An estimated 12 million Americans live an essentially hand-to-mouth existence, and the number keeps growing every year. Many members of this portion of the society do not even have the money to meet basic needs, like rent, food, and a car. If these basic comforts are denied them, then luxuries such as a comprehensive health insurance are a distant dream.
Gladly, this portion of society need not suffer anymore. Many government programs are designed to help them get the health care they need. Here are some of the ways they can get heath coverage without having to spend so much.
Insurance coverage with state subsidy
Many states offer to assist the poor with the high cost of insurance premiums by paying for a portion of it. While this sort of insurance coverage does not have the flexibility of an individual insurance policy, it does cover common costs such as assistance with hospital bills and subsidies for doctor’s visits and medication.
An applicant must be of low income in order to apply for state-subsidized coverage, and if he is eligible, the policies can also include the applicant’s family members as well.
Specialized insurance care for the elderly
Just as in the above case, there is also state-subsidized insurance for members of society who are above the age of 65. Senior citizens who fall below the poverty line are eligible for coverage, as are their family members. Included in the coverage are the usual subsidies for premiums, hospitalization, doctor’s visits, and medication, but can also include assistance with wheelchair purchase and other medical equipment the elderly may require. This provision varies from state to state however. Consult your local government unit today to see if you are eligible for these programs. Getting a little coverage is better than getting no coverage at all.
Much controversy exists over health insurance. Debate as to how a health insurance company can maintain its solvency against the cost of maintaining its clients’ health has given rise to conflict. The right to stay fit and healthy is one basic human right that cannot be altered in any way. The argument as to how health insurance companies take care of their own interests continues to remain hanging.
Owning a small business will likely open doors for only a small group of employees. Keeping the best and trusted employees happy requires more than paying them enough money for food and shelter. As an employer, you need to endow your employees with the necessary benefits to compensate for all their efforts so that they can enjoy the rights they have as laborers.
If you are, however, the type of employer who has never considered offering insurance, then, the concept of small group health insurance may be far beyond your imagination. Starting off with a relatively small business limits your capacity to handle financial burdens. Moreover, sponsoring a small group health insurance plan can be very expensive, especially if there are only a few employees under your care.
A small staff covered by small business group health insurance plan is likely to be charged a higher cost by the health care provider. So what can you do as the employer to help ease this situation? For humanitarian considerations, it will be very generous of you to provide your employees with appropriate health benefits. Sponsoring a small business group health insurance can be done in an affordable manner if you know the ins and outs of doing do.
Providing a brilliant healthcare package is likely to add to the appeal of the company and help the company to gain more talented applicants while keeping the experienced ones happy. Take time to browse the net for reasonable premiums of small business group health insurance plans. Remember, you can always save money while compensating your staff. It is just a matter of crossing bridges and making things happen.
A taxi insurance policy is not as straight forward as insuring a private motor cover, so it is best to consult a specialist provider who appreciates your needs. When you have shopped around and obtained a number of quotes for insurance for taxis, how should you decide between them?
Price
In a challenging economic climate, everyone is looking for a cheap deal. But cash flow is important too, so ask about the insurers’ payment options. For example, can you spread the cost by paying monthly in installments by direct debit?
Ask for a discount
Don’t be shy about looking for a discount for your taxi insurance. Perhaps you have a low yearly mileage. If that is the case, your provider might offer a better price than they would for a driver who covers longer distances. Now is the time to show off about your good driving skills! If you have a significant no claims bonus, have been in the business for some time and have no traffic offences to your name, mention these things when you are getting taxi insurance quotes to see if you can get a discount.
The excess on a taxi insurance policy is also an important factor. An excess is a minimum amount below which an insurance company will not pay out for a claim. So if you reverse your taxi into a fence and cause damage worth Ł250, the insurer will not pay out for repairs if your “excess” is higher than that. You have to pay for the damage yourself.
Some taxi insurance providers offer a reduced premium if you voluntarily have a higher excess on your policy, because they assume that they are less likely to have to pay out. If you are security conscious you might have extra locks and alarms fitted. Mention these and see if there is any discount for having them.
Cover
When comparing taxi insurance quotes ask exactly what the cover includes. All policies will cover third party damage to people and property, but what about damage to your own vehicle? What about public liability insurance, which covers damage to third party property? Also, check whether the policy covers public or private hire, as is appropriate for your business. If you are considering expanding your business, ask if the policy can amended to cover a fleet and other named drivers.
Are there any extras?
In addition to the standard components of insurance for taxis, you may be offered additional extras. For example, many providers offer legal expenses insurance for issues that are unconnected to motoring. You might also be offered breakdown cover. Of course, if it inconvenient and embarrassing if your taxi breaks down, but shop around for breakdown cover to make sure that you are getting the most competitive price.
Given that your vehicle is essential for your business, how would you cope with the loss of income you would incur if it had to be taken off the road for a few days? Such a loss can be protected by business interruption insurance, which can be added to most insurance for taxis.
Quality of Service
Making a claim on your taxi insurance is stressful enough, but is made easier if a highly skilled team of professional staff are available during the hours you need them at the end of a phone.
Insurance is defined like a financial operation which occurs after an insurance contract or through law statements. The insurance company or institution is obliged to compensate a person or another company in exchange for a periodical paid amount of money. Insurances are paid services that take over the obligation of paying for a broken or damaged object or property that takes place from independent reasons of the person which benefits from the insurance.
Terms used in the insurance business
The insurer is the insurance company or institution that sells the insurance, meaning that it takes responsibility for damaged goods or other insured services in exchange for a certain amount of money.
The insured is the person, company or institution buying the insurance. The insured is buying the insurance in order to prevent losses due to unexpected events that can happen. He contracts the insurance from the insurer through which he protects certain goods, properties, objects, services or damages that can be provoked to other people.
The insurance beneficiary is the designated person that can collect the compensation amount or insured sum, without having any obligations or involvement in the contract.
The insurance contract is a legal document through which are settled legal clauses between involved parties. This document comprises other legal documents like the insurance request, the insurance policy and contract conditions for basic insurance together with other possible contractual clauses.
The insured risk is an unexpected event that causes certain damages and that obliges the insurer to pay to either the insured or beneficiary the compensation amount settled within the insurance contract.
Legal issues of indemnity and damage
The indemnity, compensation or reparation is defined, in legal terms, as a process through which one party that contracted the insurance receives money for any loss covered within contract terms. Sometimes, an indemnity can also be a part of a rescission integrated in a program. In this case, the property is exchanged for an amount of money, while the indemnity is requested only by the innocent party. On the other hand, damages are different because of the law of obligations and should not be mistaken for indemnity.
What prevention measures to take with insurance companies?
If you want to avoid any unpleasant surprises the ones who buy insurance policies should make sure that they read the contract many times before signing it and understand completely all their conditions and clauses. For example, when you want to buy an insurance policy for your vehicle, you should make sure to check all available options. Not all companies have the same price, nor do they sell the same product. There are major differences between insurances sold by different companies.
Some of them don’t cover all loss risks that might be necessary for the future policy holder, thus, make sure you carefully read all covered and uncovered risks before signing your new contract. If you don’t pay attention to this step, you’ll soon find yourself in an unpleasant situation. You should also know that you have the option to ask for the insurance to be extended beyond your country. You can have your vehicle insured when you go away for a trip to a foreign country. You also need to make sure that you can get compensated fast enough if an unfortunate event occurs. Some companies give you your money back 15 days after all necessary documents have been handed over to the insurer.
Most forms of business insurance package policy will include the three main liability covers, public, products and employers. These provide you with insurance cover in case you cause injury, illness, disease or damage to third party property or persons. There has to be actual physical or psychological damage for their to be a valid claim.
If a claim is made and it is valid, then your policy will include cover for not only any settlement but also for solicitors fees in defending any action. But what happens in the event of you, or your business, having to pay out other legal expenses?
You can face a claim against the business that falls outside of the traditional commercial liability insurance. Typical examples of other legal expenses you may face are in respect of employment tribunals and Inland Revenue investigations.
You have two options for commercial legal expenses insurance, you can either take out a separate insurance policy or you can try and add this into your standard business insurance cover. A separate policy is usually the more expensive option. Nowadays though, adding this to, or having it included as standard in, a package is a much more popular option and more insurers are doing this.
The actual cover is usually provided by a specialist insurer and the limits do vary. A typical extension to a policy will include employment disputes, tax investigation and property protection cover. Due to changes in legislation, the UK is becoming an increasingly litigious place in which to trade. It does not take much for a disgruntled ex-employee to raise a claim or discrimination or unfair dismissal, depending on which “no win no fee” solicitor they approach.
Of course, business are in the wrong as well as employees pulling a fast one, thankfully the insurance cover will apply in both cases. The most important thing to remember, in addition to actually taking out the cover, is that you need to notify the insurers as soon as you become aware of a potential claim.
The reason that this cover can be added for a relatively low premium, is because the insurers tend to use their own panel of solicitors who have agreed, fixed charges. If you decide to notify them way down the line, then they may severely restrict any payments made.
Speak to your business insurance broker to see whether you have this cover, if not get them to quote to add this to your policy as soon as possible.
In basic business insurance, the business owner must be fully aware of what he or she is getting for the business and the company employees. Property insurance is the insurance that you get for your business properties like buildings, furniture and fixtures, and the like during fire or any other covered instance of disaster. Most insurance companies would offer variations on this insurance, allowing the clients to choose between the regular or special package. The insurance that takes care of the loss of income during an event of fire or some other disaster is called business interruption insurance. As for the protection of company workers, employees’ compensation insurance is required for employees injured in the course of a business fire or other calamity.
Today we are all living in a global community. People are no longer restricted by geographic boundaries in their business or education. Many students travel to the United States for quality education and research. While this practice is increasing it is also important that the students are aware of what they need to have in order to make sure this experience does not turn bad. An important aspect of going abroad for your education is international student health insurance.
Even if you have travelled to America on numerous other occasions so long as you are not a citizen, and you are visiting the law requires you to possess international student health insurance in the event of any kind of emergency or health concern. In case you are not covered you may find yourself having to shell out a lot of money when you have some kind of emergency situation at hand.When you are in a new country the cost of things may be higher there. Particularly in the US cost of health care is quite high, so if you have international student health insurance and you are someone with a health concern it will be useful.
If you need to have a constant prescription filled, or tests done due to health reasons, it is always wiser to make sure you have insurance done first to avoid problems with huge medical bills later on. Education is a an expensive affair and be ready to bear the costs of what may come while you are in a foreign country.If you are someone who is in perfectly good health and have had no complaints it is still important to have your international student health insurance in place in the event of any emergency and to obey the law regarding travel for international students.
You have many options available which will allow you to negotiate the term of your insurance. You can decide how much coverage you want, you can decide and negotiate on the premium and deductibles due from you and other factors will also come into play to decide what sort of insurance premiums you will have to pay to get it done. In most cases, you will not even have to pay for any health care costs, in which case there will be some clause in place about what is due to be returned to you when you cancel your insurance on completing your stay there.
Since international student medical insurance is a very negotiable affair, it is a wiser decision to be on the safe side and make sure you are insured in the event of any health concerns or medical emergency. Why take unnecessary risks and have to pay high costs for medical care, rather being insured will help you make sure you can explore and discover your new environment and rest assured that you have taken care of all you need. Make sure you compare quotes and apply for your insurance policy right away!
There are many ways to obtain cheaper taxi insurance, such as a number of small tips which can all help minimise the risk or usual insurance costs. Insurance is needed for the use of any vehicle on a public road. As taxis are generally mobile more so than other road users, they are therefore put in the high risk category as they are more prone or more likely to be in accidents.
The first way to reduce the cost of a policy is to view the compulsory excess. This is a cost which an insurer asks you to pay should you claim. You can offset the annual premium by opting to pay more voluntary excess. This, on top of compulsory, is an additional payment should a claim be filed. It can help reduce the overall cost of the premium and provide you with cheaper insurance.
Unfortunately, getting cheaper taxi insurance needs some initial investment. Making the vehicle highly secure and a deterrent to thieves is high on the list for lowering the overall premium price. A Thatcham alarm and a highly visible steering lock can give insurers peace of mind they might not have to pay out for vehicle theft.
Being in the high risk category, taxi drivers need to reduce other risky factors. If there are multiple drivers, try to make sure under 25 year old drivers are not on insured on the same car, as they tend to increase the rate. Single male drivers are statistically more likely to have an accident, in the eyes of insurance companies.
The key to cheaper taxi insurance really focuses on the monthly payment factor. Although taxi drivers pay more for their premium, the best way to reduce unnecessary costs is to pay upfront for the year. This way does not incur the charges associated with monthly payments. Sometimes credit cards can give 12 months interest free, which can be a way of paying monthly still but without any extra fees.
Reducing the outgoings in any business is vital for success. Choosing cheaper taxi insurance and shopping around for the best quotes is only one solution.
The insurance industry enjoyed record profits of $60 billion less than two years ago. In the wake of these prodigious returns, the commercial insurance market was flooded with hundreds of millions of dollars worth of capital. This created an increase in the amount of carriers, as well as a greater capacity to take on risk. Ultimately, the influx of capital into the insurance market has resulted in an insurance environment that is extremely soft, with prices falling quickly. For restaurant owners who approach this soft commercial insurance market correctly, some of the largest premium decreases in years are available.
To understand why such attractive premiums are out there, understand a couple points:
First, insurance pricing is cyclical. The inflated prices simply cannot be maintained in the new commercial insurance environment of 2008. A major reason for this is that most commercial insurance companies are public companies. Thus, their shareholders demand growth. In order to grow, prices must be reduced to entice new clients and retain current ones. In addition, insurance carriers must enter new areas that they have no been active in historically. These carriers are then forced to write new lines of the coverage for industry segments like foodservice, hospitality, and franchise programs.
The second point to understanding the reason for the availability of lower premiums is that in the world of commercial insurance foodservice and hospitality is a niche area. Consequently, there is a limited amount of insurance carriers competing against one another to write a restaurant insurance account when the market is stable or hard. Now consider the reality of 2007 and 2008. You may have found that the number of carriers seeking your business doubled. The impact of this insurance market on niche industry segments like foodservice and hospitality can be exponentially greater than what is happening in the standard insurance market. This large supply increase as demand stays static leads to the falling prices that restaurant owners are now finding.
Why is it that buyers are usually the last people to realize the state of the commercial insurance market? Most policies only get renewed one time each year. The can lead to an information gap because the reality is that buyers rely on their brokers to let them know this critical information about the direction in which the market is headed. With markets shifting course substantially, and quickly, insurance buyers sometimes are not made cognizant of the shift until nearly a year later.
Furthermore, select industry groups, brokerage houses, and insurance carriers themselves usually are the ones formulating reports about the insurance industry. Oftentimes, these reports can lag six months behind. Rarely do they portray a precise picture of the current environment in the market. However, consumer expectations are driven by these reports. Many large companies who settled for a 10% pricing reduction will find out later than they could have gotten reductions of 25-30% instead.
There is no doubt that this inefficiency is the Achilles’ hell of the commercial insurance industry, especially at a time when the industry seems to be cannibalizing itself. For foodservice and hospitality companies it is also a situation that should be taken advantage of, especially in light of the fact that it will eventually swing the other way.
While we are currently in a buyer’s market, do not allow yourself to become careless when it comes to risk management. You can keep your insurance expenses at levels 25-40% lower than your competition by paying close attention to details and working with an expert. Controlling the basic elements of your risk will allow you to enjoy the benefits available in the market regardless of what cycle it is in.
Here are three additional questions you should be asking that your broker might not be answering adequately, or at all:
1) What is my renewal strategy? Keep in mind that you want to work the commercial insurance cycle, not the other way around. In soft markets, it is sensible to cancel a current policy in an effort to capitalize on lower rates. However, when the market hardens, you may want to negotiate 18-month or multiyear rate terms. You have the potential to reduce your restaurant insurance costs by 20-40% over a five-year period simply by paying close to attention to insurance cycles and acting appropriately.
2) Am I overinsured? You have little to no chance of losing every building you insure in any one single event. However, some people continue to purchase coverage for that very unlikely occurrence. If you have ten $1 million buildings in a state, you do not need a $10 million insurance policy. This is wasted coverage and can be extraordinarily costly, especially in a hard market. Your broker should run a Probable Maximum Loss to determine what the appropriate loss limit should be. Depending what your locations are, you realize that you only need between a $2-$3 million policy to cover the $10 million in buildings.
3) How can I effectively manage my loss history? A good broker will assist you in this endeavor, but most do not even mention it. Understand that your insurance losses stick with you for five years, regardless of whether you have two locations or 1,000 locations. Commercial insurance companies use these past losses to help them predict what your future losses may be. This can have a tremendous effect on your insurance prices. If you are like most companies, you have limited knowledge of the details behind the insurance companies’ loss runs. In essence, you are still being charged for a claim that occurred three or four years prior. Have them audited to be sure that details and numbers are accurate.
One point that cannot be overstressed is the importance of choosing the right broker to partner with. Unfortunately, most brokers simply do not handle enough restaurant insurance claims to maintain up-to-date knowledge on the insurance market for the industry. Obviously, the firm you partner with must understand your business, but you need to also be confident that they also are competent in understanding the environment and knowing the markets.
Keep in mind that these people are your representatives. You should choose them as meticulously as you would choose your legal representation. Try not to be a firm’s lone client, but also make sure that you are not a “small fish in a big pond.” A great broker will keep you ahead of your competition, keep you safe, and ultimately add to your bottom line.
You should also make every effort to meet your insurance carriers. Have a relationship with them, in addition to your broker. The carriers need to know you and understand what expectations you have. Not to mention, being on a first name basis will be a big help if you ever need a favor; inevitably you will at some point.
Finally, make sure you are maintaining open dialogue with both consultants and internal employees regarding customer-and-employee injury issues. You have to be tough on claims; but remember that communicating proactively and listening empathetically can turn cut fingers and strained backs into loyal employees and lifetime customers.
Professional Indemnity is insurance for a business that is going to be providing some advisory or consultation service, where its employee will be giving professional advice on the company’s behalf. Professional Indemnity will protect your business from any liability arising from third party losses sustained due to the negligence of you or your employees.
Credit Insurance will protect your business in the occurrence that customers fail to pay their invoices, however the risk involved for the insurer means that credit insurance can be difficult to obtain unless your business has been up and running for some time. Legal expense insurance will help cover your business for legal cost incurred in the event of a legal dispute.
Public liability provides legal cover and protection against any third party claims for loss or damages that have occurred during the course of your business; this is often a wise choice of insurance for businesses that involve the public, for instance retailers or leisure facilities. Product liability is necessary for any business manufacturing products; it protects the business against claims that the products you manufacture are faulty and have caused loss to the owner.
Premises Insurance is necessary to provide cover against fire or any other perils; however ensure that you thoroughly check your policy details and are aware of what exactly your premises is covered for. Office insurance will provide cover for office equipment such as computers; faxes etc depending on your office requirements, and similarly factory Insurance will provide cover for machinery and equipment, as well as fire and theft etc within your businesses factory. If you work from home, home office insurance will provide cover for the necessary office equipment; often home office insurance is not included in house insurance so do not make any assumptions.
Employer’s liability is necessary if you have, or intend to have, employee, and will protect you against any claims for bodily harm or death to employees that have occurred during the course of employment. Fidelity insurance will protect you against any losses suffered from employees acting fraudulently or dishonestly. Should a key employee suddenly be unable to work through death or disability key person insurance will cover their direct replacement which may require specialist training; when taking our key person insurance ensure you obtain detailed advice on what it involves and what will be covered as it requires detailed knowledge.
Business travel insurance, as with ordinary travel insurance, will provide cover for the loss or damage of business equipment during travel. Check the policy as business travel insurance can also include the costs of emergency couriers for the delivery of replacement items; and some will cover for the unexpected occurrence of illness or death whilst on a business trip covering the costs for another employee to take their place. Commercial motor insurance will insure your liability to others in the case of a car crash or other motor vehicle incident. This includes death or injury to anybody (but not death or injury to employees while they are working, as they are covered by employer’s liability insurance).