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When creating a start-up, it’s easy to get lost in your product or service. It’s important to concentrate on customers, profits, employees and investors when first starting a company, but you need to avoid a common mistake that can easily wipe out your business before you’ve had real success; you need to mitigate risk by purchasing adequate amounts of business insurance. Statistics show that about 44% of start-ups don’t stick around for more than four years, and one of the main reasons that they have such a low success rate is poor risk management. Fortunately, properly insuring your business is an easy way to reduce risk in a cost-effective manner.
Here are some important things you need to know about insurance for your start-up:
It’s Never Too Soon For General Liability
You should be covered by general liability as soon as you offer a product or service. This type of insurance covers you and your employees against bodily injury or property damage caused to a third-party by your product or service. If you don’t have general liability, one accident can completely wipe your business out.
Property Insurance Is Important
According to the insurance experts at Lloyds, property insurance is important; this is true even if you don’t own a building or home. This type of insurance covers the physical space that your company occupies, so even if you’re renting, it makes sense to have this type of insurance. For example, if your company has computers inside of a building, you need to protect them against unforeseen damage and losses, and you can do that with property insurance.
Don’t Forget Workers’ Compensation
Many small businesses skip over workers’ comp, but even if you have only one employee, you need to consider it. Most states have different laws about how many employees you must have before you get workers’ comp to protect against work related injury or illness, but a lot of states require it even if you have only one employee. The insurance pays for medical expenses and lost wages, and it is an important part of risk mitigation for your small business.
It doesn’t matter if you own a company car or not; a business may be responsible for a car accident that happens in a personal vehicle during business hours. This means you need coverage for times when driving to see clients or going on business lunches, and you need coverage for your employees as well. If you skip auto liability, an accident victim can sue you and your company, and that can devastate a new business.
Your insurance needs grow with your start-up, but it’s important that you have enough coverage to protect you at all times. New business owners often spend their time concentrating on growing their business, and oftentimes, they forget to cover themselves adequately. Fortunately, insurance premiums are fairly affordable, and when compared to losing your business, they cost almost nothing in the grand scheme of things.
Some people go through life being incredibly lucky with no ailments or negative things affecting their life. Lets be honest though, there’s about a 1 in 7 billion chance that person is you and chances are that was never going to happen! Unfortunately accidents do happen and you need to make sure that if it does happen to you, you know where to turn to make sure you get the full financial compensation you deserve. So what defines an accident? Well it doesn’t just cover road traffic incidents and things that take place on the road. Which4U spoke to Claim Today, who specialise in Nottingham Accident Claims, about what type of accidents and injuries you can get injury compensation for in this modern day and age. Lets have a look at what they told us.
You don’t have to be the driver of a vehicle to get the financial compensation you deserve if you’re involved in an accident. You could even be a pedestrian that was unfortunately involved. What you do need to do, however, is to note down certain aspects of the accident so you can get the best possible chance to make a successful claim. Make sure you record the date, time, cause and any other details of the accident you can note down at the time, providing you’re not too badly injured. What’s also important is to try and get the name, address and as many details as possible of the person who injured you. Get any information from the accident from the police also.
No one likes to be in hospital and no one likes being ill. However, if you end up visiting a hospital and you have to have some sort of surgery or medical treatment, unfortunate accidents and miss-diagnosis do happen. If this does happen to you, this is certainly something you could make a claim for! Gather as much information as possible before calling a claims company so you have a bigger chance of getting more financial compensation. You don’t have to suffer in silence and the financial relief you’ll get should help you with any loss of earnings caused by the injury.
Injured at work
We spend a lot of our times working in environments which could be perceived as dangerous or at least have some form of hazard. It’s therefore important that your employer or boss properly shows you how to use equipment and provides the correct safety equipment required to do your job with minimal risk of injury. If you do get injured whilst at work, give a claims company a call and find out if you have reason for claim. Negligence at work can cause injuries so make sure you do you’re research after the incident to get the financial claim you need.
Businesses around the globe continue to feel the pinch of the economic crunch. Is your business in this situation? We take a look at how you can gradually improve on the situation.
Cut the financial outflow where possible
Many businesses are struggling today because they did not take the opportunity to cut down on expenditure. Over time, the effect of this, coupled with worsening economy of recent years and the current holding back of sustainable growth, can put a business in a tough financial position. In what ways can you turn the financial corner and have a more profitable 2015?
It doesn’t matter what kind of business you run – taxes are always a challenge. Talk to your accountant to explore every possible means of cutting down on your tax bill. They will know the best ways to help cut your tax bill and can outline the best options available. It always pays to use a professional tax accountant.
- Reduce cost of common purchases
Some businesses are paying very high prices for recurring purchases, and over time this will burn a hole in their finances. You can reduce your spending on vital purchases by as much as 40% by better negotiations and searching around more for the best deals. Imagine cutting 10% off your most regularly purchased supplies. The amount saved can add up to a tidy sum that can be moved elsewhere in a bid to improve cash flow.
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That most wonderful time of the year (♪) is also considered to be the most costly for the average household due to the overwhelming cost of gifts, decorations, and food that is purchased.
Most families struggle to afford the holiday season, and only manage to get by with credit cards, loans, and overdrafts. Although it can be an important time of year to spend with family members and friends, the financial ramifications in the coming year can still linger and be difficult to repay.
To prevent yourself going into the red this Christmas, there are a few steps to take so that you only spend what you can afford.
Budget Your Gifts
The first step to take when planning for the Christmas holiday season is to make a list of Christmas gifts that you want to give. Write down a specific amount that you want to spend on each person and total the final amount to determine how much you’ll need to set aside.
Cut Out Some Luxuries in the Run-Up
Cutting out luxuries during the month of December as you pay for the gifts – although slightly painful to you – will help you afford the extra expense that you are undertaking. You don’t need to be going to expensive bars and eating out when you need the extra funds for gifts for loved ones. A little bit of self-control with yourself each day will really add up over the next few weeks.
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Nowadays, it is becoming harder and harder to keep track of your finances. The average person has in excess of seven bills a month to pay, so it’s not surprising that many of us get confused about who is owed what and when. But help is at hand in the form of your smart phone (that you probably pay for monthly as well). James McAllister of UKPower takes us through the best money-saving apps.
We are starting to see an increase of advanced and helpful apps becoming available that help you not only keep track of your finances, but they can even schedule your outgoing payments for you. Below are our top 5 favourite apps to help you become better with money and keep on top if your monthly bills.
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As technology makes the world smaller, more of us are keen to experience life in other parts of the world. One way of getting such an experience, particularly if you are interested in learning other languages, is to study abroad at university. But is an overdraft with your student account enough to meet the cost of studying abroad?
Just as many foreign students come to the UK to study for a degree, many UK students choose to study abroad to get theirs. The popular places to study tend to be the USA, which boasts some of the best universities in the world, and European neighbours including France, Germany and Italy.
All have their unique attractions. However, one question is likely to be uppermost in your mind if you’re considering a move overseas: what will it cost to study abroad? At the time of writing, a UK student studying at home may be charged up to a maximum of £9,000 per year in tuition fees.
How does this cost compare to universities abroad?
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