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Don’t know what kind of insurance to get? Here are the most common types

26 November 2019 By admin Leave a Comment

Taking a closer look at insurance, you can count on the fact that without it you would lose a lot more money in particular circumstances. Yes, paying insurance might seem like a step back from profit, not a step forward, but considering the aftermath of an accident or a natural calamity, it’s quite safe to say that you are making a beneficial investment. There are lots of different insurance types, and people insure what they think they need to protect the most. Here are some of the insurance types you might run into most often and should consider getting for yourself.

Health insurance

This one is mandatory in quite a few places, but many people don’t have it because they think it’s too expensive. However, in the eventuality of you ending up in the hospital or being in need of medication or otherwise health care, having insurance is extremely important and not having it limits the medical staff in what they can and cannot help you with.

Property insurance

Property insurance protects your property from all sorts of harm and makes sure you are reimbursed in a situation where you lose your property, or it gets damaged. For example, if your house burns down, having insurance is extremely important, and while you might think that you are saving up a lot of money by avoiding insurance, you are gambling under extremely dire odds because your assets and belongings would also be gone and they may exceed the amount you save tenfold.

Vehicle insurance

Just like health insurance, this is something many countries deem a mandatory necessity. You can’t drive on the main roads in many countries without having insurance, and it is for a good reason. Getting into a vehicle accident can be extremely costly, not to mention there is the risk of personal injury as well. Having insurance makes sure that you can sustain the costs of car repairs, not to mention any other costs that might appear in the aftermath of an accident.

Life insurance

While this is a rather somber thing to think about, many people get life insurance as a form of protection for their loved ones. In the case in which the person with life insurance dies, his survivors are reimbursed and receive payment as per the agreed policy. Of course, it’s the kind of payment no one really wants to receive, but it’s better than not having anything in that kind of sad scenario.

By Steve Biddle

See full story at praguepost.com

Filed Under: Interesting Stuff, Tips Tagged With: insurance

Important questions Insurers need to ask when applying for an insurance

12 September 2019 By admin Leave a Comment

Photo by rawpixel.com from Pexels

It always pays to have the information that is needed ready on hand. It will also help you know your health status in advance to ensure that you get access to the right policy. These are four questions that insurers tend to ask.

Health-related questions

During the underwriting process, you will undergo a couple of questions concerning your health. The reason why insurers ask this is to ensure that you are covered for any health ailments you might have.

Lifestyle-related questions

The healthier you are the better. Whether you partake in smoking, drinking, or adventure sports, these are all factors that can affect your life.

Beneficiaries you want to have covered for a funeral benefit

This tends to be a question that stumps many first-time applicants who have not yet started a family for a couple of seconds.

See Full Story at www.miwaylife.co.za

Filed Under: Interesting Stuff Tagged With: insurance

Car Accidents Will Hike Your Insurance Premiums

9 July 2019 By admin Leave a Comment

Apart from this, a single car accident will result in hiked insurance premiums since the insurance company will view you as a risky driver. To avoid all these, take a look at some of the tips to help you become a better road user.

1. Always Maintain Your Car

Car maintenance is key in avoiding accidents at least from your part. This is why it’s important to schedule regular servicing. Some of the basics you should have checked include your tires, brakes and vital fluids such as brake fluid and power steering fluid for efficient navigation.

2. The Driver’s Condition

Now, the car may be in the best condition possible, but if the driver isn’t, then an accident is inevitable. Human error is the leading cause of accidents around the world. This may range from health conditions, especially those touching on the driver’s vision to intoxication.

3. Get Defensive Driving Training

There’s a common statement, which always goes to remind us of the unpredictability of the roads. You may be all focused on the road with your serviced car but the driver on the other side may be careless or not as careful as you and may cause an accident.

by Steve Biddle

See Full Story at www.praguepost.com

Filed Under: Interesting Stuff Tagged With: insurance

Four tips for startups seeking insurance for data breaches

6 June 2019 By admin Leave a Comment

Consider the following points if you decide to shop for cyber insurance.

KNOW THE DIFFERENCE BETWEEN FIRST-PARTY
AND THIRD-PARTY COVERAGE
Data breach policies generally provide two broad categories of coverage: first-party coverage and third-party coverage.

First-party coverage is for losses the policyholder incurs directly, such as the costs entailed by investigating the cause of a breach, restoring the company’s reputation and notifying affected customers as well as follow-up costs, such as credit monitoring services.

Third-party coverage kicks in when a policyholder (the company) is sued by someone (a customer) claiming to have suffered a loss resulting from the data breach and alleging the policyholder was at fault for allowing the breach to occur. This coverage encompasses the costs of defending against litigation and of any judgments or settlements up to policy limits.

Startups can buy data breach insurance policies that offer both types of coverage or policies that cover only one or the other. Omitting third-party coverage can be risky. In Innovak Int’l Inc. v. Hanover Ins. Co., a software developer had purchased a data breach insurance supplemental policy to its commercial general liability insurance policy.

The supplemental policy stated that the insurance company would provide certain coverage for losses related to data breaches but that it would not cover expenses arising from lawsuits against the developer. In other words, the policy provided first-party, but not third-party, coverage. While the policy was in effect, hackers accessed the developer’s database and stole users’ personal information, including Social Security numbers, addresses and employment information.

By Cort T. Malone and Grant E. Brown
 
 
See Full Story at westfaironline.com

Filed Under: Interesting Stuff Tagged With: insurance

Cancelling Insurance to Reduce Expenses?

9 April 2019 By admin Leave a Comment

For many consumers the start of the new year may have been a difficult one. Overspending over the festive period coupled with an intertest rate hike at the end of last year may leave many looking for opportunities to save.  Some motorists might turn their thoughts to a grudge spend: insurance.

Cancelling your vehicle insurance, however, can have far-reaching and even more expensive consequences warns the managing director of MasterDrive, Eugene Herbert. “With the high crash statistics in South Africa drivers who take on the roads without insurance are taking a huge risk.

“Even a relatively minor incident that puts your car out of commission can be devastating. You may be left trying to pay a bill that reaches into the thousands and if you do not have the money, what do you do then? For those who rely on their car to generate an income, like a sales person, a crash will cause even greater financial stress,” says Herbert.

If you damage someone else’s car you up the ante even more. “You are obligated to repair their car right away even if you do not have the money. Their insurance will ensure the money is recouped and there is little care about how you do it. If you were to damage a luxury car, you could even lose your home in the process of repairing the car.”

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Filed Under: Interesting Stuff Tagged With: insurance

4 INTERESTING MYTHS ABOUT INSURANCE

15 January 2019 By admin Leave a Comment

It is said that one shouldn’t believe everything one hears – unless you hear it from a thoroughly reputable source, of course! Well, there are a few myths about insurance that many people think are true. We’re here to debunk them today!

Myth: Your insurance premium is determined by the colour of your car

Have you ever heard that if you buy a red car, your insurance premium will be higher? Your car insurance is not only determined by the colour of your car, but also the type of car, where you park it during the day and at night, your driving history and a few other risk factors.

Myth: Personal car insurance will cover your business too

If you are self-employed and you use your vehicle for your business, be sure to declare this to your insurance company when applying for an insurance quote. Personal vehicle insurance may not protect you in the event of a claim arising from business use, so rather enquire about business insurance if you’re unsure.

Myth: You don’t really need comprehensive cover

It is estimated that more than 50% of South African car owners do not have any car insurance. On top of that, many motorists think that having the bare minimum cover is sufficient. This is especially so if a person hasn’t been in an accident before or regards themselves as “safe” drivers. Accidents do happen, so make sure you have comprehensive insurance – otherwise you may end up spending much more money in the unfortunate event of an unpredictable accident.

By CAIRA-LEE

See Full Story at www.womenonwheels.co.za

Filed Under: Interesting Stuff Tagged With: insurance

5 insurance tips for having a secured retirement life

6 December 2018 By admin Leave a Comment

Insurance is one of the ways through which you can protect yourself from the ups and downs of your financial life.

Many people view insurance as an expense, something they pay every month as premium, but insurance is beyond just a monthly expense—it is an investment.

If you take a decision, your insurance can pay you off heavily and done wrong, you can pay-off higher premiums while getting less in the return.

Here are some tips for you to make the most of your investment in insurance:

Always make informed decisions

The world of insurance is complex- there are many plans which can only confuse you because most of them do not differ in their core offerings.

They differ on the basis of certain small variations and if you are not savvy consumer, you may be paying more for something which you do not need essentially.

Always, make sure that you know as much as you can. Be an informed consumer and find out as much information as you can by reading insurance providers’ sites, personal finance blogs etc.

There are also many voluntary advocacy organizations which can definitely help you to find out correct insurance plans which suit your needs and pocket size.

Check the performance of the fund

Insurance companies always invest your premiums in funds they manage. If you are directly buying insurance plans from an insurance broker, do ask her about the performance history of the fund and how much it has returned in the past.

You can find many investment options but you should always focus on finding out about the historical performance of the fund and what are the expectations that the fund will provide better returns than others.

By Adnan Manzoor

See Full Story at born2invest.com

Filed Under: Tips Tagged With: insurance

How to avoid a nasty insurance surprise

9 October 2018 By admin Leave a Comment

Here are Aviva’s top tips for consumers, to help ensure there are no nasty surprises and avoid misunderstandings which can crop up when a claim is made…

Home insurance

If you have a standard policy, consider whether you need additional cover for accidental damage to contents, or home emergency and boiler breakdown cover.

Most home policies don’t cover gradual wear and tear, the effects of damp and dry rot, or damage to fences, gates and hedges – so make sure your home is well maintained and in good repair. Keep your insurer informed if you make any changes to your home, such as a change in occupancy or building works.

Travel insurance

Make sure you tell your insurer what they need to know about your health, such as any pre-existing medical conditions or tests and investigations.

Try to arrange your travel insurance from the day a holiday is booked – not the day the holiday starts. This will help to make sure you’re covered if the trip is cancelled. It’s also important to make sure you understand the specific cancellation reasons you’re covered for if you need to cancel your holiday.

Motor insurance

Know your policy excess – the amount you need to pay in the event of a claim before the insurance company pays the remainder. When claims are turned down, this can sometimes be because the value of the claim being made falls within the excess stated.

Also, many of us keep possessions lying around in the car. Consider personal belongings cover on your home contents policy to cover your possessions in case they are lost, damaged or stolen while in your car. You may also want to consider installing a dashcam, which can help prove who’s at fault if you have an accident. This could help you to protect your ‘no claims’ discount and excess on your policy.

See Full Story at www.irishexaminer.com

Filed Under: Interesting Stuff Tagged With: insurance

Tips on Choosing the Best Insurance to Protect Your Small Business

27 September 2018 By admin Leave a Comment

Insurance is important for almost every business, but the sheer number of insurance types available—and the costs associated with them—can be intimidating, especially for new entrepreneurs. All types of insurance are meant to mitigate risks associated with your business, protecting it from legal action and, in some cases, physically destructive events. Accordingly, the best way to choose and modify your insurance policies is to acquire a better understanding of the specific risks your business faces.

So how can you evaluate your business’s risks?

How to evaluate your risk

Now let’s turn our attention to evaluating risk:

  • Consider your organizational structure. Depending on your organizational structure, you and your company may face different types of risks. For example, LLCs and corporations tend to be considered stand-alone entities, while partnerships and sole proprietorships might make you, as an individual, liable for certain types of damage.
  • Talk to insurance agents. Take the time to talk to different business insurance agents about the unique risks your business faces. They might be extra motivated to sell you on insurance, regardless of how much you need it, but they’ll help you analyze risks you may not have otherwise known you had. Talk to multiple agents to get the clearest picture on your overall risk.
  • Talk to lawyers. You may also want to talk to your lawyer about what types of liability insurance your business needs. They have far more experience with real cases than you do, and may be able to make better recommendations than an insurance agent.
  • Look at case studies. Take a look at businesses similar to yours, both in the present and in the past. What types of insurance have they carried? When have those insurance policies come in handy? Talking to other business owners is a good step to take, but make sure your sample size is big enough to draw a solid conclusion.
  • Consider your scale. You might be fine without insurance now, but what happens when you scale your business to the next level? In general, it’s best to choose insurance policies that have the power to grow with your business.
  • Consider your risk tolerance. Sometimes, your insurance decision will come down to a matter of personal perspective. How much risk are you willing to take?

By Larry Alton

See Full Story at www.allbusiness.com

Filed Under: Tips Tagged With: insurance

What to Know About Your Insurance Before Hurricane Damage Strikes

23 August 2018 By admin 1 Comment

Individual states regulate insurance companies and even then, policies differ from insurance company to insurance company. When it comes to hurricane season, these are some of the policies and terms insurance agents suggest people look for to make sure they are prepared.

Types of Hurricane Damages

Hurricanes leave destruction and ruin in their wake. Families’ lives are upended, people lose loved ones and personal belongings. But when it comes time to rebuild, insurance companies will look at two specific types of damages caused by hurricanes: Windstorm and flood.

Flood insurance ends up being of the upmost importance for people come hurricane season, and it’s coverage that people need to make sure they have, said Jim Whittle, associate general counsel for the American Insurance Association.

Most windstorm and flood deductibles, or the portion of an insurance claim that people have to pay themselves, will be based on a percentage of the insured value of the home and not a flat rate like most deductibles.

This means that more times than not, it’s a higher out-of-pocket cost for people, said Lynne McChristian, consultant for Insurance Information Institute.

Another important aspect to know is that the value the percentage is taken from is based off the cost to rebuild a home, according to McChristian, and not the real estate value. The costs to rebuild a home will be higher than the real estate value.

By  Alexander Nicoll

See Full Story at www.thestreet.com

Filed Under: Interesting Stuff Tagged With: insurance

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