How to Reduce Small Business Insurance

How to Reduce Small Business Insurance

Editor's Desk: This is a guest post by Ryan Sandberg

New small businesses need to closely compare the business insurance quotes pertaining to all the segments of insurance, from general liability to worker’s compensation and employment practices insurance. But it is safe to say that sticking to one insurance company for all your business needs would save much needed time, money, resources, and hassles. And what new business wants to deal with the hassles of running their business when they're living on hot dogs and macaroni and cheese instead of those five dollar lattes? While the business insurance premium works to protect any business from specific operational losses depending on coverage type, some insurance companies do not offer every type of business insurance.

When choosing to stick with one company, it is imperative that each small business select the types of business coverage they need most immediately. Even in withstanding the smallest budgets, small businesses should find the company that can take care of their immediate insurance needs at a competitive price. To say price comes last in the puzzle might sound a little scary at first, but if you stay away from key business insurance shopping don’ts and then follow five musts’, shopping for small business insurance becomes a walk in the park. You might just have money for the five dollar latte just done the other block.

The first main don’t for small businesses is to think that only large businesses can afford insurance and that really only the largest corporations really need business insurance. Every single business needs business insurance to protect their assets, resources, employees, and profits. The second biggest mistake is trying to reduce your premium by providing confusing, conflicting, misleading, or incorrect information to your insurance company. Unfortunately, it only takes one claim for an insurance company to find out even the smallest of businesses withheld important information only to reduce their rates and save a few bucks. Thirdly, never let your company’s insurance policy lapse because of non-payment of premiums. Always maintain a good working relationship with your insurance company and see how they can help you if a rough financial strife.

Even though they probably have heard that old economy excuse just a few too many times, they might just be willing to break a few rules to make your business happy. Although worker’s compensation insurance is a necessary type to purchase, consider implementing mini-employee training sessions on workplace safety and sexual harassment. Finally, depending on the location of your business, evaluate whether flood, earthquake, or tornado insurance should be purchased as well.

Some of the top things you need to consider when accumulating various business insurance quotes are what other things you can do for your business besides having good insurance:

1. Strive to maintain the safest working environment for your employees through making the workplace assessable to all, having comfortable chairs, and proper working space.

2. Like stated earlier, find an agent from a company that can take care of all your business insurance needs at one time.

3. As your business continues to grow, change your business insurance to match the size of your business.

4. Have your agent visit your business. This way the agent can get an idea of how your business functions and provide you with the best suggestions.

5. Consider providing your employees with health care insurance if at all possible.

If you’re half as smart as you think, check out this business insurance quiz to see if you’re ready to choose the right insurance for your business. Once you’re quizzed out, feel free to get quoted out on business insurance quotes for small business and then go ahead and contact that one agent to satisfy all your business needs.

How to Find Car Insurance to Protect You During Business Trips

How to Find Car Insurance to Protect You During Business Trips

There can be certain situations when it is difficult to establish whether you should be using your own personal car insurance policy or relying on business related cover to ensure you get adequate protection in the event of an incident or accident occurring.

Business Car Insurance explained

A standard car insurance policy that many of us have covers you for driving your car for social, domestic or personal use, so you can use your car to visit friends, go on a shopping trip or take a leisurely drive out for the day. These policies also cover you if you use the car to commute to and from a regular place of work and basically take the same journey on a daily basis and park in the same place every day while you are at work.

Different destinations

If your work takes you to several different offices or work sites on a regular basis or you regularly cover several hundreds of miles per week for business purposes then it is quite likely that you would be considered to be in need of a business car insurance policy in order to insure you are driving fully covered for any eventuality.

Black or white

Most of us know that business car insurance is more expensive than a standard private driver policy but the situation is very often black or white, meaning you often know that you should have business car insurance and if you check the terms and conditions you can quickly establish the criteria and see if you are falling foul of the terms of your policy. It is not worth being tempted to stretch the truth or hope that no one finds out how you are using your vehicle, as the worst case scenario is that your insurance could be invalidated if you are found to have not given factual information about your use of the car.

Company car or commercial car insurance?

There is a difference between business car insurance and commercial car insurance. Motorists who use their car for commercial purposes such as a taxi driver or a delivery driver, will need proper commercial car insurance and a company car should be insured by the company or whoever leases the vehicle to them, but a car that is used for business purposes from time to time is not considered the same as a company car and can be insured with a business element included, which may work out cheaper anyway.

Cutting the cost of insurance

Having established the type of insurance you need to be legal, you then need to try and keep the cost down as much as possible. One good way of doing this is to use some comparison sites and let them do the legwork for you by getting specific quotes based on your actual circumstances and intended use. The more specific information you can give such as mileage you are likely to cover will have an impact on the final price of the premium and also choosing the car they want to insure carefully beforehand will help, as there are over 50 different insurance groups, so driving a car in one of the lower groups will be much cheaper than a model that is considered riskier and therefore more expensive to insure.

Careful drivers

You can shop around and get the best quote, which is far better than just accepting the first quote you get from an insurance broker, but there is no substitute for being considered a careful driver in order to get the price of insurance down. Insurers reward careful drivers so try to protect your good record and always consider whether to make an insurance claim for a small amount, as this will always have an impact on the price when you come to renew.

No one wants to pay more than they have to for car insurance but remember that the cheapest quote is not always the best for your needs, so consider all options before you finally settle on a deal.

Gillian Kearney has extensive experience in auto insurance. Her articles mainly appear on auto and money saving blogs. Visit the Monkey website for more information.

5 Ways to Save on Life Insurance

5 Ways to Save on Life Insurance

Life insurance is a great way to help protect your family’s financial future in the event you suddenly die and leave behind a mountain of bills. While most of us would do anything to help provide for our loved ones, there’s no reason to pay too much for life insurance coverage.

There are a few tricks and tips that can really pay off when you are buying a life insurance policy. Follow these five tips to save money and get more life insurance coverage for less.

1: Look into Payment Options

Many insurers allow policy holders to pay their premiums monthly (12 times a year), quarterly (four times a year), semi-annually (twice a year) or even annually (once a year). Paying premiums annually can save you some money by avoiding processing fees which are associated with paying monthly. Ask your insurance company about how much you can save by paying your premiums annually or twice a year.

2: Ask About Milestone Discounts

Some insurance companies offer price breaks, also called milestone discounts, for policies that carry higher coverage amounts. For example, you might get a price break for buying $250,000 worth of coverage instead of $200,000. You could actually save a couple bucks by asking about higher levels of coverage.

3: Get it While You're Young

It sounds sort of funny, but the reality is that the best time to get a good deal on life insurance is when you are relatively young and in good health. Waiting until later in life when you're a bit older and maybe dealing with some medical issues can really drive up your premiums. Even worse, waiting until you are older could even prevent you from getting life insurance at any price.

4: Only Buy as Much as You Really Need

Many life insurance consumers think they need a million dollars in coverage, but find they don’t need that much to help cover their debts and financial obligations. Doing a careful analysis of your current and future needs and buying enough coverage to provide for those needs is a good way to avoid overpaying for life insurance.

5: Look for Coverage With Renewal Guarantees

A renewal guarantee means you are guaranteed at least the opportunity to renew your term life insurance policy when your current term expires without having to retake the medical exam. While your new premium will be based on your current age and not the age you were when you first bought coverage, you won't have to start the shopping process all over again. Skipping the medical exam is particularly valuable if your health has declined since you first bought coverage. Trying to buy life insurance with poor health could mean that you will pay more for coverage or won't qualify for coverage at any price.

ABOUT AUTHOR:

Samantha is a freelance writer based in Chicago who writes about automotive and insurance topics online. Follow her on Twitter @SassySammyBee.

Fixed Expert Tips to Save Money on Car Insurance

Fixed Expert Tips to Save Money on Car Insurance

Car insurance is very important to every car owner. Your vehicle is one of the most important assets which you must ensure that it is not wasted. Consequently, car insurance is the right option for implementing this purpose. However, you must also know you can save money on car insurance premiums. Here are some of the tips that can help you to save money on car insurance.

The Cost of Car Insurance

You must consider the cost of car insurance before buying. When buying a used or a new car, most people neglect insurance expenses that guarantee total cost of possessing a vehicle. Since car insurance premiums vary depending on specific features of the vehicle, it is very essential to consider insurance costs. Some of the most characteristics that vary include average repair costs, price, and safety record among others.

Lowering Your Coverage

Insurance Information Institute suggests dropping comprehensive insurance on older vehicles so as to save money. III rule states that in case your vehicle is worth less than ten times the premium value, it might make sense to reduce that coverage. The most important thing to keep in mind is that vehicle insurance must be customized in order to meet your needs. Talking with insurance agents can ensure that you take advantages of every discount. This ensures that your car is covered adequately.

Working With a Single Insurance Company

After shopping around for car insurance rates, you should choose one insurance company to cater for your insurance needs. Most insurance companies offer discounts for combining homeowners and car or renters insurance with a single provider.

Reduce Your Cost by Reducing the Number of Risks

Every car insurance application is different. Every insurer's price is dependent on two things. They include evaluation of your risk and the pricing form that dictates what kind of customers the insurer needs to attract. Therefore, by reducing insurer's awareness of your risk, the price which you are subjected to is reduced. Although there are certain risks which you cannot control, below are some of the things that can be controlled.

Parking and driving carefully.
Reducing your mileage.
Avoid unnecessary changes on your vehicle.
Fitting security devices in your car.

Requesting a High Deductible

One of the simplest ways of saving money on car insurance is increasing your ductile. Any time you are involved in an accident, make sure you have money to pay the deductible.

Compare Rates for Different Cars

After identifying various cars that you can afford, call a new insurance company or your recent insurance to compare vehicles' premiums. Car insurance costs vary due to repair costs, safety records, likelihood of theft and price of the vehicle.

Claiming All Your Discounts

If your vehicle has safety or antitheft features like anti-lock brakes, various insurance companies offer discount on your premiums. You can also qualify for a discount if you have taken protective driving classes.

However, there are some cases where drivers are diagnosed due to various reasons. Before driving, you must contact Drivers and Vehicle Licensing Agency. Dvla contact can provide all necessary information required.

Brokers, Bundling and Budgets: Simple Steps for Super Savings on Car Insurance

Brokers, Bundling and Budgets: Simple Steps for Super Savings on Car Insurance

You want to save money on your insurance, but it's often easier said than done. You approach your insurance agent, tell her that you want to pay the lowest premium possible, and she just smiles and nods. While not all agents are out to maximize their commissions at your expense, some agents just don't know how to save you money. Why? Because they work for one insurer and can only offer one product line. What you need is the flexibility to get what you need at a price you can afford.

Comparison Shop

There's no substitute for shopping around. This simple act can save you thousands of dollars over life of your policy. Thankfully, comparison shopping is pretty simple to do on your own thanks to online quote engines. These software programs will locate quotes from companies authorized to do business in your area and itemize the quotes in an easy-to-read format.

From there, it's a simple matter of signing up with the insurer that you like. Most quote engines can show you up to 20 different company quotes.

Bundle Other Insurance Products Together

Most insurers will offer you a premium discount if you bundle two or more policies together. Why? Because part of the way insurers make money is through something called "premium float." The "float" is money that is collected from policyholders but is not yet needed to pay claims.

This money is invested until it's needed. The profits made from the investment go toward paying future claims or straight to the company's bottom line. By bundling policies, you're providing the insurer with additional investment funds - something they will gladly reward you for.

Get A Broker

Brokers can do research that is difficult or impossible for you to do on your own. If you've had problems in the past with speeding tickets, or anything else license-related, a broker will be able to search for companies willing to deal in adverse risk - policyholders that represent higher-than-average risk to the insurer.

By doing a sort of "prequalification," a broker can make sure you get fair treatment by an insurer, find premiums that are affordable with coverage you need to drive on the public roads. In the end, it doesn't really matter whether you go through experts like BrokerLink or contact someone directly. What matters is that you have an advocate to shop around for you.

Ask About Special Discounts

Insurers almost always offer discounts - even if they don't advertise it. VIN etching in automotive glass, being an alumni of a local college or university, having good grades as a student driver, being a member of a fraternal or social organization, and having taken a defensive driving class are all easy discount wins.

If your vehicle comes equipped with an active alarm system, you'll get a discount but auto insurers will also offer you discounted premiums if you install an aftermarket unit. So, don't get discouraged if you drive an older vehicle without an alarm.

Ask About Deductibles

Deductibles can make a huge difference in your premium. In general, low premiums are associated with high deductibles. Conversely, high premiums are associated with low deductibles. Want to save money instantly? Raise your deductible. Just be sure to save some money so you can meet your deductible when you need to file a claim.

AUTHOR BIO:

John Wilber is a retired insurance broker and grandfather of five. When he's not visiting with his grand kids, he likes to write about what he learned in the insurance business at BrokerLink in order to help others.

Discount Car Insurance for Seniors

Discount Car Insurance for Seniors

The problem that many seniors have with car insurance is the fact that they are on a fixed budget, which makes it tough to continuously pay inflated car insurance rates. Seniors are one of the age groups that are hit with higher rates, as insurance companies see them as more likely to get into accidents or end up with traffic tickets for things like missing stop signs and not signaling properly.

Thankfully there are several ways in which seniors can get discounts on their car insurance. Some of the discounts are easy to obtain, while others involve a little work. On top of this, there are few things that seniors can do to ensure that they are receiving the possible car insurance rates.

Shop Around for an Insurer

Shopping around to receive the best possible price on car insurance is very important for everyone, especially seniors. Some insurance companies let you pick your price range and then fit your insurance policy to that amount, while others will offer you several rates to choose from. There is no harm in checking with other companies, so make a list of the ones that you want to try and call them up. You can even ask a computer-handy child or grandchild to check online for you to see if you can save money by going paperless.

Ask About Insurance Discounts for Seniors

Some car insurance companies offer discounts only for seniors. There are a number of groups for those older than 55, like the AARP, that have special insurance programs for their members. You can also ask your insurance company if they have any of these specials, and then see if you qualify. There might also be discounts if you bundle all of your insurance policies together under the same company. Every penny counts so don’t be afraid to ask!

Consider Going Down to One Vehicle

One of the best ways to save money on your car insurance is by going down to one vehicle. Even if you keep your second car, by calling your insurance company and having it put on liability only or non-driving status, you will get a discount. Of course, if you drive this car and end up in an accident, you’ll have to pay to have it repaired. This is why it is usually cheaper to sell your extra vehicle and only have one.

Take a Driving Course

One of the best ways for seniors to save money on their car insurance is by taking a driving course. As people age, their reflexes begin to slow down. This is why insurance companies charge them more: slower reflexes could potentially mean more accidents. Taking (and passing) a driving course signals to the insurance company that senior drivers are still diligent on the road, netting them a discount on their car insurance premiums.

Of the many things that seniors can do to receive discounted car insurance, shopping around and asking for discounts are two of the most important. Taking a driving course might be pricey, but the discounts received on insurance premiums can make up for that expense. Lastly, going down to one vehicle, if at all possible, can help seniors save a lot of money on their car insurance. In fact, this last one can cut their premiums in half, since they will have half as many vehicles.

ABOUT AUTHOR

This car insurance article was written by insurance expert Terry Wood. Terry is a writer with a website that helps users save money on quotes.

Insurance: A Guide

Insurance: A Guide

"Remember kids, I have life insurance" - Adam Savage

This is a guest article from Tatyana Levin

These days one must be financially savvy. Money is not easy to come by and should be managed carefully. With the availability of tools that make it easy to keep track of current events, the stock market, and even your own money, it would be almost a crime to not utilize these tools to make the best and most informed financial decisions. Unfortunately, the more there is, the more there is to keep track of. This applies both to tracking tools and money (the small curse within the comfort of having money to keep track of).

The savvier ones of us dabble in investments, and the savviest make their living that way. The key is that they know what to invest in. Not magically, of course; investors do a significant amount of research to learn how to optimize their portfolios, but they have the understanding.

A grossly overlooked investment is insurance. This may be because is not typically referred to as an investment with the exception of whole life insurance that has a specific investment component within it. Webster’s defines the word “invest” as a commitment of money for a return and “insurance” as a guarantee. This makes insurance the safest type of investment, because your returns are guaranteed. But returns are not always financial in the case of insurance. They can be, if there is an unforeseen accident, but the most certain return is the feeling of security.

Now there are many different types of insurance, and what you need depends on your current situation. Obviously you only need auto insurance, found using auto insurance leads if you have a car, and you only need renter’s insurance if you rent and have possessions that you would need insured. Insurance is for those who have something to lose. With an attachment to something, either emotional of physical (or dependence, not like physically being glued to your car), comes the fear that it will be damaged or ruined in some way. For example, if your house caught on fire, you would be devastated. What would add insult to injury is not having a way to recover from this horrible disaster.

These types of examples are not unique to this article. That is the way that insurance is sold. As they say that clichés are clichés for a reason, insurance is promoted this way for a reason. The foundation of the concept of insurance is uncertainty, and it is the same uncertainty that is conjured up when investing.

The main difference between insurance and investment is that not having insurance creates a feeling of uncertainty while investments by nature are uncertain. Therefore, investing in insurance creates security and is the only secure investment that exists (and is legal). Getting insurance should be one of the easier financial tasks if you apply all the resources available with technological advances like smart phones.

About the Author: This article was written by Tatyana Levin, a copywriter for InsuranceFiles.com