Monthly Archives: December 2016

Landlords Property Insurance

There is no doubt that the job of a landlord can be very tough. It does not matter whether they own the property or they just manage it. And because it would really help if these landlords would pay a low insurance rate for their business, it is advisable that they know the top tips so that they can get discounts on their landlords property insurance coverage.

Even though the size of the apartment is one of the biggest factors that affect the rate of the landlord insurance rate, you can still get lower premiums that could suit not only you budget but your needs at the same time. First of all, it is vital that you get more security for your real estate property business if you to have lower rates. You can choose from any of the three security categories including the alarms, lighting, and the monitoring. You can install light sensors or add more lights at the parking area. Burglar and smoke alarms are advisable at the same time. And if you are really concerned about the safety of your tenants and lowering your insurance rate, you might also want to put up security camera around the area as well.

On the other hand, if your rental property has a pool or other recreational area, your landlords property insurance premium would also increase twice as much especially if anybody can immediately gain access to it. But your provider would definitely give you a huge discount if you would have a gate on your recreational area and only your tenants can have an access to the lock.

Speaking of which, gates can also dramatically decrease your landlord insurance premium at the same time. Aside from the fact that it would provide an aesthetic value to your property, it would also lower the chances of crimes and burglary in your real estate business.

How To Get The Best Deal

Home insurance can be an expensive outlay that most people simply accept. However buy to let property insurance is often overlooked by buy to let landlords due to the costs involved. But there are some simple ways to keep this extra cost to a minimum. Here is how:

What does buy to let property insurance cover?

You want to understand what a buy to let property insurance policy covers so you know how much risk you must accept should something go wrong. Below is a list of what most policies usually include:

The buy to let property – Buy to let property insurance pays to rebuild or repair your home after it’s been damaged by fire, water leaks, vandalism, lightning, frozen pipes, ice, snow, and storms. It is worth checking the policy closely as properties in some areas require extra cover (for example if they are in an area of particularly low land on a flood plain).

Landlord Liability – It pays for liability claims and your legal fees when you’re found liable for injuring someone, like if a tenant is injured as a result of the property being in a state of disrepair.

Shop around for he best quotes

The best place to look for buy to let property insurance is online. Here you have access to many thousands of policies and can use some of the many sites that compare policies and find you the best deals.

Now, thanks to insurance comparison websites, you can get quotes from a number of different companies without having to go from one company website to the next and fill out one form after another.

How to lower your premiums even more

Once you have chosen the company with the best rate, you can lower your premium even further by following these tips:

Don’t insure the land

Many people make the mistake of insuring their buy to let property to the value they paid for it. In fact you should only insure the rebuild cost. The sale price often used will include the value of the land on which the property sits as well as some goodwill for the fact that the property is built and fully functioning. The best way is to ask a local builder for a rebuild valuation.

Accept a higher excess

Usually property insurance policies with a higher excess are cheaper. If you are confident that claims will be few and far between then it may pay to accept a higher excess in exchange for a lower premium.

Installing a burglar alarm, dead-bolt locks, window locks, smoke detectors, and security lights, can also reduce your premium significantly.

Small Business Insurance

Every business is a risk and therefore every businessman has to think about protecting and securing his or her firm in a better way. There are many new entrepreneurs that are consciously focusing on promotions and better marketing strategies but they never really focus about the business insurance that they have to take care of. Business insurance is crucial for the growth and development of the business in the right way but there are certain misconceptions that can take you away from commercial insurance. Here we take a quick look at some misconceptions about business insurance that still prevail in the market especially among new small company owners.

Small Business Needs No Insurance

No matter how much finance you have to support your firm every company is a small business initially and therefore you should never judge your firm on terms of the capital that you have and similarly you should never think that new companies needs no insurance. Every trade that you can think of has risk factors and therefore business insurance is crucial to ensure that you never land into unfortunate situations where you might have to close your business. New company owners can look out for small business insurance that is design to look after the needs and requirements of new businesses.

Home Based Business Needs No Insurance

There are many entrepreneurs that work from home and they handle their trade directly from their home. This does not mean that there is no need for commercial insurance. Most home based business owners consider that they do not need commercial insurance because they are working from their home so they are thoroughly protected and there is no reason for them to buy commercial insurance. Home based trade owners usually work on their own and therefore they consider themselves as self employed rather than a business owner.

Few or No Employees

Some employers that have few employees never really worry about commercial insurance because they consider it useless expense. They believe that they do not need business insurance because they are new in trade market and they do not deal with heavy machinery and large number of employees that they need to support. However, commercial insurance is still important as even small scale businesses are prone to natural calamities, accidents and other dangers that can damage the trade process. Even if you have no employees you need to protect the other aspects of your small firm that you will need in the future.

The Perfect Choice For Your Business Solution

Although your business may be young, you never know when something will occur and you will be liable. There is nothing worse than losing everything before you ever get started. Therefore, any small business, regardless of number of workers, should have at least basic business insurance. It isn’t a luxury but an absolute necessity. It is required of those businesses that operate either part-time or full-time. Small business liability insurance and property insurance are equally required. It is great instrument for avoiding the hazard in business that is small.

Is it complicated to buy small business insurance? Many think that the answer is yes, and that is why they take so long to get started. But all things considered, you do not need to do anything special to buy it.

When considering what the best coverage to have, you need to begin with three basic small business insurance types: general liability insurance, property insurance, and workers’ compensation insurance. Property insurance refers to the insurance that covers the cost reconstruction or renovation of the office building. It will protect the business against the risk of office building damages due to calamities or vandalism or the loss of physical assets due to fire, accident, or theft. Some sorts of small business property insurance also cover the cost of office equipment reparation or replacement. It allows you to replace or repair furniture, office equipment and supplies, inventory, and sometimes even the building itself. Liability insurance refers to the insurance coverage that assists the company in settling its legal obligations to people who are injured while in the office vicinities during office hours. It will cover the cost of treatment, surgery, accommodation, therapy, consultation, nursing, custodial care, or rehabilitation. Workers’ compensation insurance grants financial awards to employees who are injured or disabled due to job related circumstances. It is a kind of liability insurance, which is further specialized to protect against lawsuits or claims against the company for illnesses or job-related injuries.

A good insurance company will always let you design and tailor made your insurance policy and making it easier for you to get precisely what you need without overpaying or sacrificing any kind of coverage you need in particular. When you are look around for this insurance, you need to see whether it covers you business in all aspects and then should purchase it. You need to be well alert that the prices charged by each company varies invariably, but you need to consider only about the coverage offered by the business insurance companies. Or else, you may be incurring too much amount in the form of premiums for unnecessary coverage.

Once you made yourself at ease with a company, make sure that the company is financially stable. To know about this, check with the best insurance companies such as A.M Best and Standard and Poor’s, or seek advice from popular consumer magazines. Try to adjudge yourself that when you are going to purchase business insurance from a company, you are handing over the total risk of your business to them and check whether they can handle all your risks. Always keep your deductibles high, because that will obviously trim down the amount of premium that you have to pay the business insurance company.

It is very important to prepare for unpredicted events that may destroy your business. Small business insurance is the perfect answer. It is inexpensive and in some cases could be critical for keeping your business running. Therefore, finding the best small business insurance coverage for your company becomes your target. As a business owner, you will have many options, some far better than others. Becoming an educated business customer about insurance will give big dividends.

Social Security Disability & Workers’ Compensation

You are disabled and you are on Workers’ Compensation for your injury and you want to also obtain Social Security Disability for this injury. This article addresses whether this is possible.

Social Security Disability, is a Federal program that provides monthly income to disabled people (1) who have paid into the Social Security system while working and (2) who have proven they are disabled and unable to work. The amount of monthly income is dependent upon earnings paid in by the worker in the years prior to the disability with the maximum benefit a disabled worker could receive in 2006 being $2,053.00 per month. The worker’s dependents could receive an additional 50% of his amount.

Virginia Workers Compensation. is a state of Virginia program that provides benefits for the disabled worker who is injured on the job. The amount of the benefit is two thirds of the worker’s gross salary with a cap of $773.00 per week as of July 1, 2006 which would be about $3,320.00 per month.

The Social Security Offset: In 1965 Congress passed an amendment to Social Security enacting the Social Security Offset. Since 1965, Social Security will reduce its benefit if a combination of the Social Security benefit and the Workers’ Compensation benefit exceeds 80% of the worker’s average current earnings. Social Security calculates the average monthly earnings based on the best year of employment in the five years preceding the onset of the worker’s disability.

An Example of how the Offset Works: John Doe receives a monthly workers’ compensation benefit of $3,000.00. John Doe then qualifies for Social Security and would receive $1,500.00 a month based on his earnings record with Social Security with an additional $750.00 for his children. Social Security calculates John Doe’s average earnings based on his best year in the last five years prior to his disability as $5,000.00 per month. However, the combination of John Doe’s Social Security and Workers’ Compensation equals $4,500.00 ($3,000.00 plus $1,500.00) and 80% of his average earnings is only $4,000.00 ($5,000.00 x 80%). Thus, John Doe exceeds the 80% cap by $500.00 and his Social Security would be reduced to $1,000.00 per month ($4,500.00 – $4,000.00) and he would receive nothing for his children. If John Doe had dependents, they could have received 50% of his $1,500.00 Social Security amount or $750.00 as their dependent check. However, due to the receipt of Workers’ Compensation the dependents would not receive anything. Thus, John Doe in this example loses $500.00 per month for himself and $750.00 per month for his children in Social Security due to his receipt of Workers’ Compensation benefits.

What About A Settlement to Escape the Offset? John Doe cannot easily escape the offset by doing a lump sum settlement of his Workers’ Compensation Claim. Normally, if John Doe does a lump sum settlement of his Workers’ Compensation Claim, the settlement will still be subject to the offset. Social Security will prorate the settlement to reflect the monthly rate that would have been paid had the lump-sum award not been made. Medical and legal expenses incurred by the worker may be excluded when computing the offset. For example, if John Doe settles his workers’ compensation claim for $100,000.00, Social Security will divide this $100,000.00 by fit by $3,000.00 (his monthly workers’ compensation benefit, pre-settlement) and continue the offset for over 33 more months ($100,000.00 divided by $3,000.00). An experienced Workers Compensation/Social Security lawyer may be able to avoid this offset.

In Summary,like tax planning to avoid additional taxes, a worker who is receiving both Workers’ Compensation and Social Security Disability, must do careful planning to avoid a reduction of his benefits for both himself and his dependents. This is especially true if the worker does a lump sum Workers’ Compensation settlement. If the worker is not careful, the worker may face a reduction of his Social Security Disability for both himself and his dependents for a long time. In the above example John Doe had an offset for another 33 months because he did a settlement without consulting an experienced attorney.

Worker Compensation Attorneys

Whenever an employee gets injured in the workplace, they can avail themselves of the services of a workers’ compensation attorney who can help them in the litigation process.

The first step an injured employee needs to take is to file a workers’ compensation report. Workers’ compensation attorneys aim to get a greater compensation for the injured employee.

Most workers’ compensation attorneys advise employees to inform their employers every time they get injured in the workplace, however minor the injury may be. Such injuries may result in serious complications later on, so if they do not file them early on, it may be more difficult for the employees to seek compensation.

In cases when the employee suffers from permanent disability, the services of a workers’ compensation attorney become more necessary. This is especially true when the employer refuses to give financial assistance to the employee. The workers’ compensation attorney should be the one to inform the employee of his or her rights and assist him or her in speeding up the litigation process. Workers’ compensation attorneys usually get 10-15% of the total compensation received by their client.

For people who are seeking workers’ compensation attorneys, they are advised to first ask around. Some employees who had fruitful experiences with certain attorneys can give good referrals. It would also be good to ask other employees who have undergone a workers’ compensation litigation process to have an idea of the requirements and processes of such a lawsuit.

Aside from work-related injuries, workers’ compensation attorneys can also help employees who have become victims of harassment due to sex, age, or religion. These attorneys are also aware of federal laws that protect employees from unlawful discrimination.

In most cases, workers are advised to get their own workers’ compensation attorney. Insurance companies or their employers are more likely to employ the services of a workers’ compensation attorney too. This way, workers can be better assured of getting the maximum amount due to them because the attorney working for them is not, in anyway, connected with their employer or the state.

Travel Insurance Tips

Travel Insurance is a system that allows you protection of your well being, your belongings and your financial investments whenever you go away. Although (thankfully) rarely used – it does provide peace when venturing from home for any sustained period of time. It is essential, particularly for families when taking a holiday abroad.

Travel Insurance is also extremely important for those going on business trips. It’s not compulsory, however most travel companies would recommend some form of insurance, however small is taken out as compulsory to their holiday product.

Why take Travel Insurance?:

While being the last thing on your mind, having something happen on holiday is certainly the last thing you want. This makes travel insurance a must.

What happens if your flights get cancelled?
The airport lose or damage your luggage?
Your property is stolen?
You are assaulted or injured?
Reservations you have as a result of these situations get ruined?

Purchasing travel insurance prior to leaving protects you in these eventualities and makes sure you are compensated accordingly.

Insurance That’s Right For You:

We’ve established that travel insurance is essential and you should never holiday without it, however one in every four of those who go abroad each year avoid it. With one in every seven people making a holiday insurance claim, this is not good news. How do you find the appropriate insurance for you?

Shop around. If you don’t fit into the perfect box of being thirty something with no health issues or kids, then you might need to hunt for the best quote. If you are over 65, you’re three times more likely to make a claim and this is reflected on your premium. Don’t just accept the insurance that comes with the holiday package – get quotes from specialists who are used to dealing with elderly clients.

Try and deal predominately with actual insurers. There are many companies from shops, to banks or even supermarkets that are now offering insurance. Chances are they are simply a middle man between you and a regular insurer. Compare actual insurance companies prices to these middle men before making a decision.

Always check the fine print in policies. Your insurance excess could be extremely high and may be so much that there could be no point, should you have a small accident. Be aware of double excesses, meaning you could pay one excess for your injury and another for the clothes/jewellery/any equipment you have that got damaged.

Check you have appropriate cover for vehicles, particularly if it’s a driving trip, or other specialist holiday like skiing, where you’re more likely to be injured.

Travel Insurance

Time is one resource that everyone equates to money and why not? Every minute well spent can earn you money. Considering this fact, you may be wondering what is the quickest way you can buy the travel insurance so you can spend the rest of time planning your trip to make it so much more constructive. Just go online and buy your travel insurance. This has a lot of advantages:

Advantage 1: Save on time

The single most motivating factor to buy your insurance online is savings on time. You have all information regarding travel insurances at the click of the mouse. You can first educate yourself about these plans so you can have a more realistic expectation when you make up your mind to invest in an insurance plan.

Advantage 2: Better Clarity

Internet is huge and the information available will help you think in every possible angle before you decide on the travel. The various reviews, forums etc will give you different perspectives and hence you will be able to weigh the pros and cons better when deciding on the insurance plan. This will also help you understand all the pitfalls you may encounter and how best to avoid them based on other’s experiences.

Advantage 3: Compare Effortlessly

If you want to consider your money well spent, you need proof to substantiate it. Investing in the very first insurance plan you read about may save you time but you may always have a doubt if you have spent money in the right place. All these doubts will find no place when you buy travel insurance online.

Before the purchase, you can compare the various travel insurances available and which works out best for you without having to go from pillar to post to do the same. There are plans that offer the very best to you including trip cancellation insurance. Investing is such a place would make you feel a lot better and confident.

Advantage 4: Time no Restriction

Wading through the hectic traffic could be quite an effort. If you have to brave through it to reach the insurance companies when they are available, the whole process could get difficult in addition to juggling with your job.

There are insurance agents who will come to your doorstep, again the only issue would be to find them arrive at a time of your convenience. Just go online and all this could be avoided. You can get the travel insurance at any time of the day with no restriction in mind.

Advantage 5: Clarifications Online

During the process of deciding on the international travel plan, if there are any doubts that you have in mind, these too could be clarified through mails. In addition, many insurance companies also have dedicated helplines that will give you access to them in a matter of minutes.

When technology has woven a network just to make our life simpler, it is up to us to make use of it and save on time and effort.