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Insurance
Importance of Product and Public Liability Insurance for Retail Businesses
Jan 8th
As retail businesses have direct interaction with the general public (customers), they are more likely to face liability claims from the customers. Retail business owners may face liability when their business is held accountable for injuries caused to the visitors; even when the visitor’s property is damaged either due to the negligence of the store management or due to the defective product sold by the retail outlet. Hence, it becomes necessary for a retail business to have two important kinds of liability insurances – public liability insurance and product liability insurance – to survive in the marketplace.
In this article, we will see what these policies cover and how they are helpful for retail businesses.
Public liability insurance offers cover against claims made by third parties (general public/customers) who have suffered injury or damage to their property in the business premises. This insurance covers legal fees along with medical costs. But, it does not offer cover for the damage caused due to any product sold by the retail business. So, there arises a need for an insurance policy that protects retail businesses from claims involving defective products.
Product liability insurance protects the business from the claims related to the damage caused due to use of the defective product sold by the retailer. For instance, if the retailer sells a defective product to the customer that injures the person or causes damage to his property, then the claim resulted from this event comes under product liability insurance. All the costs and the compensations claimed by the injured third party will be covered by the policy, and hence reduces financial burden on the company.
Together, they make a comprehensive cover
When both public and the product liability insurances are covered in one policy it definitely makes a complete liability cover. It protects the business from all types of injury and damage claims which occur due to a defective product. Since there is an equal and significant chance of these two happenings in the retail environment, it is essential for businesses to get these two policies.
Tips to find best product and public liability insurance
These insurance policies are not similar for all the types of retail businesses. The amount of coverage depends on the level of risk faced by that particular type of retail business.
There are many insurance companies with lots of different policies in the market, making it difficult to choose the one which suits one’s business’ requirement. So, it is better to go for a brokerage firm. There are few insurance brokerage companies that tailor your policy as per your business requirements. Since they work with many insurance companies, they will help you get a suitable insurance policy at a discounted price. They will also help you in the renewal and claim process.
Having understood the importance of product and public liability insurance policies, it is recommended to get these policies for your retail business from reputed insurance brokerage firm.
New Insurance Policy Blends Term Life, Critical Illness and Disability
Aug 12th
New Insurance in Canada
New Insurance: Manulife Synergy Blends Life, Critical Illness and Disability Insurance Into One Policy
Manulife today announced its new insurance product, Synergy, which combines life insurance, critical illness insurance and disability insurance in one package—with one application, one payment and one plan to manage.
“For many of us, the combined risk of disability, illness or death before age 65 is significant and the financial impact can be devastating,” said Michael Doughty, executive vice president, Individual Insurance. “While insurance products for these risks are available, up until now consumers have had to make separate buying decisions and purchase stand-alone policies, and the cost was often too expensive. Synergy changes that.”
Synergy provides a “pool of money” for critical illness claims, disability insurance claims and a death claim. Any benefits paid out of the pools for critical illness or disability will reduce the amount of the pool available for the death benefit. This new insurance idea is revolutionary as no insurance company in North America is combining benefits and pooling claims.
With this new insurance design, Synergy offers the potential for savings when compared to purchasing three stand-alone policies. For example, a non-smoking, 30-year-old male purchasing $250,000 in Synergy insurance may save as much as 34% over three stand-alone policies.
“With Synergy, we’re helping families address their life insurance needs as well as protect their income should they be unable to work,” said Paul Smith, vice-president, marketing and product development, individual insurance. “We saw a gap in the market and wanted to provide Canadians with a simple, money-saving solution to cover the real, everyday risks they face.”
Research points to need for new insurance plans
A recent survey conducted by Manulife Financial showed that:
* Almost 6 in 10 respondents said they were concerned about providing for their family if they were to die.
* Seven in 10 were very or somewhat concerned about the financial impact of being unable to work for an extended period of time because of injury or illness.
* Less than 60% of respondents said they have an individual life insurance plan, only 21% have individual disability insurance, and only 13% indicated that they have individual critical illness protection.
* Altogether, 92% of surveyed Canadians do not have a plan that includes all three products—individual life, disability and critical illness insurance.
“Synergy is easy to understand and talk about for both consumers and advisors,” said Smith. “By introducing Synergy to their clients, advisors can discuss and address three important risk areas together, helping them build a comprehensive protection plan. In that way, Synergy will help spark a whole new conversation about insurance.”
The Benefits Of Vehicle Leasing
Jul 7th
Leasing a vehicle could be among the most price productive ways to drive. A lot of folks are struggling to make ends meet and leasing is just one strategy to overcome the problem.
Despite aggressive low-interest financing, cash-back provides and other buying incentives provided by leading auto-makers to buyers, leasing numbers maintain growing steadily over the years. Leasing just isn’t only an attractive monetary proposition to most auto-consumers, but also a life style and preference choice.
Benefit Number 1: Keeping up with the most recent trends
Leasing is often extra of an individual and life style option than a financial 1. Numerous people aren’t comfy with the notion of owning a vehicle over a lengthy time period. They’d rather maintain up with the latest trends of the market and drive the newest models each two to three years.
Leasing a car gives you the convenience of having the latest technology and safety innovation, which include an electronic stability program, DVD entertainment systems and advanced stereo equipment. For those who are willing to forego ownership for the most recent set of wheels, than leasing is your ideal alternative.
Benefit Number two: Buying Flexibility
Leasing also provides buying flexibility: it makes it possible for you to defer the purchasing choice whilst utilizing the car. You don’t need to haggle along with your mechanic over repair expenses, deal with hefty maintenance bills or worry about a depreciating asset. Provided you are able to keep the vehicle in excellent
condition and remain inside the contracted mileage allowance, you’re successfully getting a test drive for the length of your lease. At the end of your lease, you can obtain the vehicle or just turn in
the keys and walk away. No questions asked.
Benefit Number 3: Cash Flow
Leasing delivers lots of short-term positive aspects. It reduces your initial cash outlay as you don’t need to pay the substantial down payment needed for auto ownership. You only pay for the depreciation on the vehicle – only the portion you can use during your lease, not the whole vehicle. This results in lower monthly payments and frees even extra cash. This cash can be put to make use of much more intelligently elsewhere than the questionable investment of owning a depreciating asset. If you are self-employed or use your auto for your job, then you are able to write off your leasing payment as an organization expense.
Benefit Number 4: Negotiating Leverage
Although it may appear a bit unorthodox in this industry, virtually every little thing about leasing is negotiable. If you know all of the fees involved, you could lower your monthly payments, negotiate the obtain cost of the vehicle at the end of the lease and contract additional miles on top of your mileage limit. You can also do some shopping about and compare deals from various auto-insurers to get the cheapest GAP insurance for your lease.
How Your Insurance Rates And Premiums Affect Your Insurance Coverage
Jul 1st
Insurance rates are used to determine the premium that you will pay for any insurance cover. Bear in mind that the premium is not the only fctor you need to evaluate when considering an insurance policy. The quality of the cover and the claims record are equally inmportant, and very often, even more important than the insurance rates.
Insurance rates are based on the level of risk that an insurer assesses and the value it places on covering the cost of paying out claims for that risk. It is vital for both the insurer and insured that this is done properly. The insurance company pays claims from the premiums that are collected and these must be sufficient to cover the total cost of any claims. If the claims exceed the premiums charged then claims will not be able to be paid which is bad news if you are the one making a claim.
Car insurance for instance, uses a variety of factors to determine the risk and therefore the insurance rate and premium. Fast cars present a much higher risk than slower ones, the age of the driver is relevant as is their claims history – bad drivers tend to have more accidents than the good ones which is why your premiums increase if you do have a prang.
Life insurance rates are based upon a combination of age, sex, and lifestyle. The older you are the more likely you are to die in any given period when compared to someone younger. Men die before women as a general rule, while if you engage in high risk activities such as smoking, this too will increase your probability of dying sooner and therefore while the insurance policy is in force. The insurance company will therefore charge a higher premium as appropriate under the circumstances.
When you are applying for insurance, the provider will seek to assess the risk that it is being exposed to. It is vital that you are completely honest with any questions that an insurance company asks or you run the risk of the insurance company refusing to pay the insurance out in the event of a claim.
In some instances, the risk to the insurance company is viewed as being so great that they will not quote an insurance rate at all. Sometimes the risk is limited to a specific set of circumstances or activity that is incidental to the need for insurance protection. A good example is where a life insurance policy will cover you but the insurance company excludes your habit of jumping out of planes because you like skydiving. You must make sure that you understand such exclusions before you agree to the policy conditions to avoid invalidating the insurance when you need it.
Remember that insurance rates determine premiums and so how much you will be charged. This does not mean that a cheap premium is the best deal. Cheap premiums may mean inferior insurance cover or conceal a poor claims payout record. Ask yourself how you would feel if you paid a cheap premium only to find that your car was not in fact insured for a particular type of accident? Expect to pay for good quality cover, but the insurance market is extremely competitive so it pays to shop around too.
Keep in mind that insurance rates are only the subjective assessment of the financial value an insurance company places on the risk it faces with taking you on as an insured customer. Different companies may assess this risk differently and apply a different price to that risk depending on their own financial circumstances. This in turn means that the most expensive insurance premiums do not guarantee the best quality cover and service, so again, it pays to shop around and make sure you compare like with like.
How Your Insurance Rates And Premiums Affect Your Insurance Coverage
Jun 11th
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Insurance rates are used to determine the premium that you will pay for any insurance cover. Bear in mind that the premium is not the only fctor you need to evaluate when considering an insurance policy. The quality of the cover and the claims record are equally inmportant, and very often, even more important than the insurance rates.
Insurance rates are based on the level of risk that an insurer assesses and the value it places on covering the cost of paying out claims for that risk. It is vital for both the insurer and insured that this is done properly. The insurance company pays claims from the premiums that are collected and these must be sufficient to cover the total cost of any claims. If the claims exceed the premiums charged then claims will not be able to be paid which is bad news if you are the one making a claim.
Car insurance for instance, uses a variety of factors to determine the risk and therefore the insurance rate and premium. Fast cars present a much higher risk than slower ones, the age of the driver is relevant as is their claims history – bad drivers tend to have more accidents than the good ones which is why your premiums increase if you do have a prang.
Life insurance rates are based upon a combination of age, sex, and lifestyle. The older you are the more likely you are to die in any given period when compared to someone younger. Men die before women as a general rule, while if you engage in high risk activities such as smoking, this too will increase your probability of dying sooner and therefore while the insurance policy is in force. The insurance company will therefore charge a higher premium as appropriate under the circumstances.
When you are applying for insurance, the provider will seek to assess the risk that it is being exposed to. It is vital that you are completely honest with any questions that an insurance company asks or you run the risk of the insurance company refusing to pay the insurance out in the event of a claim.
In some instances, the risk to the insurance company is viewed as being so great that they will not quote an insurance rate at all. Sometimes the risk is limited to a specific set of circumstances or activity that is incidental to the need for insurance protection. A good example is where a life insurance policy will cover you but the insurance company excludes your habit of jumping out of planes because you like skydiving. You must make sure that you understand such exclusions before you agree to the policy conditions to avoid invalidating the insurance when you need it.
Remember that insurance rates determine premiums and so how much you will be charged. This does not mean that a cheap premium is the best deal. Cheap premiums may mean inferior insurance cover or conceal a poor claims payout record. Ask yourself how you would feel if you paid a cheap premium only to find that your car was not in fact insured for a particular type of accident? Expect to pay for good quality cover, but the insurance market is extremely competitive so it pays to shop around too.
Keep in mind that insurance rates are only the subjective assessment of the financial value an insurance company places on the risk it faces with taking you on as an insured customer. Different companies may assess this risk differently and apply a different price to that risk depending on their own financial circumstances. This in turn means that the most expensive insurance premiums do not guarantee the best quality cover and service, so again, it pays to shop around and make sure you compare like with like.
Protect Your Financial Future Through Annuity Investment Guidance From Financial Sources Inc.
Jun 5th
For many, an annuity investment is one of the best ways to save and invest tax-deferred earnings. These earnings then accumulate for a secured source of income during retirement. Some have difficulty selecting the right type of annuity investment for protecting their financial future. That’s why they may choose to utilize the services of experts in the field who can help their clients understand these complex financial instruments and guide them towards a plan that will keep them financially secure in the longer term.
Financial Sources Inc is a recognized leader within the financial services industry. As a full-service company they help clients to address the core principles of prudent financial planning and guide their clients by helping them to lower their tax burden, avoid costly and irreversible financial mistakes and guarantee returns on their retirement investments.
The company is committed to understanding their clients’ in-depth requirements and providing solutions to those requirements with their expert industry knowledge. A trusted member of the Better Business Bureau, Financial Sources Inc is ideally positioned to deliver clear, concise financial advice based on the organization’s years of experience in the field. When clients come to the company with complex questions, Financial Sources Inc can provide the answers required.
Through the expert services available at Financial Sources Inc, clients will discover an annuities investment plan that is directly aligned with their financial needs. As annuities are designed to provide a source of income that continues for the rest of the person’s life, clients receive an income, no matter how long they live. One of the key benefits to utilizing annuities over other types of investment product is that they are an ideal method of insulating against market volatility.
There are two types of annuity that clients may select: fixed and variable. Both types have their own unique advantages and disadvantages. A fixed annuity consists of an insurance-based contract that can either be financed via a lump sum or through regular payments over a period of time. In exchange for these payments, the insurance company then pay an income that lasts over a scheduled period or for life. Perhaps the greatest benefit to such a plan is that the client’s finances are protected against a fall in value due to the lowering of interest rates through guaranteed minimum rates written into the contract between the client and the institution.
A variable rate annuity is a contract that offers fluctuating rather than fixed returns to the investor. The key benefit to utilizing this sort of financial instrument is that the investor is able to control how their premiums are invested by the insurance provider, ensuring complete control over their wealth management plan. The risk, of course, with a variable rate annuity plan is that the client is not fortified against the risks inherent within today’s financial markets. Variable rate annuity investments could lose value over time if the market takes a downtown.
Ultimately, the type of annuity you choose will be the result of a close consultation between you and your financial advisor. By utilizing the services of Financial Sources Inc., you can make a step towards protecting your loved one’s financial future. Ensure that you’re prepared for every eventuality, by contacting the experts at Financial Sources Inc. today.
Insurance Is A Necessity
May 28th
It is so important to protect yourself, your loved ones, and your belongings; which is why we all need insurance. It is important to have the proper policy so if accidents happen, you are covered. Reputable Insurance companies can provide coverage for your auto, home, boat, life, retirement, and business. As we’ve seen from the storms that ravaged the south, hail damage, as well as falling trees, have put our vehicles, other belongings, as well as our lives, in danger. Auto policies, for example, are crucial because even the most cautious, safe drivers can have accidents. You never know when you might back into someone else or have a small fender bender driving home. Having good coverage will save you the hassle of paying the high costs of repairs while also helping you remain a legal driver. Many companies can usually give you an affordable rate while providing you with great coverage.
Not only can you insure your autos but also your motorcycles and your boats. It is also very important to insure our homes. Using a Reputable insurance company can insure that your home and belongings remain safe from damage. Whether you are a home owner, rent, or lease properties, there is coverage for you. Maybe you own a mobile home or need flood insurance, insurance coverage is a must! If you own a small business, insurance is also necessary! With years of experience insurance agencies can guarantee you get the business coverage you need. There is commercial auto insurance, business liability insurance, contractor liability insurance, and workers compensation insurance to cater to your specific business’ insurance needs and requirements. The greatest thing you can insure is your life. A lot of Insurance Agencies specialize in term life insurance, permanent life insurance, long term care insurance, annuities, and retirement planning. This will make sure that you and your loved ones are prepared for unplanned events in the future. Many of us do not begin to think about life insurance until later in life but if it is something you should have regardless of your age, you should get it now! Make sure you get the life insurance coverage you need to protect your loved ones from so many unexpected expenses when the time comes. No one wants to leave financial burdens on family and friends. Insurance is the answer to providing peace of mind for even the most unexpected or unforeseen events of life.
Whole Life Insurance – Protecting You 100%
Apr 27th
Life insurance is a gift to those we care about the most. When we are no longer there to provide for our family, we can still make sure that our loved ones are cared for and can still live and thrive even when we can no longer be there to provide the money that we otherwise would provide for our families. Imagine how you would feel if your children could not go to university because the money was not available, or our family could not continue to live in their home because we are no longer there to provide the financial support they need and you can start to see why life insurance is so necessary.
There are broadly two major types of life insurance policy commonly available. Term life insurance is the cheapest form of insurance but has a limit, the term of the policy, for which it will provide protection. Whole of life insurance policies provide protection for our entire life irrespective of how long we may live and so they are vitally important for any financial protection plans that we set up.
Whole of life insurance policies combine life insurance with an investment fund that is attached to the policy. In the early years some of the premiums are used to pay for the life insurance cover while some is diverted and allocated to an investment fund. As a result the policy will start to build up a cash value. This investment fund can be used to help maintain premiums in later years or be used as an emergency or investment fund to provide monies as and when the policy holder needs to use them.
Typically, in the early years when the policy holder is younger, insurance costs are relatively low. As the policy holder ages, the insurance cover cost rises and premiums may be forced to increase. At some point the policy holder will be confronted with a stark choice of reducing the level of life insurance cover or paying the extra premium. If the extra premium cannot be paid, then the cover must be reduced unless the premium can be found from another source.
This is where the investment element comes into its own. The investment fund can be used to supplement premiums paid by the insured to ensure that even though the cost of insurance cover has increased, the cover can be maintained at no extra cost to the policy holder. In some instances, premiums can cease being paid by the insured policy holder as the cost can be covered from the investment fund alone.
Whole of life insurance contracts tend to be very useful when a policy holder must ensure that a lump sum is available upon death. With many of us falling into the tax bracket for paying inheritance tax, it makes sense to ensure that the tax bill can be paid directly from the proceeds of a whole of life insurance policy. This protects the estate from the ravages of the tax man who must be paid first before the estate can be released to those you really want to benefit – your family and loved ones.
Whole of life insurance contracts are very flexible policies providing a wide range of options. The ability to take premium holidays is available because there is an investment fund available to continue cover. The investment fund belongs to the policy holder so if there is a need for emergency funds or collateral to secure a loan or mortgage, extra avenues are open to the policy holder that are simply not provided by other non-investment based insurance contracts.
Taking the time to understand how a whole of life contract works and how it can secure your familys future is an extremely good idea. Once you have grasped that there are two components, the insurance cover and the investment fund, they become rather simpler to understand. Understanding how to protect your family is key if you are serious about ensuring that your family will continue to enjoy the financial security you provide for them today.
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