Tag Archive for Insurance

Know the Basic Difference Between Whole Life Insurance and Term Life Insurance

Basically life insurance is divided into two major types. They are permanent and term life insurance policies. The permanent life insurance is a long term life insurance policy. On other hand, term life insurance is a fixed period life insurance policy. The two policies vary from one another in many ways, such as:

  1. Coverage: The whole life insurance gives long term coverage whereas term life insurance gives short term coverage. In term life insurance you can insure the person life for a specific period of time and after this period you will not get any coverage.
  2. Death benefits: Whole life insurance guarantees death benefits. Whereas, in term life insurance, one can get death benefits only when the person die within the insured period of time.
  3. Cash value: The whole life insurance gives some cash value for the policy holders, if they want. It means that, the person can take loan on his whole life insurance premiums. Such type of facility is not provided by the term life insurance.

So, before opting for any kind of life insurance, it is better to evaluate the pros and cons of both the policies.

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Facts About Public-Liability Insurance

Public-liability insurance is designed to provide the fiscal cover to protect a policyholder from claims which are made by third party in case of injury or death. It also covers the damages which are caused to properties of third parties, because of the business of insured company.

Legal fees or different disbursements are also handled by this insurance policy. These legal fees may be incurred while defending claims which are charged by third party or member of the public. But this insurance policy does not deal with damages, which are done intentionally. Before you purchase the public-liability insurance, you should check public-liability insurance quotations, which are offered by the insurer. There are some factors which effects the premium of the public-liability insurance, such as:

  • Type of business.
  • Level of business’ activity. Turnover and other elements of the business can determine the activity level of the business.
  • Type and amount of cover, your business requires.

Facts about public-liability insurance:

  • The payment of claim is not given to a policyholder or insured, but it is given to the person who has suffered damages or injury as a result of the business of the insured.
  • A policyholder can be protected by the insurance company when a claim’s lawsuit is filed against a policyholder.
  • If your business puts customers in possible risk, then public-liability insurance is compulsory to such businesses.

So, the above are the facts about the public-liability insurance. This information may useful to you to handle your business in proper way, by having public-liability insurance.

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Instructions to Cut the Cost of Business Professional Liability Insurance

Business professional insurance is necessary in some professions to get protection from certain losses. These losses may be caused by liabilities which are associated with practice of professionals.

Lawyers, doctors, accountants and insurance and financial representatives require this type of insurance. Nature of the practice determines the cost of this insurance policy. Some instructions are given below to control the premium cost of this insurance policy.

Compare the rates: You should consult different carriers to find out the best rate of the policy, before you are going to purchase a professional liability insurance policy. There are different options according your profession in many insurance companies. You can get the right policy with lower rate by comparing the prices with different companies. You can do this comparison with an insurance agent, broker, or online to get best deal.

Increase your deductible: You can consider to increase the deductible to get the lowest possible premium plan, while you are going to apply for a selected plan. Deductible means the amount of money has to be paid by the insured before the insurance company’s own coverage plan starts. One can increase the deductible to have the lower premiums on insurance policy. If the amount of deductible is lower then one has to pay higher amount of premiums.

Reduce your benefit levels: One should also consider about lower level of benefits apart from raising deductible. Reducing the benefit level reduces the amount of risk to the company and affordable policy will be given by insurance company to you. If your policy’s benefit amount is exceeds the amount of the claim then you will be responsible for the additional amount which is above your policy.

To get the maximum amount of the benefit at lower cost, it is necessary to take the steps to reduce the costs while you are purchasing professional liability insurance.

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Know About Construction Trade Public Liability Insurance

Usually Tradesman’s insurance is important to employer and also self employed who are in construction industry. The important thing is having right coverage of insurance for your business, otherwise it will be a problem as construction industry is more prone to accidents. One of the main insurance policies for a construction based tradesman is public liability insurance. It covers your business when outside public, clients or customers get injured at your construction premises. It pays for the damages of the third party also.

Purchasing the best tradesman’s insurance: One should discuss the details of their business with insurance agents who are specialized in insurance to get the right coverage for tradesman’s insurance. Because there is a chance to purchase wrong coverage policy. If you choose wrong coverage it will become expensive to bear. Optional extras are considered carefully like tools cover. You should be aware of includes and excludes of the policy while comparing the cost of different insurance quotes.

Limits of the tradesman’s insurance policy: Generally, coverage can be changer from one insurance company to another and area to area. You should read the fine print about coverage. There are some limits of the insurance policy.

  • A limit on the heights
  • A limit on the depths
  • There is a limit on the stories of buildings.
  • Limit on the products’ type which is used.
  • Limit on the specific type of equipments.
  • Limit on the types of clients.

One has to research before purchasing the tradesman’s insurance policy for that agents of Online insurance are good for research for the building industry. You can follow the quotes with email or telephone call to be aware of that policies.

Optional extras to cover own plant, hired plant, stock in transit, contract works and personal accident, are considered carefully. They may add these to the policy for less fee.

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Know About Bodily Injury Liability Insurance

There are different types of insurances, which are offered for the people for different purposes by different insurance companies. They are used for protecting the persons or the businesses against liabilities or covering the amounts in the adverse situations.

For the person who got injured because of your unknown fault in the cases of accident will get covered under this insurance. Generally, this liability insurance is used for paying the claims of the other person who got injured because of accident. The coverage can be done for the medical bills, income loss because of getting disabled during the accident.

Suppose if we take the case of car accidents, if you are involved in the accident with the other car, then in those cases for protecting the assets of the yours against the claims this insurance will help a lot. In such situations, the injured persons who are in another car will get the insurance coverage. This insurance will be helpful for the drivers or the people who always drive the car, for avoiding the claims against the third parties and covering the medical costs for the injuries of the third party.

If you are unable to pay the costs which are needed for medicine, then you may be left severe penalties. Depending on the assets of the person, the coverage may be vary. If you have enough money and you are richer, then in those cases go for Umbrella liability insurance which will cover all the claims or the higher bodily injury liability insurance can be taken which is used for covering severe bodily injuries.

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