How the Insurance Business Works

In some lines of insurance, one additional type of service is important: engineering and loss prevention. The quality of engineering service varies from company to company.

A well qualified corps of inspectors may weigh the balance in favor of a given company for a boiler and machinery line. And an imaginative engineering department may be the deciding factor which swings a workman's compensation line from one company to another.

Wherever insurance is concerned, there is no one best life insurance policy. Many arguments have been and will continue to be advanced by the proponents of each of the several types of companies. Each group rightfully can claim some advantages; each has some disadvantages.

Variations are present among carriers of the same type. These are more important than variations among types of companies. Factors that should be considered in selecting a carrier are its financial condition, its services, and its rates. Competition tends to reduce the points of distinction among carriers.

Here are some questions that outline life insurance basics and may help you to better understand how insurance companies work:

? Many people who accuse the mutual insurance companies of doing business contrary to the traditional American way often exclude mutual life insurance companies from their attack. How do you account for this lack of consistency?

? Mutual companies are not automatically stronger than stock companies, nor are stock companies automatically stronger than mutuals. By making use of financial data reported in either the Spectator Insurance Year Book or Best's Insurance Reports, demonstrate the authenticity of this conclusion.

? It is generally said about any product that you get just about what you pay for. It would not be too difficult to disprove this comfortable axiom in so far as the insurance business is concerned. How would you go about it?

? Since mutual insurance companies generally write insurance at lower net rates, how do you account for the fact that they have not driven the stock companies out of business?

? Why have the mutual carriers been so much more successful in the medical insurance business than in the life insurance business?

? If participating life insurance policies are held long enough, the dividends paid on it may more than offset its higher initial cost. How long will a participating policy have to be held before it becomes cheaper than a nonparticipating policy? Under what circumstances may it never become cheaper?

? By far the larger percentage of new life insurance is written by mutual companies, whereas the overwhelming majority of fire insurance is written by capital stock companies. Does this prove the superiority of either type of company in its field?

? If Best's Insurance Reports rate a company as "good" or even "very good," does this mean that an insurance buyer can purchase low cost life insurance from this company with complete confidence as to its financial stability?

? What are the factors that should be considered in appraising the financial standing of an insurance carrier? Select your favorite carrier and appraise its financial condition in so far as you can ascertain it from published reports.

? You are the general manager of the Big Value Corporation and have asked your insurance manager to write a report justifying his selection of insurance carriers for presentation to the board of directors. What type of information would you expect to find in this report?

? A large university has established an insurance buying policy which prohibits the purchase of more than 25 % of its insurance in mutual companies. Is this a sound policy?

? A university calls for bids on its insurance and generally divides its purchases among a number of different agents. Are there any disadvantages to this type of buying policy?

? Is it possible for a city or county to do business entirely with one agency without antagonizing the rest of the agencies in the community?

? You are a member of your state legislature and a bill is before you to establish a state fund for life insurance without medical. How would you vote? How would you explain your position to your constituents if called upon to do so in your campaign for re-election?

Sarah Martin is a freelance marketing writer specializing in finance, business, and different types of low cost life insurance. For life insurance without medical quotes, please visit http://www.equote.com/.

Overhead and Profit Disputes in Property Claims

If you do not know how to handle overhead and profit (OHP) issues in your insurance claim settlement, you could lose tens of thousands of dollars that you are entitled to collect. Yet, many policyholders find themselves forced to use savings or borrowed money to complete repairs. It should almost never be so.

In any property or insurance claim, if you have to come out of pocket more than your deductible for repairs or replacement, your claim has not been handled correctly.

There have been disagreements over how to handle overhead and profit between insurance companies for years. I have handled claims for insurers who mandated that OHP must be removed on all repair estimates. Some insurers will pay OHP, but limit it to 10% overhead and 10% profit. Some pay OHP, but will only pay it when the policyholder provides a signed contractor repair contract.

But you should know that OHP is a legitimate expense of repair in a property loss, and your insurance company should not dispute OHP. Contractors have to manage sub-contractors, get building permits, pay their labor, materials and the rent, and get the work done while earning a profit.

Traditionally, in a homeowners, renters or business policy, insurance companies will consider OHP when there are three or more building trades involved in the repairs. For example, when there are carpenters, electricians and plumbers doing repairs, OHP is paid. However, if you only had a painter and a wallpaper hanger, most insurers would not pay OHP costs.

But consider how much this could affect your claim. If you had a fire claim with a $50,000 repair estimate with a general contractor handling the loss, 10% overhead is $5,000 and 10% profit is another $5,000. Together, that's $10,000 more money owed to you.

So, if you submit your repair estimate and it has OHP built into it, make sure that the insurance company pays the OHP. It could be the difference between getting all your repairs paid for, and you having to pay some repairs yourself.

If you have experienced a property loss, whether fire, wind, flood or other, you need to know winning insurance claim strategies.

The insurance company will not tell you the claims process, but I will. I will show you how to take control of your insurance claim, and add hundreds or even thousands more dollars to your claim settlement. For more information, go to the website listed below.

Now, I'd like to offer you two special reports at no cost. One is "5 Things To Do When Shopping For Car Insurance," and the other is "5 Things To Avoid When Shopping For Car Insurance." Each one is a $9.95 value, but free to you when you sign up for my newsletter at the website address below.

P.S. I wrote a book that YOU need!

Check out: http://www.insurance-claim-secrets.com

NUMBER ONE at Amazon.com in its category!

Nominated for Georgia Author of the Year Award 2008

Finalist, USA Book News "Best Book Awards 2008"

My blog is at: http://insurance-claim-secrets.blogspot.com/

Another Insurance Company Scam - Denying Payment on Deaths From Fire

In March 2007, a disgruntled nurse set fire to a six-story atrium office building in Houston, Texas. The building suffered extensive damage, and three people died from smoke inhalation.

The primary insurance company with a $1 million policy on the building has accepted liability. However, there is another insurance company involved.

Great American Insurance Company has Excess coverage on this building over and above the underlying $1 million policy up to a limit of $25 million. They have appeared in the courtroom of US District Judge Lee Rosenthal and argued that the deaths were caused by "pollution," which in their view, is the smoke generated by the fire.

Most all policies have a coverage exclusion for Pollution, which is meant to exclude coverage for seepage or discharges of pollutants that cause damages. But the Pollution Exclusion also mentions smoke, fumes and soot.

And, that is where Great American is hanging its hat.

Great American is arguing that coverage for the property damage and deaths should be denied because the smoke from the fire qualifies as "pollution," and as such the claim should be denied.

In my opinion, this argument violates the intent and clear words of the Pollution Exclusion.

I hope that you are as outraged as I am over this travesty unfolding in a Houston courtroom. But, stop for a moment and consider how smoking mad the families of the three victims of the fire must be. There's no question how these people died. Smoke inhalation is one of the most common causes of death in fires, much more common than injuries and death from flame. And the reason is that the building materials of today create deadly toxic fumes when they ignite. Many times, it only takes one breath of these fumes to kill a person.

I pray that the judge will use common sense and rule against Great American. It's too bad that the judge cannot punish them for violating Unfair Claims Practices regulations here. But, proffering a bogus motion in court is likely not enough to qualify as bad faith.

But, wouldn't you agree that this effort by Great American is as close to Bad Faith as possible?

If you have experienced a property loss, whether fire, wind, flood or other, you need to know winning insurance claim strategies. The insurance company will not tell you the claims process, but I will. I will show you how to take control of your insurance claim, and add hundreds or even thousands more dollars to your claim settlement. For more information, go to the website listed below.

Copyright 2008 by Russell D. Longcore

P.S. I wrote a book that YOU need!

check out: http://www.insurance-claim-secrets.com

NUMBER ONE at Amazon.com in its category!

Nominated for Georgia Author of the Year Award 2008

Finalist, USA Book News "Best Book Awards 2008"

My blog is at: http://insurance-claim-secrets.blogspot.com/

Sickness Insurance Would Help You Out Financially While You Recovered

We all fall sick at times and for the majority of time it is just the odd day or two and then we are back on our feet again. However occasionally we suffer illness which requires a much longer recovery time and in some cases this could be several months. The majority of people can manage financially when faced with just a couple of days of lost income. Several months would be a totally different matter and you could be left with a financial struggle on your hands. Sickness insurance would go towards alleviating any worry of how you would continue meeting your payments each month.

The insurance works by the policyholder choosing the amount of their mortgage, loan repayments or income, up to the amount pre-agreed with the provider. The sum you chose to protect would be paid back to you if you suffered sickness that meant you were unable to work. However you would have to be incapacitated for the period set out by the provider. Some will allow you to make a claim after the 30th day and with others it could be up to the 90th day.

A policy can be taken out with a provider who specialises in payment protection products. This is usually one of the cheapest ways of securing your repayments against falling ill. You would have to make the choice of which type of sickness insurance to take out. You could choose to take out mortgage protection for repayment peace of mind of your monthly mortgage repayments. Protect loan repayments with loan protection and your essential repayments with income payment protection.

Taking out sickness insurance should be considered as without it you could have to struggle and make changes to your lifestyle in order to try and meet your outgoings. Protecting your home with mortgage cover against sickness would mean you would not be worrying about falling behind on your repayments. Recovery could be hindered by worry of mortgage arrears and for a small premium each month this can be averted. Being able to service the repayments of a loan would also cause concern. If you were to be unable to maintain the payments and fell behind you would have to repay the arrears of course and by then your credit file will have a bad mark against it. If this were to happen then any future borrowing would be next to impossible and it can take a lot longer to repair your rating than it did to destroy it. You would have peace of mind with income protection that there would be money towards maintaining any bills that came into the home regularly.

Sickness insurance provides great comfort at a time when you would need it the most. Taking the protection with a standalone provider offering payment protection often works out a lot cheaper than adding in cover at the time of borrowing. Great savings can be made this way and of course an independent provider who just sells payment protection will know their products back to front and pass valuable information onto you. Use this information to ensure suitability of protection insurance and you then have a security blanket to turn to if needed.

Jason Hulott is Editor of Protection Insurance, please drop by for protection insurance and Life Insurance. Visit http://www.protection-insurance.com

Accident or Sickness - Unemployment Insurance Provides Security

It seems like everyday more and more redundancies are reported on the news, in the event that you should become a statistic how would you manage to cope? Finding another position could take many months as jobs are sometimes hard to come by and during this time bills would still come flooding in. Where would you get the income to keep servicing them? If you manage to survive redundancy you might be unfortunate enough to become a victim of accident or sickness which left you unable to work. Again the same would apply, with a loss of income you would have to find money to continue meeting the demands of your outgoings. Accident sickness unemployment insurance would allow you peace of mind that at least you would have money coming into the home.

First you would have to sit down and look at what outgoings you have to make each month. These could include mortgage repayments, loan repayments and of course the standard outgoings of electricity, heating, gas and food bills would all have to be taken into account. Accident sickness unemployment insurance comes as mortgage, loan or income payment protection so you can choose the type of protection you need. Once you have decided which would be the most suitable you then choose how much of your loan or mortgage repayment or your monthly income you want to protect. All providers would state up to a limit so checking before taking out the policy is essential. The amount you chose to insure would be the sum of money you would receive back if you should suffer from unemployment or incapacity. This sum would come back to you as a tax free payment each month for the length of the policy.

There is always a deferment period which you would have to wait before making a claim. Some providers ask that you are unemployed or incapacitated for at least 30 days and then claim on the 31st. Other providers might extend this up to the 90th day. Different providers would also payout for different lengths. Some could offer payments each month for 12 months and other might continue paying out for up to 24 months. Some providers could give you the choice.

Shopping around for accident sickness unemployment insurance would be the best way to ensure that you get the cheapest premiums. While you can take out a policy with the borrowing from the high street lender usually they charge way over the odds. Standalone providers will charge a premium each month which is based on your age when you apply for cover and the amount chosen to insure. If you take age based protection the younger you are when taking out a policy the cheaper you get the premiums. This makes cover affordable for the younger generation who often have little money left over to play with each month.

Accident sickness unemployment insurance can be a lifeline providing you with an income that allows you to concentrate on recovering or allows you to search for work again. You would not have to worry about finding money which could mean making cutbacks that could cause strain and upset within the whole family. It could prevent you from falling into mortgage arrears which could mean you lose your home and safeguards your credit file.

Jason Hulott is Editor of Protection Insurance, please drop by for protection insurance and Life Insurance. Visit http://www.protection-insurance.com

Unemployment Protection Insurance - Provides the Safety Net of a Replacement Income

Unemployment protection insurance has to be given some serious thought as there are three different types. All would protect your repayments against the possibility that you might lose your income to redundancy. All would also payout an income after a deferment period and for up to so long before expiring. All cover would also bring enormous peace of mind of an income which would mean you would not be left struggling.

Whichever type of unemployment protection insurance you chose to take you would have to decide how much you wanted to protect. All providers will however set a limit on this so you have to check before taking the protection out. The amount the provider agrees to protect with you would be the sum that you get back if you make a claim due to becoming unemployed. The payments would be tax free and would continue for either 12 or 24 months depending on the terms of the provider. A deferment period, the period of time you have been unemployed, of either 30 or 90 days is usually set out in the terms of cover and again needs checking before buying.

The types of cover you have to consider are mortgage, loan or income payment protection. The insurance would protect the repayments as their name would suggest. For example mortgage insurance allows you to safeguard so much of your monthly mortgage repayment. While shelling out another monthly payment might seem daunting, when you stop to consider the results of not having insurance you can see it could be well worth it.

Without unemployment protection insurance to fall back on stop and consider for a minute how you would maintain your outgoings each month. If you have savings and think that you will fall back onto these then consider for a moment how much your outgoings add up to each month. Then consider the fact that you could have to turn to savings for several months as jobs are sometimes hard to find. Would they last for this duration? Another common idea when considering how you would manage is being able to claim benefits from the State. State benefits could be applied for but you could find you would be ineligible to claim. Even if a claim was possible often the income supplied by the State is far less than your own income. This could still leave you with a struggle on your hands each month as it might not spread out too far.

Unemployment protection insurance used to fall back onto could alleviate a great deal of stress and worry at least about financial matters. Providing you had pre-checked the terms of the policy you would know that at least for the term of the cover you would have the sum of money you insured coming in each month. There would be no guessing as to how much you might receive each month. You would know you would not have to juggle bills around each month simply to get through. You would also not have to fall behind on payments with the hope that you could catch up in the future. You would just be able to concentrate on looking around, applying for interviews and attending them with the hope of securing a job.

Jason Hulott is Editor of Protection Insurance, please drop by for protection insurance and Life Insurance. Visit http://www.protection-insurance.com

Redundancy Cover Could Make Life Easier Throughout Unemployment

Redundancy cover could make life easier if you should become unemployed. The policy is designed to present the policyholder with an income which would be the sum they insured. When taking out cover you choose from mortgage, loan or income payment protection and insure a pre-agreed amount of your monthly repayment or your monthly income.

All providers would state a deferment period which is the period of time you would have to wait before making a claim. This would usually be between the 30th day of unemployment and up to as much as the 90th. Once you have begun to claim and receive your income you would then continue to do so for between 12 months and 24 months. After this period of time the protection would simply expire.

The redundancy cover you would choose to take out would depend on what you have to maintain each month. You could have mortgage repayments that need servicing each month and failure to maintain them would lead to mortgage arrears. If you cannot repay them you could lose your home to repossession. With mortgage payment protection behind you to fall back onto you would have a large portion of income towards keeping up with your repayments.

Loan repayments could be protected with a loan payment protection policy. You would have the income towards your loan repayments each month which would go towards ensuring you do not fall behind on payments. Any type of missed payment whether they are loan or otherwise would affect your credit file. Your credit file is what lenders take a look at when deciding whether they will give approval when you apply for credit at anytime. If you have a bad mark against you for failing to keep up with your repayments it is unlikely you would obtain credit.

Redundancy cover taken out in the form of income payment protection allows the policyholder a sum of money that goes towards all outgoings. This is a very versatile form of insurance against a lost income as you can use it towards any payments and bills. You might use a portion of the income to continue meeting your family food bill each month. Keep the heating and lighting bills paid; in fact you can maintain any bills that come into the home with the sum of money.

Life without redundancy cover could become very difficult during a time when you least need it. Without cover you would be searching for work always with the worry at the back of your mind about not having money to cover bills. While the insurance means that you have another payment to make each month if you shop around you can get cheap premiums for a policy. Standalone payment protection providers usually offer the cheapest premiums and even these vary considerably. Always compare the cost of insurance and along with this the terms and conditions of the protection. Checking the small print and key facts is essential as this is where the exclusions are found and once you have checked these against your lifestyle you have something to fall back onto if needed.

Jason Hulott is Editor of Protection Insurance, please drop by for protection insurance and Life Insurance. Visit http://www.protection-insurance.com

The Insurance Industry's Latest Scam - The Anti-Concurrent Causation Clause

Everyone remember what happened all over the South when Hurricane Katrina hit in 2005? The insurance companies denied thousands of claims because they said that the damages were due to flood, not wind. So, for those who did not have flood insurance, their claims were denied. The insurance companies paid smaller claims for the wind damages.

Well, the insurance companies got busy since then and have convinced 48 of 50 state Departments of Insurance to approve new policy language. So, understand that this new ripoff is brought to you with the blessing of your state's Insurance Commissioner.

The Anti-Concurrent Causation Clause is just technical-sounding enough to begin getting your eyelids to slam shut. But don't leave me! This is one of the worst policy amendments that the insurance industry has ever done.

The new policy language is a part of the language and forms of the Insurance Service Office (ISO), the organization that submits standard policy language to the regulators. Companies like State F*arm Insurance have already filed their own language, but it's almost identical.

Here's what the Clause basically says: If any percentage of the damage is caused by a covered peril (like wind) and any smaller percentage of the damage is caused by a peril not covered (like flood), the insurance company can DENY THE ENTIRE CLAIM!!

Here is the exact language found under the "Exclusion" section of a new homeowners policy:

We do not insure under any coverage for any loss which would not have occurred in the absence of one or more of the following excluded events. We do not insure for such losses regardless of (a) the cause of the excluded event; or (b) other causes of the loss; or (c) whether other causes acted concurrently or in any sequence with the excluded event to product the loss; or (d) whether the event occurs suddenly or gradually, involves isolated or widespread damage, arises from natural or external forces, or occurs as a result of any combination of these.

Then, the policy lists a number of exclusions.

Look at this example. If you live along the Gulf Coast, and hurricane winds caused 90% of your damage, and 10% was caused by the storm surge (not covered in a homeowners policy), the insurance company can and will deny all coverage for all of the damage!

So, for those homeowners living in states where hurricanes, tornadoes, heavy snowstorms, or any kind of severe weather occurs, your policy may not provide you any coverage.

What can you do to fight back?

1. Shop for a policy that does not have this new policy language in it.
2. If you can't find a policy in your state without that new language, contact your Insurance Commissioner and submit written objections and complaints.

If you have experienced a property loss, whether fire, wind, flood or other, you need to know winning insurance claim strategies. The insurance company will not tell you the claims process, but I will. I will show you how to take control of your insurance claim, and add hundreds or even thousands more dollars to your claim settlement.

For more information, go to the website listed below.

Copyright 2008 by Russell D. Longcore

P.S. I wrote a book that YOU need!

check out: http://www.insurance-claim-secrets.com

NUMBER ONE at Amazon.com in its category!

Nominated for Georgia Author of the Year Award 2008

Finalist, USA Book News "Best Book Awards 2008"

My blog is at: http://insurance-claim-secrets.blogspot.com/

Goodbye to Expensive Payment Protection Insurance

For years the banks and loan providers have raked in high profits by selling Payment Protection Insurance to clients whilst the clients were taking out loans. The problem has been that the insurance has not always been properly explained to the client so many have found that if they claim, there's some clause that rules their claim invalid. On other occasions, the bank has not made it clear that the insurance is optional or has not clearly spelt out the true cost of the insurance.

All this has got the Competition Commission and the Financial Services Authority very hot under the collar.

The Commission recently published its findings of its enquiry into the Payment Protection market, worth some ?5.5 billion. Their report concludes that the market is uncompetitive because most buyers do not realise that they can get the same cover cheaper elsewhere and the selling tactics used by the lenders mitigate against the client shopping around. Furthermore, the Commission concluded that many of the policies offer very limited cover for illness or unemployment. (Indeed, in recent weeks some insurance companies have withdrawn from providing unemployment cover as they limit their exposure to the effects of the credit crunch.)

The Commission believe that lenders should not offer Payment Protection insurance whilst the loan is being arranged. They believe that clients should be given at least 14 days to shop around for the insurance before the lender attempts a sale. And they also want to ban the sale of single premium Payment Protection Insurance - that is where the total cost of the insurance over the policy's full term is added up and added on to the loan.

We very much support the Commission's finding but unsurprisingly the lenders are less impressed! They have been allowed to respond to the Commission and we understand, they have strongly opposed the findings.

We view the issue as should the lenders be allowed to power sell Payment Protection Insurance when the client would get a much better deal elsewhere? Let us be charitable and assume that the lenders will clean up their act and ensure that they properly check that the client would not be excluded from claiming, that they clearly explain that the insurance is optional and clearly explain the true cost of the insurance. (I think we are being fairly charitable here as past history and the Financial Services complaint files would suggest that it's a tall order!)

For the 14 day break to be really effective, the lenders should be required to tell their loan clients that it is very much in their interests to have Payment Protection insurance, which it is, and they should get some quotes before the lender comes back to the client with their quote on 14 days time. The lenders are sure to tell the client how important the insurance is but can you see lenders effectively suggesting that the client gets competitive quotes before they have time to present their own quote? No chance!

So, if at any time you need Payment Protection Insurance, please do not automatically accept the quote your lender provides. The fact that you are reading this article proves that you use the internet - so use the power of the internet yet again. Search for Payment Protection Insurance and I'll bet you the ham sandwich I'm eating, that you'll save at least 30% from the lenders "very competitive" quote.

Brokers Online provides its users with handwritten articles based around topical financial issues. They also offer a blog that comments on financial news in the uk. They offer Mortgage Payment Protection Insurance, mortgage-life-insurance, Mortgage Protection Insurance and much much more all online. (http://www.life-assurance-bureau.co.uk/mortgage-payment-protection/)

Make Sure That Your Insurance Coverage Grows As Your Company Does

A primary goal of new business owners is to keep operating costs low. At launch, they may not have a tremendous amount of risk or liability, and will only purchase the necessary insurance such as Commercial General Liability coverage and workers' compensation. Over time, as the company grows in size, profits and liability, many business owners don't take the time to reexamine their policies to ensure they have adequate insurance coverage.

Why Your Basic Coverage Might Not Be Enough

Typically, with Commercial General Liability policies, four types of claims are covered:

? bodily injury;

? property damage or loss;

? personal injury, such as libel or slander;

? advertising injury.

While commercial liability insurance is fairly inexpensive, costs for defending a claim are not. This is where General Liability comes in. This will cover all damages, legal fees and settlement charges up to the policy limits. General Liability is often packaged with Property coverage in a Business Owner's Policy (BOP).

BOPs are designed specifically for small- to mid-sized businesses that are classified as low-risk. It should include physical assets, such as office furniture and computers, and, in some cases it will cover loss of business income.

Consult with Your Broker - Update Your Coverage

It's important for business owners to periodically review their policy with their broker - particularly when the company experiences significant change or growth - this will ensure that the company is armed with the right amount of protection. Additionally, as the business climate becomes increasingly complex, so does the insurance needs of business owners.

Cover All Your Bases

In many cases, businesses have taken the proper steps to insure against property loss and injury claims - the more traditional forms of commercial insurance coverage - but may have overlooked protecting themselves against claims of negligence. Errors and Omissions (E&O) insurance, also known as Professional Liability insurance, protects organizations or individuals against claims of professional negligence throughout a variety of professional services.

Businesses dealing with global vendors will also want to consider an additional type of coverage: vendor insurance. In fact, some foreign companies will not even do business with a company outside of their country if they do not have this coverage.

Best Ways to Upgrade Your Small Business Insurance

Business owners can easily bolster their protection by increasing their Commercial General Liability coverage or by adding supplemental insurance to their existing Commercial Liability insurance policy. Types of supplemental insurance include:

? Auto/fleet insurance: Provides coverage for injury, damage or theft on company-owned vehicles, as well as for employees who may be involved in an accident while driving a personal car on company business.

? Business interruption insurance: Replaces normal business income when insured losses negatively impact a business's bottom line. In other words, it reimburses a company for lost income until the company is able to resume full operations.

? Third Party Fidelity/employee dishonesty insurance: Covers the cost of losses if an employee steals money, equipment or other assets from the business owner or one of the business's clients.

? Umbrella insurance: Provides additional coverage when a claim exceeds the limits of an underlying insurance policy.

Be wary of adding too much supplemental or umbrella insurance coverage; costs can begin to add up. Business owners should spend some time researching ways to lower their premiums. Often this can be done with a few simple steps, including, keeping duplicate records off-site; installing an alarm system; and researching the number of claims brought against companies operating within the same industry. If there are very few lawsuits, the business owner should present this information to their broker.

Risks and needs for coverage will vary. There isn't a one-size-fits-all when it comes to Commercial Liability insurance policies. It's important for business owners to make it a point to discuss their coverage with their brokers, and usually a good time to do this is when the policy is up for renewal.

James Cochran the founder of Business Insurance Now-dedicated to provide quality small business insurance. Jim is actively involved in the industry for over a decade and understands that errors and omissions insurance has for consulting companies. His network of carriers can get you the lowest rates available on general liability insurance for your small business

Don't Be Insurance Ignorant

As we sit in the midst of a recession period, many will be analysing their financial situations and searching for solutions as to how to free up funds. Everything from bills to high street prices is putting a strain on our wallets during this difficult time.

However, according to a recent survey, almost a quarter of Brits are putting themselves at risk by choosing to avoid some insurance policies in order to save money. Indeed, around 24% of those surveyed admitted to not having many of the most common, and vital, insurance policies on the market.

Insurance plays a large part in our financial and personal well being. Everything from car insurance to life insurance offers some form of financial protection against situations when we might need some help in the event of accidents or disaster.

Home insurance was shown as being the most commonly owned type, with over 60% of respondents having some form of cover secured against their property. Worryingly enough, over 75% of respondents confessed to not having taken out travel insurance when they've been on holiday, whilst the most disposable type of insurance appears to be payment protection insurance (PPI), with only 12% of those surveyed having taken out such policies.

When it comes to life insurance, there appears to be a degree of separation between different age groups, with many in the 51 to 55 year old bracket having taken out more policies than those in the 19 to 21 age group. There are a variety of policies that cater for the younger saver, and budgeting to ensure you save towards a life insurance policy is an important step in ensuring that you are providing protection for your family should anything happen to you.

In these tough financial times, you may find yourself analysing your finances in order to save money and free up some extra income. But as we all know, life is never straight-forward, and it can be worth ensuring that you have insurance plans for a variety of factors. By budgeting to include payments on such policies, you can help protect yourself, your possessions and your family against any unforeseen circumstances.

When searching for a policy, it's best to shop around, with a variety of larger insurers offering policies on everything from motor insurance to travel insurance, as well as those who offer policies for specific groups - such as travel insurance for extreme sports enthusiasts and insurance for those with classic vehicles.

But whatever you do, don't be tempted to put off applying for a policy, with a bit of careful planning and budgeting you can allow yourself that little degree of protection should the unexpected happen.

Looking to save money on your car insurance and any other policies you may have? Compare insurance prices online in order to find policies from motor insurance to life insurance and find a deal that suits you and your budget.