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Tag Archives: Insurance
Trailer Insurance Is It Really Required
Author : Mike Schantz
Do you really need trailer insurance? Well, while it is not required by law to have insurance for your trailer, it is probably a good idea for many different reasons Trailer insurance is ideal for any trailer that you have to tow or haul behind your automobile So, you might be saying, if it is not required by law, why should I even consider taking on another bill?
There are many different reasons that trailer insurance might be ideal for you and should definitely consider Think about your trailer How expensive was it? In most cases, a trailer for any reason hauling livestock or equipment, is likely to be extremely expensive For instance, if you were to have a custom trailer built specifically for you and your needs, you might have paid more than $50,000 That’s a great deal of money
What happens if you get into an accident? That valuable trailer may get totaled and then what? You are left without a trailer and your investment money is down the drain essentially In other words, you have just paid a great deal of money for a pile of junk that you can no longer use
There we are talking about the trailer itself, that is not to mention the items inside the trailer What do you haul in your trailer? Livestock? Show animals? Equipment? Well, now how much are these items worth? If you are looking at thousands of dollars in worth, why would you not protect those items and valuables?
Of course, if you have the money to spare and are not worried about losing your investments, by all means avoid any type of insurance Most of us are not in that boat and need to be seriously considering trailer insurance
This type of insurance can provide you with coverage against loss and damage It will cover the trailer itself, as well as any contents within the trailer This might include coverage for accidental damage, water damage, weather damage, or even criminal damage or theft No trailer should be left without insurance, just as no vehicle should as well
In some cases, your homeowners insurance or car insurance might provide coverage for the trailer, but this is not always the case If this is the case for you, then considering trailer insurance is your best bet Protect your investment from all types of incidents and have the peace of mind you deserve today
Mike Schantz is Co-owner in 2 different trailer manufacturing companies. He has served the trailer industry for over 25 years specializing in design and engineering. You can read more about him as well as trailers and trailer related information at http://www.trailer411.com
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How To Be A Responsible Landlord
Author : Javaid Kiyani
Any responsible landlord needs to take the following into consideration when renting his property out
1 PROPER SELECTION OF PROSPECTIVE TENANTS
Prior determination of credit standing, references and background are very important in assessing a tenant Credit standing is important because it will disclose the tenants ability to meet rental payments The rental application form should as a minimum request information such as employment status and income The tenant should also provide proof of identification and current residency
2 THE TERMS AND CONDITIONS OF THE AGREEMENT MUST BE WRITTEN
The written lease contract is the best evidence of the terms and conditions The contract will serve as the governing law between the contracting parties in case there is a future dispute concerning the agreement The lease contract should include at least the following salient details: the names of the parties or all tenants in their respective capacity; nature of the use of the occupancy; provision on sub- letting; duration of the tenancy; rental fee which includes its due date and manner of payment; appropriation of deposits and fees; landlord responsibilities for example repairs and maintenance issues; right concerning access to the property, and prohibited activities etc
3 APPRIOPRIATE THE DEPOSITS AND OTHER FEES PROPERLY
There must be a standard system of securely holding any tenant deposits for the property Before the termination of the lease contract, a property inspection should highlight any damage caused by the tenants and hence appropriate deposit retention to cover repairs
4 SUPERVISE MAINTENANCE BY MAKING NECESSARY REPAIRS CONCERNING THE PROPERTY
The landlord should guarantee peaceful possession of the property by the tenant The landlord is also obliged to maintain the property by organising any necessary repairs quickly
5 SECURITY OVER THE PERSON AND THE PROPERTY MUST BE GIVEN THE UTMOST PRIORITY
The landlord should guarantee safety and security of the tenants by providing them with a safe and secure property to reside in
6 OBSERVE TENANTS RIGHT TO PRIVACY
The tenant has a right of possession over the property without excessive landlord intrusion Hence, the right to privacy must be given due consideration Entry within the tenants premises must be coupled by prior notice
7 DISCLOSE ANY ENVIRONMENTAL RISK
Any known posed danger to the life, limb and property of the tenants must always be revealed
8 SUPERVISE APPOINTED MANAGERS OF THE PROPERTY
The tenant must always be informed of any development or improvement concerning the leased property
The landlord should always ensure that anyone working on the property is supervised carefully Otherwise, the landlord could be held responsible for any disputes that may arise Background checks of any staff should always be carried out
9 SECURE INSURANCE
The landlord should always ensure the property is insured adequately to cover it against any risk it might face Minimal liability cover should also be obtained in the event of a tenant-landlord dispute
10 THERE MUST BE PROPER AND STANDARDIZED DISPUTE RESOLUTION
Any dispute should first be resolved without the intervention of outside parties The instruction of solicitors should be left as a last resort if the landlord and tenants are not able to reach a satisfactory resolve
Dr Javaid Kiyani is a successful Property Investor and Internet Marketer. His vast knowledge of property investment is evidenced by the books he has written. For a FREE course including regular advice and tips on property investment, please visit:
http://www.hmopropertyriches.com
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Retirement Planning for Recent College Grads
Author : Joseph Kenny
So you’ve survived college You head out into the working world with your fresh diploma in hand and land a plum job making more money than you could’ve ever imagined Your first instinct is to go get that big screen TV or plush ride that you’ve been eyeballing for the past year After all, why not? You’re making the cash now, you can afford it, can’t you? But wait Before you take the plunge on that big ticket item, practice that old safety adage they taught you way back in elementary school about crossing the street: ‘Stop, look and listen ‘
Stop
So you’re finally making a little bit of coin, good for you But don’t make the mistake of many of your peers and splurge on a big purchase If you’re a recent college grad new to the working force, odds are you have credit cards to pay off and the burden of student loan repayments to deal with Do you deserve to be rewarded for surviving years of boring lectures and countless all night cram sessions? Sure you do But your first order of business should be getting out of debt, followed shortly by investing in your future
Look
That new job can offer you more than just a nice paycheck Along with health insurance and other fringe benefits, most employers today offer generous 401(k) plans As soon as you’re settled into your new cube or office, head over to your human resources department and sign up for your company’s 401(k) plan – it’s the most important thing you can do when planning for your financial future I know what you’re thinking, ‘retirement is a long ways away, why should I deal with it now?’ Much of your generation feels the same way In fact, a recent study found that almost 70 percent of workers ages 18 to 25 don’t contribute to a 401(k) plan Don’t be one of them The sooner you sign up, the more money you’ll make in the long run Most employers will match your contributions up to a certain percent Contribute to that number, declining to do so is the same as refusing free money
Listen
Okay, so you’re contributing as much as you can afford into your 401(k) Congratulations, the hard part is over Next up, you’ll have to decide how to invest It can be confusing, but when you sign up, usually a financial representative will guide you through the steps When contributing to a 401(k), you’ll be investing in a mix of stocks and bonds The trick is in selecting the combination that is right for you History shows that while stocks are more volatile, they usually show higher returns over the long term However, there’s no sure way to predict that what has happened in the past will happen again in the future, that’s why it’s important to insure yourself by investing in bonds, as well Bonds, while typically not showing the same high returns as stocks might, have shown to be a solid albeit slower – investment strategy To make the wide world of investing a little less confusing, most employers offer index funds and target funds designed with different age groups and investment strategies in mind
But choosing how to invest is nowhere near as important as investing in the first place Get that money automatically deducted from your paycheck and into your 401(k) account now Trust us, you won’t miss it
Joe Kenny writes for the Credit Card Guide, offering views on credit cards in the UK, visit them today for some great 0% balance transfer offers and start clearing credit card debt today.
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Posted in Finance, Financial Planning, Insurance
Tagged Financial Planning, Insurance
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Debt Relief Orders Some Advice
Author : Melanie Taylor
When Debt Relief Orders (DROs) were introduced on April 6th 2009, many borrowers wondered whether this could help them put their debt problems behind them
For many, the DRO could represent a way to access the insolvency that they’ve so far been unable to afford – while bankruptcy costs around GBP500, entering a DRO costs just GBP90 In other words, this could be their chance to ask for ‘debt forgiveness’, writing off their debts and starting again
However, it’s not as simple as paying GBP90 and bidding farewell to their debts!
First of all, a DRO isn’t for everyone Only people who fulfil very strict criteria can enter into a Debt Relief Order To be eligible-
* They must be unable to pay their debts
* They must owe no more than GBP15,000
* Their total assets must not exceed GBP300 (although they may own a car worth up to GBP1,000)
* Their disposable income must be no more than GBP50 a month (after tax, national insurance contributions and normal household expenses)
* They must live in England or Wales (or have lived / carried on business in England or Wales at some time in the last 3 years)
* They must not have been subject to another DRO within the last 6 years (although clearly this isn’t possible yet)
* They must not be involved in another formal insolvency procedure at the time they apply for a DRO
Second, someone in a DRO ‘will be subject to similar restrictions as in bankruptcy’, according to The Insolvency Service’s website For example:
* They are not allowed to obtain credit of GBP500 or more without telling the lender that they are subject to a DRO
* They may not be involved with the promotion, formation or management of a limited company, and may not act as a company director, without the court’s permission
Third, when a DRO starts, the assumption is that the individual’s financial situation is unlikely to improve in the foreseeable future If their circumstances do change – if they come into any money, property or inheritance, for example – they will be required to report this to the official receiver, who may decide that they are now quite capable of repaying their creditors If this is the case, they may terminate the DRO
Fourth, a DRO, like bankruptcy, doesn’t write off certain debts As in bankruptcy, any individual in a DRO will still be liable for various debts, including-
* Court fines and ‘any other obligations arising from an order made in family proceedings or under a maintenance assessment made under the Child Support Act 1991′ (according to The Insolvency Service’s ‘Guide to Debt Relief Orders’)
* Student loans
* Secured debts – although this is unlikely to be an issue, as anyone with substantial assets (against which they could secure a debt) is unlikely to qualify for a DRO
In short, DROs are only the right solution for a relatively small percentage of the people currently in debt Other people with debt problems will need to consider other debt solutions
For more information on a debt relief order and further debt advice, visit http://www.thinkmoney.com/
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Reduce UK Tax Bills By Knowing What Business Expenses To Claim
Author : Terry Cartwright
Allowable costs for tax purposes include the cost of goods bought for resale including the cost of raw materials and all costs of production after adjusting the cost of sales for changes to the opening and closing stock of stock including stores being held, work in progress and finished stock
The adjustments of opening and closing stock values being to adjust the cost of sales to represent the cost price of the goods included in sales turnover Also included in the calculated cost of sales are commissions paid and discounts given to suppliers
Contractor costs are allowable at the gross invoiced value before deduction of any with holding taxes Where sub contractors costs and expenses directly produce goods or services for resale they may also be considered for inclusion in the cost of sales
All employee costs are included as allowable costs at the gross value paid including salaries and wages of both employees and directors of the business and temporary staff and consultants employed by the business In addition to the gross wages businesses may also claim employment costs such as fees paid to employment agencies, bonuses paid to staff and the costs and contributions made to pension schemes on behalf of staff employed
Employer national insurance and additional medical insurances are allowable as business expenses
Travelling and distribution costs are permissible business expenses and include running costs of cars, vans and lorries which would consist of fuel and servicing costs, repairs, insurance, vehicle licence fees and membership of breakdown organisations Also included in travel costs would be bus, train, air and taxi fares, and hotel room costs including private accommodation and meals or subsistence allowances in respect of food during the business trip
Allowable expenses fro property include business rent, rates and other invoices for use of the property including local government charges for general rates and water rates The cost of maintaining the property, repairs and maintenance and environmental expenses include light, heat and power costs plus expenditure on property insurance and security arrangements
The same costs as applicable to use of the home are also claimable in so far as the extent of the use of the home for business purposes
Repairs and maintenance of tools and equipment would also include renewals of smaller items of expenditure on tools and equipment where these items had not been capitalised as fixed assets
General administrative costs of running the business would include telephone and stationery costs, fax and mobile phones, printing and postage, computer software and small office equipment costs that have not been capitalised Other general costs may include trade and professional journals and subscriptions including the expenses of employees in respect of these items
Advertising and promotion costs in all media areas such as newspapers, magazines, websites, television, posters, mail shots and free samples are allowable Internet website costs including hosting and promotion would be advertising expenses
Business bank interest payable including business loans and financing arrangements on overdrafts and loans plus bank charges and business credit card charges are claimable Other allowable expenses would include hire purchase interest, leasing payments and other finance payments Financing costs also including the administration charges for the potential various finance arrangements
Legal and professional expenses to be claimed are accountants, solicitors, architects, surveyors and other fees from members of professional bodies including professional indemnity insurance
Specific sales income which has been included in sales turnover in the current or previous years and remains unpaid and unlikely to be recovered would be designated as a bad debt and may be deducted as an expense but also has to be written back if the money owed is subsequently recovered
Depreciation on fixed assets that have been capitalised and the profit and loss on sale of assets are not claimable but instead replaced with capital allowances which write off the costs of those fixed assets over a period of years according to the tax rates and rules applicable
Any other costs properly incurred in the business may also be claimed subject to specific items disallowed under the tax authority rules
Terry Cartwright, CEO DIY Accounting, a qualified accountant in the UK, designs Accounting Software on excel spreadsheets and Payroll Software for small to medium sized business providing a complete accounting solution and also supplies Company Formation packages for new limited liability companies
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SIPP Pensions A Quick Guide
Author : Kevin Stelfox
Personal pensions are among the highly recommended investment options for you to stay happy and comfortable even during your days of retirement In simple terms, these are nothing but savings done by the people in their youth so they can live happily when they retire However, there is more to it than meets the eye?
Your next question would obviously be why would I need to save through pension plans when I already hold a savings account? Well, let me help you with the answer Personal pensions work differently from your savings bank account When you opt to go in for personal pension plans, you have to pay a certain pre-decided amount of money each month towards this account to the personal pension provider who will invest this money for you The most common personal pension providers are organisations like banks, building societies, unit trusts and insurance companies The bank is the highly recommended and preferred option though, thanks to the stability they offer A good thing is that, any of your friends or family members can also contribute towards your personal pensions so you may lead a comfortable and happy life post retirement
Okay, the next question running in your mind may be if you are the right person to opt for personal pensions The pensions are for anyone and everyone who dreams of a financially hassle free life in the twilight years of their life when they will not be in a position to earn well There are various types of people who can definitely benefit from personal pensions People who are not employed but can get enough money each month to pay for these programs should opt for it Individuals who run a business or those whose companies do not offer a good company pension program can benefit greatly from these plans Even people who have a good company pension plan, but want to invest more for the years when they cannot earn much can also do so through personal pensions
Just like with any other type of investment, there has to be a certain amount of thought and consideration given to personal pensions before investing in them Investing in these pensions is a financially critical decision that should not be done in haste You will have to find out a few important details before you sign up for it First of all, find out from the organization if they have any special rules on the amount being contributed Next, understand the process of signing up for it and find out if there are any charges involved for it Finally, find out how much you will be able to save and the amount that will actually be invested on your behalf
In addition to this, also request the organisation offering you personal pensions to send you a yearly forecast so you may know how much has been accumulated and a rough figure of how much to expect at the end of the program
It is also important to find out when you will be able to withdraw the funds you save through personal pensions While most people withdraw just as they turn 55, there are many others who put it off till they are 75 Remember, though these funds are primarily for use post retirement, you can withdraw them even before you retire
Based in the UK, Pension Solutions act as introducers to Independent Financial Advisers (IFA) who give specialist advice on Personal Pensions and SIPP Pensions – For Specialist Pensions Advice call 0800 043 6701
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Injured on the Job How to Handle a Work Related Accident
Author : Art Gib
We all go to work every day, banking on the fact that we’ll be safe within our workspace But what if an accident happens on the job? What if that accident injures you in some way? What should you do if you are injured on the job?
There are a few preliminary steps you’ll want to take when an accident happens on the jobsite First, check to see if you or any of your co-workers are in fact injured If you are, make sure you alert your supervisor immediately He or she will have information on further steps to take If injured so badly on the job that you will have to miss days of work due to those injuries, you’ll probably want to apply for, if you live in Pennsylvania, for example, Pennsylvania worker’s compensation Each state administers its own programs This requires further steps on your part to apply and be approved by your state’s worker’s compensation fund
You’ll first need to be examined by an employer-authorized doctor This is because if you are approved for worker’s compensation, your employer will need to pay for all related medical costs through their own insurance, and must use a doctor that is approved through that insurance Once examined, the medical professional will report back to your place of work with your condition and his or her recommendations If approved, you are entitled to around 70% of your gross weekly pay at the time of your injury through Temporary Disability Benefits You may not apply for Unemployment Benefits while receiving Temporary Disability Benefits through the worker’s compensation fund at your work Once your injury heals, you can return to work and your Temporary Disability Benefits will end, and you can go back to working at full capacity and at full pay
After you return to work, if you still feel that you are entitled to a monetary settlement further than what you were offered through Temporary Disability Benefits, you are eligible to submit a claim as a third party action If this third party action claim is accepted, you are eligible to receive extra monetary compensation, such as for your pain and suffering, as well as other financial distress you may have suffered as a result from your work-related injury
Above all, remember to be safe at work and obey all posted signs and instructions about your safety No one wants to be injured on the job, but if you are, rest assured that there is hope through the local worker’s compensation fund that you will recover, both bodily and financially
Einbinder & Dunn is a law firm that focuses on Business law, including Pennsylvania workers compensation Art Gib is a freelance writer.
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Beware Of Budget Car Insurance
Author : Graham McKenzie
We all would like more affordable car insurance You will find several budget car insurance companies attracting customers with promises of low monthly rates and ridiculously low deductibles You should know that the type of coverage they are offering you for these low rates is insufficient coverage and will mean more out of pocket cost to you when filing a claim
Most of the insurance companies that are offering budget car insurance will only supply you with the legal amount required by your state This coverage amount usually involved the insured being the one who foots the bill for repairs in the event of an accident
The state minimum is considered liability insurance and this means that if you are involved in an accident that is considered to be your fault any of the repair costs to your vehicle as well as any injuries you suffer will be your financial problem not theirs If others are hurt in the accident the insurance may not be adequate to pay for their medical bills and you will be required to pay the excess
You will be left holding the bill for any damages that occur to your vehicle that are not your fault such as hail, wind storms, or vandalism The liability insurance will not pay for any portion of damage to your vehicle for any reason This means that traveling down that icy road in the winter could be very costly to you if you swerve and hit a tree or guard rail
There are too many drivers on the road who have budget insurance and this means if you are insured with the same type of insurance coverage and are hit by them that any repairs or medical costs their insurance will not pay for you will be liable for on your own You will have no protection for underinsured motorists or uninsured motorists with these lower priced policies Any type of accident, your fault or someone elses could end up costing you thousands of dollars and put all your assets at risk
If you vehicle is stolen you will receive no coverage for your loss In most cases you will never recover the vehicle and replacing it will be your responsibility If you are able to recover the vehicle you will be responsible for the repairs from any damage it may have suffered
That low deductible you were given is nothing more than a scam No type of claim will require a deductible to be paid since you are responsible for all the damage that occurs to your vehicle That low deductible amount is just used as a tactic to make you believe you are receiving an awesome policy when in fact you actually receiving nothing for your hard earned cash
You have to have insurance to drive legally in any state and this is what the budget insurance companies are using to their advantage They offer the minimum requirement to keep you legal but they do not offer anything to keep you safe
Graham McKenzie is the webmaster for a leading South African Car Insurance provider. For more information visit: http://car.insurance123.co.za/
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