Insurance needs for growth and any business? basic guide
If your business has made a profit in recent years, you may be thinking of ways to reinvest that capital back into your company. Thankfully, there are many ways you can do this; you can pour the profit into research and development to come up with new products and services, you can use the profit to renovate your retail or office space to allow for more product and client traffic, and/or you can invest in new equipment and new employees, both of which can increase your output and your revenues. promote your ebooks Tradesman Insurance education benefits book publishing Or maybe you think that the best investment you can make in your business is to use your profits to pay off business debts that can cost your company thousands in interest fees.
Really, the sky's the limit when imagining the ways you can invest your earnings in order to make your business even more profitable in future years. But if you invest your profits in growing and expanding your business or paying off debt when you aren't covered by enough commercial insurance, you are making a huge and potentially costly mistake. Who Needs Commercial Insurance Coverage? There is no business that can't benefit from the protection offered by various types of commercial insurance. Certainly, all businesses don't need the same type of commercial business coverage. For example, a farmer might need crop insurance and equipment maintenance insurance whereas an online marketer might need cyber liability and professional liability coverage.
The point is not that every business needs every type of commercial insurance policy out there; the point is that every business has a need for some sort of insurance coverage to protect its assets and future. Why Investing In Insurance Is More Important Than Expanding You might think it's a better idea to invest in measures that promise to expand your business than it is to invest your profits in insurance, but nothing could be further from the truth. Let's say that you invest your profits in new equipment and one of your employees is injured while using that equipment-but you neglected to purchase workers' compensation insurance. Now, not only will your business savings be tied up in making good on your workers' compensation responsibilities, which include pay, medical expenses and more, but future profits will also be tied to that purpose. And if your business is shut down due to fire, theft or vandalism? Once again, without the proper commercial insurance coverage, you're not only out your savings but you're also out of business. Why Buy Insurance Rather Than Pay Off Business Debt? Business debt and the interest that it costs your company is often a reasonable investment in your business's operation.
The debt is usually created when you purchase a piece of equipment writing own book business strategies e-commerce amazon life purpose or invest in other assets that help stimulate profit for your business, which means that said debt is also paying its own interest. When your debt is an investment that generates a profit, thereby paying its own interest, it becomes much less imperative to pay it off. More important is to protect the investment of debt against losses from fire, cyber theft, liability claims and so on, which is what insurance does. What Kind of Policies Do I Need? Commercial insurance policies have been designed and tailored toward specific industries and their inherent risks. It is impossible to prescribe a standard set of policies that all businesses need because every business and every industry is so very individualized. In general, a business needs to consider insurance that will protect it from liabilities, will preserve the value of any assets it owns (including equipment and merchandise), that protects employees from financial damages caused by workplace injuries, and that creates a replacement for lost profits when the business is forced to temporarily shut down after an insurable incident. The recession may be on its way to being over, but recovery is essential to getting many businesses back to the point where they may actually be making a profit, particularly restaurants, which saw a decline in business as many customers sought a way to save money during the recent economic crisis and reduced their visits to many of their favorite eateries. While restaurants, including those in the New York area, are still finding it tough to bring back customers in the numbers they saw during times prior to the downward spiral, many are turning to innovations and expansion to grow their business. While that can be a plus for many of those who are successful in accomplishing this, it can also open the door to unexpected liabilities that their current restaurant insurance policies were not designed to cover. New ventures often mean new risks and exposures. Lack of Coverage Could Threaten Many Businesses The possibility of a lack of appropriate coverage only becomes evident when a mishap occurs and a claim gets filed. For example, after someone has already threatened to sue for damages is definitely a bad time for a restaurant owner to discover they don't have sufficient coverage. If they had consulted with their insurance agent about their insurance needs before changing their business model they could have prevented a bad situation from occurring.
Agents can ask key questions at renewal time, discover where new liabilities have come into place, and suggest additional coverages, thereby heading off this scenario and building a stronger real estate guide safe appreciation market your ebook emotional gaint relationship with their restaurant customers. Here are some of the current trends that might put some restaurant owners at risk and the questions agents should ask their restaurant customers: Mobility: Has the restaurant added any new services, such as delivery of meals using hired drivers using their own cars? Branching out their business: Is the restaurant starting a new line of business, such as catering or Food Trucks? Trendy foods: Has the restaurant begun introducing new menu items in order to attract more customers, such as: locally sourced foods, organic ingredients, or non-allergenic ingredients? Additional payment methods: Is the restaurant now accepting new methods of payment, such as online credit charges or smartphone purchasing? Home-based business is the popular choice for entrepreneurs who want to do business with small investments. According to National Statistics' Labour Force Survey, there are 2.43 million people (Q4 2011) in UK who run a business from home. These self-employed home-workers are the fastest growing part of UK workforce, whose number rose by 28.16% over the last decade. Since home-businesses have small capital, they do not involve huge or costly business assets or workforce. However, like any other large or medium sized businesses, home-businesses too are prone to wide range of risks. Regardless of the size, every home-based business needs to get insured to protect the assets and revenues of the business owner. Let us see why and how insuring a home-based business is profitable. Importance of home-business insurance: Many business owners assume that they do not require a separate insurance for their home-businesses, as they already have a home insurance policy. But, many renters' or home owners' insurance policies do not automatically cover a home-business. Even though your home insurance covers contents in the home, it may not extend to your home-office equipment. Similarly, personal auto insurance policy does not cover vehicles used for business purposes. This clearly means that your home-business is lacking protection. Thus, in order to secure it from any unexpected losses, it has to be protected by taking sufficient insurance policy.
Benefits of taking home-business insurance:
Now that we know the importance of home-based business insurance, let us look at the benefits one can get by insuring his business. •Claims of negligence: As most of the home-based businesses include companies that offer professional services, such as consultancy advice, design or financial planning, medical or legal advice, save money travel tips sunglasses for women secure loans a typical home-based insurance policy definitely includes professional indemnity, which protects business owners from the claims of negligence. May it be a piece of flawed advice or a wrong service, it could result in serious legal claims from the clients. In such scenarios having home-business insurance helps the business owner to meet the expenses incurred in defending himself against the claims. •Revenues and assets: Business property such as contents, stock, equipment, vehicles, furniture, electronics, etc., is very important for any company. Any loss or damage to them significantly affects the profits of the business. Hence, by taking home-business insurance, which offers cover against all minor and catastrophic losses, you can safeguard your business assets and revenues from all unforeseeable risks. •Coverage for third party injuries/damages: Another advantage of home-business insurance is the protection it offers against third party injuries/damages because of your business activity. Anything like a bodily injury, property damage or a manufacturing error could result in hefty compensation claims from the injured. Thus, having insurance policy enables you to run your business without the fear of a lawsuit or losing the business in a legal battle. Besides providing compensation costs, the policy also covers legal fees helping you to continue your business without any interruption. •Medical aid and paid leaves for injured employees: This kind of coverage is optional. If your home-business has workers/employees working for your business, then you can include this cover in your policy, which provides employees with medical care and paid leaves if they are hurt on the job. Thus, this policy relieves you from the burden of taking care of employees' medical expenses and hospital bills. save money travel tips sunglasses for women secure loans With many home-based businesses showing interest to take insurance policy, insurance companies have come up with various policies. But, in order to get a tailor made policy which suits your needs and business requirements, you need to approach a reliable and reputed insurance brokerage firm. These firms suggest you with the best policy that covers all the risks associated with your home-business, thus allowing you to make a worthy purchase. Keystone insurance group is a UK and Ireland's premier insurance brokerage firm specialized in business insurance Purchasing insurance is clearly a daunting task for many, but because it's more or less a necessary evil I've listed a number of key factors to consider when you finally do take the time to make sure your coverage is up to par.
Pre Existing Conditions and Full Disclosure Before being approved for any insurance coverage all applications are looked at by an underwriter. It's an underwriter job to pretty much look at everything about you related to your medical history, when you apply for any type of individual health insurance policy. Be honest about everything and be sure to disclose any pre-existing conditions because in most instances the underwriter will find out about them anyway and if they do and you failed to mention them you could get denied coverage. And even if the underwriter doesn't catch a pre-existing condition that you failed to mention and you do get approved you're still not in the clear. The reason, if you ever file a claim before payment they'll look at your history again and if they find out about your pre-existing condition at that time, not only will they deny your claim but you could also be guilty of fraud and have to pay a fine, marketing promotion tourist destination blogging benefits essay editing maybe something even worse. Although many companies will not insure pre-existing conditions, some will but only with a 30, 60, 90, and 120+ waiting period while others are legally mandated to carry "guaranteed issue" policies. Prior to signing on with a company, get a detailed list of what is considered a pre-existing condition, the exclusionary period and the type of coverage that will be provided once the exclusion ends. Rate Comparison Of course, rates are important but remember to get quotes on policies that have the same type of coverage. Get a copy of all quotes so that you can see the type and amount of coverage in each category and then make sure that every quote you get is based on those same coverage amounts so that as the saying goes... you are comparing apples to apples. If you receive a quote that is way below quotes from other companies make sure it's legitimate by asking how they can offer coverage at such a reduced rate. The answer may be that a particular company specializes in a particular type of coverage and so they offer it at a substantially lower rate but then again... if it's too good to be true then it usually is. So remember, a good dose of skepticism will carry you a long way. Dealing with Independent Agents Many independent insurance agents are truly a treasure chest of valuable information about the insurance industry as a whole but perhaps even more importantly, they can also provide you with feedback from other clients about a given insurance company, their products and customer service. You're the Boss So Have It Your Way Because you and your family are the ones that will have to live with consequences of whatever coverage you decide to choose, it's truly imperative that you think through your wants and needs before deciding on the type of coverage to choose. One question you may want to ask yourself is... How important is it for you to the have the option of picking your own doctors? If it's not an issue, then perhaps an HMO would be a good cost-saving option to consider. On the other hand, constant cash flow cream makers exhibitor insurance writing ideas financial planning if you have a favorite doctor and come hell or high water you want to see them then you may want to consider the pricier PPO. Regardless of what company you ultimately decide upon, it's imperative that its products and coverage options can grow with you and your changing needs. As a result, a company that specializes in catastrophic coverage may not be the best course of action if you're planning on having children. A few other important factors to consider when choosing coverage are: add-ons, deductibles, customer service and rate increases. Bundling or Add Ons Combining or bundling multiple coverage's together. If this is a feature that is important to you then you need to make sure it's an option your insurance company offers. An example of bundling or "add-ons" would be to combine short and long-term disability, drug coverage or dental and vision coverage into a single package. Deductibles and Co-Pay Always look at and ask about the small print. A few good questions are, "What are you co-pay options" or "Is there an annual cap on the co-pays?" or "Do the caps cover any 365-day period or do they follow the traditional calendar year?" You should always look into a companies standing with the Better Business Bureau and if it's important for you to have access to a local agent then make sure they have a local office. If not, give the company a call and get a feel for hold times, hours of operation and services offered via telephone and the internet. Unexpected Rate Increases Ask friends about their experiences with the company. Have they had any problems service or rate increases in the past two years? This will be a fairly decent measure of the possible rate changes that will await you in the future wrestling shoes cargo insurance Annuity Rates part of speech As you review your goals for the new year, include engaging employees in their health care decisions on your list. Educating employees on their part in medical care can lead to increased quality of life and productivity, and decreased sick leave and health care expense. Consider the impact of employee health empowerment in these terms: When an employee chooses to see a primary care provider or visits an urgent care facility instead of taking an unnecessary trip to the emergency room, it can save thousands of dollars in medical expenses. And early detection and prevention bring the priceless benefit of longer, healthier lives. Use information resources Health plans work hard to offer quality health care, but employees still play animportant part in the process.
Excellent employee resources include access to online information, on-site health fairs and case managers who help with serious medical conditions. These trained professionals can help people make educated decisions about seeking treatment. Supplying employees with a book coveringbasic health problems and distributing health information brochures also educates them. Inviting local doctors, nurses and health insurance representatives to put on presentations can further enhance employees' access to health knowledge immigration constaultant comfort zones apartment building offshore banking . Choose a doctor Employees' first step to becoming more involved entails finding doctors who will work with them in caring for their health or letting their current doctors know they desire to actively participate in their treatment. Encourage employees to look for the following qualities in a primary care physician. o An attentive listener who wants to work with the patient o A clear communicator who explains the diagnosis in a helpful manner o Solid medical training and experience, including board certification o Accessible in terms of office hours, appointment availability, response to messages and hospital locations Supply a thorough list of questions employees should consider when choosing a physician. Also, make sure they understand how to locate a physician within their health plan. Evaluate the condition Thorough insurance benefits legal advice create miracles online insurance sell on Facebook self-evaluation before calling or seeing a doctor can help employees determine when to see a medical provider and make their visits most productive. Consider providing copies of a form or placing a document online that lists the questions asked at the beginning of every doctor visit.