Insurance: 2007

Thursday, December 13, 2007

A Little Known Service Making A Huge Difference

Insurance loss assessors - making sure you get the maximum payout on your insurance claim

If you've ever had to make a claim on insurance, you'll know it can be a lot more complicated, and that you received a much lower payout, than you were expecting. We think our insurance companies will be more than happy to give us the maximum we are entitled to - but why would they want to do that? Like all businesses, insurance companies are in it for the money, and they will do their best to give away as little as possible.

What's more, they deal with insurance claims on a daily basis, and employ experts who know exactly how to reduce the amounts the company pays. You, on the other hand, probably have very little experience of dealing with insurance claims, and equally little knowledge of exactly how much you are entitled to. Insurance companies exploit this advantage to ensure that, when a claim is made, they pay the bare minimum.

What the claimant needs is someone with the same level of experience working on their behalf. This is exactly what an insurance loss assessor does.

The job of an insurance loss adjuster

When a customer makes an insurance claim, the insurance company assigns an insurance loss adjuster to investigate the claim and give their confidential opinion of how much compensation the company should offer the claimant. They will survey any damage being claimed for, interview the claimants, and gather any necessary evidence to support the case. They will also work to ensure that the claim being made is not fraudulent.

An insurance loss adjuster works for the insurance company, and it is in their best interests to ensure the minimum possible payout is made. The claimant often has no one of equivalent skill and experience working on their behalf.

What an insurance loss assessor does

This is where an insurance loss assessor can help. When making an insurance claim, the claimant can employ an insurance loss assessor to investigate the claim on their behalf. Insurance loss assessors conduct the same type of research as loss adjusters, but with the claimant's interests in mind rather than the insurance company's. Employing the services of an insurance loss assessor takes the unfair advantage away from the insurance companies and ensures the claimant receives the maximum entitlement.

Unless you work in the insurance business, it's likely you hadn't heard of an insurance loss assessor before reading this article. For some reason, very few people seem to be aware this service exists. But now you do, you'll know who to contact if the worst happens and you need to make an insurance claim.

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Insurance : A Little Known Service Making A Huge Difference

Finding That Cheap Loan Protection Insurance

Loan protection insurance is taken out to insure against the possibility that sometime in the future you might come out of work due to suffering from an accident, sickness or through unemployment. If this is the case and you have large loan repayments to make each month you could seriously be left struggling to find the money.

Providing you have read the terms and conditions of the policy, the cover would give you a tax free income after being out of work for a period of time. This period differs from provider to provider but can be between the 30th and 90th day. Cover would then last between 12 and 24 months which is usually more than enough time for you to get back on your feet and back to work.

All cheap loan protection insurance policies will have exclusions within them which means you might not be eligible to make a claim. There are some which are common to all policies and others are defined by the provider. Common exclusions include being in part time employment, suffering an ongoing illness, being of retirement age or if you are self-employed.

It is essential that you do check the terms and conditions because this is where you not only find the exclusions which can help you to determine if the cover is suitable but also the terms and conditions of the cover. Mis-selling of loan protection was highlighted in 2005 when the Citizens Advice made a super complaint to the Office of Fair Trading (OFT). Following this the Financial Services Authority began an investigation which is still ongoing along with the OFT referring the sector to the Competition Commission.

Monday, December 10, 2007

How E & O Coverage Works

E & O has various levels of coverage ranging typically from $500,000 to $2,000,000+ depending on your business model. Similarly, the retention and cost of E & O coverage varies. E & O providers take into consideration a multitude of factors including, but not limited to, the level of risk your business will assume, number of employees with professional designations and assets under management in discretionary and non-discretionary accounts.

E & O is an important safeguard for your business. While there are other forms of insurance that also should be considered dependent upon your business model, E & O insurance has a place in every securities business.

Saturday, December 1, 2007

Protecting Yourself - Errors and Omissions Insurance

Errors and Omissions Insurance ("E & O") is one of the most important policies that financial institutions and advisers should obtain. E & O protects the business organization, its officers, directors, and employees in the event a client asserts a claim as a result of any mistake or failure to act on the part of the firm or adviser. Errors insurance covers various faults, including but not limited to inaccuracies, miscalculations, oversights, trade errors and legal fees. Omissions coverage pertains to any non-fraudulent failure to act by the firm or individual.

Contrarily, general liability insurance is not the same as E & O. General liability insurance does not cover lawsuits resulting from investment mistakes or failures to act. E & O coverage also should not be confused with Directors and Officers Insurance ("D & O"). D & O only covers the firm directors and officers from potential lawsuits brought forth by stockholders, employees, clients and other parties for which the directors and officers are responsible.

Examples of How E&O May Provide Protection:

• Unauthorized Trades
• Misappropriation
• Trade Errors
• Breach of Fiduciary Duty
• Breach of Contract
• Failure to Supervise
• Misuse of Authority
• Material Inaccuracies
• Inadequate Research
• Solicitation Discrepancies

It is important to note that E & O insurance will cover all of the above mentioned examples so long as the error or omission does not involve a fraudulent violation of industry rules and regulations.

Tuesday, November 27, 2007

Redundancy Accident Insurance

Has this happened to you? You're working in a job you enjoy, and then all of a sudden, there's a downsizing or downturn in business and you are redundant. This can be pretty devastating, but it's even more of a problem if you have a mortgage and you don't how you're going to make the next payment.

Or let's say you're driving a car and suddenly someone has driven into you. Your injuries are severe enough that you are kept in hospital for a long period of time and will be unable to work for months. Again, with a mortgage payment pending, this can be even more devastating than the injury alone.

This is where redundancy or accident insurance can help. With these types of insurance, the insurance company can meet your mortgage payments for you, for a particular period of time.

What Is Redundancy Insurance?

Redundancy insurance is also known as redundancy cover or payment protection, or income protection insurance. It's something that is particularly smart to take out when you buy a home. Because the job market is not only fickle, but accident, injury or illness can happen unexpectedly, this type of insurance will help ensure that you will not be left out of your home in addition to the other problems you are facing.

If you happen to lose your job and have redundancy insurance, your insurer will give you a tax-free amount to pay your mortgage for up to 24 months, although the most common period of time covered is 12 months. Your insurer can pay your mortgage or other loans may have. Your cover starts when you have been out of work for more than 30 days and you meet the other criteria each policy has.

What Is Accident Insurance?

It's a likely bet that between now and retirement, you will probably have at least one accident or injury that will leave you unable to work for a period of time. Accident insurance will help protect you should this situation happen to you. Like redundancy cover, if you can't work, cover kicks in after 30 days and will cover you for an average period of usually 12 months, sometimes 24. This can give you peace of mind during a time when you need it most, as you recover.

To have the best of both worlds, it's best to take out combined accident and redundancy insurance, such as a full mortgage protection plan. This will cover you not just for accident and or job loss, but for long-term illness too. It will even cover you for disability because of long-term illness or accident. For more information, check with your insurance provider. He or she can help you determine what the best cover for you will be.

Quick Way to Solve Insurance Problems

The definition of insurance is a procedure or contract between the insurer and insured which secures compensation for loss, damage or injury of an article or person on payment of an agreed premium. Insurance policies have become part of our lives to such a degree it would be difficult to imagine living in society without them. The amount the insured pays, or insurance premium is based on the probability of the event happening and if it doesn't, the risk taker or insurer, keeps the premium paid.

Other types of insurance have a long term saving element where the insured is guaranteed a sum if they die but if they are alive at when the policy becomes due then the invested amount less any charges the insurer makes will become payable which obviously benefits both parties. However, some insurance policies involve investment as well where the insurer invests the premium money and at the end of the policy, will pay any profit (less any charges) to the insured, an arrangement where both parties gain.

Whilst many insurance policies are voluntary, there are occasions where they are mandatory and these instances an activity or event may be stopped if it is found that a person is uninsured. life insurance, health insurance, property insurance, travel insurance, pet insurance, cycle insurance too name a few.

There are also specialist insurance policies for floods, skiing, long-term care, flight, kidnap, extended warranty and many others. To put it simply anyone can take out insurance to cover almost any eventuality.

The agreement which covers the insured person issued by the insurer company is called the insurance policy. The policy is legally binding on both parties provide the requirements for acceptance have been met and means that should the insured incident actually happen then the amount agreed as compensation will be paid out.

A quote for the insurance company will specify the main points of what the insurance is for which the insured must agree with and be prepared to pay the premium for on a regular basis. Providing the insured agrees with the conditions, the agreement is signed and returned to the insurer for checking and once this has been done the policy as issued.

The policy stays in force for a set period of time or if the event insured against happens then the insurance company can be approached to honor their side of the agreement with a pay out of the compensation agreed. Although some people ring the insurance company directly, others will use a broker who will try to find a similar policy for less money.

Saturday, November 24, 2007

Income protection insurance provide you replacement income

While losing your income is something that the majority of us never give much thought to, it can happen and if you were to suddenly find yourself out of work due to an accident, sickness or through unemployment then you could be left struggling financially. Income protection insurance could give you a replacement income with which to continue repaying your essential outgoings and give you security.

The majority of income protection insurance policies would begin to pay out once you had been off work for a continuous period which can be anywhere between 31 and 90 days after the event and depending on the provider. The amount of time that a policy will pay can also vary but it is usually somewhere between 12 and 24 months, again dependent on the provider.

Buying cover from a standalone provider is the best way to secure yourself the cheapest premiums for the cover and the cost can vary tremendously. It is essential to check the small print or key facts of the policy before you buy because this is what will allow you to decide if income protection insurance is right for your circumstances.

While providers can add in exclusions there are some that are typical to most policies. If you are in self-employment, retired, only working part time or suffering a pre-existing medical condition then a policy would not be in your best interests. By shopping with a specialist for the cover you will be given access to the key facts and exclusions which makes determining if you would be eligible easier.

In the past income protection insurance has and in fact still does give cause for concern. This came about after the Citizens Advice made a super complaint to the Office of Fair Trading. Following this an investigation by the Financial Services Authority (FSA) began which resulted in several high street names being given fines. The Competition Commission began a review of the sector which is still ongoing and the FSA continue to keep the sector under their watchful eye.

Recently the FSA announced that while some changes have been made to the way that cover is sold, many firms are still not following guidelines properly. Just recently a mortgage firm was fined and not only was the company fined but also the Chief Executive, who was handed a personal fine. Clearly many more changes still need to be made to make the products more transparent to the consumer and it is hoped this will be seen in March 2008. Comparison tables will appear which should make choosing such as income protection insurance easier. The tables will ask a series of questions which will lead to the consumer being able to tell which product would be in their best interest and also tell the about exclusions and how much the cover will cost.

Tuesday, November 20, 2007

Loan protection insurance facing problems

Despite the fact that the Financial Services Authority (FSA) investigated the payment protection insurance (PPI) sector and set out guidelines which those selling the cover were to follow, over 4,000 cases of mis-selling are being investigated in 2007. While this fact alone is bad enough, the figure is twice that of the year before, giving consumers cause for concern when buying loan payment protection insurance.

It was hoped that mis-selling would cease following on from the FSA, Office of Fair Trading and Competition Commission investigations, but with the figure doubling it seems that much more has to be done if mis-selling is to end. The majority of mis-selling occurs with the high street lenders who sell the cover alongside their loans, putting huge profits ahead of the consumer's best interests. Loan protection is a huge profit maker which rakes in over £4 billion a year and greedy high street lenders do not want to lose this profit margin.

A far better way to purchase loan payment protection insurance is to take out the cover with a standalone specialist provider. Always make sure when taking out a loan or credit card that the cover has not been included because although this should be mentioned it has been known to have been included without the consumer being aware. A specialist provider will be more ethical and will make sure the consumer has access to the key facts of the cover and so known about the exclusions which could stop them from being eligible to claim. Common exclusions include if you only work part time, suffer a pre-existing illness, are of retirement age or are self-employed but there can be others.

Thursday, November 15, 2007

Engineer Liability Insurance

Since the onset of modern society, engineers have toiled and made man?s best dreams come true. They have, in their own ways, laid the foundations of a civil society, and, in turn, engineering has remained a lucrative business. However, like every other human, engineers are prone to follies and errors. When a case is filed against them and they must pay for their liabilities, the profession no longer remains lucrative. The errors on the part of engineers are mostly unintended, but this reason may not be enough to get them a sound hearing in a court of law. Engineer liability insurance is there to safeguard the interests of engineers in such cases.

There are many channels though which an engineer can purchase engineer liability insurance. First there are many individual insurance providers, as well as exclusive agents, independent agents, and brokerage firms. The exclusive agents are those who deal only with one insurance company and therefore may provide only limited options. The independent agents, however, offer a wider range of options and allow one to compare the prices of various companies. A comparison exercise is a good idea to understanding what engineer liability insurance can cover and finding out which insurance company offers the best coverage with the lowest premiums.

Brokerage firms are also specialty agencies that solicit in favor of their customers. They can again provide good options, as they have links with many national and international agencies that provide engineer liability insurance through these brokerage firms. It is useful to check out firms specializing in engineer liability insurance in order to learn about the best deals available in the liability insurance market.

One also must remember to consider many options before finally deciding on one. Surfing the internet to get a better idea of the offers and conditions may indeed bring many benefits to the insurance seeker.

RV Insurance--What Kind of Coverage Do You Need?

Some people think that they can just skip getting RV insurance and put their recreational vehicle on their car insurance policy. While in theory (and in reality) this may save you a little money on your premiums, only an RV insurance policy can give you the complete coverage your recreational vehicle requires. It doesn’t matter if you have a motorized RV or a towable; it can and should be covered by its own RV insurance policy.

A motorized RV is not simply a car, and a towable RV is not simply a trailer. Both of them are also “home” to you when you are out on the road. They have many features which cars and trailers do not have. An RV insurance policy will cover things like your awnings, slide outs and refrigerator in the case of an accident, fire, theft or other damage. Car insurance typically will not. When you purchase RV insurance you should have mental or written list of those things in your RV that you want covered and then, you can shop for coverage which will protect you. It is important to note that RV insurance is not the same as an RV warranty which covers break downs and malfunctions rather than accidents.

Look for these coverage options when you are shopping for RV insurance to insure the most complete policy:

Total Loss Replacement: If your RV is totaled for any reason this coverage will provide you with a brand new comparable RV if you are the original owner and it is less than 5 years old. If you bought used or if it is older than 5 years old, you will get a check for the purchase price to put towards an RV.

Personal Contents Coverage: This provides you the funds to replace items such as clothing, jewelry, cookware and kitchenware, etc.

Towing and Roadside Assistance Coverage: Covers the cost of towing the RV, locksmith services, fuel refill, and battery recharging. Some policies cover this 24 hours a day, seven days a week.

Emergency Expense Coverage: Covers your hotel, food, rental car and even airline ticket expenses if you need it.

Thursday, November 8, 2007

Insurance For Businesses

It is imperative for business owners to have a business health insurance to take care of unseen medical predicaments that lay in their future path. A far-seeing businessperson owes this vital responsibility to himself and to his employees.

The Importance Of Insurance

Few employee benefits rivals health care insurance. Hence, it is only proper that a company should take care of its workers by providing with the best insurance possible. This should of course be done at an affordable cost. According to recent data, about two-fifths of full-time employees chose from more than one health plan. Common factors that influence the choice include the type of person enrolling, the type of care that will be provided and the type of care the enrollee needs. The most common form of health insurance chosen by companies for employees, are group and business insurance packages. These packages have many employee benefits and they are very affordable.

Today, there are cheaper insurance deals for smaller companies. It is good news for small businesses that insurers cannot decline coverage for employers with two to twenty employees. Besides, by implementing information technologies, insurers have significantly improved customer service, reduced costs and adopted models that allow customers to determine what insurance plans suit them.

Small Business Health Insurance Is A Useful Employment Benefit

To be able to purchase a small business health insurance plan, as a firm, you need to have between two and fifty employees. With the way health care costs are rising these days, it is advisable for small businesses to have a group insurance so that the firm is able to offer medical services to their employees should they become ill or injured. If all small businesses were to have small business health insurance, they would be able to recruit and retain good, healthy and long-term staff.

Small Business Health Insurance Types

HMO, PPO, POS and fee-for-service are some of the kinds of small business health insurance plans available today. However, the best form is of the managed care variety. This is because it is affordable and its coverage is quite wide. In short, its cost/benefit ratio is the best. Having said that, it is advisable, as a small business to be clear about your aims and objectives and clarify them before procuring a small business health insurance plan.

It is compulsory for you to furnish the insurance companies with the details of your business - the number of employees, the kind of coverage needed and the ages and health status of the members of the group. You need to ensure that the information you give the small business health insurance providers is accurate for them to come with up suitable proposals.

The cost of small business health insurance has recently skyrocketed due to the aging population and rising cost of health care in the country. Also, there has been news about the declining reputation of managed health care. Despite this, you will still be able to procure a suitable insurance plan from a reputable service provider. One of the places you can check up for such plans is the chambers of commerce. They may be able to provide assistance to recommend a suitable service provider in your locality.

Many insurance service providers offer various forms of health insurance plans. It is very tedious and many times confusing to compare the features of competing plans. Unfortunately, this process of due diligence is required to ensure that you choose the right plan with the right features suited to you and your family at the right price. Do your research over the Internet to get to your initial list of insurance service providers to consider for your needs. During this research phase, you will also understand and appreciate features that you will consider important to you. Contact agents from these selected insurance providers to send you their proposals based on your stated needs. Do not be afraid to clarify your doubts with these agents when you receive their proposals. It is their job to enlighten you about the various features of their proposals. Remove service providers who are unable to answer your questions convincingly or deliberately try to confuse matters, off your hit list.

When you have whittled your list down to the final shortlist, ask your family, friends and colleagues for some feedback if they have had any interactions with the health insurance service providers in your list. You may also choose to discuss your options with some trusted medical professionals.

Internet Insurance Quotes Save Time and Money for Smart Shoppers!

Why Go Online For Insurance Quotes?

We all need insurance, and some of us need more than others do. Sometimes it may seem like a huge percentage of our budget goes to pay for insurance. After you pay for car insurance, home insurance, life insurance, and health insurance, it may seem like we don't have much money left! We know we don't want to be caught without insurance, but we all know we would like to pay less for a top insurance plan! But we also have all heard stories of people saving hundreds of dollars in insurance premium by comparing local insurance companies and plans.

It can be very hard to shop for insurance. For one thing, insurance rates can depend upon so many factors. Almost all insurance has rates that are based on our zip code. Age is usually another factor, if you are shopping for products as diverse as car insurance, life insurance and health insurance. And one more factor that many people do not even know about, is that many types of insurance are also based upon a credit history or credit score!

Of course, for life or health insurance applications, you will need to answer dozens of health and family history questions. You will also need to answer questions about your lifestyle and family history. This can take awhile! If you plan on calling a half dozen insurance companies or local agents, you may as well plan on giving up several evenings for a very boring task.

If you are applying for car insurance, you need to answer questions about how you use your car, what type of car you drive, and of course, about your driving records. Other factors that may affect your rates are approved driving courses, safety features, and anti-theft devices. For student drivers, those expensive and tough to insurance folks, grade averages can even matter!

Your answers to all of these questions will let the insurance company determine how they want to rate you. Your answers may earn you a cheaper rate or ding you with an increase! You want to make an accurate and thoughtful application, but as you probably know, this can be a very time consuming process! Imagine taking 20 minutes to fill out half a dozen applications. That will be two hours spent, just on one type of insurance.

Shop Online To Save Time!

Internet insurance quote forms usually only take three or four minutes to fill out! They will allow you to submit them one time, and then sit back and wait for insurance companies to compete for your business with top plans at competitive prices! Then, when you have narrowed your selection down to one insurance company that offers the plan you need at a price you like, you can fill out an application. An insurance agent will assist you.

Quote Safe

Look for an online insurance quote system with third party verification like the Better Business Bureau or National Ethics Check.. Also look for a system that runs on a secure server so you know your information is safe.

Dental Insurance - An Ultimate Aid

One of the joys, as also the highlights of modern times, is the fact that science and technology has made life considerably easy, as also added some spice to it. It has transformed the world into a global village and ensured that the things, to fetch which, one had to visit the country of its origin, can actually be had in one's own backyard. Then, whether they are cloths, food or accessories. Food particularly has undergone huge change with a wide variety now available on a platter. Stuff which one thought never existed can also be relished now and that too sitting at home.

However, there lies the trouble. With a variety of spices, sauces etc. going into the mouth, they really wreck havoc on teeth. No surprises then that the cases of teeth decay are constantly on rise these days. It's true that toothaches don't kill any one but it can cause excruciating pain. Something which can only be understood by people who have the misfortune of suffering from it. It's a menace that needs medical assistance at the earliest. And if one does not have enough money to get oneself treated than the plight of such a person can very well be understood. It is here that dental insurance comes into play and ensures that one is free from the worries of arranging for the finance to get oneself treated, as it is the insurance company that takes care of all the finances with the concerned person not requiring to pay a single penny.

However, one must take care of a few things to gain completely from dental insurance. First of all one must ensure that the policy comes to life as soon as it is signed, one should also find out that whether the insurance company will pay the entire sum required for the treatment or only a part of it. One should also ensure that no wrong information is provided to the insurance company as well as the fact that there is no default on monthly premiums.

If efforts like these are taken then one can be rest assured that dental insurance will go a long way in helping people in such trying circumstances. Not for anything is dental insurance, a branch of sickness insurance, is so popular amongst the masses.

Sunday, October 21, 2007

Antique Car Insurance Advice

How To Obtain Car Insurance For An Antique Car

Many people choose to restore and show antique cars as a hobby. But even these cars need some type of insurance to protect against accidental damage. This is why many people search for car insurance for an antique car. There are many companies available that provide car insurance for an antique car, with many companies specializing in antique car insurance. By having a wide variety of car insurance companies to choose from, the consumer has the ability to choose the right type of insurance for their needs.

Car Insurance Companies

Many commercial car insurance companies can also provide car insurance for an antique car. Also called collector car insurance, these policies are tailored to the car you are attempting to insure. A car insurance representative will take all of your information and discuss different policy options with you to ensure that you are obtaining the coverage that you need. They will also help you decide which types of coverage are within your target budget and which deductible and limit levels you will need.

Purchasing car insurance for an antique car through a commercial car insurance company will give the policy holder peace of mind, knowing that the company that they have chosen to do business with is an established company with a good reputation. The policy hold may also have their everyday use cars insured with the same company. The security of having an established company provide car insurance for an antique car is well worth the premium that they will charge you to provide insurance for your antique car.

Independent Insurance Companies

There are also many independent insurance companies available to purchase car insurance for an antique car. These companies tend to specialize in antique car insurance and will not insure any other types of cars. Some of these independent insurance companies will only insure a particular type of antique car, so if the car you are attempting to insure is a rare one, if may be difficult to find an insurance provider that will insure it. When choosing an independent insurance company to provide car insurance for an antique car, be sure that the company is a reputable one. You do not want to find that after months of paying the insurance premiums that the company will not or is unable to pay your insurance claim.

Finding car insurance for an antique car can be a lengthy and frustrating process, but the benefits of having insurance for the car far outweighs the initial hassle of finding the insurance. Many antique cars are worth many thousands of dollars and that is a big loss if the car is ever stolen or totaled. Having car insurance for an antique car may be the most valuable insurance that you ever purchase.

Who's Birthday is today??

Thursday, October 18, 2007

Just check this out...

Monday, October 15, 2007

Personal Medical Insurance

When it comes to personal medical insurance there are a number of different plans a person can consider. But where one plan may be suitable for one person it may not actually be suitable for another. The main benefits to be gained from personal medical insurance over that of group medical insurance is that you can choose the level of coverage you have. Through a personal one a person can select a plan that meets their own particular health requirements and which also suits their budget as well.

Today you have a choice when it comes to taking out any kind of personal medical insurance but the main ones are as follows:-

1. The comprehensive plan/policy which allows not only coverage for you but your entire family over a long period of time.

2. There are much shorter term plans/policies available which a person can pay into when they are say between jobs.

3. Or there are supplemental plans/policies which will cover any gaps that a person may find in the medical policy that they have currently or that provided by their employer.

However it is important to note that such medical insurance plans can turn out to be some what more expensive than a group plan as you are not having to share the costs with others. Below we provide some tips which should hopefully help you to get the best rate possible when you are looking to take out personal medical insurance cover.

Tip 1 – Enquire of the insurance provider who arranges your car and home insurance if they also do medical as well. If they do you may well find that they offer you a discount on your coverage as you are already a customer of theirs.

Tip 2 - Unfortunately if you are smoker or are overweight then getting medical insurance cover can prove to be quite expensive. If you can why not try and stop smoking or lose weight not only will this help to reduce how much you pay for your insurance cover but it will also make you feel better and improve your health overall.

Tip 3 – Many personal medical insurance plans require you to pay towards certain parts of your medical bills. If you can afford to then set the deductibles within the policy as high as you possibly can. The more you pay towards certain parts of the medical treatments or tests you need in the future the much lower the rate of your insurance cover will be.

If you keep the above mentioned tips in mind as well as spend a little time comparing the various different types of personal medical insurance cover now available, you are likely to find one that not only meets your particular requirements but will suit your budget as well.

Insuring Your Real Estate Investment Business

As part of the terms of a mortgage loan, most lenders require borrowers to carry property insurance. But simply meeting the requirements of your lenders does not necessarily mean that you are adequately insured. To be sure that your real estate investment business is properly covered, understand what your risks are, how much liability you are able to accept, and what types of policies are available.

The basic types of business insurance include:

- General liability and property coverage. Liability insurance protects you if someone is injured while on your property. The insurer not only pays the damages, but also funds and handles your legal defense. Property insurance covers your physical assets—building, equipment, furnishings you own, fixtures, etc. In most cases, your property insurance will not cover the tenant-owned contents of a rental unit; your lease should clearly state that tenants are responsible for insuring their own belongings.

- Umbrella policy. Umbrella policies provide additional liability coverage after the limits of your underlying policy are reached. For example, if someone was injured on your property and required $300,000 in medical treatment but the liability limit of your underlying policy is $250,000, your umbrella policy will pay the additional $50,000 (provided, of course, the limit of your umbrella policy is at least that amount).

- Automobile. If your company owns vehicles or if you use your personal car for business purposes, you need appropriate coverage. Such insurance typically includes bodily injury liability for injuries you or another authorized driver cause someone else; medical coverage for treatment of injuries to the driver and passengers in your vehicle; property damage liability; collision (damage to your car from a crash); comprehensive (damage to your car not resulting from a crash); and uninsured motorists coverage. Be sure your vehicle insurance complies with the laws of your state and offers you sufficient coverage to protect you financially—which means you may want higher limits than the law requires.

- Life. Various types of life insurance can be designed to protect your company, investments, and family in the event of your death. Life insurance is often part of buy/sell agreements in partnerships, where the insurance is used to buy out the interest of the deceased.

- Workers compensation. If you have three or more employees, you are probably required by law to provide workers compensation insurance. Laws regarding this coverage vary by state; check with your insurance agent and state insurance department to find out exactly what you need and how it is purchased.

- Business interruption. This coverage is designed to replace lost income, pay ongoing expenses, and cover the costs of setting up in a temporary facility if necessary when a business is unable to operate due to a covered peril (such as fire, storm damage, vandalism, etc.). If you have rental units that cannot be occupied due to a covered peril, business interruption insurance may replace the lost rent revenue.

- Destroyed or damaged records. If your business records are destroyed or damaged by a covered peril, this insurance will compensate for the inability to collect income and the cost of reproducing the records.

Beyond the traditional types of insurance are a variety of specialty policies offering coverage you may or may not need, such as flood, earthquake, and terrorism insurance. If you work from home, be sure your business equipment is covered and that you are protected for business-related liability. Most homeowner policies provide only nominal coverage for business equipment and activities, so check with your agent to determine if you need a separate business policy or if you can add an endorsement to your homeowners policy.

Managing Your Insurance As much as you’d probably like to, insurance isn’t something you can take care of once and then forget about. In addition to making sure you have coverage each time you buy or sell a piece of real estate, you should do an annual review of your needs, your coverage, and what new products are available that might work for you. Keep records of all your assets in case you need them to document a claim. If you make changes to existing policies, follow up to make sure the necessary paperwork was completed properly. It may be your agent’s job to do the paperwork, but it’s your responsibility to make sure you have the right coverage in place.

Keep in mind that insurance companies often structure their policies differently, so if you change any of your insurers, study the new policy carefully to be sure you really have the coverage you think you have. Don’t buy a policy based on rates alone. Be sure the coverage is what you truly need and the company is financially sound with a reputation for good customer service.

Remember that insurance is essentially a gamble—you’re betting that you’ll need it and the insurer is betting that you won’t. Be sure that you can still come out a winner whether you win or lose the bet.

Protect Against The Unknown With Unemployment Insurance

While we can’t predict what might happen in the future we can at least insure against it and when it comes to finances then unemployment insurance can be a great asset to have in case you should find yourself without an income due to coming out of work through accident, sickness or unemployment.

Unemployment insurance consists of policies that will give you an income so that you can carry on paying your essential outgoings such as your mortgage, loan repayments and day to day living expenses. The family of payment protection insurance policies consist of loan payment protection, mortgage payment protection and income protection insurance. All unemployment insurance policies have exclusions in them which could mean that they wouldn’t be suitable for your circumstances and these are found within the small print. The most usual exclusions which would prevent you from claiming are if you are retired, self-employed, suffer from an illness at the time of applying for the policy or if you are only in part time employment.

The cost of unemployment insurance premiums does vary but if you go with a specialist in payment protection insurance then you will get the premiums much cheaper along with the key facts and information you need to make sure that the product is right for your circumstances.

If you want to protect your mortgage repayments then mortgage payment protection could give you an income after you have been out of work for a pre-defined period of time which can vary between 31 days and 90 days of being out of work continually. The cover would then continue to provide you with a tax free income for up to 12 months and with some providers for up to 24 months which means you have peace of mind and security while you recover and get back to work.

If you want to carry on paying your loan repayments then loan payment protection gives the same income to pay your loan repayments and make sure you don’t get into debt and income protection will give you the money to carry on paying your essential outgoings.

Unemployment insurance can be a lifeline and it can work if you ensure that you would be eligible to claim.

Insurance