premium payments if adequate business security systems are in place.

7. Protect against fraudulent claims – Sometimes customers or even employees have a tendency to lodge fraudulent claims. If an adequate number of security cameras are visible to such individuals, they are less likely to indulge in lodging fraudulent claims for fear of being exposed with the help of the recorded evidence.…