Benefit Consultants Blog

As a self-employed business owner, it is your legal responsibility towards your employees, customers and the public. You could be held legally liable and risk being sued if an employee or a member of the public suffers an injury as a result of your negligence or breach of duty. If their claim for personal injury compensation is successful, you could also face a claim from the National Health Service for refund of hospital treatment costs (including the cost of providing an ambulance if and when appropriate).

In its simplest form, liability insurance is formulated to pay any legal costs and compensation that could happen if someone is found to be at fault. If you employ anyone it is most likely that you will have to take out employers’ liability compulsory insurance (ELCI).

ELCI forces any employer running a business in the UK to insure their liability to their staff for bodily injury or illness sustained in the course of their employment in the UK. It provides increased peace of mind to firms against penalties which might otherwise result in financial problems, and to staff members that finances will be available to pay compensation even where firms have gone bust.

How are liability insurance premiums calculated ?

The price of an insurance policy – normally called the premium – is normally worked out utilising a “book rating”. It is calculated by beginning with a base rate, which includes the insurer’s expenses and reflects their desire for your profession – if they want your type of business, the premium will be less than if they don’t.

The premium is also calculated on the insurance company’s estimation of the level of risk related to a particular business or industry area.

The policy cost will be adjusted by factors such as any previous claims, the size of the perceived risk and your approach to risk management.

The fewer claims that you have made and the safer your working environment, the lower your premium will be.

Costs are also calculated on the records of other similar professions by lumping good and bad together – a small business with a good record may be damaged by this. Your own safety record and approach to risk management can lessen the damage caused by this.

With employers’ liability, the exposure risk is assessed on the basis of the number of members of staff and the size of the company wages bill. In addition, there are further factors that affect how risk is assessed.

For public and product liability the insurance risk is calculated on the turnover of your company and other items including whether you carry out your business away from your premises.

What public liability insurance covers

Commercial liability insurance covers any awards of damages given to someone following an injury or damage to their belongings or property caused by you or your business. It also covers any expenses, costs and related legal fees together with costs of hospital treatment (including ambulance costs) that the government could demand from you.

Charges depend on your line of business, your turnover and the number of employees you have.

Public liability insurance is a complex product and possible clients must give careful consideration to all of the policy documents to make sure that the product suits their requirements.

Even if you work from home, if customers or members of the public meet you there, you should probably consider purchasing public liability insurance.

Some businesses, eg riding stables, are legally forced to have public liability cover. You are also likely to discover that some of your potential or existing clients need proof of current public liability insurance cover before they will allow you to work for them.

Many owners of small businesses or self employed tradesmen will find that there are a variety of products that are tailored to their business. These policies are found under a number of labels including business insurance, small business insurance or self employed liability insurance. These offerings will include a variety of individual sections including public and employers liability, combined with a combination of office insurance, legal expenses and professional indemnity.

Life insurance is a good thing to have for most people. free life quote If anything fatal should happen to you in the near future, this will help protect your loved ones. Good value does not require a higher price.

There a thousands of things that affect how much you will have to pay for life insurance but I have provided a list of the 5 easiest ways you could reduce how much you have to pay. You will surely save on your insurance if you adhere to them.

Quit Smoking: Smoking is just about the worst choice you can make for your health in your lifetime. Moreover, it is a terrible financial one as well. Smoking is a huge waste of money because you have to pay for each cigarette and it will cause your life insurance payments to rise.

It is factual that smoking is unsuitable for your health and may result to your dead sooner than later. free on line term life insurance quote The life insurance wishes that you should be a non-smoked for their pay out

Lose Weight: Another thing that can drastically effect your lifespan is being overweight People who are overweight are more likely to suffer from almost every major health condition know from higher blood pressure to increased risk of diabetes.

Since being overweight is a health risk, insurance companies want to reduce their risk. Thus, if you want to save some money on your life insurance (Not to mention health insurance) try dropping a few pounds.

The payments should be need based,if you are buying a life insurance policy,purchase only that which you think is an absolute must and really needed by you. Always remember the thumb rule to cover 10-20 years worth of lost income. For example if you earn $50,000 a year you would probably want a life insurance policy that offers $500,000 to $1 million worth of coverage.

Obviously, you want to make sure that those who depend on you get the financial support they need should something occur. However, there is no point in paying for a lot of extra coverage when that money could probably be put to better use.

Don’t Buy Children’s Life Insurance: Children’s life insurance for almost everyone is a bad idea. The reason for die is life insurance is supposed to make up for the lose in income .

Great! since  they are your children (presumably) don’t have any income they don’t need life insurance. However, life insurance companies prey on the fears of new parents and try to convince them that their children need coverage. Sometimes claims are untrue and you would be better off investing in there education.

Get multiple Life Insurance Quotes: When you buy life insurance like any other product it pays to shop around. Never assume that any quote, even one from multiple companies, is the lowest one you can get. Life insurance quotes are a lot easier to obtain because the internet allows you to search several different sites. even if not. While paying for car insurance is a necessity, paying more is not. instant online life insurance quotes.

One of the most challenging career fields in today’s world is that which deals with the import-export field. Many newcomers to the field wonder whether it is as exciting as it seems. Well, you would be right; it is a very challenging career! Where else, will you travel so much and learn about so many other different people and products. This import-export business is exciting and challenging but there are trials and tribulations too.

People from all over the world work in import-export, in some form or another. And they can tell you that there are many constants that affect the industry, things like environmental aspects, cultural differences, and other things.

The success of a person in the import-export field depends on the product they sell, who they work with and what their financial capabilities are.

Import-Export Marketing Techniques

What you sell, and how you sell your product will depend on the cultural beliefs of the country you are importing to. Every nation has different marketing necessities which are influenced by a country’s cultural believes and purchasing power. You depend on a nation’s buying abilities.

Country Regulations

As an exporter you will have to deal with certain government regulations. These laws can usually be investigated at that countries trade commission. Normally they would have a web site for you to consult as well.

When you are importing into a country then you have to follow that government’s policy for importations too. These change form country to country, and depend on factors that influence the product you are dealing with, whether that be agricultural regulations or trade regulations.  These requirements are not generally difficult to meet, and often it is just the filling out of a form, and paying importation fees that is needed.

Transporting of Goods

In this type of business you need to learn everything you can about the different types of transportation. You will need to know which is the fastest, but most expensive form of transportation, and which is the slowest, but most economical. Some times you will even have to be a little creative in the way you get a product to a client. Some import-exporters have even used cabs to get their product to the right place.

Successful import-exporters are open to different traditions, and customs, are willing to fulfill what those customs require, and are even willing to communicate in any available way, including the use of sign language.

If you are in business then you know the responsibility of owning a business and what it entails, and the import-export business has just as much responsibility.
The import-export field is vast and full of interesting tales and challenges.