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General Artcle

How Business Contents Insurance Can Save Your Company’s Hide

How Business Contents Insurance Can Save Your Company’s Hide

Obtaining business insurance in general can be a very frustrating process lasting anywhere from a week to a month or longer. That said, it is also a most liberating and fulfilling accomplishment because when you have it, you can rest assured that in the event of a catastrophe or victimization, your business will be protected. This article will help educate you on one facet of commercial insurance called business contents insurance.

There are generally speaking, four types of commercial insurance. They are:

– Business Auto

– Business Liability

– Workers Compensation

– Business Property

Business contents insurance falls under the umbrella of the business property category, along with premises insurance or building insurance. Easily put, business contents are the movable items located in a business building or on a business property. The reach of coverage usually spans from fire, smoke, theft and vandalism, and even falling objects.

Commonly insured items include chairs, computers, printers, security systems, fax machines, books, book cases, desks, manufacturing equipment, manufacturing tools, and any product inventory or supply inventory. While it is common that premises insurance and contents insurance are often bundled together, they are inherently different and require separate attention.

Another important distinction when it comes to insuring business contents is in how claims will be paid. Choosing one over the other will play a large part in the costs of insuring. Replace as new is the first choice and indemnity is the second. Replace as new means that insured items will be replaced with a new one with no regard for the actual value of the destroyed or damaged item. This coverage is more expensive. Indemnity on the other hand is much cheaper because the insured item will receive a settlement amount based on the depreciated value of that item. The premiums in turn are much cheaper.

Having a basic understanding of what this insurance is and what it covers is only the first step. Getting a good quote is the second step, and unfortunately, not all quotes or insurers are created equal. Some commonly overlooked issues that separate good coverage from bad coverage are as follows. Do I need a deductible to help offset high premiums? If I have employees out in the field, do I need coverage that protects their equipment while they are off the premises? Is my software covered? Do I need valuable papers protection in order to recreate damaged or loss documents? How am I covered if there is a flood? Do I need employee theft protection?

Answering questions like these will help you see what type of coverage you need, and the more questions you can create and answer, the better off you will be. Most companies have too much insurance (and therefore waste money on premiums), or too little. Finding the perfect medium and appropriate options is what makes obtaining insurance for your business contents such a long and arduous process. Remember to get multiple quotes from different companies, and continue to research and look up everything you can about business contents insurance before you make that first appointment with a licensed insurance agent.…

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General Artcle

Cheap Commercial Insurance For Clever People

Cheap Commercial Insurance For Clever People

As with anything else, insurance can be bought too cheaply. But your business isn’t “anything else” – it is your livelihood. You certainly don’t want to jeopardize that by being cheap, am I right?

We are raised to believe that cheap is good. Not that cheap is best, but simply that something which is cheap is also worth our money – at least to some degree. That is just not always the case though.

Imagine this scenario: Your company truck is torpedoed by some drunk driver, who has no insurance. On top of that, he escapes the scene never to be seen again. Who has to pay for repairs to the truck?

Right: You do. Unfortunately you picked the wrong commercial truck insurance. Wrong product – wrong company; they refuse to compensate you in any way. No matter how much you plead, beg or threaten them, they just give you legal gobbledygok in return. Nothing happens month after month. In the worst case, you can’t afford to repair the truck out of your own pocket, which means you can’t use the truck. Voila! You are effectively out of business. Or maybe you can afford the repair to keep your business on wheels, but you still have an insurance company to fight – a company that has proven itself untrustworthy, giving you no choice but to get a commercial insurance quote from somewhere else.

Sounds terrible, doesn’t it? The worst part is it could have been avoided with a little cleverness. Commercial insurance coverage can be expensive, especially if your business is new and hardly earning money yet – but please don’t do yourself a disservice by being too cheap. There are many types of commercial insurance available and some can be very expensive. It all depends on your field of work. Something like malpractice insurance (needed by doctors and other medical personnel) is perhaps one of the most expensive forms of insurance there is – but malpractice lawsuits can be monstrous in size and can completely ruin the business of a doctor, unless he is properly insured. Please understand then, that having NO insurance is not the solution. Logically, having too cheap insurance can be exactly like having no insurance, so spend the money. You can’t afford not to.

Don’t think in terms of “cheap” commercial insurance, but try to get the insurance you need at the right price instead. This means dealing with a commercial insurance company of good repute, as well as understanding your exact needs – and making sure the insurance broker understands them too. It also means getting quotes from more than one company, but on similar products. If one is much more expensive than the others; then that one is probably overpriced. If one is much cheaper than the rest; then it is likely to be exactly that – too cheap.…

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Cheap Auto Insurance

Simple Auto Insurance Tips for Younger Drivers

A younger driver often experiences the issues with the extreme cost of Auto Insurance rates. Most everyone argues that age and experience should not make a difference, if the driver has not had an accident or received any tickets.
Insurance companies consider younger drivers a higher risk, because they typically don’t have the experience or carry responsibility.
What is considered a younger driver? These drivers are someone under the age of 25 years old.
These are the top 3 tips that an a younger driver can do to get lower car insurance rates?
1. Whether they are in High School or College, having a Good Student Discount provides up to a 30% discount on the monthly premium. A good Student Discount is having a Grade Point Average of 3.0 or higher.
2. Have the drivers policies remain within their parents household policies. The will give the driver the multi-car, home and possibly life discounts. The multi-car, and multipolicy discounts are a huge discount on the monthly premiums.
3. Most importantly is making sure the driver’s driving record is 100% clean. If there are any tickets or accidents, the monthly rates will skyrocket by as much as 300%.
There are several other factors that affect the car insurance rates for youthful drivers, such as no prior, single, 1 policy, bad credit, and high risk vehicles. They must remember that insurance companies consider these youthful drivers a risk, based on prior loss rates of drivers in the age of 16-25 years old.
I hope that this was an informative article on Auto Insurance Tips for Young Drivers.…

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Insurance Companies

Thinking About Purchasing Auto Insurance?

Are you in the process of buying a vehicle? Planning on switching your auto insurance to another company? Know a family member or friend that is looking to purchase auto insurance? Or, maybe you’re thinking about buying auto insurance for yourself? If you have answered yes to any of these questions then you may want to consider these tips before purchasing vehicle insurance:
Tip One:
Review your driving history for any prior tickets you may have by securing a copy of your driving record via your local department of motor vehicles. Keep in mind that when you apply for auto insurance your driving record will be reviewed by your prospective insurance carrier. In addition, in many instances your credit report will be reviewed as well. After this information is checked by the insurance company a determination will be made as to whether or not they will insure you and if so, you will be advised of the amount for your insurance premium.
Tip Two:
Shop around and compare vehicle insurance rates from different companies. You may want to also ask your family or friends for a recommendation concerning their auto insurance companies.
Check to see if the insurance company offers discounts such as; multi car discount, good driving record discount, non smoker discount, good grade discount for a student, and any other discounts while you’re shopping around for vehicle insurance.
Tip Three:
Consider getting higher deductibles for your collision and comprehensive coverages in order to reduce your overall vehicle insurance rate.
If you have an older vehicle you may want to consider eliminating collision and comprehensive coverage for that vehicle and only carry liability insurance coverage as required by your state. Talk to your insurance company concerning the best options for your insurance needs in reference to vehicle coverages.
Tip Four:
Many auto insurance companies offer the following options to pay your insurance: monthly, semi-monthly, quarterly and annually. Discuss with your insurance carrier the payment option that best fits your needs and budget.
Tip Five:
Once you’ve decided on an auto insurance company make sure to read your entire policy to ensure that you have the insurance coverage that you need for your vehicle. In addition, make sure that you understand your policy after reading it and if you do not understand your insurance policy, consider discussing your concerns or questions with your insurance company before you sign your documents.
You do not want any surprises later on down the line if you happen to have a vehicle accident and find out that coverage you thought you had via your policy you do not have at all. So, read your policy in full and make sure you understand the vehicle coverages you have before you take that important leap of getting vehicle insurance, you’ll be glad you did in the long run.
Tip Six:
Be sure to maintain a good driving record and credit history. It is noted that the majority of insurance companies review this information especially at the time your policy is up for renewal to determine if you are still insurable and if so the amount of money you will be paying for your insurance.
As you research vehicle insurance companies to determine the company that will fit your needs, you may want to consider using some of these tips to assist you with your quest in selecting the insurance company that is right for you.…

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Cheap Auto Insurance

Changing Health Insurance Needs For Empty-Nesters

When a parent’s last child leaves home for college or career, it can trigger all sorts of conflicting feelings: pride, sadness, and excitement, just to name a few. Life isn’t constant, and the “norm” is to constantly be in a state of change. For new empty-nesters, their youngest child’s last step toward independence – moving out on their own – triggers a time for making changes, not only in their own lives, but in the types of auto, homeowner and life insurance they now need. Just as new parents must make changes to these policies upon the birth of a child, parents must also make changes to these policies upon the last child moving out.
One of the biggest things to consider when making changes to these policies is what your retirement will look like. Will you be traveling more from now on? Many empty-nesters begin traveling more, which means that it’s important to make sure that your health insurance is going to travel with you. If you were to get sick in another state or country, would your current policy cover your treatment? If not, then you need to make some changes to your policy, and maybe even switch to a new provider. The ideal time to do this, of course, is before you take that first post-child vacation.
Travel isn’t the only lifestyle change that might require a policy change. If your spouse is nearing retirement, and both of you are covered under his or her insurance, it’s important to know what the non-retiring spouse must do to maintain continuous coverage. Some options include carrying an individual health insurance policy, or staying on the old policy for a while, and then switching to a state-mandated plan.
A third thing to consider is whether or not your adult children are still on your policy, and if that is appropriate based on your lifestyle and theirs. If you choose to keep your adult children on your policy, then consider getting student health insurance offered by the University they attend, if they are college students. These plans can provide valuable supplemental coverage to your policy.
The time to consider what being an empty-nester will mean to your insurance needs is before your youngest child moves out on his or her own. By knowing what changes you will need to make to your health insurance, and taking care of them ahead of time, you will be better prepared to jump right into your post-children adventures.…

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Car Insurance

The Best Car Insurance Tips

Getting car insurance can be easy and affordable if you know how the tips and tricks of the trade. The rate you pay for car insurance will vary depending on many factors. Some of these factors such as age you cannot affect, however you should control the factors that you can.
Here are some tips of the trade that will help you make sure you are getting the best insurance possible.
1. Shop around and make sure you are getting the best coverage at an affordable price. Companies have different policies about coverage, risk factors, multiple car discounts, homeowner discounts, good student discounts, etc. Make sure you comparison shop and that you are getting the best coverage and all the discounts for your unique situation.
2. Know what kind of coverage you need. The amounts and limits you insure your car for will affect your rates. There are number of components that make up a car insurance policy and you need to make sure that you are getting the right coverage.
3. Know the cost associated with insuring a car before you buy it. You may want to drive a $500,000 car. However, you can you afford to insure it? The lowest cars to insure are mid or full sized cars. Make sure that you do not purchase a car and then get blindsided by high rates.
4. Your driving behavior will affect your rates. If you are convicted of traffic violations or have caused an accident, you will pay more for insurance. In addition, living in a big city where the chance of an accident is increased based solely on the number of cars around will increase your rates.
5. You can lower your costs by taking action. You can lower your costs by falling into certain categories for example driving less than 7500 miles per year, increasing your deductible, being a good driver, having your teenager share the family car instead of having their own, dropping extras on your plan like towing and keeping your credit rating good.
Getting a good rate does not have to be difficult but it will require some work on your part. Be an active customer and decide the direction of your coverage, do not sit by and let the company dictate what you will pay. If you find yourself in a plan that does not work for you then start shopping, there is no reason to stay with a company that is not willing to work with you. Make the most out of your buying experience.…

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Car Insurance Companies

Over 40 Ways to Decrease Your Auto Insurance Costs

There are multiple articles titled “7 ways to save on car insurance” or “5 Tips to lower your auto insurance costs” etc, but would it not be great to have all those saving tricks and discounts at one place? Below you will find such a list for Auto insurance. This list is a comprehensive overview of all opportunities to save on car insurance in Canada, and was compiled based on the results of numerous discussions with insurance brokers and through analyses of different insurance offerings.
1. Shop around: Search, Compare, and switch insurance companies. There are many insurance providers and their price offerings for the same policies can be very different, therefore use multiple online tools and talk to several brokers since each will cover a limited number of insurance companies.
2. Bundle: Do you need Home and Auto Insurance? Most companies will offer you a discount if you bundle them together.
3. Professional Membership: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies offer you a discount.
4. Students: Being a student alone can result in a student discount.
5. Alumni: Graduates from certain Canadian universities ( e.g University of Toronto, McGill University) might be eligible for a discount at certain Insurance providers.
6. Employee / Union members: Some companies offer discounts to union members.
7. Seniors: Many companies offer special pricing to seniors.
8. Direct insurers: Have you always dealt with insurance brokers / agents? Getting a policy from a direct insurer (i.e. insurers working via call-center or online) often can be cheaper (but not always) since they do not pay an agent/broker commission for each policy sold.
9. Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they reward you lower premiums.
10. Loyalty: Staying with one insurer longer can sometimes result in a long-term policy holder discount.
11. Annual review: Review your policies and coverage every year, since new discounts could apply to your new life situation if it has changed.
12. Welcome discount: Some insurers offer a so called welcome discount.
13. Benchmark your costs: Knowing how much other consumers similar to you pay for their insurance can help you identify the most cost-friendly insurance providers.
14. Car Insurance Deductibles: Increase your car insurance deductibles if you believe that you are capable of incurring higher payments for damages in case of an accident. This is especially suited for more experienced car drivers.
15. Being a second driver: Driving a car only occasionally? Become a second drive instead of being a principal driver
16. Minimal coverage: Driving an old car without large value? Get a minimal coverage required by law (mainly liability) w/o collision damage (you are still protected if you damage somebody’s car but damages on your car will not be covered)
17. Minimal Coverage: Driving an old, inexpensive car? Then only get a minimal coverage plan which is required by the law (mainly liability) without collision damage coverage (does not cover damage costs for your vehicle)
18. Leverage your Credit Card: Check if your credit card insurance includes rental car protection. Paying with a card that has insurance for rental car protection can you save you around $20 per day in Collision Damage Waiver fees.
19. Leverage rental car coverage: If you frequently rent cars and have an auto insurance policy, you should check if your own auto insurance policy actually covers the rental car. If it is the case, you can save on all Collision Damage Waiver costs for rental vehicles.
20. Rental car rider: If your existing auto insurance policy does not cover your rental car, you can often add it as a rider (policy extension) for $20-30 dollars a year. Compared to $20/day you would pay when renting a car, it’s not a bad deal!
21. Location, location, location: Car insurance costs are different from one province to another (e.g. moving from Ontario to Quebec will surely reduce your insurance costs by half). If you move within a province, you should check for any changes in car insurance costs, and ideally you should move to where costs are lower (e.g. Burlington, Ontario has one of the highest car insurance rates in Ontario)
22. CAA member: CAA Members: Are you a member of the CAA? Some insurance providers will reward you with lower insurance premiums, including, of course, the CAA.
23. Dashboard camera: Get a dashboard camera for your vehicle. Even though installing a dashboard camera does not result in direct savings (insurance companies do not offer any insurance discount related to dashboard cameras) but it can prove you not-at-fault when it is the case in an accident. It results in you avoiding unfair premium raises.…