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Breaking Down Business Insurance: What To Consider

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insurance

Risk is an inherent part of life, and it is an inherent part of doing business. Business owners have different attitudes when it comes to risk management. But virtually all owners know that business insurance is an essential, if not legally required, component of protecting their businesses from financial ruin.

And most business owners will find that a visit to a business insurance broker helps to reduce risks that are unique to their industries. There are multiple types of business insurance. Each protects from a unique set of risks. You have to consider what kind of risks your business is likely to run into. Then, you can invest in the right business insurance to avoid financial ruin in the event that these risks become a reality.

Let’s look at some of the essential things that you need to consider when it comes to business insurance.

Commercial General Liability Insurance

General liability insurance keeps your business safe from some of the most common risks that you will encounter. Indeed, virtually all businesses have the potential to encounter liability claims from staff or customers. These claims can include injuries and property damage. In the case that either of these harms happens to a third-party in your business, you will have to prove that you were not negligent. But even if you are innocent, the legal fees to defend yourself can add up. It is good to have general liability insurance to keep your business going.

Business Interruption Insurance

There is always the potential for your business to be impacted by a disaster, whether this is human-caused or natural. Floods, fires, earthquakes and the like can all create major disruption and impact your normal revenue streams. As a business owner, however, you still need to pay bills and manage costs while disasters are being resolved. Business interruption insurance will help you stay solvent during these periods.

Product Liability Insurance

If your business sells physical or non-physical products, product liability insurance is a must. When you are in this type of business, your customers might find a problem with your products that can be traced to your business itself. Whether the case has merit or not, going to court to defend your business properly is expensive. And your business still needs to be run well throughout a prolonged legal struggle.

Fortunately, product liability insurance keeps your business financially protected in the event of product liability cases, such as products that cause injuries or illnesses to customers. This type of insurance is important to have if you routinely sell physical products.

On the other hand, professional liability insurance is available for those business owners who provide a service rather than physical goods. This type of insurance is slightly different depending on the industry that you are in. However, the general principle is the same. The insurance will protect you from any claims that allege a customer has faced loss because of your actions.

Commercial Property Insurance

Like other types of property insurance, commercial property insurance keeps the physical premises of your business, and all of its equipment inside, protected from loss. This is a must, especially if your business has invested in costly equipment.

Invest In Business Insurance

Consider the points outlined here and start looking into what business insurance is best for your own business. Especially in the context of the coronavirus, it is important to have financial protection in the event of business disruptions. Insurance helps to keep your business safe from the unexpected. So, even though it can be costly, it is essential for any business owner who is thinking about the long-term viability of their business.

How to do a Vins Revs Car history finance check in Australia

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A revs check or vins check used to be free on the government website before, but now they charge you $4  $2 currently for a vins check. This will also depend from state to state. WA, SA, VIC, NSW, ACT, TAS & NT have their own laws around this

toyota car check

The new website for vins check is http://www.ppsr.gov.au/ (direct links below for checking)

Did you know that if you buy a used car with money owing to a financier from a previous owner, it could be repossessed? (check below for more tips on what to look for while buying a motor vehicle)

Everything you need to know about  VINS number  for vehicles in Australia

  • A vehicle identification number is also known as a ‘VIN’ or a ‘Chassis’ number.
  • A VIN is the 17-character identifier recorded on most vehicles built after 1988.
  • A VIN can only be made up of the following characters: 0-9, A to Z (uppercase) excluding letters I, O and Q.

Before purchasing a used vehicle, you should always do a REVS or VINS check to see if there is any money owing on the vehicle you are buying.

If you type in vins check OR revs check as it is also known, on google or other search engines, you will get many results showing websites available which will do this check. Unfortunately, these websites are only there to make money and will charge a hefty fee compared to the government website as below.

Go Here – Main website

https://transact.ppsr.gov.au/ppsr/Home?li=False

motor vehicle search australia

You can either click on Quick vehicle search link on that page or Then here – to quick vin search or search by serial number or then go here >>

https://transact.ppsr.gov.au/ppsr/QuickVINSearch?li=False

The click the continue button

government website

To go here

third step in process for checking car chasis number and finance owed on motor vehicle

Enter the vins/chasis number and make payment by credit card and you will get details of the check done in next screen, with a email also sent to your with report and receipt immediately.

You can retrieve the search done as well at a later date if you wish with the search number, they email you.

Here is the rate comparison for a revs or vins check on different websites

Official govt website Vins search –$2

Compared to private agencies  below

  • www.revscheck.com.au/Australia‎  – $36.95 for a car history report
  • www.carhistory.com.au/REVSCheck‎  $36.95 link goes to same website
  • http://checkvin.com.au/ – 9.90

After signing transfer papers and Transfer of the Registration

After you purchase the vehicle, you must visit a Motor Registry within 14 days to transfer ownership of the vehicle to your name.

You will need:

  • your proof of purchase
  • at least two forms of identification

and money to pay the stamp duty and transfer fee

What to look for while buying a motor vehicle

Here are some helpful questions to ask when buying a car, motorcycle, or other vehicle from a private party or dealership:

  • Are you the owner of the vehicle? How long have you owned it?
  • How has the vehicle been driven? (Around town vs. long trips)
  • What major work have you done on the vehicle? Do you have receipts?
  • Did you buy the vehicle new?
  • Has it ever been wrecked, had body repairs, or been repainted?
  • Do you have the title?

What to check for in the vehicle you are buying

  • Make sure everything works, including the radio, heater, windshield wipers, lights, and turn signals.
  • Check the brakes
  • Check the tires — look for good treads and matching tyre rim sizes.
  • Check under the hood — look at the battery for leaks, check for dirty oil, check the hoses, etc

Dont get fooled by websites that charge you much more that official rates for the same data and checks , get your checks done by using our links above.

The official website is the Personal property securities register and ti is maintained by the government body Australian Financial Security Authority.

How Merchant Cash Advances Are Helping Small Businesses

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merchant business loans

Small businesses play an important role in the Australian economy by continually meeting the increasing demand for jobs. However, small businesses that want to expand are often held back by lack of working capital and the difficulty of obtaining business loans.

Some turn to local banks, but banks do not make it easy for small businesses to acquire loans if they’ve not been in business for many years. Fortunately, these days there are other financing options for small businesses, and one of them is the merchant cash advance.

So, what is a merchant cash advance, and how does it work?

finance for business

Merchant cash advances are innovative financial products offered by companies like Brisbane-based Beyond Merchant Capital that are ideal sources of additional working capital for businesses for which credit card sales make up a substantial proportion of their turnover.

To clarify, a merchant cash advance is not a business loan, but rather an advance based on the credit and debit card revenues of the business.

A lot of small businesses turn to merchant cash advance lenders because the application is fast and easy – whereas bank loans can take a long time to approve. Also, paying the advance is faster because the lender takes an agreed percentage from the business’ debit and credit card sales, so the higher the sales, the quicker the debt is paid off.

 

Pros of a Merchant Cash Advance

borrow money for business australia

You get money quickly.

This is one of the biggest advantages of a merchant cash advance. Unlike bank loans where it takes weeks, or even months, to get approved, merchant cash advance lenders have quick application processes.

As a result, borrowers get a response in hours and if approved they receive the funding in days.

 

Providing collateral is not a requirement.

The approval of a merchant cash advance is based on the past credit card transactions of the business. If the business has a steady flow of credit card sales, the advance is likely to be approved – whereas with bank loans only about a quarter of small business loan applications are approved.

 

The amount required to pay monthly is not fixed.

With a merchant cash advance, the monthly payment is a percentage of the monthly credit card sales. So, more cash flow means that the advance can be paid off sooner. On the other hand, if business is slow, it will take more time to pay off the debt.

 

A good credit rating is not required.

Merchant cash advance lenders are more lenient when it comes to business credit ratings because they base the approval on how strong the credit card sales are.

 

Cons of a Merchant Cash Advance

A merchant cash advance may have higher interest charges and fees.

Banks are regulated by the government and have access to sources of funding at cheaper interest rates, so can offer business loans at lower interest rates than other financiers.

On the other hand, merchant cash advance lenders’ may charge higher fees and interest rates because their industry is not subject to the same regulations as banks.

Conclusion

Merchant cash advances are one of a number of new products offered by financial services providers that play a vital role in keeping small businesses alive.

This type of financing helps small businesses grow by providing fast access to funding for expansion when businesses see suitable opportunities to do so.

Choosing which type of financing to apply for should be thought about carefully. A merchant cash advance is best suited to businesses with a heavy reliance on credit card sales.

A merchant cash advance can be more expensive than a bank loan, but if the business is thriving, it is easier to pay.

How to choose the right property builder

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Building your dream home is not that fancy and dreamy in reality as you may have thought it to be. Building a home is a highly responsible job which has to be done with discretion and concentration, and for such a task, you will only need sincere professionals on the job.

insurance for property

There must be various questions in your mind regarding how to choose the right builder for your project and how to entrust a stranger with the responsibility of making your dream come to life.

You might have heard about builder warranty insurance and also that it can be a useful tool. In context to hiring a property builder, here are a few tips that can be helpful in making a wise decision.

  1. Experienced person- Experience matters! There is no rocket science in the fact that an experienced builder will be able to understand your requirements in the first shot and will also be able to implement all relevant steps required to complete the project efficiently.

  2. Opt for companies or builders who have good experience in the field. Also, take a thorough look at their previous projects to know about the types of houses they have built and what they are good at.

  1. Understands your preference- You will not change the style of house you were willing to live in just because your builder does not excel in that style.

  2. Your design should not be influenced by the builder, in fact, your builder should be influenced by the design. When you set up the first meeting with the builder, explain to him what is in your mind and what is your vision and then judge whether the builder can give you desired results or not. 

  3. You will not want to live in something that doesn’t interest you so be very peculiar in this respect.

  1. Involvement in the industry- A builder who is well known and well connected to the industry could make a perfect fit for you. Not that we are only looking for builders who are connected to some builder’s association, but the only motive behind finding such a builder is to ensure that he is aware of the latest trends of the housing industry.

  2. Such a builder will be well versed with the latest designs and techniques to give you the best work. When a builder is associated with such a firm, he is aware of how to complete a long term commitment, and this will allow him to be at his best while working for you.

  1. See the past works- You need a builder who will provide you quality work and the best way to be sure of his quality is by checking out his previous works.

  2. Hiring new builders can be very risky because you will never know how they can work, and an established builder, on the other hand, will provide you with various examples of his work and quality.

  3. You can ask your builder to give you a tour of his previous completed works to get a better idea of what he can do for you. Be attentive to the construction, quality and all minor and major details of the house.

Along with the builder, you must be peculiar about the builder’s team as well. His team members are the people who will be constructing your home, your dream.

The builder you hire should be able to deliver the work before the deadline with all major and minor touch ups. Building a home is never an easy task, but with the right mind and the right help, all the work can be done on time and with expertise.

Small Businesses Insurance Policies with Combined Coverage

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Running a small business require the owner to know a few things related to it. They will need to know about their products, market and a few other things like insuring their business cost effectively. Keeping the costs down is very important to stay afloat. Otherwise, businesses may struggle to make the ends meet even though they are successful in sales.

insurance for auto australia local

Insuring Your Business

Insurance is a great tool to control the unknown risks by passing them over to insurers. Businesses can buy policies to get protected against theft, fire, flood, other weather related damages, accidents, employee injuries and injuries and damages to public. Most insurance companies offer well thought combined policies to handle most of those risks.

Commercial combined coverage packages are suitable for most small and medium businesses. They can be bought for shops, warehouses, manufacturers, caterers and many other enterprises. They may come under different names like shop, restaurant or manufacturer packages. Whatever they may be called they serve the same purpose and consist of similar covers.

Combined Business Insurance Policies

Most insurers offer commercial insurance policies that cover most risks associated with running a business under one policy. Entrepreneurs can save money, time and get peace of mind with these packages. Here is what they would usually include:

Property

Rebuilding cost of the premises can be included in the coverage if it is owned. This will eliminate the need to insure it separately that can offer substantial savings. Some combined policies that include the building coverage too can be cheaper than buying standalone building insurance.

Stock

One of the first thing people want to insure is their stock. Generally, estimated value of the stock would be enough to cover them against the listed perils.

Goods in Transit

Most manufacturers and suppliers would have goods in transit and their commercial policy would cover it outside of their warehouses while they are on the way to customers. If the vehicle carrying them has an accident business insurers will step in to pay for the spoiled goods. The Auto insurer pays the damages to the vehicle separately.

Loss of Profit

When the premises suffer damages that prevent the business from operating the owner suffers losses and still has to pay for overheads. Overheads like wages, rent, local taxes, and leases will be covered by the insurers including reasonable loss of profits so that owners can pay their living expenses. This portion of the policy will look at historical accounts to judge the loss.

Glass

When there is shop-front it can be included to get compensation just in case glass gets smashed.

Employers Liabilities

Most countries legally require employers’ liabilities coverage. Generally a good combined policy will have more than legally required amount of liabilities coverage. It is essential in any business to make sure that employees are insured against work related injuries. Small business owners are not equipped to deal with lengthy injury claims on their own and they would be very pleased that their insurers will deal with them. Also, they wouldn’t want to run into legal problems.

Public Liability

Another essential part of business insurance policies is public liabilities coverage. When there are customers, delivery drivers and other people regularly visiting the premises it is essential to buy public liabilities coverage just in case they suffer an injury inside your shop, warehouse or factory. They may also suffer after consuming/using the products or have other problems with it.

When the property is included in the coverage this will come with property owners liability as well. It is important to point out that public liability is different from professional indemnity. Advice based businesses like accountants, solicitors and financial advisors would normally need professional indemnity policy separately.

Combined policies are comprehensive as discussed above and yet they can be very economical. It would be confusing and very expensive to insure all the above risks separately. That is why small business owners should look for them.

This article is contributed by Joe Moore of http://cheapautoinsurance.net. Joe has spent considerable time in the insurance industry before moving onto provision of auto insurance information and quotes on his blog.

Join Joe Moore @ Google+ https://plus.google.com/117528847130879120685/

Pros and Cons of Getting Life Insurance from Your Employer

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Benefits offered by your employer are always a plus; it helps show that your employer cares about you and wants to help reward your time and effort dedicated to the company, and with the economy fluctuating all the time, it probably seems unreasonable to turn down any offers. Life insurance coverage offered from your employer may be tempting to accept without any hesitation, but before you sign on too quickly, it’s important to consider both the advantages and disadvantages of employer sponsored life insurance plans.

work2

The Perks

Life insurance offers financial peace of mind to you and your family, and it allows your employer to be better able to continue the company if something were to happen to you. There are many advantages for having your employer sponsor your life insurance policy. Not only is it paid for (or at least greatly reduced), but most life insurance policies provided by employers require no medical evaluation of your personal insurability. Factors such as smoking, weight, current health conditions, and health history that would usually make your premiums skyrocket, or even cause you to be deemed uninsurable, aren’t considered when a group life insurance policy is taken out. It’s a one-for-all kind of a deal, and it’s a great incentive for those who wouldn’t qualify for or otherwise couldn’t afford their own individual policy.

If the life insurance is offered at a discounted rate, it’s much more convenient to pay off. Most employers will deduct the amount out of your pay check, or more recently, right out of your super fund. That way, you don’t have to worry about keeping up with payments as the administrative duties are already handled for you.

The Kinks

As with most things in life, there are both negative and positive sides to accepting employer-sponsored life insurance. As nice as it is saving money on life insurance by going through the company’s policy, there are a few things to consider; it’s important to really sit back and think about you and your family’s needs. Many group life insurance policies don’t offer adequate coverage for employees with dependents, and if the purpose of having a life insurance plan is to be able to allow your family to pay off your debts as well as be financially provided for in case something were to happen to you, group life insurance probably won’t cut it.

One other thing to think about is that your company insurance plan covers you for the time you’re employed there; it does not protect you if you should decide to find employment elsewhere, if the company goes under, or if you’re laid off or fired. Having to start a policy over again can be more costly, and if you decide on term insurance, your cycle will start all over again. Some insurance companies offer a continuation plan in the event you lose your employer sponsored coverage, but those generally come with significantly higher premiums. If you’re working at a company with a strong reputation, and if you plan on sticking with it for a while, this might not be of too much concern. On the other hand, if you don’t like the feeling of being tied down, then getting an individual plan would probably be the best option.

A group life insurance policy is owned by the employer, and therefore, he/she is the only one who can make any changes or additions to the plan. Often times, employers do this without consulting their employees, so if there are certain things that you strongly want or need to stay consistent with your plan, it’s best to own your own policy and have full control over it.

Evaluate Your Needs

After weighing the pros and cons associated with what insurance plan your employer is offering, it’s time to make the decision. Many experts recommend using any free or discounted life insurance policy being offered as a supplement to your own plan, but not as the sole provider. You can never have too much coverage, but you can certainly have too little. It’ s best to work out your individual needs , compare it with what is being offered by the company, and make sure to cover the rest yourself. An individual policy is usually the best choice because it allows for mobility, adequate coverage, and freedom of changing or modifying the policy. After all, it’s best to be the one in control when it comes to matters regarding the future safety of you and your family.  Mark Haberfield  writes for AAMI life insurance when he’s not spearfishing off the NSW coast.

How to qualify for affordable life insurance quote

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Mortality rate has greatly reduced in the whole world due to lots of factors that have not only been declared national disasters but because they even take a lot of lives. You would expect that only few people would be dying nowadays due to the advancements made in both the technological and the field of medicine but in the contrary a lot of people continue to die. Unlike back in the day when diseases and war were the major cause of deaths, in these days human negligence and ignorance is one of the major causes of death and this leads to terminal illnesses due to contamination of the environment, accidents and also obesity. With nobody being certain of tomorrow, most of the people have resorted to life insurance so as to be able to provide their families a lump sum of cash when they die.

Precaution

How life insurance works

With the intensive campaigns and penetration of lots of insurance carriers offering life insurance quotes it has become easier to access and get affordable life insurance coverage. Unlike back in the day a lot of people nowadays understand the dynamics ad how life insurance works hence the increase in the number of individuals that have purchased life insurance quotes.

Legibility

Unlike back in the day when there were only few insurance carriers offering life insurance coverage and few people covered, today there are a lot of companies that have lessened their terms and conditions so as to attract a lot of people. For you to qualify for affordable life insurance offered by most carriers you must be over 18 years but not older than 66 years, however, you will be covered until you reach 70 years old and after this your coverage expires.

Factors that enable one to get affordable life insurance coverage

Below are some of the factors that will enable you to get life insurance quote with low monthly premiums.

· You are not smoking.

· You do not take alcohol.

· You have a good medical history.

· Your work is not considered risky or you do not take part in risky sporting activities like mountain climbing.

Best place to get cheap life insurance

The internet is the best place to get affordable life insurance quote, this is because there are lots of carriers online fighting for the same customers and with this stiff competition most of them have lowered their price so as to attract more customers. Also, most of the carriers offer discounts for customers purchasing life insurance quotes online plus it is very fast and easy to purchase life insurance online.

Exclusions

Even though you can file a claim and be compensated while under your affordable life insurance quote there are events that you will not be compensated for and they include:

· You are suffering from a terminal illness like cancer, HIV/Aids, heart illness, obesity that your life insurance carrier has not accepted to cover.

· If the insurance carrier has accepted to cover for your terminal illness it cannot compensate you in the event of death in the last 18 months of your policy.

This article is a guest post by salbi99 in life insurance,for more please click here.

Getting Business Insurance

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Business Insurance 

Running a business is not an easy task. It takes a lot of more serious responsibilities than simply taking care of your own self. A business covers different areas. Its success in operation does only rely on one factor. There are lots of planning and decision making to be done that plays an important role in the success of your business.  And if you really want to succeed on a business considering a business insurance will help you get through some risks.

insurance for business australia and overseas

So what is a business insurance? 

Business insurance is a type of protection for unforeseen circumstances and potential risks which  basically includes events that are often out of your very own control. Apparently, a business insurance helps protect everything you are working so hard for. As per what type of loss is covered by a business insurance policy, that depends mainly on: insurance company, the policy and its local limitations.

Why is Business Insurance Important?

A business insurance acts as protection of ones business. Just like any other insurance such as: personal home insurance or automobile insurance, business insurance  protects businesses from any form of disasters that might strike on it. It is considered as one of the essentials when starting up your own business. Business Insurance is designed with a specific purpose. It offers several benefits to business; hence, small or large businesses need to have one.

How to purchase the best business insurance.

Business insurance depends from State to State. Making an online research on the type of insurance a business might need in order to operate will be very helpful. There are several insuarnce to choose from online. Ranging from cheap insurance to exensive one.

However, you must into consideration the type of coverage your business might need as not all business insurance will actually suits what you are looking for. In fact, you can tailor a policy to suit your business insurance policy. Getting the best deals possible could help save you money. And also, by consulting a reputable agent or broker you’ll get the chance to shop for the best business insurance prices. By understanding what business insurance can do for your business will enlighten you on your possible options for the perfect business insurance policy you might need to avail.

Insurance is not only important to your business, it also plays an important role in your other business relationships as well. So, protect you busines now!

“This article was written by Allen Bennet who is one of the editors for http://www.cheapinsurance123.com/, which acts as an independant review of insurace companies, providing users a chance to see which insuracne plan would suit them best. They cover auto, home, health and more.”