Do I Need Professional Indemnity Insurance

A professional indemnity insurance policy is a financial product to compensate the insured (your business) in the undesirable event of damages accrued from a claim being made against the business due to contravention of duty within the policy period for neglect, error, or omissions. Still not sure? In its most basic form, this insurance policy covers your business for a loss that may arise from negligence caused by your business while carrying out such business. Professional indemnity insurance policies have a tendency to vary greatly in the amount of cover the policy provides.

There are a number of instances in which a business may have need to call upon their professional indemnity insurance policy. The first possibility is that a business provides a service to the purchaser, and due to a negligent act, a negligent omission, or other type of negligent error, carries out the work in a slipshod manner, which may lead to further issues arising down the road.

The same scenario could also apply to advice given by a business. PI insurance also protects against allegations of the supply of false, or otherwise generally misleading information. The third most common situation that may require the use of a PI insurance would be the unknowing or otherwise accidental encroachment of the intellectual copyright of another, be it an individual, a business, or other organisation. Intellectual material is also considered property, and the same copyright laws protect it.

A PI insurance policy may have a variety of aspects of coverage, but there are also particular elements that for a number of reasons have been excluded from the policy. Often, the insurance policy will include protection against claims made against your business from a civil liability case, claims that have arisen from the loss of documents, or if documents have been damaged. Legal costs such as those that may arise in the defence case include, but are not limited to, the hiring and retaining of lawyers, the court costs, hiring of professional witnesses or experts of the industry, and so forth, may or may not be included dependent on your selected policy.

Other elements not covered will usually include elements pertaining to war and terrorism (including nuclear activity), pollution unless considered as a breach of duty of the business, potential claims known about when the policy was first purchased, and claims that should be covered under an additional policy, such as buildings, contents, or employers liability.

Any physical products (except possibly software and programming products used for the business that have been amended in some way) are not covered by PI insurance. The insurance policy will also not cover any fines and penalties, or claims from by an insurance company unless a judgement has been received declaring otherwise. Certain warranties set by your business may also affect the coverage provided by your PI insurance, such as a guarantee of outcome, whether express or implied.

So who may need to have a professional indemnity insurance policy? The most common industries where businesses shop for an insurance quote are those whereby a service is provided as opposed to a physical product. This includes businesses in the fields of accounting or other financial services, graphic design firms, marketing and internet marketing businesses, and surveyors, and management or consultancy businesses.

Other, more product based rather than service based, businesses, may be better with a shop insurance quote. It is always possible to get a shop insurance quote and compare the two to see which will provide your business with the most appropriate coverage. Bear in mind that it is very easy to shop for professional indemnity insurance online. It is recommended to get a few quotes for comparison, and ensure you select a policy that is comprehensive enough for your requirements. For example, some policies are more inclusive and will cover the bracket of 'any civil liability'.

Car Salvage - Cars and Parts at a Bargain

A Car Salvage company may have many cars of many brands and models, for sale, including crash damaged cars, bikes, vans, and many other types of vehicles. You can also find listings for slightly damaged or rain damaged cars that come directly from insurance companies.

A registered Car Salvage company has listings and auctions for the damaged cars that are offered by insurance companies after settling claims, and to compensate for the insurance write offs. Some people are just put off by Car Salvage Auctions, thinking that the cars must be scrap. But not all cars in a Car Salvage listing and auction are crash damaged and good only for scrap metal. Only those cars that are deemed repairable are listed. Many of them are rain damaged or damaged in some other way, or a stolen and recovered vehicle. There are varying degrees of damage to a car that come up for auctions. You can take the advice of your local garage owner and view the listings, with the details, in a Car Salvage auction, along with the prices, and discuss the cost of repair with the garage owner. You can get a fair idea of what you should bid and the final cost after repairs. You may be lucky and find a car in very good condition, with very little damage, and low cost of repair. You should also take into account the charges levied by the Car Salvage Company.

The process is simple enough and most Car Salvage Companies have websites with listings and registration process being conducted online. You do not even have to shell out all the money at once, and just have to pay a deposit, but you do have to register first. You can then request the Car Salvage Company to bid on your behalf in the auction, for the car that you have selected. If your bid wins, you pay the balance and complete the paperwork and you own the car. If you lose the bid, the deposit can be retained with the Car Salvage Company for a bid on another car. Whichever way it goes, buying a car from an auction is not all bad if you are careful.

Besides cars, you can also find motorcycles, vans, and other types of vehicles of many brands, makes, and models in Car Salvage listings and auctions. Besides vehicles, you can also find spare parts for your vehicles. You can find spare parts cars, bikes, vans, and other vehicles in the listings. You will just have to spend time looking through the listings or search for a specific brand, make, and model within your budget and price range. The market is huge with hundreds of vehicles and spare parts with the best prices and few hassles. If you are knowledgeable about cars and spare parts, it should not be a problem in selecting a car or looking for a spare part. But if you have very little knowledge about cars, parts, and repairing costs, etc, it would be better to take the advice of a garage owner you know, who will not only advice you, but also repair the car.

Long-Term Care Insurance - Two Questions to Ask Your Insurance Professional Before Buying

Yes, I want you to consider buying long-term care insurance. No, we don't sell long-term care insurance, so it doesn't matter who you buy from. But, after nearly 20 years in the long-term care insurance field, I have learned that there are smart questions to ask before you sign on the dotted line.

With that in mind, I would like to share those questions and some explanation why each can save you money ... get you better coverage ... or even a combination of the two.

Question 1. Do you have access to policies from more than one company (and how many have you compared for me)?

There are between 40 and 50 different insurance companies today offering long-term care insurance policies. Each sets their own rates and depending on your age, health, marital status there can be quite a variance. For example, the Association recently requested rates for a 55-year-old from four leading insurers (Genworth, John Hancock, New York Life and Northwestern Mutual). These are all excellent companies.

There was almost a $1,000 a year spread (we won't tell you who was the highest because they could be the lowest had we changed some of the circumstances). But, this demonstrates the importance of having your insurance agent get rates from multiple companies. If they only have access to long-term care insurance from one company, they can't compare on your behalf. So you should.

Question 2. Do you think I can qualify for "Preferred" health discounts with the company you are recommending? If not, is there another company that to me?

Just as there are significant differences between what insurers charge, there are important differences between what health conditions they will find acceptable. Keep in mind that NOT everyone who applies for long-term care insurance gets accepted.

A preferred health discount can generally save you 10% each year. The best news is that once you qualify, the discount is not changed when your health changes (and it typically will).

Most agents today will not quote a rate showing a preferred health discount. They don't want to come back and tell you that you'll be paying more for protection. But some will. It's important to ask whether the rate they are projecting includes that discount. Or, if it doesn't ask them whether they think you might qualify for that savings based on their experience (you're not only looking for that information ... but to get a general sense of how much they really know about long-term care insurance).

These are probably the two most important questions you can ask. If you are comfortable with the answers, they sign away. If you are not, then you might want to see a second opinion. About two thirds of buyers today actually speak to more than one insurance professional before buying long-term care insurance.

Car Wash Parts and Modern Equipments

If one requires a well maintained car it should be washed at least once a week to keep it looking bright and shiny. No one would be in a position to take one's car to the washing centre each week so a set of car wash equipments should be maintained in the home. The equipment can be very simple tools that are light and versatile and easy to store.

For instance if one has a small car the washing equipment can be a wash mitt. One can easily slip the hand through this and with water and the required soap or detergent one can give the car a thorough wash. If the vehicle is a big one, like a truck the debris would be hard on the surface and would require a brush as a washing tool. The brush should be of soft bristles as the hard bristles would leave scratches on the painted surface of the vehicle.

Brush sizes and styles vary depending on the part of the car that has to be cleaned. For instance one can use a bug and tar together with a soft brush. It would provide the best results without leaving any scratches on the paint. But one should always remember that all car wash equipments are not hundred percent effective unless they are used properly.

But to make it more effective the self service car-wash pump serves as useful cleaning equipment. The other useful equipments include hose clamps, piston pumps, surface cleaners, air compressors, vacuum cleaners, claws and cuffs, steam and cold water mixing units etc.

The choice of polish and wax is mandatory for the perfect finish of the car. Car wash can be done regularly but polishing is advisable once in six months or one year since frequent polishing could spoil the outer paint completely. Wax is of a softer nature and it has the conditions of giving the car a super shine while filling in small dents left in the paint due to regular use. Polishing should be done using a buffer that will remove stubborn stains and dull finishes left on the paint's surface. The wax adds luster and long lasting shine to the car.

These two car wash equipments are not hard to acquire. Earlier people used to admire the look of cars in the exhibitions and long to have one like that. Now with the introduction and mass production of quality wax car owners can enjoy that luxury of a sparkling car at an affordable price.

Getting Consolidation Loans With Bad Credit: Making A Difference To Credit Card Debt

There can be no doubt that credit cards are a major contributor to personal debt. In fact, in the US, the average homeowner has 4 credit cards creating a combined debt of as much as $50,000. So how can the problem be dealt with? Thankfully, being able to get consolidation loans with bad credit means there is a way out.

With the exception of a mortgage, most Americans count their credit card debt as their most worrying debt. This is partly because of the prevalence credit cards have in society, with most consumer spending being done via these plastic cards. As a result, clearing this debt alone can make a huge difference to the overall financial state of an individual.

Of course, having low credit scores means securing loan approval can be a challenge in its own way. But lenders are always open to financial solutions. With a consolidation loan, the intention is clearly constructive so approval is more likely than for regular loans. But can this loan really make a difference?

Clearing Your Credit Card Debt

The short answer to that question is Yes. What is more, because getting a consolidation loan with bad credit is not particularly difficult, it can be have an immediate effect on the financial status of the borrower. All that is needed is to secure the right terms.

Consolidation is an effective strategy because it gathers together the balances on multiple debts and replaces them with a single loan. With credit cards, for example, 4 cards with a combined balance of $40,000 can be cleared by a single $40,000 loan.

The advantage is that the credit score of the borrower is adjusted upwards to reflect the fact that these dents have been cleared. But there are other advantages to opting for a consolidation loan that show the move is worthwhile.

Lower Debt Repayment Costs

One of the biggest problems with credit cards is the interest rates charged, and the high costs that can be incurred so quickly. It does not take long for the debts to mount and the trouble to begin. But even when getting a consolidation loan with bad credit, the costs involved in clearing the debt can be much lower.

The simple reason is that the interest charged on 4 credit cards with late balances is much higher than the interest charged on a single loan repaid in line with an agreed schedule. In fact, by securing loan approval, even when the loan is $40,000, the repayments can be significantly less than the monthly minimum repayment.

The result is that funds otherwise eaten up by a credit card debt are now be freed up, and can be diverted to other debts that may need attention. In this way, getting a consolidation loan just to repay credit cards has a positive domino effect. However, the loan might also be large enough to cover all debts.

Choosing A Debt Consolidation Company

Banks and other lending institutions can offer relatively good terms to individuals seeking consolidation loans with bad credit. But these loans are usually restricted in size to perhaps $50,000. When the debt is more, then a debt consolidation company is the best option.

The companies specialize in clearing debts, especially credit card debt, and can help in instigating a strict financial schedule that should see your debt fall steadily each month. These companies will effectively clear your debt on your behalf, then accept repayments over an agreed period of time.

There are advantages, of course, to securing loan approval from regular lenders, but the key advantage of a debt consolidation company is that they take over your finances, thus removing the risk of failure. A consolidation loan is effective, but only if the debtor can stick to the schedule – which is not easy.

Spreadsheets And Accounting – Is It Time To Move On?

Since its first introduction, the use of spreadsheet technology has become wide¬spread. It’s accessible, affordable, powerful, simple and intuitive to use. But more than 25 years have now passed, should we move on?

Understanding the popularity behind spreadsheets in accounting
There is no doubt that spreadsheets can be extremely useful tools and require very little knowledge in order to quickly develop complex models, from monthly management reports through to annual budgets. The endurance of their popularity is staggering, but it is quite understandable when you think that many accountants and financial professionals would prefer to stay within their com¬fort zone whilst ignoring all the inefficiencies of spread¬sheets.

As the demands and scale of businesses have changed, the humble spreadsheet has struggled to keep up and there is more and more debate over whether its limitations are actually slowing down the growth of an organisation. So what is exactly wrong with spreadsheets?

Certainly one of the biggest problems with spreadsheets is their ac¬curacy. Studies have revealed that 90% of all spreadsheets with 150 rows had errors. This is of course human error, and the likelihood of spotting these mistakes gets smaller and smaller with every change that’s made to the file.

So how can you reduce the reliance on spreadsheets?
I think we all agree that there’s a place for spreadsheets, they’re still a great tool for a number of tasks. But the lack of security and the likelihood of human error means that substitutes must be explored. The answer? Use a modern piece of accounting software, one that integrates with other systems and is available to non-financial staff, keeping all finance data in one place. Here are some more examples of why spreadsheets can be unreliable, and how devolved accounting techniques can solve these problems.

There’s no formula for control
What happens when workbooks are distributed and worked on by a variety of users at different locations? If there is a change in formula in one document, there is no safety mechanism to ensure that this has been amended in all the others. With a devolved accounting system, the work previously done in Excel can now be carried out within the accounting software. This increases accuracy of the data stored as it’s going to be updated in real-time.

Security and the ever-used ‘cut and paste’ function
Within the spreadsheet itself there are other pitfalls to consider. Because it is simply a file, it lacks security in terms of how and by whom it is accessed and there is also the danger of it simply being deleted.

Duplicating information can also be a major headache, because you are often cutting and pasting information from one system to another without taking into account that the data may well have already changed by the time it is put back into the system.

Nowadays, it’s easy to get your accounting software inte¬grated with all your other applications, so all the data is stored centrally. No more duplicating data or re-keying in numer¬ous times. All data is always synchronised in real-time.

So, try and look beyond the rose-tinted glasses when thinking about spreadsheets. Yes, they’re intuitive and sit within our comfort zone. But try to take a few minutes to think about how much time and money could be saved through eliminating inaccuracies and duplications – there are alternatives out there!

How to Make Your Own Electric Car and Save Money on Gas

Its commonly believed that you need to be a qualified mechanic in order to make an electric car, but as I will show you, this isn't the case - just some relatively basic tools and a good set of instructions will do.

But you may be asking, why would I want to build an electric car anyway? Well, for one thing, you will save a lot of money. Unless you have been living under a stone for the past couple of years you will have noticed that gas prices have sky-rocketed. Well, electricity is cheap and renewable, its also clean and exceptionally quite, so not only will you save money, you'll also help to save the planet.
Ok, I'm convinced, what do I do then?

Number 1 - and most important - get a good guide.
Number 2 - many hands make light work - its good to get a friend involved for some of the heavier stuff
Number 3 - get a suitable place to work - make it under cover this job normally takes a couple of days and you don't want the work stopped by bad weather. Make sure its well lit, in fact, just a normal garage will be fine
Number 4 - get some basic tools- cordless drill, saws, wrenches, maybe a socket set...

Of course its best to also have a suitable vehicle. Small compact cars are best as they are lightweight and relatively simple to convert. A problem with small cars is that the batteries do take up quite a bit of space, but a good guide will show you how to get around this problem.
The parts are all readily available from most auto stores, so that shouldn't be a problem, but if you live out in the boondocks, there are plenty of places to get the parts on-line. Again a good guide will help here. All, in all, it took me about a week to complete the work, and now my car runs on electricity!

With gas prices predicted to climb as high as 7.00 a gallon by the end of next year, its never been a better time to convert your car to run on electricity.