How to save money on insurance? Many people ask themselves this question because the truth is that many types of insurance are very expensive for a new company that’s just starting out or a person who has just graduated. In today’s article we want to share with you the best tips for saving money when buying insurance.
1. Shop around
Never ever purchase insurance from the first insurance company you find. There are dozens of insurance companies, and all of them have different terms, premiums, etc. The easiest way to compare their offer is to ask for quotes online. You can simply type “[type of insurance] quotes” and you’ll find dozens of websites of online insurance brokers who will provide you with a comparison of the best offers. You’ll just have to provide them with some basic information.
2. Consider high deductible insurance
High deductible insurance means that you’ll have to pay out of your own pocket for more injuries/lawsuits. For instance, if you agree for a maximum annual out of pocket expense of $5,000, your insurer won’t cover your costs until you spend $5,000. Higher deductibles = lower premiums. It’s one of the simplest way to save money when buying insurance but please keep in mind that you’ll also have to accept a higher risk.
3. Don’t buy more protection than you need
That’s one of the reasons why we constantly remind you of the fact that you should get a tailored insurance policy. Insurance companies will try to sell you things that you don’t need so they can get more money. However, if you did your homework well, you should be able to assess your risks accurately and get insurance only for things that really need protection. This applies to both personal insurance and business insurance.
Following these three simple tips will help you save even 20% on your insurance. Good luck!
Insurance isn’t everything when it comes to financial protection. Both you and your company should also consider alternative ways to protect assets and be prepared for everything. Below are some additional protection tips for you and your business:
1. Have an emergency fund
An emergency fund is one of the most important things for your personal budget. You should set aside at least 5-10% of your monthly income and keep it on a separate account just in case. Your company should also have some reserves in case money is needed for an emergency.
2. Reduce your risks
As we already mentioned it in our previous post, a company can reduce the risks it faces by introducing risk management practices. You can use this advice for both your business and your personal life. As for your personal life, you can reduce your risk by eating healthy, scheduling regular check-ups with your doctor, driving slow, and avoiding all dangerous places. You can also buy devices to protect your home, car, and other properties. Even if you have insurance, it’s better to prevent things that you don’t want to happen – a lawsuit/insurance claim is always a very stressful thing.
3. Use common sense
Last but most definitely least, using common sense when both doing business and in your personal life is one of the best things you can do to protect yourself against problems. In business, you should always research your customers and employees. Trust is good, but you should always exercise caution when dealing with new people, especially in high-risk industries. As for your personal life, always exercise caution when driving, especially if you’re in a different city than your own. The same applies to virtually everything – use your common sense to avoid injuries, dangerous people, etc.
Follow our tips to increase your protection and sleep better at night!
Welcome back to our blog post series Insurance Tips For You and Your Business. Today we will share with you some other tips that will help you get the best insurance deal for your company and protect your company in the long term.
1. Assess your risks
You should assess your risks on a regular basis so that you’ll always have insurance policy that will address all risks that your company faces. If you only sell products to individuals but decided to venture into wholesale, you’ll need additional protection. If you’re just starting your company, ask your insurance agent to help you assess all potential risks so that you’ll get a policy that’s tailored for your individual needs.
In general, the higher deductible you’re willing to pay, the lower your premium will be. However, a higher deductible means higher financial risk for you. Before you make a decision, decide what is more important for you: better protection for higher premiums or lower premiums and more risk.
3. Use risk management practices (and let your insurance agent know)
If your company actively uses risk management practices, you’ll automatically get lowers premiums. Insurance companies are much more willing to work with companies who actively try to reduce the risk of incidents at work and/or errors. Some risk management practices are very easy to introduce so learn more about this topic online and make a list of things that you can do to reduce the risks for your company.
4. Show that you’re a professional company
Insurance companies offer discounts to successful companies that have been in the business for a long time. If you’re a new company, you need to show your insurer that you’re in it for the long term and that you understand how to run a business and protect it against numerous risks.
There are many tips that can help you find a better insurance deal, avoid making common mistakes and much more. Today we want to to share with you some of the best insurance tips for you and your business.
1. Save money with business owner’s policy (BOP)
If you’re just starting out with your company and need to buy several insurance policies, consider purchasing a business owner’s policy. Business owner’s policy usually consist of business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Most insurance companies will let you modify what’s included in the package. Such bundle will cost much less than buying several policies separately.
2. Ask for quotes online
Thanks to the Internet, it’s super easy to get quotes from several insurance companies within a matter of hours, if not minutes. There are hundreds of online insurance brokers who will happily provide you with the details of the best insurance deals for your company – all for free (because they get paid by a commission).
3. Review the policy
Most readers will probably say that it’s a very obvious piece of advice, yet many people don’t do it. You should read carefully the ENTIRE policy. If you don’t understand something or have any doubts, just ask your agent to make everything clear. If you have no idea about insurance, it’s a good idea to hire a lawyer to review the policy for you.
4. Provide accurate data
The more accurate data you provide when asking for quotes, the more accurate quotes you’ll get. You should never hide anything from your agent because it can only work to your detriment.
In the next blog post from this series we will share with you additional tips that will help you get the best insurance for your company. Check our blog in three days!
Learn more about general liability insurance here.
Since we’ve been recently writing about business insurance, today we want to write about the most common types of business insurance. Business insurance is a very important matter to understand – lawsuits in the United States are very common, and one lawsuit can easily lead you to bankruptcy. That’s why it’s so important to make sure that your company is protected in all circumstances.
1. Professional indemnity insurance
We’ve already covered this type of insurance. All professionals need to purchase professional indemnity insurance from day one. Negligence claims are very common in many industries, and you don’t want to lose your business because you decided to save $50 a month. Learn more about professional liability insurance cost.
2. Public liability insurance
We’ve also covered this type of insurance in detail. Public liability insurance is especially important if there’s high human traffic at your property or near it. Shops, restaurants, pubs, bars, hotels, etc. – all these businesses should purchase public liability insurance.
3. Property insurance
Almost all companies own some equipment. If you additionally own a building in which your company is operating, property insurance is a must. Property insurance will cover your costs in the event of a fire, vandalism, theft, etc. Please keep in mind that if you lose your equipment, you may not be able to provide services. That’s why it’s also a good idea to consider buying business interruption insurance.
4. Worker’s compensation insurance
This type of insurance is required by the law in all states in the United States if you have W2 employees. Worker’s compensation insurance provides insurance to employees who are injured when performing their job. If you have worker’s compensation insurance, your employee can’t sue you for the incident (he’ll automatically receive wage replacement and medical benefits).
If you want to get several insurance polices at once, consider buying a business owner’s policy which consists of all required business coverage.
Public liability insurance is another very important type of business insurance. You shouldn’t even run a business if you don’t have public liability insurance. Many owners of small businesses don’t buy this type of insurance because of high cost of premiums. However, out-of-pocket costs for a personal injury claim can be extremely high and in some cases can even destroy your company. That’s why today we want to share with you the most important facts about public liability insurance. Welcome to Public Liability Insurance 101!
Public liability insurance and professional liability insurance protects you from personal injury lawsuits as well as lawsuits for property damage. The most common type of incident that public liability insurance protects your company against is slip or trip over. To give you a simple example, if your employees didn’t marked a spill in your coffee shop with a visible warning sign and someone slips and breaks a leg, he may claim for compensation. Public liability insurance is extremely important in high risk industries such as construction and security where costs of such incidents can easily reach hundreds of thousands of dollars.
The first thing you should take care of is to get a policy that will address all risk factors in your industry. A restaurant will need a different policy than a construction company. Secondly, you need to think about policy limit. For most companies $1 000 000 is a minimum policy, and in many cases it’s better to get a higher policy limit. Thirdly, you should check several different offers. There are at least a couple of reputable insurance companies in each of the Canadian provinces and states in the US. You can shop around online – it’s one of the easiest ways to get an accurate quote quickly (and for free).
There are hundreds of insurance companies that offer different insurance deals. Some companies specialize in personal insurance, other in business insurance. Some companies charge high rates but provide outstanding service, other charge less and are difficult to work with. If you’re shopping for insurance, you may become confused very quickly. Today we want to share with you some general tips for shopping for insurance.
1. Ask for rates online
The easiest and fastest way to compare several offers at once is to visit websites of online insurance brokers and ask them all for an online quote. Most of these companies have access to at least 5-10 different insurance companies so they’ll provide you with many different offers. Once you ask for a quote at several websites, just go and do something else. In a matter of hours you’ll get a great comparison of offers – all for free.
2. Get a tailored policy
If you’re looking for business insurance, you absolutely have to get a tailored policy. Professional insurance companies offer such policies as a standard. What does “a tailored policy” mean? It means that the policy addresses all risks that are the most common in your industry. For instance, there can be plumber’s insurance or software developer’s insurance. If for example you’re a physician, you need a medical malpractice insurance, not errors and omissions insurance for consultants.
3. Get several policies at once
If you decided to buy several policies, buy them all with the same company to get the best deal. If you’re shopping for business insurance, get a business owners’ policy that consists of the most important policies for your company. If you can develop a professional relationship with an insurance agent of a specific insurance company, you’ll surely get better deals.
Watch the video below with additional tips on how to find the best insurance deal:
Professional indemnity insurance is the first type of business insurance you should get if you provide services of a skillful nature or if you provide advice to your customers. There are hundreds of professions that require professional indemnity insurance, e.g. consultants, brokers, software developers, physicians, lawyers, plumbers, accountants, architects, engineers, etc.
How does professional indemnity insurance work? You pay a specified amount of money each month (premium) and in return, you’re protected from bearing the full costs of defending yourself and potential compensatory damages in case someone sues you for negligence. Professional indemnity insurance is also called “errors & omissions insurance” or “professional liability insurance”. Negligence claims are one of the most common claims against which your professional indemnity insurance protects you.
Professional indemnity insurance is a very important type of business insurance because all humans make mistakes, and you can’t predict whether you make one. If you make a mistake and your customer suffers a loss because of your advice or service (either a financial loss or a different loss) he can sue you and will probably win the lawsuit. If you aren’t insured, you’ll be required to pay compensatory damages out of your own pocket. Considering the fact that large companies can lose thousands of dollars a day if you fail to provide working solution to them, it makes a lot of sense to purchase professional indemnity insurance with a high policy limit.
You should keep in mind that professional indemnity insurance does NOT protect you against personal injury claims, so if you have a bar, pub, restaurant, hotel or any other business with high human traffic, you should also get public liability insurance.
Professional indemnity insurance is required by the law for some professions (such as physicians) in several states of the US. Moreover, some companies may not work with you if you aren’t insured.
Life insurance is one of the most important types of private insurance. There are many reasons to purchase life insurance. The most important benefit of life insurance is that in case you die, your family will receive money to cover their living costs. Life insurance is especially important for people who support the whole family, e.g. if you’re the only person working in your family. You should also remember that life insurance will protect your family from debts (because of medical expenses prior to death, burial costs, etc.).
There are two main types of life insurance – term insurance and permanent insurance. The first type of life insurance provides coverage for a specified term. It’s pure insurance – premium buys protection in case the insured person dies and nothing else. With permanent insurance, the insurance policy accrues a cash value.
How much insurance do you need? You should ask yourself many questions, such as how much of the family income you provide, how would your family get by in the event of your death (think about your children), and how many final expenses there will be for your family when you die (burial costs, medical expenses, your debts, etc.).
Before you buy life insurance, you should speak with a professional insurance broker that will teach you the most important things about life insurance. If you don’t understand how life insurance works, you should first clear all your doubts. Once you understand which type of life insurance you need, you can either use the services of an insurance agent to find you the best deal or you can look for insurance by yourself – Google “life insurance” and ask for quotes online.
Please keep in mind that you should take your time before you purchase life insurance. It’s a very important decision that has a great impact on your family’s future.
Welcome to our blog! We will write here about personal, professional and liability insurance. If you want to learn which type of business owner insurance you need, you’ll find the answer here. If you want to learn more about personal insurance, you’ll also find here articles that will be useful for you.
First and foremost, what is insurance and why do you need it? Wikipedia’s definition of insurance is: “the equitable transfer of the risk of a loss, from one entity to another in exchange for payment”. What does it mean? It simply pays that you’re paying someone who in return will pay you money if you lose something. Insurance is very important for many people and in most cases, it’s better to have insurance than save money and pay the price later.
The most common types of insurance include life insurance, health insurance, business insurance, auto insurance, and property insurance. If you want to start a business, you should get public liability insurance policy and professional indemnity insurance. If you want to protect yourself or your family, a life insurance policy is a must. In many countries, auto insurance is required by the law.
Insurance protects you in case you suffer an injury or someone suffer an injury because of you and sues you for compensatory damages (for instance a physician makes a mistake when treating a patient).
Insurance rates vary a lot depending on your needs, an insurance company and type of insurance you need. Higher policy limit costs more, and so does a higher level of protection. In most cases it’s better to be safe than sorry and get insurance that address all possible risks, including low-risk scenarios.
Watch the video below to learn more about insurance: