Friday, October 1, 2010
Thursday, September 23, 2010
Insurance is a critical part of the risk management system for a business. It is a way to protect yourself against unforeseen losses. An insurance policy is a legally binding contract with an insurer to provide compensation for a specified damage, loss, or injury suffered by you business in return for a sum of money (premium) paid.
Just as you don't want to drive without automobile insurance, you do not want to run a business without business insurance. However, because there are so many kinds of businesses and subsequent risks they may face, there are a wide variety of insurance types, not all of them necessary for every business. Insurance needs differ for each business so look at your risks and choose what is appropriate for your situation.
Three types of insurance are mandated by law: unemployment insurance, social security, and workers' compensation. Unemployment insurance benefits are payable under the laws of individual states from the Federal-State Unemployment Compensation Program. Employer payments, based on total payroll, contribute to the program. You should be paying for unemployment insurance as part of your taxes.
The Social Security Act and related laws established a number of programs which have the basic objectives of providing for the material needs of individuals and families, protecting aged and disabled persons against the expense of illness that would otherwise exhaust their savings, keeping families together, and giving children the opportunity to grow up in health and security.
Funding for the Social Security program comes from payments by employers, employees and self-employed persons into an insurance fund that provides income during retirement years. Full retirement benefits normally become available at age 65. Other aspects of Social Security deal with survivor, dependent and disability benefits, Medicare, Supplemental Security Income and Medicaid.
Workers' Compensation Insurance protects your employees if they suffer job-related injuries. The policy pays the medical bills for the employee who is injured on the job. Each state mandates coverage and provides benefits. In most states, private insurance or an employer self-insurance arrangement provides the coverage. Some states mandate short-term disability benefits as well.
Other types of insurance may be necessary or unique to your particular business. For instance, a book author or consultant may want to carry a policy that will protect them from libel, plagiarism or negligence lawsuits. For professionals, like these, professional liability or malpractice insurance is important.
One thing that should be clear from this discussion is that you need to find a good insurance agent who you can trust. Spend some time in choosing your agent. You need someone you can be comfortable with on a longterm basis - someone who will advise you well so you can spend your time on your business, not worrying about the fine print of the coverage.
You are hoping for some rest and relaxation before baby arrives and have decided a holiday abroad would be perfect. Travel insurance is always an important factor of any holiday however if you are expecting it is more important than ever to find a policy tailored for travel insurance during pregnancy.
It is important to shop around for this type of cover. Some providers will cover travel insurance for pregnant women as part of their standard travel insurance policies however other insurers will offer this as an individual policy.
Policies vary greatly in what they will include and what they exclude and therefore it is important to read the policy wording.
Generally speaking most travel insurance policies for pregnant ladies will provide cover for travel up until the 28th week of pregnancy, provided you have a single, normal pregnancy. This is because travel after 30 weeks of pregnancy is considered higher risk, with the instances of pre-term birth increasing. Whilst some insurers will cover for slightly longer its is common for them to stipulate that the pregnant woman must return at least 8 weeks before their due date - which is roughly 32 weeks pregnant. Please note that this is always subject to the rules of the carrier too. If the airline would be unhappy for you to travel past a certain week of pregnancy then your travel insurance policy would not cover you. Travel insurance for pregnant women would usually cover your basic travel requirements such as lost luggage and cancellation or delay as well as lots of extras such as enhanced medical cover and emergency repatriation which is great to have for peace of mind. Holiday insurance during pregnancy is essential and the best policy for you will very much depend on your individual circumstances. Compare available policies and remember that cheap travel insurance for pregnant women does not always mean comprehensive.
Generally speaking most travel insurance policies for pregnant ladies will provide cover for travel up until the 28th week of pregnancy, provided you have a single, normal pregnancy. This is because travel after 30 weeks of pregnancy is considered higher risk, with the instances of pre-term birth increasing. Whilst some insurers will cover for slightly longer its is common for them to stipulate that the pregnant woman must return at least 8 weeks before their due date - which is roughly 32 weeks pregnant. Please note that this is always subject to the rules of the carrier too. If the airline would be unhappy for you to travel past a certain week of pregnancy then your travel insurance policy would not cover you.
Travel insurance for pregnant women would usually cover your basic travel requirements such as lost luggage and cancellation or delay as well as lots of extras such as enhanced medical cover and emergency repatriation which is great to have for peace of mind.
Holiday insurance during pregnancy is essential and the best policy for you will very much depend on your individual circumstances. Compare available policies and remember that cheap travel insurance for pregnant women does not always mean comprehensive.
Wednesday, September 22, 2010
Types of Insurance
Third Party Insurance
Based on Today’s life style the list of types of insurance is increasing day by day. You will find a lot many numbers of new insurance policies which you might have not heard before. One of the most important and compulsory insurance for vehichle owners is: Third Party Insurance. The main types of insurance policies available in the market are:
1) Life Insurance: In this policy, the insurance company pays in case of the demise of the policy holder or at the time of the maturity of the policy. Now a days a new policy has been launched by LIC in which you will be covered under the insurance policy even after the maturity of the policy
2) Property Insurance: This insurance helps you to prevent the losses against theft, fire, burglary or any natural calamity like Earthquake, Floods etc. based on the points mentioned in the policy.
3) Health Insurance: Health Insurance consists of a package of various types of insurance related to health. For example Medical Insurance is one the major part of health insurance however in most of the cases, dental issues are not covered in this policy so there is another Dental Insurance policy which covers dental problems and is also a part of health insurance. The subcategory of health insurance also involves the injuries or accident at workplace insurance benefits.
4) Auto Insurance: Any financial loss due to accident of a vehicle is covered under the auto insurance policy. Sometimes the expenses on the medicines for treating injuries and all other medical expenditure are also covered under this policy.
5) Travel Insurance: Loss of personal belongings while traveling, medical coverage, delays in the travel are all part of the travel insurance policy.
6) Insurance at Amusement Points: This is a one of the new kinds of insurance policy (not very popular in India) where in you are insured against the equipments that you are using at the amusement joints. For example: if you are using boats for an independent boat ride , then they will charge you with some extra money for an property loss(say $5) and in case of any property damage you will not be liable to pay any amount required to repair the damaged property.
7) Credit Insurance: This type of insurance pays the loans of the policy holder in case of any accident of the policy holder or job loss or death.
Third Party Insurance: This type of insurance covers damages caused by you (first party) to others (third party). For more details visit third party insurance.
Apart from these above mentioned insurance policies there are many other types of insurance policies in the market (and the list keeps on increasing) that are more or less related to these policies however providing benefits to the policy holders in a different and unique way.
Tags: insurance types, types of life insurance, types of auto insurance, different types of insurance policies, types of insurance
Monday, September 20, 2010
Travel Insurance Tips
Savvy holidaymakers will shop around to make sizeable savings on flights, package holidays and accommodation. However, many of them overlook travel insurance (also known as 'holiday insurance') and simply accept it as an add-on. This is an expensive mistake because some travel agents in the UK can make more profit from selling travel insurance policies than they do from the holidays themselves.
This money saving article will examine how you can save cash on your travel insurance - whether you should choose an annual or single-trip policy, where to go for cheap travel insurance and more.
What do you need to cover?
Before you think about what you need to cover you might ask - 'do I need cover at all'?
Though travel insurance is not mandatory, it is advisable to take out a policy as complaints about lost baggage are a common occurrence and medical bills in foreign countries can be astronomical for non-citizens. Medical claims are frequent with a third of UK tourists suffering from 'Delhi belly' while abroad according to Halifax, with almost two out of five travellers sick for two or more days losing around £42.42 per person a day off the cost of their holiday. If you're going to a country with poor medical facilities, ensure your policy includes repatriation costs.
The levels of cover available vary greatly and there's no point paying for something you don't need. Consequently here is our recommendation for the level of cover you should take out on a typical travel insurance policy:
- Medical expenses (£2m)
- Personal liability (£1m)
- Cancellation (£3,000)
- Baggage (£1,500)
- Cash (£250)
- Also make sure the travel insurance company has a 24hr emergency line and cover for legal costs.
Bear in mind however, that the amount of cover you need depends on your circumstances. For example, if you are taking a low cost flight for less than £50 is there really any point in securing cancellation cover? By the time you have paid off the excess you might only be claiming back £10. Additionally, be wary of ridiculous amounts of medical expenses cover - some will offer as much as £20m, when £2m is nearly always adequate.
It's also important to take out travel insurance as soon as you book your trip - particularly with the cancellation stipulation in mind. If you book your holiday months in advance but plan to wait until the last minute to secure your insurance then you won't be covered if you are forced to make a cancellation - perhaps due to a family bereavement or illness. So book your travel insurance to start immediately after booking your holiday to give yourself peace of mind and make sure your cancellation cover at least matches the cost of your holiday.
Also pay close attention to baggage cover. Typically a policy will cover around £1,500-£2,000 for lost baggage, which is nearly always sufficient. However, many policies have single-item limits, usually ranging from £200-£300, and there may be an excess to pay in the region of £50-£70. According to Age Concern Insurance Services, around a third of Brits don't bother to check the terms and conditions of their policy - so ensure you read the small print thoroughly and look for any notable exclusions.