Cheap Travel Insurance for Tough Times

Cheap Travel Insurance for Tough Times

When money is tight it can be a real challenge to budget and stash away enough hard-earned cash for a needed holiday. Once there is enough in the pot to actually plan a holiday you are faced with the dilemmas of agreeing on a destination, deciding how to get the most for your money, and then choosing the best cheap travel insurance to protect your investment.

Solo world travellers and younger travellers can save a bundle of money by taking out cheap backpacker travel insurance. (Did you know that we consider 'young' to be those aged up to their mid-forties?) No matter what age you are, it is vital that you declare all pre-existing medical conditions. There is no point paying for insurance cover you don't need, so carefully choose the correct policy for your needs from the different levels of backpacker cover. A cheap backpacker policy should always provide cover for all the essential things, such as medical care, repatriation, cancellation and curtailment (cutting short your trip), scheduled airline failure, travel delay, personal accident, liability and legal expenses. Even the most basic cheap backpacker policy should provide the minimum and important cover for medical expenses, personal liability and legal expenses.

The amount of backpacker insurance cover needed may depend on the intended destination(s); obviously a trip to Africa or Asia is likely to carry more risk than a quick city break or European destination. Travelling without any insurance is asking for trouble; you may be lucky but you may not. Consider the potential astronomical cost and worry to you and/or your family without travel insurance if disaster strikes and you fall ill while halfway across the world. Medical repatriation by air ambulance can cost in the range of tens of thousands. Who needs that!

Many families opt for the all-inclusive holiday, which can save money in all areas. It also takes a lot of the worry and work out of the organisation of the holiday for busy parents. The all-inclusive package at a good resort will normally include meals, drinks, activities, transfers and other extras. An all-inclusive beach resort will often tick all the boxes, providing plenty of activities to keep the kids happy and entertained, as well as spas and relaxation services for stressed-out parents. Many all-inclusive packages are geared towards families, offering babysitting services and entertainment for the children. This is great news for parents, giving them a chance for some alone time, or just some 'me' time.

Families seeking guaranteed sunshine for their summer breaks usually find an all-inclusive holiday and family travel insurance to be the cheapest option. Destinations such as Spain and the Balearic Islands, the Canary Islands, Egypt, Turkey and Florida are always popular. Opting for an all-inclusive package may even make more exotic long-haul destinations affordable for families; protected, of course, by cheap holiday insurance.

Some travellers still prefer the do-it-yourself holiday, which allows them to shop around for cheap hotels and flights. Others may prefer to pool their resources and share a large villa and pool with other couples or families. Another money-saving avenue to explore is a home exchange service.
No matter which you choose, whether a backpacker hostel, self-catering accommodation, all-inclusive resort, or top-rated luxury hotel, remember that it is equally important to protect your holiday investment with quality, cheap travel insurance.

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What Does Travel Insurance Cover For You?

What Does Travel Insurance Cover For You?

Ready to book your next trip? Your travel planner, be they human or electronic, asks you about travel insurance or trip protection. Is travel insurance a wise purchase? Why do I write so much about this topic?

The answer is simple, I don't want you to lose money if you have to cancel your trip. If you need medical assistance, I want it to be as hassle free as possible and show you what you really receive with different travel insurance  week, we are asking questions for you to consider. We'll be back with more information in a future issue. But first, let's share some stories.

My doctor, quite the photographer, left his camera in a cab while on a trip in the Baltics and could not recover it. Travel insurance reimbursed him for his loss.

More recently, a husband and wife were packed and ready to leave for a ten day Birthday cruise leaving on the wife's birthday; she woke up around 5am with a bloody nose that would not stop bleeding. She had to cancel the trip and called me at 9:15 on a Sunday morning. I immediately started the claims process and the couple were reimbursed in record time for the full amount of the money they lost from the cruise line.

These are just two of many stories of my travel guests' using their travel insurance benefits.

Ten Questions to ask:

1) What does the travel protection cover?

2) Is your trip subject to cancellation fees? Will the fees reach 100% of the trip value? and when?

2) Is your trip your deposit is refundable? (If not, I have some suggestions for you.)

3) Do you have medical insurance if traveling outside of the country?

4) Does your credit card provide travel insurance for trip cancellation? Read that fine print very carefully...chance are incredibly high that the credit card does not cover trip cancellation.

5) How much will it cost to get back to the US on an emergency basis? And where will you go? The closest hospital to the US border? A hospital of your choosing near your home?

6) What does it take to be admitted to a hospital in another country? Do you need cash? credit card?

7) Is your local/primary physician contacted if need be?

8 ) Will your prescription medications be replaced if lost or stolen?

9) Will the travel insurance cover continuing medical needs after you return (for a medical issue sustained during the trip)?

10) Is cancel for work reasons coverage included in the travel insurance?

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Expatriate Insurance: Why It's Important To Be Covered

Expatriate Insurance: Why It's Important To Be Covered

Expatriate Insurance is a policy that covers you when you are working or temporarily living away from your usual country of residence, and covers a wide range of possible eventualities to ensure that should an event such as theft, injury or a medical emergency occur you are fully covered.
Expatriate Insurance is a type of Travel Insurance, it usually covers the length of your stay and can be purchased on a six month or annual basis.

Some of the common policies are:

Automobile Insurance

Whilst you will be required to hold an insurance policy for any vehicle that you own or hire in another country, and will be subject to the local policy terms and conditions, negotiating the purchase of such a policy through your local country may see your No Claims Bonus and associated policy holder benefits transferred to your new country meaning a substantial saving in the premiums. This is especially beneficial if you are going to be away for an extended period or will have more than one vehicle covered.

Personal Property

Essential for all expatriates, personal property covers you for any kind of loss of your personal belongings whilst out of the country. Even if you are working and living in a safe environment loss can still occur, just as it does at home - despite our best intentions and efforts, and it's important to make sure that your insurance covers you so that you are not disadvanataged whilst away from home.
Expatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one's own.

You should purchase your Travel Insurance in New Zealand prior to relocating to a new country or destination and your insurance company will be able to advise you of any instances where you might not be covered or exceptions to the usual protection you would expect from a travel insurance policy.
New Zealand is a very safe place to live, work, and travel however if you are going to be working in a country with a volatile political environment such as Africa or even Fiji, it's important to consider cover for yourself such as emergency evacuation, war and terrorism, kidnap and ransom.

If you travelling to safer countries such as Britain, Australia, or America you should consider medical and dental cover to ensure you do not end up in a situation where you are unable to seek medical assistance due to lack of insurance.

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Travel Insurance - Frequently Asked Questions Why annual travel insurance?

Travel Insurance - Frequently Asked Questions

Why annual travel insurance?

At first you may ask yourself why we choose annual travel insurance. Annual Travel Insurance covers all trips and holidays taken within a one year period and so saves time and money. It can prove costly and time taking to organize insurance before each trip. It is very important to understand the terms and conditions of the policy you choose to ensure it covers your individual requirements.
Outlined below are important points you should consider before booking Travel Insurance;

Who is covered?

Travel Insurance companies offer cover for individuals, couples, families or in some cases extended families, according to your needs. Family policies generally have age restrictions for children and are often only covered when accompanied by an adult named on the policy. It is very important to check this before booking a policy.

What is covered?

You must understand exactly what is covered on the policy. For example 'Trip Cancelation' may be covered as standard and if so you must understand under what circumstances cover would become effective. Ensure there is adequate cover for medical expenses. You should then ensure covers that are important to you and your trip, are included. These may include missed flights, delayed flights, cover for personal belongings.

What activities are covered?

If you enjoy activities while on holidays or plan on taking a winter holiday to enjoy skiing or snowboarding you must ensure the policy covers such activities. Winter Sports cover may not be included to your policy as standard and may require an additional premium. Hazardous activities such as skydiving or scuba diving may also require an upgrade. Even for simple activities such as quad biking or bungee jumping may not be covered as standard. Don't presume cover and always confirm the cover with the insurance company direct.

Territorial Limits

The territorial limits on the Certificate of insurance must include the country you are travelling to. Always check this before departure. Some insurance providers don't provide cover for some specific countries, so just make your destination is covered without restrictions.

What level of medical expenses is covered?

One of the most important covers on a Travel Insurance policy is Medical Expenses. The cost of medical expenses varies in different parts of the world and can prove very expensive. In the event of an accident or illness abroad, it is important to have full cover for medical expenses. The insurance company will provide you with an emergency assistance number that can be contacted 24 hours a day.

If you have any pre-medical conditions you must disclose all information regarding the medical conditions or any medication you take to the insurance company when you book the policy.
Otherwise, the policy will exclude cover for anything related to such conditions or failure to disclose such information may invalidate the policy entirely.

Compare travel insurance

You can compare various insurance plans very easily directly online. There are many comparison websites that are easy to use and compare insurance plans that suit your requirements. With a small bit of research t is possible to find a comprehensive policy at an affordable price.

Exclusions

It is vital that you read and understand the terms and conditions on the policy you purchase making yourself aware of all exclusions on the policy.

Have you checked your Home Insurance policy?

Valuables and certain personal belongings are offer excluded from travel insurance policies but may be covered under the home insurance when at home and abroad. So check you e home insurance policy too and choose a policy accordingly because there is no need to ensure anything twice.
I hope that these points will help you to have a safe and memorable journey.

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The Advantages of Travel Insurance - What is a Travel Insurance

The Advantages of Travel Insurance 

The Babylonians and the Chinese Traders started the earliest records of insurance way back to the 3rd century. A travel insurance covers financial, medical and other related losses acquired while traveling. It covers the losses generally for travel domestically or internationally.

The Travelers Insurance Company introduced the first modern day travel insurance on the 1st of April 1864. It was founded by James Batter son, the company's clients were the first travelers who insured for the purpose of insuring themselves against loss of life or personal injury while travelling by railway or steamboat.

Since then, the industry has grown steadily around the globe, particularly in the US, but compared to other types of insurance, the growth was rather slow. The horrendous 9/11 attack was the turning point of the travel insurance industry. After the incident, the sale of the insurance dramatically began to shoot up.

Many travelers are aware of the advantages of purchasing this kind of insurance. They are fully aware of the protection they are entitled to get should an accident occur. As the numbers of travelers arise, the risks of travel are on the increase, as well.

How to choose the right Travel Insurance company

You can never tell when an accident is going to hit you, whether you are crossing down the street or just simply walking down the stairs, accidents can happen. So, it is very important that you have yourself covered especially when traveling abroad. A comprehensive insurance when traveling should be your first consideration after booking a flight. Should an accident or illness occur, you need not to worry even if you are in a semi remote area as long as you are insured. So, in choosing your travel coverage, consider the many must haves.

The insurance must have an unlimited cover for both dental and medical assistance. Unlimited cover for overseas evacuation and emergency medical assistance and accreditation with a global specialist organisation. You must know if the company that underwrites your insurer is a strong, global one. Make sure that it offers good value for money.

Make sure that your policy also covers baggage lost even if still under the care of an airline, it is important that your baggage has this protection because while some missing bags are traced and returned within a day or two, there are some that disappear for good. If you have to cancel or cut short a trip, a good insurance policy will pay you compensation for reasons such as illness or a death in the family.

Personal liability cover is another important inclusion in your policy. If in case you face legal bills resulting from accidentally hurting someone while you are abroad, your insurer will be the one to handle this for you. There are also some insurers who cover new-for-old; in this case they replace stolen items with brand new ones.

More importantly, your insurance company must be accessible anytime of the day. They must provide you with a 24-hour helpline that will provide help and advice should the need arise. It is important that we feel very secure especially when traveling abroad. By choosing the right company with the right policies offered, you need not to worry and rest assured that you will have the assurance that you are traveling safe and sound.

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A Travel Insurance Primer

Purchasing travel insurance can be so overwhelming at times that some travelers don't even want to bother thinking about it. However unpleasant the task may be, ignoring it is a risk that's not worth taking. A little effort to get coverage can be a life-saver if something goes wrong during your trip. You can easily find a policy that fits your needs and your budget.

Policies generally cover financial losses you may incur while travelling, and also your medical expenses. Trip cancellation or Trip delay insurance is the most widely-bought travel coverage. This policy will cover you and your co-traveler if you had to cancel or delay your trip. Insurance companies differ on what an acceptable reason for cancellation is, so make sure that you know what's accepted and what's not. Some generally accepted reasons for trip cancellation are business conflicts, delay in processing your visa or passport, sudden illness, injury and weather related issues.

Flight cancellations have become so frequent these days that some domestic frequent travelers prefer to have travel insurance at all times. If your flight is cancelled or delayed, your travel insurance may cover your expenses not covered by the airlines, like cab fares or hotel costs. It's not a bad idea to buy a travel insurance policy that offers medical coverage of up to 1 million and cover you for illness, medical assistance or flight accidents.

Try to keep your deductibles low while buying travel insurance as this will be the amount you pay out of your pocket before the insurance kicks in. Double-check that your insurance policy covers you for repatriation to your home country. If you are travelling to different countries then make sure that your insurance policy covers all the stops on your itinerary.

Travel insurance comes in many forms and sizes. You can purchase it for a single trip or multiple trips, or maybe even take an annual policy. It all depends on the frequency of your travel. Check with your insurance provider to find out how you need to claim the expenses. Find out if the insurance company will pay the providers directly or if they want you to pay for the expenses and redeem the money later. If you have to submit your claims later, then you need to record all your expenses and keep all expense related documents.

One important thing most travelers overlook is pre-existing conditions. If you have a pre-existing condition then make sure that you let your insurance provider know the complete details of it. Don't try to cut the cost of your insurance by hiding your condition; it defeats the whole purpose of purchasing the insurance. Always purchase a policy that gives you the flexibility to extend your trip. Get in touch with your credit card company before purchasing your insurance as some credit companies offer free travel benefits such as insurance on lost or damaged luggage. If you already have a health insurance, check with your provider to find out what their policy is with regard to travel.

It's quite possible that you may never use your travel insurance, but having yourself covered will at least let you be at peace while travelling.

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Travel Insurance - Things to Keep In Mind

Travel Insurance - Things to Keep In Mind

Traveling used to be considered an activity of the utmost importance. A person was not considered to be an adult until they traveled and visited many other cultures.

It's easy to lose sight of this fact, when most people spend their entire lives experiencing only their own culture. Traveling not only expands a person's horizons, it expands their understanding of the world. By traveling you will improve your life and the lives of those who you choose to take with you.

One of the first things you're bound to realize, when you travel, is if something is going to go wrong it will most likely happen while you are on the move. Things go missing, flights gets delayed and general complications arise.

Now you don't want to be caught off guard and potentially get yourself off track. By purchasing the best travel insurance, your travel destination will be the experience of a lifetime. There are several countries known for their diverse culture and tantalizing multicultural cuisine. Purchasing the right travel insurance will allow you to enjoy your trip fully and allow you to explore just about any attraction without fear.

There are four areas that your travel insurance must cover. It must include medical expenses, flight and travel delays or cancellations, lost or stolen possessions and emergency evacuations.

One of the biggest worries tourists seem to have when traveling is the fear of becoming stranded. It's very understandable considering that when you're in a new country, you're outside your comfort zone. By choosing the right travel insurance, the world doesn't have to be an intimidating place. Your travel insurance should cover you if your flights are canceled or delayed. What that means is no extra money out of pocket, if your airline makes a mistake.

Your insurance will also cover you in case of an emergency evacuation. There's no need to be worried of natural disasters, while you are traveling abroad. If you take the time to choose correctly, you will be more than taking care of by your insurance.

Next, you have to be sure that your travel insurance covers your medical expenses as well. Many insurance policies have clauses in place that restrict the countries that they are effective in. Your travel insurance should cover you while you're visiting different countries. Most of the horror stories you hear involve lost or stolen suitcases and possessions. Whether it's related to losing your suitcase at the airport or even being mugged, losing what you own while traveling abroad can truly be a nightmare.

While proper planning and safety can prevent the bulk of these problems, your insurance should be your worst-case scenario protection. When you travel, your mind shouldn't be on all of the potential things that could go wrong, you should be focused on the quality and diversity of your experiences. Having great insurance should make you feel protected and safe from all of the complications that could potentially arise during your travels.

Don't let "Murphy's Law" trip you up. Choose the right travel insurance. The World is waiting for you.

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Young Persons Car Insurance Possible Discounts

Young Persons Car Insurance Possible Discounts

The last thing a young person can afford is to pay high premiums on car insurance, and yet insurance for drivers under the age of twenty-five is generally much more expensive than car insurance for any other age category. Here are some hints for finding cheap young persons car insurance and especially for students on a tight budget.

Be Willing to Take Higher Deductibles

One way to keep your youth car insurance rates low is to agree to a higher deductible or excess. A deductible (excess) is the amount of money that you are responsible for paying for any damages done by your vehicle before your insurance company will contribute. For example, if you have a deductible of $500 and are in a fender bender that causes only $300 worth of damage, your insurance agency will not pay a cent for it. If you are in an accident that causes $2,000 worth of damage, however, you will have to pay $500, but then your insurance agency will pay the remaining $1,500.

A higher deductible on your student auto insurance will mean that you have to find a way to scrape up more cash if you are in an accident, but in the meantime, you will be making much lower monthly payments. This is a good option for safe drivers who feel they are unlikely to be in an accident and are therefore willing to take on the risk of owing a little more if they are.

Understand Risks Of Cheaper Insurance Rates

If you are going to find cheap young person vehicle insurance, you first need to understand what makes insurance more or less expensive for any given individual.

Insurance companies base their rates on certain risk factors that increase or decrease the likelihood of a person being in an accident. Unfortunately, one of the largest risk factors is age, so auto insurance for young persons under the age of 25 or so tends to be relatively expensive because these drivers are statistically much more likely to get into an accident. This factor to insurance price is obviously unavoidable, but there are other risks factors that you can avoid to make sure that your premiums stay as low as possible.

It may be tempting for certain youths to modify their vehicles to make them more unique or more attractive, but this can dramatically raise your insurance rates. Similarly, cars with expensive-to-replace parts are also costly to insure. Young person auto insurance is much cheaper for individuals who decide to go with mainstream cars that are easy to repair and don't have any modifications.

Search for Student Discount Rates

Auto insurance has become increasingly specialized, which means that there are certain insurance agencies that cater to particular demographics by offering them special discounts. If you are looking for cheap auto insurance for youths, you should try to find an insurance company that offers discounts to young drivers such as "good student discounts," which are discounts that reward students who maintain good grades by lowering their insurance costs.

Young persons car insurance can be very expensive because of the increased risk that they pose to the insurance companies. If you purchase a mainstream car, take on a higher deductible, and find an insurance agency that can offer you student discounts, however, you should be able to make your payments on vehicle insurance more than manageable.

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15 Tips to Save Money on Auto Insurance

15 Tips to Save Money on Auto Insurance

"You can save hundreds on car insurance!" Really? 
We've all seen the commercials... "Call today and save hundreds!" Believe it or not, there is some truth to it. 

Take advantage of the cost saving tips below and then stay put! Your insurance company will reward you for staying with them; just make sure that you follow the tips below to save when you're ready to shop. If you feel like you're paying too much, you might be! Here are some tips on saving on home and auto insurance.

1. Shop early

Many companies offer discounts on auto insurance if you shop at least 7 days in advance of your current policy expiration date. This discount varies, but can be as high as 10% and depending on the carrier, can stay on the policy for several years. Companies reward responsible consumers who shop early and pay their bills on-time; they say it is an indication of predicting future losses. 
Other products may be eligible for an advance shopping discount too. Be sure to ask!

2. Bundle your policies - but also shop individually!

Bundling your home and auto insurance together in the same place has been touted for years by the likes of captive carriers, but that's because they only offer one company. There is still some truth that it can save you money by packaging your home and auto policies together. Some carriers will discount your premium as much as 30% for bundling the two policies together. That said, it doesn't mean that their rate without the 30% discount is the best. Have your agent quote you out separately as well to ensure that it is best to bundle them together. Some companies offer "mini-packages" where you can put your auto and umbrella with one company (creating a mini-package) and home with another. Talk to you agent about what is best for you.

3. Go to a local independent agent

Local insurance agents offer insurance products through many companies and can save you time by shopping you through all of their companies at once! Think about what your time is worth. Do you really want to spend your time calling several different insurance companies, giving out your personal information over and over just to get a quote? Save yourself the hassle and look for a recommended local independent agent. Keep in mind that some 1-800 companies will not run your MVR (motor vehicle record) prior to issuing your policy. So, if you have any tickets or accidents your rate may be artificially low. They will send you a bill within 30 days for any missing violations or accidents.

4. Take EFT or pay in full options

By putting your policy for either your home or auto on an Electronic Funds Transfer (EFT) or paying the policy in full, you can save upwards of 10% off of your premium. Ask your agent about different payment options and how much they differ. You're paying monthly by mail anyway, might as well save while you pay!

5. Talk to your friends

Friends love to share when they are able to save money on their insurance or any product for that matter. It makes them feel good! It is human nature to want to help others and feel like an expert at the same time... so start asking who your friends are insured with and maybe you can share this article with them to help them too!

6. Stay with the same company longer

Insurance companies now offer longevity credits for loyal customers. They know it is far better to retain a current customer than it is to attract a new one. Stay with a company longer and they will often reward you with perks such as accident forgiveness, better rates and disappearing deductibles! It is also good to touch base with your agent once a year to see if there are any new discounts too.

7. Keep your credit in good health

Like it or not, your credit has an incredible influence on your insurance premiums. Insurance companies say that credit is a good indicator of future losses. Credit improved lately? Your insurance company can often re-run your credit with your permission to see if you're eligible for a better rate.

8. Previous insurance limits

Those low policy limits may be hurting you. If you tend to select lower than 50/100 liability limits on your policy (we'd always recommend at least 100/300; ask us why) you will be penalized if you go to another carrier. When a new insurance company takes you on as a customer, they will actually tier you based partially on your previous insurance limits. Come to them with low limits and they will penalize you and your premium will be higher. Consider raising your limits. Not only is this a good idea to save money, it is a good idea to protect you financially in the unfortunate case of an accident.

9. Raise your deductibles

Are you carrying low deductibles? You're paying more for it. While everyone is different on how they want to use their insurance, consider this: Do you really want to make a claim for less than $500? This could affect your premiums in the future, even if you're not at fault! Talk to your insurance agent about what is the best option for you.

10. House rebuilding cost is different than what you paid for it. 

This is a big one! Many people think that what they paid for their home is what they need to insure it for. Of course you want to protect it and have it rebuilt in the unfortunate even of a fire or possible storm damage. However, when you insure your home for what you paid for it, you're taking into consideration the value of the land. The average property has 30-40% of the value in the land. Most insurance agencies will use a cost estimator for the rebuild value of the home, but then will talk to you about it. Make sure you don't include the value of the land.

11. Avoid being a claims magnet

We see people all the time turn in theft or vandalism claims for stolen personal effects in their vehicles. Not only are those personal effects usually not covered (iPods, cds, cameras) the claim usually stems from them leaving it visible on the seat of the vehicle that was damaged. If you have an iPod or other MP3 device in your vehicle, consider stuffing it below your seat or putting it in the glove box out of sight. Furthermore, always talk to you agent BEFORE you turn in a claim so they have the opportunity to help with the claims process.

12. When shopping for a new car or house, consider the cost to insure it first!

The least expensive vehicles to insure are your conservative sedans and minivans. Many companies offer free insurance quotes for vehicle changes and you can often access right online through your insurance provider.

When looking at purchasing a new home, consider if it is near any creeks or bodies of water as your mortgage broker may require you to carry flood insurance which can run into the thousands of dollars a year. While that sound of water is tranquil, it will likely increase your insurance premiums to be near it. Get a quote before making an offer!

13. Education level

Like it or not, insurance carriers have started giving discounts on their products based off of how much education you've received. Have some college and you get a larger discount than someone with a high school diploma. Have a graduate degree and get the largest discounts available (usually only around 1-3%).

14. Ticket falling off soon? Ask for an MVR review!

Make sure you tell your agent about this. Penalties can vary greatly, but it isn't unusual for them to be in excess of 50% increase in your premiums. 1st tickets aren't as heavily penalized as the 2nd or 3rd. If you have a ticket coming off of your insurance the carrier can often do an MVR review (depending on your state). Keep in mind, if the company reviews your MVR, they may find additional tickets that you haven't told them about, so if you've recently received another, it may be best to keep quiet.

15. Other items to consider:

a. Simply by adding an umbrella to your auto policy can almost cover the cost of the umbrella itself!
b. If you have youthful operators in the house, they may be eligible for a good student driver discount.
c. Mature driver (55+)? Some companies offer discounts for mature drivers who have completed a safety course lately. To find one near you, just type in "Mature Driver Course" into Google and you will find many!

Chess Insurance is a local independent insurance agent in Redmond, WA. If you're looking for auto insurance in Redmond, WA please give us a call!

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Protecting Your Business With a Commercial Insurance

Protecting Your Business With a Commercial Insurance

While you are working hard towards building sustainable and progressive strategies for your new business, also take into consideration the risks involved in running a fledging business. Investing in commercial insurance for your business is a simple solution to protect your assets from unforeseen events such as natural disasters, theft, and other legal liabilities that are a financial strain on a new business.

1. Understanding what your Coverage Requirements are -

The coverage that you eventually choose and the cost of your premium will depend on the type of business you own.

2. Investing in a Property Cover -

You may have to purchase insurance on your own if you own an office space. If you are renting, then you need to check with your landlord if your rental agreement includes a cover. A property cover typically includes the structure of your building and the contents of your business.

3. Personal versus Commercial Property -

As an owner of a new business, there may be a number of items that may cross over between your personal use and for professional use. For example, it is likely that you bring in your home computer system to use at work, or use your family car to go for business meetings. In such situations, it is important that you ensure your personal coverage suffices your business needs.

4. Always invest in a Liability Insurance -

Whether your business is incorporated, is a partnership or a sole proprietorship, there are a number of situations in which you can be held personally liable for a number of actions on behalf of your business. It is important to cover yourself and your business from the risk of being sued in case a customer or third party injures themselves in your premises, and also protect yourself from clients who allege financial losses due to negligence.

Doctors and lawyers usually protect themselves with the help of a professional liability coverage which is also commonly known as malpractice insurance. If your business involves manufacturing and / or sale of physical products, you can invest in a product liability coverage which protects companies from lawsuits in case a consumer is injured as a result of the product. The extent of your cover must be directly proportional to the potential risk your product poses to its users.

5. Worker's Compensation Coverage -

Any business, new or old is expected to purchase a worker's compensation cover and preferably also a health insurance plan to protect the health and well being of your employees. Laws pertaining to this cover vary in each country.

As a new business owner, it is recommended that you work towards indentifying an insurance agent or service provider and start building a long term relationship with them. With all the various covers that you may be expected to purchase in the due course of your business, and in some unfortunate situations, the requirement to make claims, it is important that you have a singular "go-to" person who would help you through the complexities of getting insured and making claims.

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The Various Types of Insurance Covers

The Various Types of Insurance Covers

While most people procrastinate over making financial decisions and consider insurance to be an unnecessary and added expense, it is important for every individual to address the risks to one's assets and incomes for the safety of their family and themselves. Many people would prioritize retirement savings and other investments before tackling insurance. At the same time one cannot emphasize enough on the significance of an insurance cover in various facets of your life. Here is some basic information on the different types of covers that exist -

1. Life Insurance -

This is probably the least popular type of cover but is as important. A life insurance policy will protect your family from any potential loss of income from your death. While this isn't a very encouraging thought, the fact of the matter is that it is a practical cover to consider.
Most individuals especially the male members of the family have a number of dependants in the form of parents, spouses and children who are financially dependent on them. It is important for you to make financial decisions that do not jeopardize their lifestyle in case of your unfortunate and untimely death.

2. Health Insurance

While this cover comes in many forms, it simple terms it covers a range of your medical expenses for a variety of health related issues that you may experience in your life time. You can either opt for an individual cover or a group cover.
Group covers are typically offered by your work place where the risks and costs are shared among a group, which means it is more cost -effective for employees since it covers more health related incidents and conditions.

At the same time you can also opt for an individual health cover for yourself and your family in case you don't have an employer or you work on a part time or freelance basis. In this case you will have to bear the risk and the costs of the premium on your own.

3. House Insurance

If you own a property of your own in the form of a condo, town home or even a mobile home it is recommended that you purchase a home insurance. Most of the times it is a mandatory requirement to get your house insured especially if you are applying for a loan towards its purchase.
Insurance for your home financially protects it from damages such as fire and other natural disasters.

4. Car Insurance

This is among the most popularly purchased insurance covers. This is the case because it is mandatory is most parts of the world. It is a must to have car insurance if you wish to register your car or have it inspected. Most countries expect you to have a minimum coverage for your car to protect third party members in case of an accident.

In addition to this, ask your insurance agent to prime you other covers such as disability insurance, credit card protection insurance, casualty insurance, and crime insurance which may protect you from other unforeseen and unfortunate events in your life.

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Top Reasons to Get Your Home Insured

Top Reasons to Get Your Home Insured

In most cases, people who buy homes usually consider it to be an asset and not an investment. Not many people are in the position to spend on a second home in their life time. Not only does your home represent your life, the memories and other treasures that you may have worked so hard to find over a lifetime, but it is also a basic necessity in one's life.

Choosing not to get any insurance for your home is as good risking your life and that of your heirs in case you were unfortunate enough to lose the one asset that you worked so hard to build. Covering your home with the help of regular premium payments ensures that a percentage of financial remuneration in the event of any damage or disaster. There are a number of families who have to bear the brunt of uninsured homes, if their homes get unfortunately burnt to the ground or they are victim to any unpredictable event such as a natural disaster.

Here is why it is important for you to consider getting an insurance cover for your home -

1. In case of a Natural Disaster

Even though your home does not technically fall on any earthquake fault line and is believed to be in safe zone, there is no way to predict the wrath if Mother Nature. Floods, fires, storms, can happen in any part of the world at any time of the year. It is important for homeowners to be prepared at all times. If you aren't able to afford the repairs of your home, you may be forced to sell the property and move out. Insurance will make sure that it doesn't come to that.

2. In case of Theft of Vandalism

No matter how secure and safe the community is in which you reside, in today's day and age everyone is equally at risk of being victim to a robbery or theft. An insurance cover will ensure that you are able to recover a major chunk worth of the items that were stolen from your home.

3. Cost-effective

While most people avoid engaging themselves with agencies because they believe that paying for premiums is just an added expense which is rather unnecessary. As a matter of fact, if you are able to identify the correct service provider you will realize that it is a rather small expense in comparison to the stress that you are saving your family and yourself.

4. Personal Injury Claims

Did you know that a large number of insurance agencies ensure that you are not liable to pay any personal injury claims in case you are getting your home remodelled. Your home insurance agency in Vancouver is likely to help you pay the medical bills in case a certain worker is injured in your home.
Most importantly, getting your house covered is a sure shot way to get some peace of mind. Every time you sleep in the night, it is important to know that in case something happened to you home, you would be financially taken care of.

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Risks of Leaving Your Home Vacant

Risks of Leaving Your Home Vacant

A typical homeowner's insurance policy ends once the property is vacant for more than 30 days. Most homeowners don't know this. They continue to pay their premium but, if a claim is filed, it may not be paid because vacancy voids the policy.

If you leave a home vacant, you must have vacancy insurance. Premiums for this type of insurance can be more than double regular insurance. Even many landlord policies have vacancy limitations so, no matter what type of property you own, know what your policy terms are.

Insurance companies put a higher risk (and cost) on insuring vacant homes because of the increased risk of theft, vandalism, fire and water damage. These risks and costs may be higher in northern states because of potential damage due to extreme weather (frozen pipes bursting,etc.).
It may be cheaper, and safer, to keep your "for sale" home occupied. Before you or your tenant move out, take a look at your policy and talk with your insurance agent for guidance.

Some suggestions when thinking about vacant property:

 Protect your property. Install and use a monitored home security system.

 Make sure the smoke detectors are functioning.

 If your home has a sprinkler system, monitored central alarm for fire, smoke and theft and deadbolt locks, your home is safer and these features can lower your insurance premiums.

 Make the house look lived-in. Have someone bring in mail. It's always better to stop mail and other deliveries anytime you're away. Ask a neighbor to park their car in your driveway. Install timers on lights and leave window coverings and some furniture in the home.

 If possible, don't move out until you've sold the home. Perhaps someone in the family can stay behind or live there occasionally until the home is sold.

 Rent out the home. Not only will the home be lived in but the rent will help cover your carrying costs. In this case, you will need to change your homeowners insurance policy to a landlord policy but that will be cheaper than vacant home insurance.

 Hire a house-sitter or let someone you trust live there until it's sold.

 No matter what you do, you still have to keep the home maintained by cleaning the yard and gutters, trimming trees, checking for leaks, shoveling the sidewalks and driveway and winterizing as necessary.
Make sure any property you own is protected, and check with your agent to see how long the coverage lasts if no one is living there. The last thing you want is to file a claim and find out you don't have coverage because the vacancy exceeded the maximum number of days allowed by your insurance policy.
What's been your experience with vacant houses?

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