Construction Insurance – Importance and Coverage

Construction involves large number of manpower and huge investments of money. The workers at a construction site risk their lives working at great heights, with dangerous tools, toxic materials, heavy equipment, under tunnels, etc. Hence, construction is associated with high amount of risk for money and lives. A slight negligence or bad fortune on part of the worker or owner may prove too costly. It may lead to a huge financial loss. These unfortunate events require tools, which can bail the company out of the situation. Here arises the need of ‘Construction Insurance’, the risk management tool, customised specifically for the construction industry. Construction insurance is like any other insurance, which is used to protect the various parties associated with construction process.

A comprehensive construction insurance policy covers all the expenses that may occur due to property damage or personal injuries at the construction site. This insurance not only includes the organization owner, but also workers, employees, tenants, sub-contractors, sole proprietors and business partners.

Importance of construction insurance

As discussed above, construction involves usage of heavy equipment, materials, labour, etc. and is more prone to accidents. Since the business stands liable for any accident on the construction site, it is the business owner or the contractor that should pay for the medical treatment charges of the injured or compensation to the families, in case of death of the worker.

Material costs associated with construction are very high. Any damage to the structure or the materials leads to huge financial loss. Insured with the construction insurance, one can seek financial assistance from the insurance company.

The buyers of the flats or the constructed property will have all rights to sue the construction company, in case of faulty construction. In such cases the construction company has to pay for the remodelling or repairing the constructed site. Construction insurance protects the builders from those claims, by providing financial assistance.

Apart from the above circumstances, construction insurance provides wide coverage, providing security to the business in case of unpredicted events.

Four main areas it covers

Construction insurance is very significant in terms of its coverage. It is very comprehensive and is specifically designed to cover every aspect of construction process, to make the business process flexible. Construction insurance covers four major areas of business insurance. They are:

Public liability insurance

Public liability insurance is a general insurance to be possessed by any business which involves interaction with the customers or people in general. Public liability insurance as part of construction insurance helps the businesses in case any damage to third party property or individuals is caused by employees or the tools used in construction.

Employers liability insurance

As the construction industry involves lot of risks, any worker can get injured or die at any point of time, due to the faulty equipment or negligence of supervisors or co-workers. Employers are responsible for the health and safety of their employees at construction site. Moreover, the employees will have every right to sue the owner and claim for compensation. In case of such unexpected events, the employer or the owner can benefit from the construction liability insurance, as the insurance company pays the medical costs or the compensation associated with the claims.

Contractors all risks insurance

Contractors all risks insurance is customised for construction businesses. It provides assistance for contract works of new houses, theft of materials or tools, damage to the materials or tools due to unexpected events, sudden stoppage of on-going works of new houses, owned or hired plants, etc. This insurance acts as a perfect help for the most commonly incurred accidents in the construction process.

Personal accident insurance

This insurance is specifically designed for managers, sole proprietors or business partners. This is useful in the cases, where the person injured can’t blame any other person for the injury caused to him. This is helpful in providing assistance during the period for which the injured person cannot get income.

Construction insurance is very important for construction businesses as the damage or the financial loss occurred is very hard to be recovered. Businesses should realise that the cost of premiums for insurance is less when compared to the compensation costs. Therefore, it can be concluded that, construction insurance is very valuable in making the business sustain for long run.

Obtaining Insurance For Cars Is Not A Daunting Task

For many people, obtaining insurance for cars is a daunting subject. With so many different   insurance  providers and  insurance  products to choose from, finding the  perfect   solution  for your needs and requirements can border on the impossible… Luckily, insurance companies are going out of their way to make the process as quick and painless as possible, which is a welcome change from a couple of years ago.

While the many different insurance providers can certainly add to the confusion, we actually need to be thankful of the wide variety that we can pick and choose from! The insurance industry is a very competitive industry and this certainly plays to the advantage of the client wanting to obtain car insurance quotes. Each insurance provider is trying to offer a better, more appealing deal than the next, which means that insurance quotes are not only very competitive, but the associated benefits and features are equally impressive!

Obtaining insurance for cars quotes online is one of the easiest ways of getting the job done! By logging onto the internet and visiting one of the many insurance portals, you can quickly and effortlessly obtain anything between 5 and 10 insurance quotes, depending on the particular insurance portal. Once you’ve collected the quotes you can then work through all the offerings from the comfort of your own home or office, before choosing your top 2 or 3 quotes. From there you can then even visit the individual websites of the companies you are interested in, and investigate further details such as the company’s history, customer feedback, claim history etc.

One thing that you have to keep in mind is that most car insurance companies will have no problem negotiating their offer. Therefore, if you receive a quote that you find a little bit steep, but you are satisfied with the company and the rest of the offerings, you should consider making an appointment with an insurance agent at the company and discussing the options with them. If you can show them quotes from other insurance companies with a better offer, even better! As already mentioned, the competition between insurance providers is fierce and such providers will generally do whatever is necessary to hook the client.

Another way to take the best advantage of the competition in the industry, is by making use of a professional insurance broker. These individuals have extensive knowledge of the insurance industry – if there is a special offer or fantastic deal, they know about it! Brokers are generally able to offer you a wide range of products and solutions from different service providers. They are also trained to structure the best package for an individual’s specific needs and requirements, which is of course vitally important! Therefore, when obtaining insurance for cars, do not frown at the number of providers trying to lure you in as a client, rather embrace the opportunity and make sure that you choose the best package for your needs and requirements. Make sure that you have your insurance in place as soon as possible – it is the responsible thing to do!

Insurance Software Solutions

 Insurance  software  solutions  have changed the  insurance  market in a big way. This software is produced by a number of Internet companies and provides innovative and cost- effective  solutions  for the  insurance  field. A good insurance software package will enable a business to reduce operational costs, improve customer service and stay current on emerging business and regulatory needs.

 Insurance  software  solutions  packages often include business information and services to enhance customer service. This can include customer service management, premium-benefit issues and claims processing. The software program you select should have a proven track record and offer professional, courteous services for integration, conversion, training and support.

Softwarenetwork.com recommends the following  Insurance  software  solutions  programs:

The Gen4 Product Suite is a leader in providing integrated, full service agency, human resources and employee management solutions. Insurance companies benefit because the program offers more features, efficiency and data accuracy, as well as easier data migration and the best end-user experience to meet your companies specific needs.

Strategic Insurance Software, Inc manufactures SEMCI PARTNER – a full-featured management system that provides an integrated prospect client and policy database with features like notes, reports, word processing and marketing.

AGO Insurance Software, Inc. has computer software and services for the property and casualty industry. The packages include solutions for policy administration, claims processing, accounting, bureau reporting and expert systems. They provide implementation and on-site training on both the micro and midrange platforms, including client/server installations.

The IBQ Systems is an application service provider (ASP) focused on increasing productivity in the insurance industry via the Internet. IBQ’s products focus on the exchange of data between insurance companies and agents. Moving the industry away from paper transactions, IBQ increases the efficiency of insurance sales and maintenance, while reducing the cost per transaction. IBQ’s tightly integrated suite of products includes rating programs (Q-Rater), application software (Q-App), and administrative modules (Q-Admin) that allow you to offer virtually any type of insurance to your agent base. All products are Internet- based, and they can be used from any computer with web access.

Workers Comp Insurance Isn’t Required in Texas – Does My Business Really Need It?

Texas is the only state in our great union that doesn’t require employers in some form to carry workers comp coverage. Is this good news?

I run across many Texas businesses that choose to go bare. I hear things like, “Hey, my employees work in an office, what’s going to happen? If someone gets a vicious paper cut, I can write a check to the urgent care center. Problem solved, right?”

Educate Yourself on the Risks

Maybe. As long as you are comfortable with the risks. What else can happen to your office employees? Do they ever drive their own vehicles for business purposes? Ever drive to the bank to do a deposit or make a run to Office Depot? Ever go on a sales call? (I know after last quarter’s numbers you sometimes wonder, huh)? What happens if your employee gets in an at-fault accident and sustains serious injuries? Who pays for hospital stays, medications and lost wages if you don’t have Workers Comp? Well let’s see:

Health insurance? Nope. Automobile insurance? No again. General Liability Insurance? Excluded. You guessed it. You do!

A Risk Management Axiom

There is a risk management axiom that you should only retain the level of risk you can pay for. To throw in a little perspective on medical expenses, one of my ten year old twins recently had a little ER visit for doing a head-gravity-ground experiment while playing “touch” football. We were there for an hour and a half. The bill… Over $16,000! How much for a serious auto accident? Hundreds of thousands of dollars? More? Can you write a check for that?

Statutory Compliance

There are a couple of other issues you need to be aware of if you choose to go without workers comp coverage (this is called non-subscription). If you are a non-subscriber, then you are by law required to file a “Form 5” with Texas Department of Insurance every year. Failure to do so carries potential administrative penalties and fines. You can get a copy of a form 5 on the TDI website, or get in touch with me at Austin Insurance and I’ll be happy to send you one.

The Realistic Risk

Perhaps the most realistic exposure to non-subscription is the cost of being sued by an employee for on the job injuries. Even if you are vindicated in court, you will still incur potentially substantial legal fees. Now my attorney is a nice guy, but at $300 an hour I tend to forgo the chit chat.

Furthermore if you are sued by an employee for negligence, then you are severely hamstrung in any legal defense you employ because your attorney will not be able to use many common law defenses that are typically critical in defending negligence suits.

The Solution

The good news is that the level of workers comp fraud has diminished over the last few years and rates have come down. In fact for office workers annual rates are as low as 25 cents per $100 of payroll. Make sure you are protected!

Secured Loans – Perfect Solutions For Homeowners

Ever imagined a life without your cell phone, credit card, and car? Once considered as luxury items have now become necessities. Life is going at a high speed. New technologies and innovations certainly make life smoother and convenient. Internet i.e. the web media of mass communication is one thing that has indeed revolutionised our way of living. It has given us access across all boundaries and frontiers in fraction of seconds. So, be it booking tickets for a movie, or looking for a life partner, Internet has become a vital part of our lives. It has earned for itself the reputation of being a reliable source of information and fulfills our cognitive, social and recreational needs.

When it comes to the loan market in the UK, the online media is being used effectively to advertise, promote, publicize and sell varied loan products. The advancement of online media benefited the UK loan market in manifold ways.

Benefits for the customers:

  • Access to various lenders and loan products
  • Cost-effective way of searching for loans
  • Saves time and effort
  • Web tools like loan calculators help to compare loans
  • Benefits for the lenders:

  • Target oriented reach
  • Automated process of loan application
  • Secured loans that generally take a long time have also become fast in application and processing, thanks to the online media. Gone are the days when it used to take months for the secured loan application to get approved and disbursed. No body today has the time to go “in person” to various banks and manually fill in the lengthy loan application form and wait endlessly for the money to get transferred to his account. Online secured loans, thus, come really handy to those in need of quick money. Though these loans can in no way be quicker than the unsecured loans, the web medium has indeed made their processing swifter than before.

    Online secured loans give the borrowers ample opportunity to search for and compare various deals offered by different lenders. Some of the web tools that are of great help to the borrowers are discussed below:

    Online Loan calculators- These help you to search compare and find the cheapest loan deals to save you money. Just by entering a few details like the amount desired to be borrowed, the loan tenure, etc. you get an approximate EMI (equated monthly instalment) you’ll be paying at a certain rate of interest. Loan calculators help in giving borrowers a tentative idea about the loan instalments. It is a handy tool to help you decide which loan deal to choose.

    Online Credit reports- Though secured loans are dependent on the value of home equity, the credit score of the borrower is also important in getting him a cheap deal. To find out your credit score on your own, enter your financial details on sites that offer free credit score and reports. These online reports help a lot in assessing one’s credit status. Online credit reports carry the person’s detailed credit history relating to repayment record, defaults, CCJs etc. Experian and Checkmyfile are two of the websites that offer credit checks and reports free of cost.

    Online Comparison charts- Many of the financial websites offer comparison charts that compare loan deals offered by various lenders on the basis of the APR charged. This helps the borrower in deciding as to which loan deal to go for. Especially in case of secured loans, cheap rate of interest can be availed with other added benefits like flexible repayment options. So, it’s always advisable to take the help of an online comparison chart. This saves the energy, time and effort otherwise spent in shopping around the loan market.

    Loan advice and alerts- Many websites provide you timely alerts about changes in the UK loan market. They also advice you if you call them. These sites offer loan help lines and loan consultants. And the amazing thing is that many of these sites offer these services for free. So, you can remain updated on changes in secured loans and the interest rates etc. for free by registering to one of these sites.

    So, availing secured loans is no longer a daunting task with the advancement of online media. Let’s see how the process of online secured loans works.

    Application Stage- This takes a few minutes as most of the online applications are simple and short. Once the borrower fills the online application form for secured loans by entering a few vital details the loan-officer of the lending institution calls him for other verification.

    Approval stage- Once the credit check is done by the loan-officer, the underwriters offer the customer varied deals on online secured loans in accordance to the credit profile and financial requirements of the borrower. The loan amount offered on secured loans is decided on the basis of the property evaluation carried on the lender.

    Disbursal Stage- Once the borrower agrees for a particular loan deal, the amount is transferred into his account. Thus, in three simple steps the secured loans are processed.

    Liability Insurance For Beginners

    Liability insurance, also commonly known as public liability insurance is something that all self-employed persons should consider even as early as when writing their business plan. Liability insurance should be considered a necessity for all self employed people whether they are manual, clerical or a professional trade who wish to protect their business.

    The standard benefits of a public/products liability policy are that you are insured for your legal liability for injury, illness or disease to any member of the public, loss of or damage to their property occurring during the period of insurance. For example if you are a plumber and accidentally flood a property you are working on, the cost of the damage will be covered under your liability policy.

    With a public liability insurance policy you normally have three standard options for your level of cover required. The limits of indemnity are £1,000,000, £2,000,000 and £5,000,000. The limit of indemnity that you are covered for simply means that the insurance policy will cover any insured peril up to the limit required ie £1 million. When choosing the level of cover you require you should consider the value of properties that you work on. For example if you work on a school you should have a public liability level of indemnity that is sufficient to rebuild the school if required. If you work on very large properties you may require a level of indemnity in excess of £5 million. This can be arranged by purchasing an additional liability policy called an excess layer. This policy is in addition to the standard policy and can increase the level of indemnity to £10,000,000.

    Employers liability insurance can be added to a public liability policy. Employer’s liability insures you for your legal liability for injury, illness, death disease or nervous shock of any employees caused during the period of insurance. If you have an employee or a labour only sub contractor you are legally required to have employers liability insurance. The minimum level of employers liability insurance is £5,000,000 by law but most insurance companies have a level of £10 million. An example of an employer’s liability claim is if your employee was on a faulty ladder and fell and injured themselves . Employer’s liability claims are normally for higher levels than public liability claims.

    Under a liability policy you can also have the optional extra cover of tools insurance and goods in transit cover. Tools covers are for loss or damage to hand tools and hand held portable tools owned or hired in by the insured. The level of tool cover is normally from £1,250 to £2,500 with a single article limit of £250 approximately. Tools cover can also be increased to include theft from an unattended vehicle. Goods in transit can also be included for up to £2,000 for any one occurrence.

    Finally before purchasing a liability policy you should make sure the insurance company and the insurance broker are regulated by the Financial Services Authority. The Financial Service Authority (FSA) regulates all British insurers and brokers. This regulation is to protect the customer. Also due to this regulation insurers must provide what is known as key facts or a policy summary for any insurance policy they have available. These are perfect if you want a quick overview of what the policy does and does not provide cover for.

    The Perfect Mortgage Solution – 3 Steps to Success

    Obtaining the  perfect  mortgage  solution  is only possible if you take your emotions out of the equation. Whether you are buying a new home or refinancing your existing home, there are certain steps you can take in order to achieve the best rate at the lowest cost. First and foremost, you need to be honest with yourself. Make financial decisions based on the facts of your individual situation. As the recent mortgage debacle has proven, too many borrowers placed themselves at risk and set themselves up for failure. Granted, the relaxed underwriting standards contributed to the problem, but the bottom line is ultimately you are responsible for your financial well being. With that being said, there are certain steps you can take right now to put yourself in the best possible position in order to obtain the  perfect  mortgage  solution .

    Step #1: Get a copy of your credit report.

    If you are thinking of buying a new home or refinancing your existing home get a copy of your credit report right now. You can do this on-line at any number of sites or you can contact any mortgage broker and they can run one for you. If you get yours on-line pay the extra cost to see your credit score. The average credit score in Missouri is 683. Your credit score is one major factor that is going to affect your rate. Look your credit report over very carefully. If there are any incorrect entries or any suspicious activities highlight the item or items. Towards the end of the report you will find instructions on how to dispute any items within the report. Take action immediately and be very thorough. Keep accurate notes of any person you speak with, get their name, phone number and keep copies of all correspondence, even the letters you send out. Also note it takes time to clear inaccuracies. Be patient and be persistent.

    Step #2: Get Pre-Approved

    The next step you need to take is to get Pre-Approved. The Pre-Approval process will let you know exactly how much home you can afford. Just because you are approved for a loan amount of $300,000 does not mean you have to go out a buy a $300,000 home. On the contrary, we recommend you take a more conservative approach and stress comfortable affordability. By that I mean you need to look at your overall financial picture and your short and long term financial goals. Be able to pay your mortgage, bills, and credit cards and have money left over every month to put into savings. At least have two months in reserves so that in case of emergency you could pay all your bills with no problem. By the way, the pre-approval process should be free.

    Step #3: Educate Yourself

    For most of us our homes are our largest investment so take the time to understand the various types of loans available and the ramifications of each. If you spend less time researching your mortgage than you do a car purchase or that flat screen HDTV, you are setting yourself up for failure and frankly, the consequences of a failed mortgage permeate throughout other aspects of your life. I see it far too often and if there is one piece of wisdom you will take from this, is that your long term financial success may very well depend on your mortgage. Once you have a basic understanding ask questions. If your broker does not explain each concern to your liking simply find a different broker that will provide you the answers to your questions.

    These are only three steps you can take right now but do not procrastinate. Get your financial house in order today. You will be glad you did and your mortgage will not seem like a huge debt to be paid down every month but an investment to be proud of for years to come.