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Archive of posts published in the category: Business
Aug
6

Why Full Coverage Auto Insurance is Important

If you have a little time to kill, take a look at the local trial docket of your township, city, or county court. You will discover that there are thousands of drivers in your district that have no auto insurance. What does this mean to you? It means that basic auto insurance is not enough to cover you if you are involved in an accident. There is a very big chance that if you get hit, the other party will not have auto insurance coverage. The cost to repair your vehicle will fall on your shoulders. If you have only basic auto insurance, this means you will have to pay for repairs out of pocket. To fully protect yourself you need uninsured and under-insured motorist coverage. You do not get these insurance add-ons with the lowest level of liability insurance.

You are justified in thinking that the roads are not safe. In the United States, more than a million accidents each year are caused by people without automobile insurance. In America, responsible drivers get full coverage insurance for their automobiles. There are substantial risks involved when driving and responsible drivers want to be protected against those risks.

Full coverage insurance also protects you whenever you are the person at fault. If you are the at-fault party in a vehicle accident, full coverage automobile insurance pays for your damages and the damages done to other parties. If you have only liability coverage, damage done to others will be paid, but you will be personally responsible for damages done to your own car.

Full coverage insurance provides complete protection. If you hit a telephone pole, no problem. You pay the deductible and the insurance company pays the rest. If your car is stolen, no problem. You are covered. An important insurance add-on to full coverage is uninsured and under-insured motorist. These insurance add-ons more fully protect you. If you are hit by an at-fault driver and they have no vehicle insurance, you are covered. If you are hit by an at-fault driver and they do not have enough insurance coverage to pay for damages, you are covered.

One of the best parts of full coverage vehicle insurance is the peace of mind it provides. If you are involved in an accident, sometimes your rental car is free. You do not have to be concerned about things being stolen from your car; your insurance covers that too. Some insurance policies will also cover you in the event of vehicular crime. For example, if you are involved in a drunk driving incident your insurance company may provide legal representation.

Always fully review the terms and conditions of your vehicle insurance policy. Know what is and is not covered. Policies greatly vary between companies and between jurisdictions. For superior protection and peace of mind, always get a full coverage insurance policy. You will be protected against all major risks, and that is what insurance is all about.…

Aug
5

Efficiencies Gained From Insurance Outsourcing

Today, insurers are seeking to simplify and streamline their internal processes. Insurance outsourcing companies vie for their business by demonstrating an in-depth understanding of the insurance industry. An insurer can choose to outsource non-core or core functions therefore achieving efficiencies in time, cost and service. Whatever the situation, outsource insurance companies offer a network of human capital that can respond to any need of the insurer. Once an insurer makes the decision to utilize the services of an insurance outsourcing company they must be able to identify which processes they will release and which ones they will handle internally. Additionally, the insurance outsourcing service can assist with identifying which services should be outsourced or in-sourced for the best results.

Insurance Metrics

The insurance industry is highly competitive and insurers have identified the need to investigate insurance outsourcing to manage costs, and to focus on their core competencies and capabilities. Insurance companies place a great focus on the following key metrics: pre-tax operating income, expense ratio, and business growth. Any reduction in expense ratio will produce greater profits. Insurance outsourcing provides cost savings by reducing headcount, reducing expenses, and providing opportunities for insurers to direct their resources to core business processes and competitiveness.

Human Resource Outsourcing

Insurance outsourcing can provide assistance with human resources. Rather than increasing the headcount to provide essential services, insurance companies are utilizing outsourcing strategies to keep costs down. Even information technology staff and processes can be outsourced. The insurer must be wise and determine which positions and processes must be carried on the payroll and which ones can be outsourced to achieve greater operational efficiency. Many back-office positions and processes are now being outsourced by numerous assurance companies so that they can achieve better business focus.

Leaner Organization

Today, only the fastest, leanest companies stand a chance of survival in competitive assurance markets. The market is characterized by mergers and acquisitions globally. Visionary leaders are identifying the power of outsource insurance to protect their viability and ensure the future sustainability of their operations. Insurers want to optimize the market and can only do so by shedding some of the weight to make them leaner and more agile in taking and implementing strategic decisions to put them on the competitive edge.

Benefits of Insurance Outsourcing

There are a myriad of benefits to be derived from outsource insurance. Providing clients and customers with accurate policies is the hallmark of service in the assurance industry; outsourcing policy processing will ensure accuracy and improved customer satisfaction. A backlog can stand out like a sore thumb in insurance operations, and insurance outsourcing is equipped to handle key insurance processes without the incidence of backlog that essentially has a negative impact on service levels. A reduction in expense ratios, costly training and retraining of staff, as well as process standardization, are all aspects of the insurance operations that can be effectively addressed by engaging in insurance outsourcing.

There is no doubt that there is great efficiency to be gained from insurance outsourcing. …

Aug
3

Do You Work for Money or Send Money to Work for You

Unless you were lucky enough to be born into a family that has a large amount of money, then chances are you will have to work for money at some point in your life. You will earn a salary or hourly wage and you will use that money to pay your way in the world. But ever, you will want to stop working and enjoy a retirement age. And if you have been wise and put your money to work for you, then you can often reach that time of relaxation much earlier.

Of course, not every situation is the same. Some people may have specific goals for which they are saving in addition to their basic retirement expenses, such as sending a child to college or buying a second vacation home. You may have a pension from your work, or you may be on your own when it comes to retirement expenses. Taking into consideration the fact that life expectancies are increasing all the time, and you may find yourself needing to plan for a greater period of time than you may think. So having your money start to work for you at an early age will pay out more and for a longer period of time in your future.

How is this so? Well, in part, as we discussed in the 'Get Rich Slowly' article, investing your money allows you to stay ahead of the depreciation of money's value and earn some return on your investment as well. But there is also the fact that interest compounds over time, adding to your earnings without you having to lift a finger. As an example, let's say that you were to invest $ 1.00 today and the annual interest rate or rate of return of the investment is 8%. That means that in one year, you will have $ 1.08 in the account. If you leave that money where it is, at the end of the year you will have earned interest on not only your original $ 1.00, but on the previous year's interest as well, giving you about $ 1.17. This compound interest will continue, year after year. But imagine that instead of $ 1.00, it's $ 100, $ 1,000 or even $ 10,000 that you start with and you can see the value over time.

Of course, this is only one possible way to invest. Most of us do not have $ 10,000 to invest from day one. Instead, we will be building our savings over time. We may start with $ 100 a month, added each month over the years. You can still reach a significant savings, but it will simply take more of your own money to get there. This is called an 'accumulation annuity,' and you can use calculation tables available from your investment broker, bank or online to figure out exactly how much money you will need to invest regularly in order to reach your goal. But to give you an idea; if …

Aug
3

Small Business Should Invest in Big Data and Analytics

Big data refers to huge volumes of structured and unstructured data; however, processing such massive volumes of data via traditional data management tools is inefficient and impossible. To understand big data you have to realize the devices that are collecting it today e.g. bar code scanners, mobile cameras, CCTV cameras, motion sensors, smoke alarms, web analytical tools, CRMs, etc. From the examples, you can see that these devices collect a vast array of data types hence the structured and unstructured part in the definition. The sheer velocity at which the data is being produced cannot be controlled and processed using traditional methods and tools.

However, the use of big data and incorporation of big data analytical technology gives businesses the competitive edge over their competitors.

Big Data and Small Businesses

It is only a thing of the past when terms like big data and business intelligence were associated with large enterprises only. Today, small businesses have to leverage the data they are collecting in order to remain a part of the competition. For years, cost has remained the main reason why small businesses did not adopt big data analytical technologies, but this has changed now. There are budget-friendly tools available for small businesses to take advantage of the data they are collecting today. According to some experts, small businesses can take better advantage of big data since they are able to make the necessary changes far more quickly than large enterprises i.e. real-time response to insights from available data.

According to an IDG study in 2016, 78% of the large enterprises agree that big data strategy has the power to change how businesses have always operated. This shows the acceptance of big data technology and strategies for large enterprises and strengthens the fact that small businesses could become irrelevant if they did not adopt the same strategies.

Benefits of Large Data Analytics

Large Data and Big Companies, a report by IIA Director of Research, Tom Davenport, reveals that businesses are benefitting greatly from big data analytics especially in improving their products, making business decisions faster and reducing costs. Here are some ways small businesses can benefit from big data.

• Cost Savings

The upfront cost of implementing large data tools and strategies is high undoubtedly, but the long term benefits of doing so are matchless. The healthcare industry is a great example of how the use of large data can help businesses reduce their costs regardless of their size. Using predictive analytics, Medicare and Medicaid Services forestalled more than $210 million fraud in healthcare with just 2 years of utilizing the aforementioned technology.

In addition to preventing frauds, small businesses can also reduce their costs by steering clear of creating more inventory than needed, including better partners in the supply chain, etc.

• Improved Decision Making

This is the biggest benefit of large data. It allows businesses to expedite decision making by processing the data fast and giving insights in timely manner. In the past, business decisions were reserved for …

Aug
2

Complete Tips and Guide on Small Business Medical Insurance

Purchasing small business medical insurance is a thing that you might need to consider. Even though your company is not off the floor and operating yet, eventually you’ll need to consider it. In the end, it’ll be challenging to use workers if you fail to provide them your small business medical insurance plan. So with that being said, gathering lots of information and facts about small business medical insurance can be something that you need to perform immediately. Like mentioned previously, prior to being even prepared to invest in you need to begin investigating the industry. This tends to provide you with the information you’ll want to increase the risk for excellent choice ultimately.

So, just how would you like to learn more on small business medical insurance? The most effective way to do this is certainly on the internet. Certain, you are able to call an agent. But if you’re just in the details gathering stage you’ll be greater off trying to find small business medical insurance on the web. By doing this you are able to spend some time when obtaining the data, without having to concern yourself with an agent promoting you a specific thing.

You ought to be searching for almost any and each details that you may discover. And don’t forget, you need to write down most of the details that you simply obtain. By using this method when it does come time for you to purchase you are able to just look back at the records and move ahead.

As we discussed, purchasing small business medical insurance is very essential. It will not only help with keeping your workers satisfied, however it will likely maintain them healthier and balanced. As well as on top of all of that, you’ll also reach to reap some benefits from the small business health insurance plan that you really invest in. So begin your research quickly, and then spend some time determining what you would like to purchase once the moment arrives. Should you choose those two things you may finish up having a small business medical insurance strategy that both you and your staff is very pleased with.

What types of Small business Medical insurance is most beneficial?

The real big difference is when you’re purchasing a small business health insurance plan you might be don’t handling individual policies. You’ve currently joined the field of team policies plus they frequently vary a great deal out of your conventional personal policy.

The leading advantage to team policies is the fact that you will find usually zero limitations on who is able to be protected under the policy. This particular works in the worker’s benefit should they have experienced prior health problems or perhaps a surgical treatment previously that could cause them to become ineligible to have an individual policy. This kind of advantage doesn’t arrive without its expenses nevertheless, and frequently the employer must match minimal specifications to actually be regarded for a team policy.

Due to the …

Jul
31

Taking Advantage Of The PDIC Insurance

The Philippine Deposit Insurance Corporation or PDIC guarantees every bank depositor that their deposit is insured if and whenever a bank goes under up to a deposit of P250,000 or its equivalent in dollars. How do we take advantage of this? By investing in rural banks and thrift banks that offer interest rates far beyond what current and more well know commercial and savings banks are offering.

In our present business environment, loan rates have taken a big dive down which means those looking to take out a loan whether being it housing, car, equity or personal loans are at an advantage in our current situation. But since loan rates have gone down, deposit rates have also taken a big nose dive. Top commercial banks have already taken steps to reduce a normal savings account rate from the previous 1% pa to 0.75% pa and time deposit rates are at an all time low. Even savings banks have adopted this trend of lowering rates. Bad news for retirees and people who rely on time deposit interest to pay for their monthly expenses such as food, utilities and other expenses.

This is where investing in rural banks and thrift banks becomes very attractive. Some offering as high as 16% pa or double your money in 6 years in which monthly interest rates are credited to a savings account which can be withdrawn anytime. But before you go rushing out and placing your entire life savings in these banks be warned. Most of these banks have names you probably have never heard before like rural bank and thrift bank of so and so, usually a name of a city or province in the Philippines. And these banks have a high risk of going under. This is where the PDIC insurance of P250,000 comes in handy.

Having experienced getting my money from PDIC, from banks that have closed before. I'm in the position to say that the trouble is worth the returns you are getting. I got my money from a closed bank in about 2 weeks from PDIC. Just make sure your total deposit at any given time in a thrift or rural bank does not exceed 250k. If you have lots of money do not forget to diversify them in different thrift and rural banks, each not exceeding the PDIC limit. And make sure that the banks you are depositing into are really PDIC insured which can be verified by a quick phone call or by visiting the PDIC website. Lastly, read lots of news papers or browse the website of the PDIC to keep yourself up to date on what is the current state of the banks you have your money deposited in. …

Jul
31

Manage Your Money Flow

Managing your money flow is the second step of building your financial house. It is like building the frame that the rest of the home will be built around.

The concept of managing your money flow is basically making sure that your inflow of cash is less than your outflow of cash. This process is called budgeting. When you create and follow a budget, you are living within your current means and you will avoid accumulating new debt.

When you take the time to create and follow a budget, you begin to see where your money goes each month. Armed with that knowledge you can cut back on some of those wasteful spending habits and free up money to start moving towards your goals.

Managing Your Money Flow Will Help You Reach Your Financial Goals

When you follow a budget, you can allocate money to reaching your financial goals. Maybe you want to save for things like retirement or a down payment on a house. Perhaps you want to start saving money to start that business you’ve been dreaming of. When you follow a budget, you have a plan to get where you want to go. When you have a goal and plan to reach that goal, your chances of getting there are exponentially increased.

Managing Your Money Flow Will Prepare You for Future Wealth

If you are always running out of money with your current income, chances are that you will have the same problem even if you earn more. Statistically, the more money you earn, the more money you’ll spend. This is called Parkinson’s Law. If you do not learn to manage what you have now, earning more money will not solve the problem.

Don’t be fooled by appearances. Many of those high income earners are broke. All of their income is going to pay for their big mortgage, the credit card bills, and the car loans. They are just broke at a different level.

Managing Your Money Flow Will Teach You Discipline

Wealthy people understand the importance of managing their money. They exercise self-discipline and they save up for purchases and earn interest on their savings while they do it. Broke people tend to go for instant gratification and buy things on credit. Often, whatever they buy ends up costing them twice as much by the time they finish paying for the credit card bill.

In the long run, saving up for purchases will actually allow you to buy twice as much stuff compared to buying with credit.

Alternatively, you could have the same amount of stuff, plus build up a big investment account on the side with all the money you save by not paying interest on debt.

Managing Your Money Flow: Conclusion

Over the years of working in the financial industry I have actually met a lot of low income earners that had higher net worths than many doctors and lawyers. This is simply because they managed their money well and allocated a portion each …

Jul
29

Looking For A Great Way To Show You Are An Expert In Your Field?

Potential customers are looking for you on the internet. Will they find you? When they find you, will they know that you are an expert at what you do? Do you have more than one area of ​​expertise? Having too many keywords on a single site can be counter productive. Here are some ideas for presenting your business without confusing your prospect.

Set up a separate website with a URL that includes the area of ​​expertise or keywords you want to optimize. This does not have to cost a lot of money or involve your web master. Use a blog and host it on a separate server (Host Gator is great for this purpose) so you can use your own domain name. For example, if you are an attorney, you could use estate planning.

Once you have created the blog, load it up with information about estate planning. Add articles, links to whitepapers, checklists etc. If this is not material you have created, be sure and get the author's permission for creating a link to their material. On your home page add a banner ad for your businesses. Be sure and list ways for your readers to contact you including a link to your website.

If you have more than one area of ​​expertise, create a blog site for each area. For example if you or others in your office specialize in real estate closings, create a separate blog site. Use your keywords – do not forget to localize your keywords by adding your city, county or state to the keyword.

Why does this work?

Because the site is content rich and focuses on a narrow topic that is keyword rich – the search engines will naturally rank your site higher when those keywords are used for searches. Keep in mind that one key factor in ranking is keyword density. This means the number of times your keyword is used on any given page. The rule of thumb is that 2-3% of your page should be keywords.

When your site does come up in the top rankings, the content makes it far more reliable than a generic website. You are demonstrating that you are the "go to" person in this field.

By placing an ad on the home page, you are showing that you are the expert in this area and the person to contact when the reader resonates with what you have written.

What you are looking for is search engines will rank your site higher and the creditability of the site will get your readers to click through. Once they are on your site, they will research the topic and then click on your banner advertisement. …

Jul
28

Outstanding Details About How To Charge Personal Air Coolers

If you are wondering about how to charge air coolers, then here is a simple solution. The air coolers can be charged with batteries that make the coolers work effectively. Make sure that you keep the batteries cooler when you are charging them so that it can be used faster again. The coolers can be best charged with a specific battery that implements patented new air-cooled charging technology in the coolers. This system enables the battery to automatically get cooled down during the charging process.

The natural process of charging ensures that the batteries will get heated up when it has already worked for sometime, thereby preventing immediate and effective recharge of the batteries. This was a disadvantage evident in the batteries used previously to charge the air coolers. So a thorough research was conducted and the modern battery was discovered that helped in the charging of the air coolers in an effective way. You can charge your air coolers with these batteries as they help in quick charging and immediately make re-charging of the air coolers possible.

How does the battery work?

The charging process connected by the batteries is hi-tech and so the coolers get effective charging. The charging occurs through an array of ducts present in the battery and for a fan present in the interiors of the charger that draws in cool air from the nearby spaces through the battery cells and then out of the charger. The charging process by these batteries, so, gets 30% quicker and the batteries also last longer. This significantly saves your time as you can avoid the problems of waiting for your batteries of your air cooler to get charged.

Another outstanding feature of the air cooler chargers is the refresh button function that automatically brings the performance-impairing unbalanced charge levels of the cells back into one line. However, this cell-balancing system should be connected once in every two weeks when it is heavily used and once a month when the coolers are moderately used. These batteries can offer power ranging from 12 V! In conjunction with Li-Power technology to the coolers while it is getting charged. So these batteries are the most effective air cooler chargers for all.

Other Batteries for Charging your Air Cooler

If you use your air cooler on less frequent intervals, then you can take the help of other charging batteries to charge the air coolers. These batteries allow the air cooler to get charged for an extended period of 15 minutes right after a power cut. You can conveniently use these batteries in any of the air cooler models and they promise 30 to 80 hours of constant cooling process. That saves your money and power to a great extent. These are more commonly known as back-up system batteries that not only charge the air coolers conveniently but also make a big difference in your comfort level and budget matters. …

Jul
27

Making the Most of Your Car Insurance

Many drivers have car insurance policies as a requirement and for vehicular protection. However, many people are not utilizing their policies to receive the greatest benefits possible. This may sound hard to believe since so many people complain that car insurance is so expensive, but this is the reality. Drivers are not utilizing their car insurance to make it more affordable and worthwhile to own. By understanding your insurance policy better you can begin to really benefit from your car insurance.

One of the first ways to make the most of your car insurance is to seek out discounts. If you have not already asked about discounts for car insurance you should! Most insurance companies offer a variety of discounts. Many drivers with good records get great discounts for car insurance. Likewise, if you are trying to insure a teenager tell them to keep their grades up. There are some insurance companies that offer discounts to students who excel in school. If you have a particular professional or college affiliation such as being a part of a nurse's union or you are employed as a police officer you may be eligible for deducted auto insurance. In addition, many people who own homes or have apartments and have homeowners or renters insurance may be able to receive insurance at a discounted rate by applying for a second policy specifically for car insurance. There are plenty of discounts to be had from your auto insurance company if you do some research.

An additional way to benefit from your auto insurance is to review your coverage. It is in the best interest of all drivers to periodically review their car insurance coverage. There are some drivers that are paying more than than they should for car insurance because they are over insured. This does happen especially when the car is very old and would have considered a total loss if damaged. Instead of paying for collision for a 15 year old car dropping this protection will help save some money. Take the time to access coverage needs for all of your vehicles.

Finally, save money on your policy by paying more on your owed and paying in full. Some people choose a low deductible because it is inexpensive for the moment, but unfortunately this really does cost more in the long term. Paying more on the auto insurance deductible will decrease the amount you owe on the policy overall that making your payments a lot less! Likewise, drivers should try to pay for their car insurance policy in full whenever they can. Insurance companies usually offer discounts when customers pay for their insurance in full instead of paying monthly. The savings can add up!

Thus, getting the best from your auto insurance simply takes the willingness to do a little research to find the best deals, coverage and payment plans that are right for you. …