Posts Tagged ‘insurance’
Protecting Your Business With Business Insurance
Article by Devon Mcdaniel
Business insurance can be a complex subject, with many internal variables that need to be examined before a wise decision can be made. For this reason, anyone considering business insurance should first seek the advice of a reputable broker or agent. This article will detail a few of the many variables that business insurance may contain.
As with most insurance types, business insurance is used to protect the business and the business owner should unforeseen events happen to the business. The trick is to make sure that your business is covered for those events that are most likely to happen and to never find yourself unprotected, which might lead to the financial collapse of the business.
Business insurance can be purchased to cover virtually every aspect of the business. For example, most business owners have a policy that protects them should they lose their business property. Fire and theft insurance would be two means of doing this. Business owners may also want to protect their inventory and their equipment. As well, they most often want to have some form of protection in case an employee is injured on the job.
The types of business insurance and the levels of coverage are often determined by the type of business itself, but it can also be influenced by lenders who hold portions of the business as security against loans that may have been made to the business in the past. Lenders who have financed expensive machinery or other types of equipment will often want the business owner to have some form of insurance on the machinery. This use of insurance helps to protect the lender as well as the business owner should loss occur to the insured item.
The use of business insurance is also important as a form of protection against personal liability. Personal liability is when a business owner or owners can be held personally responsible for injuries or damages that occur on the business property or during the course of normal business operations. If a business owner is found to be personal liable for damages or injuries, the owner will have to use his or her own assets to pay for those injuries or damages. This might include the sale of a private home, automobiles, cash, savings, or any other asset that has value. There are business insurance policies that can help protect an owner against such claims.
Although business insurance is considered an expense, it is often a tax deductible expense. Anyone who is thinking of starting a new business or buying an existing business should invest the time needed to research the types of insurance they will need for that business. Again, the very best way to do this is to speak with a reputable agent or broker. Once you have a clear idea of exactly what you will need you can then begin to shop for the best prices.
At the very minimum you want to make sure that your personal liability is covered by some form of business insurance. Ignoring this may cost you everything that you have worked for and earned.
Tags: business, insurance, Protecting
Lawyers vs. Insurance Business: Business is Abused
Article by John Chambers
You can see advertisements everywhere you look, from phone books to billboards to even the televisions and newspapers. Did you get hurt in an accident or have a car crash?
Do you have whiplash? We can help! Phone books are littered with headlines and bold print, as well as horrific images of car crash victims, along with an advertisement for free services until you get a claim.
Some law firms are even advertising the ability to get loans against a future settlement. An insurance bureau says this strong advertising campaign created by personal injury lawyers is one of the factors contributing to the rise of claim costs.
This is result in some motorists not even getting coverage due to the increases.
Though the vehicles may be very minimally damaged, people are claiming huge amounts of injuries, and sometimes being awarded those, according to the bureau’s regional services manager.
While insurance companies are more than happy to pay for real injuries, they feel that they are getting ripped off due to the number of large claims. Depending on the insurance company in question, insurance premiums are rising to new heights. Anywhere from 15% to 35% can be felt in even the most conservative premium rate increases, all due to people abusing the system.
Those are mild estimates, which are definitely not true for those who have had highway traffic offenses in the past. The increase in claims costs being connected with the lawyers advertising is being disputed by the personal injury lawyers.
According to one lawyer, the connection between the increase in claims made and advertising by lawyers makes no sense.
When someone has a good claim to make against another driver, they should be allowed to do so. The one thing that is questionable is whether or not giving out loans to the claimants is a violation of code of conduct. By advertising personal injury services, law firms will get business from those already considering a claim. This is one personal injury lawyer’s opinion.
But he doesn’t see why there is a problem with this. To me, the troubling thing is the insurance industry group’s implication that it is somehow improper for attorneys to inform injured people about their rights to damages and to help them assert those rights.
The attorney acknowledges the increase in cost to the insurance carriers, and does not dispute the notion that reform might be useful, but states also that the industry group has refused to collaborate with attorneys to solve problems. A statement made by the president of the bar association says that insurance companies should be more worried about accident prevention rather than reducing claim costs.
The industry lobbying government to raise fines for photo radar or bans on cell phone use while driving, is not being heard of by him.
Also, he is curious was to why the insurance companies aren’t lobbying for better road safety and more legislation to prevent accidents instead of pestering lawyers. Profits have been cut and investments have not paid off for insurance lately, he notes. Insurance is lobbying hard for legislation that would stop motorists from double dipping. Cases have been seen when claimants want to be compensated for lost work time, but their own companies have already compensated for this.
What’s more, the time lost pay doesn’t take out income tax or deductions.
This ends up making not going back to work a more attractive option. You’ll make more money if you are out of work for a longer time. Attorneys suggest that they are unaware as to the exact size of the plaintiffs’ tort bar, though they are pretty certain that there are not many more venues in which they could find new opportunities.
There is also the option for motorists to sue for pain and suffering, but there are some places that make sure the injury is permanent before they will award this.
The insurance industry group is attempting to promote the narrative that advertisements are what is causing the upswing in lawsuits, though the reverse is true.
Lawyers should be allowed to work for free for claimants until the case is settled; they should also be allowed to offer to pay for any disbursements if the case is lost.
Tags: Abused, business, insurance, Lawyers
Arizona Car Insurance
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Tags: car insurance, insurance