Tips for Finding Business Insurance for Your Small Business

If you own a small business or are in the process of forming a start-up, you will no doubt be considering what type of business insurance to have in place to cover the risks associated with your particular trade or profession.  Should you opt for public liability insurance, professional indemnity insurance, employers’ liability insurance, business property insurance, key person insurance, business interruption service …?

An important decision to make, aside from which type(s) of cover you’ll need is how much cover to take out to adequately protect your business.  Check any existing or potential contracts with clients for details of any types and values of cover they would expect you to have in place, and also speak with any professional body or trade organisation that covers your type of business for impartial advice.

Then you need to check the details of the terms and conditions in all of the quotes you receive for your cover, to see whether there are any significant exclusions or conditions that would reduce your ability to claim. Perhaps a policy with a low premium might exclude claims that arise from using electrical equipment (useless if you are an electrician, say); or perhaps it limits the number of claims you could make in a year (what if you are sued more than once?).

There are fewer companies that offer business insurance than offer car or home insurance, so there are fewer policies to choose between.  Nevertheless, the insurers are keen to get and retain your business and if you find a cheaper quote for the same or similar cover it is worth taking that to your current insurer or to other insurers that offer you a quote and haggling. 

You should make sure that any insurer you choose to take your policy/policies from is reputable and has a proven track record of paying out on claims and for good customer service.  The last thing you want, when faced with a letter from a customer threatening to sue, or with a fire at your business premises, is a company that won’t answer the phone or that gives you the run-around.

Check online customer reviews to check whether you would be happy to take your insurance from that particular company.

Needless to say, the best thing you can do to protect yourself against having to claim against your insurance is to reduce risks as far as possible by taking steps such as installing smoke detectors and sprinkler system, sturdy locks and burglar alarms, and making sure that you and your staff are fully aware of health and safety issues.

The more years you can manage without making a claim, the more no-claims bonus you will accrue and the lower your business insurance premiums will be. 

Finally, don’t reduce the amount of cover you buy just to reduce your premiums: think carefully about how much cover you will need and stick to that because reducing your cover is a false economy that could ultimately ruin your business.

Alternative Ways for Quick Cash Before the Holidays

There is no denying that many people are feeling financially pinched and looking to make extra money.  Perhaps you are contemplating another job but already feel overextended at your current job and don’t want to use your remaining free time to work more.  Luckily, there are several ways to make some extra money that don’t involve getting another job.  Consider the following:

1. Sell stuff around the house.  We all have clutter.  Identify the items you haven’t used in a year or longer and sell them on eBay or Craigslist or at a garage sale.  
2. Open a new bank account that offers a financial reward.  There are bank accounts available that offer you anywhere from $50 to $100 after the account has been open a designated number of months (often three) and you have made a designated amount of transactions (usually including a few direct deposits).  Meet the bank’s requirement, and you have free money. 
3. Use credit cards to your advantage.  Many credit cards offer generous rewards.  The best cash back credit cards often offer 2 to 6% cash back on certain types of purchases.  Use your credit cards for all of your purchases and reap the cash back rewards.  (Just make sure you are disciplined to pay off the balance each month.  Otherwise, the rewards will be offset by the interest you pay.) 
4. Call to negotiate your cable bill.  Cable and Internet bills often are high.  Call the company to see what discounts they can offer you.  They may offer you a discount for six months, or they may give you options for items you can cut from your service to lower your cost.  Either way translates to more money in your pocket.

If you are looking for extra money, the only solution isn’t to get a part-time job.  There are plenty of ways to trim your costs and generate extra money if you are creative.

Guest Post by Melissa

What should you look for in a student bank account?

Heading off to college is an exciting time in any young person's life, but it can also be stressful. With so many decisions to make regarding class schedules and dorm room décor, a student bank account may be the furthest thing from your mind.

College orientation weeks tend to feature credit card and bank representatives beckoning students to sign up for their financial services. Before you go with the bank dishing out the free gifts, look for one with better perks like a free overdraft.

Banks are going to entice college students into opening accounts because they view them as potential life-long customers.

Most students come to college never having held a separate account from their parents and those work-study funds have to be deposited somewhere.

Keep in mind that banks exist that offer free checking, convenient online banking, free savings and overdraft protection, all of which are better for students just learning how to manage finances on their own.

You need to choose a financial institution that has a convenient location.

A national or regional bank near the university will be best for easy withdrawals and deposits, but you also want to consider those emergency or regular care funds your parents want to send. Having a bank in their location as well as near the college will make it easier on everyone.

Make sure that ATMs are within a short distance of your university. Using another institution's ATM will rack up fees you don't want to pay. It's okay if your bank doesn't have an ATM on campus, as long as there's one within a short distance.

Although you may only be thinking about a student checking account at the moment, consider more long-term financial needs. Does the bank lend student loans? Do they offer online bill pay? Are credit cards available?

While you may be tempted to get customized checks featuring your college's mascot, remember that the plain checks serve the same purpose and are often free. Chances are you will be using a debit card more often anyway, so don't bother spending extra money having your school's name stamped at the corner.

Responsible students need to appreciate and utilize a savings account. If you plan to save money during college, consider a certificate of deposit (CD). These accrue higher interest and have to be left alone for a certain period of time, so you could open one during your freshman year and cash it in as a graduation gift to yourself. You can check out a full range of savings and current accounts at moneysupermarket.com.

Don't underestimate smaller regional banks and credit unions. These often provide better deals in regard to lower fees and higher interest rates than national banks and you may even find an on-campus credit union that caters specifically to students.

Set up your online bill pay early, preferably right after you open your brand new account, so you can learn how to pay your bills from the convenience of your dorm room.

If you're still unsure which bank to go with, ask around campus or talk to friends and roommates to get a better idea of where students on campus are banking.

No matter which type of account or bank you go with, be responsible with your funds and keep track of the amount of debt you accrue. You will probably be graduating with some amount of student debt as it is, so you don't want even more from credit cards and other loans.

Guest Post by MoneySuperMarket