Articles Archives - Cheap Landlord Insurance

Why use an employee benefits broker?

When you see a great deal for health insurance on the market, it’s tempting to just snatch it up and spread the love among your employees. However, since many of the UK business insurance companies allow for direct purchases, are you really getting the best deal?

Your best bet is to make sure you do your research to ensure that you and your staff are getting the most out of your chosen plan. It can be time-consuming and difficult though, which is why we recommend using an employee benefits broker. Let us take you through why.

What is an Employee Benefits Broker?

An employee benefits broker specialises solely in employee benefits, meaning that they are a lot more than a standard financial advisor. They know the ins and outs of the insurance game and the kind of benefits that your employees are going to want and why.

Your chosen broker will understand that every company is different and that you all have unique needs, therefore they will take the time to really research your case to determine the best options for you. This is further highlighted in the next section.

What to Look for in a Broker?

A good broker is going to be detailed and thorough. This means that you should expect them to go through your employee’s contractual requirements before starting. They will be asking key questions such as:

Whether employees are entitled to death in service insurance
Company policy surrounding sick pay
Company policy surrounding sick leave
Any TUPE contract requirements

All of this determines the level of risk to the company and helps the broker to determine which insurance packages are going to be best for the employees in question. It allows them to review different insurance companies so that they can find the perfect fit.

They help to ensure employee retention by reviewing the benefits that your staff would like to see from such a package. They can tailor the options to suit both you and them, leaving everyone happy and boosting those retention rates.

If your business has key person dependency, the broker will also be able to soften the blow if said key person was unable to work due to illness or injury. These are just some of the basic aspects that a reputable employee benefits broker will be looking out for.

Why Use an Employee Benefits Broker?

You use an employee benefits broker because they know what they’re doing. They understand how the business works, they know what your staff want, and they are able to get the best packages and rates on the market so that you have peace of mind.

To Conclude

Using an employee benefits broker takes so much pressure off your shoulders. You’re already running the company; you don’t need the added stress of checking to make sure you are getting the best deals. A broker understands what they are doing and what your employees need, so make sure you pick a good and reputable one and you’ll be right on track.

Owners and Lessees Must Insure Rental Homes to Protect Themselves

Insuring rental property is crucial for landlords and almost as important for renters who own valuable goods that would cost too much to replace. Both landlords and renters can be sued for medical payments if someone is injured on their property, whether inside or outside. Unpredictable accidents such as high winds that shatter windows, plumbing problems that result in water damage or burglaries that occur on account of inadequate security measures have an impact on not merely the owner who has to repair the damaged building, but also the renters whose property is stolen or destroyed. Landlord insurance does not cover a renter’s personal property.

Tenant Insurance Coverage is Inexpensive Compared with Homeowners Insurance

Renters insurance gives renters so much protection for so few dollars, it makes sense to have it. In addition to covering the replacement cost or actual cash value of everything inside the rental property, renters insurance provides liability coverage for guest injuries, property coverage away from home, plus living expenses when the renters cannot stay in their rental home during repairs.

While renters insurance typically ranges between $15 and $35 a month, depending on the renter’s property, optional coverage and deductible, tenants can save by choosing renters insurance from the company that supplies their car or life insurance. Lower premiums typically come with higher deductibles, which really benefits renters. Renters should use their insurance only for extensive losses, since every claim carries the probability of higher premium adjustments.

Lessees need to document their goods carefully to guarantee that they acquire an adequate amount of renters insurance, and keep their receipts in a fireproof safe, in their cars or in another protected place away from home.

Landlord Mishaps are Either Natural or Human Caused

Landlord insurance policies vary widely, from simple “named peril” policies to comprehensive or “all-risk” insurance policies. Since one out of three landlords is sued every year, ample coverage is important. Whether coverage is limited to specified risks, or applies to every risk not specifically excluded in the policy, landlord insurance protects against storm damage to the building and any of the landlord’s fixtures and appliances inside the rental property. Premiums depend on numerous factors, from the building’s construction to its tenants, and optional coverage makes premiums higher but provides indispensable protection.

Additional coverage can include coverage from loss of rents, landlord liability that covers legal defense fees and medical payments, coverage for theft or vandalism, earthquake coverage, flood insurance and Replacement Cost coverage, which pays far more than a typical Actual Cash Value policy that deducts depreciation. Landlords can decrease their premiums by accepting a greater deductible, excluding pets or keeping responsible renters. The exponentially increased numbers of lawsuits over toxic black mold have many insurers dropping mold coverage or making it an expensive option, which will perhaps still be essential if the rental home is older or located in one of the states prone to mold.

Owners need to understand just what their policy covers, what it excludes, and how to file a claim. They also need to take photos or videotape their property, take inventory of what they own inside the units, and keep outstanding records of tenant communications. Keeping the property clean and protected can impede negligence lawsuits, so landlords need to make crucial repairs without delay. Owners also need to alert their insurance agent or their insurance company’s claims hotline as soon as a covered incident occurs.

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Landlords Insurance and Why It Is Important to Have

Being a landlord is no easy thing. You have a multitude of responsibilities and it can be a job that is thankless and extremely tiring. It can also be a pretty fulfilling job since you will be helping out other people live a relatively problem free life in their homes as you help them do what needs to be done with their home needs. While there are a few minor problems you can easily face with these rented homes and their tenants, there are some problems that are beyond your powers and these can cause you huge losses in revenues to your business as well as cause you stress and problems.

You can never predict what will happen to you and your business and while you can be prepared for certain eventualities, there will always be those times when you will never be truly prepared, except with a Landlord’s Insurance. Some of the Landlord’s Insurance policies cover one or more problems that landlords face and having an insurance that covers most of the problems you might run into as a landlord will help assure you of the kind of protection that very few people in your position have.

Some of the insurance policies landlords should have to help them keep things in proper order despite the occurrence of certain problems include Employees Liability Insurance, Public Liability Insurance, Material Damage Insurance and even Motor Insurance, among other things. If you are a landlord and you do not have any of these policies under your name, you should be worried. You need to realize the enormity of the situations that might come at you in the future and having a Landlord’s insurance to back you up is one thing that you should not do without.

Imagine having to go through a certain situation in your line of work, like a theft, a natural calamity or a fire. If you did not have a Material Damage Insurance to help cover the losses that these events bring, you will not only lose the items that were damaged, you won’t have any liquid assets to use to replace these damaged items with. Another problem you might face is the threat of an injury to somebody in your building or an employee under your supervision. There are particular policies that cover these kinds of problems and if you are not covered by a landlord’s insurance policy that handles these kinds of difficulties, you can easily find yourself in a bind. Having an insurance policy that covers these problems and more will help ease your mind when these problems do arise.

Do not be too complacent by thinking that the problems that beset some landlords won’t beset you. Having a Landlord’s insurance policy that will protect you from the possible problems you might get to encounter in the future will not only give you peace of mind but will also give you the much needed protection that only an insurance can give. Get one now and relieve yourself of the fear that not having a Landlord’s Insurance to back you up will most likely bring.

The Eight Best Franchise Opportunities Of 2006

Wondering what franchises provide the best business opportunities? The results are in for 2006’s best franchise businesses. Check here to see if your favorite franchise made the list!

FASTSIGNS International. This company provides graphic design for signs large and small, as well as trade show displays, banners, electrical signs, and graphics for vehicles. The company has a great track record, with over twenty years of experience under its belt and consistently strong sales.

HomeVesters of America, Inc. You’ve probably seen those ads that say “we buy ugly houses!” Meet the company behind the ads: real estate experts who operate in a special niche market—undervalued property. Those who’ve bought into the franchise love the fact that the business provides group rates on vacant property insurance and strong support of its franchise owners through conventions, personal consultations, a detailed website, and more.

Haagen-Dazs. Who doesn’t love ice cream? Franchise-owners find this company as hard to resist as its product. They’re a company with strong franchisor support, including a two-week onsite training course at their headquarters in Minneapolis, onsite training until your opening day, site selection assistance, and continued support for your marketing, business planning, and operations.

Jazzercise, Inc. A fitness phenomenon in the eighties, jazzercise is still going strong, and it’s easy to see why—it’s a fun, challenging fitness program that incorporates blood-pumping dance moves, upbeat music, and a solid cardio workout. Today, Jazzercise, Inc. is an international franchisor. It has over 5,000 instructors in over thirty countries, and teaches almost half a million students each year.

Budget Blinds, Inc. Budget Blinds is a company that invests heavily in its advertising—which is good news for the franchisee. The company runs a multi-million-dollar national ad campaign, and has a business model that’s proven to work. Franchisees love this company because of its financial growth, strong support from the franchisor, and its established brand name.

Heaven’s Best Carpet Cleaning. 106 franchisees gave their opinion about this franchise—and the results were resoundingly positive. The franchise was consistently rated excellent for great franchisor relationships, strong training and support programs, and a great financial opportunity. It’s also a franchise with a low start-up cost: your total investment for this business is estimated at only between $24,000 and $60,000.

Hair Cuttery. This business is a fast-growing, highly profitable chain that works hard to keep its employees satisfied. In fact, it has one of the highest employee retention rates in the industry. It also provides products to sell, site selection, décor advice, and thorough training—the company claims that even people with no salon experience can become successful franchise owners through their training program.

RE/MAX. This real estate franchise was voted Inman News’ Innovator of the Year for 2006. It was also voted #8 in Entrepreneur Magazine’s 500 Best Franchises for 2006 survey. It’s been in business for over thirty years, with a strong national ad campaign, a good sales record, and plenty of support for its franchisees.

Business is booming for many American franchise companies nowadays—in all industries. If you’re considering going into business for yourself, a franchise may be just the opportunity you’re looking for—and you can’t go wrong with any one of these successful brands.

Landlord Insurance for beginners

Landlord insurance, also commonly known, as buy to let insurance is something a landlord should begin to consider even as early as considering the purchase of a property. Failure to put in place insurance on a property could leave you with nothing to show for your money should something go wrong. In some cases it can be extremely difficult or highly expensive to put insurance in place for a property and for this reason it is important to have a structural and local survey for the property and look for appropriate insurance policies before purchasing the property. Failure to do so could result in inflated insurance premiums, which ultimately could severely impact your profitability as a landlord.

Many landlords will mistakenly be under the impression that their standard household insurance will still cover the property while they rent it out, this is often not the case. Many household policies offer no cover for buildings nor contents while the property is being let out and for this reason it is crucial to make sure you have a landlord policy or that your current household policy can offer this cover while the property is let out.

Each insurance company offers different levels of cover. Generally there are two options available for buildings cover and two options for contents cover. The first being standard cover which generally covers the building and contents for the following:

?Fire, lightning and explosion
?Riot civil commotion, strikes, locked-out workers or malicious people
?Malicious damage by tenant
?Theft or attempted theft
?Earthquake
?Impact by aircraft, road vehicles or animals, falling of trees, branches, telegraph poles, lamp-posts or pylons or falling aerials
?Escape of oil
?Storm
?Flood
?Escape of water
?Subsidence, ground heave or land slip
?Property Owners liability £2,000,000

Some insurers will also include free additional cover such as the following:

?Accidental breakage of sanitary fittings, fixed glass, solar panels and ceramic hobs
?Accidental damage to underground services which extend from your home to the public mains for which you are legally responsible
?Loss of rent or alternative accommodation
?Communal contents cover

The second option available is accidental damage for buildings and/or contents. This is as clear as the title, any accidental damage caused to the building or contents by the tenant will be covered. It is important to note that most insurers charge extra for accidental damage cover and many will not offer such cover for contents. An example of accidental damage to the building would be a tenant banging a nail into the wall for a picture and accidentally hitting (and damaging) a pipe.

As noted above property owners liability usually comes as standard with a landlord insurance policy. This would cover you in situations such as the tenant holding you liable for an injury, which was caused within your property.

The excess of a policy is how much you must pay when making a claim. The excess on a policy will vary between different insurers and a discount on the premium is often offered in exchange for a higher excess. For example if the excess on your policy was £100 then you would have to pay the first £100 of any claim you made, regardless of the final settlement value. As above the standard excess on a policy will often vary from £50 upwards while a subsidence excess of £1000 is usual with most insurers. The type of tenant you have in the property can effect your excess, for instance several students in a property will often mean your excess will be higher than if the property was occupied by a professional family.

Something to be aware of when insuring the property is that you need to insure it for the reinstatement value and not the sale value. The only accurate way to obtain the reinstatement value is to have a structural survey undertaken by professionals. The reinstatement value should take into account the following:

? The cost of building the property to its original state(take special note for older buildings)
? Clearing the site
? Surveyor costs
? Architect costs
? Complying with government and local authority requirements
? Miscellaneous fees

Insurers will only pay as much as the building is insured for so failure to insure for a sufficient amount could result in expensive costs if a claim should arise but at the same time too high a reinstatement value could result in you paying a higher premium. While there are tools available online which aim to provide a reinstatement value based on several factors you must input, we have found they often produce inaccurate results.

Most insurers will index link your policy meaning that the sums insured will increase each year based on information from the association of British insurers. This means that as long as your original reinstatement value is correct then it should be at a sufficient value each following year as long as you follow your insurer advice.

The Financial Service Authority (FSA) regulates all British insurers. 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.

An instant quotation can be gained by clicking the following link www.ashburnham-insurance.co.uk/landlord-insurance.html

Finding A Franchise Location

To run a successful franchise, franchisees need to operate from a location that is affordable, spacious enough and in many cases in an area where a large number of people go every day.

Good franchises will provide detailed selection criteria with information covering subjects such as the population of the surrounding area and the age and gender makeup if necessary, how many people visit an a town or city centre or shopping area and the amount of parking available.

With franchises that do not require face-to-face sales in a building, such as accountancy, internet and merchandising franchises, and also home maintenance and services franchises, an office or warehouse is often the best place to work from.

However, others need to sell products to customers either mainly or solely face-to-face, therefore they need to assess the places in their region where are lot of people visit or go past.

Large shopping centres or malls are certainly a place where there is a high amount of foot traffic and can present franchisees with an excellent location. It is likely though that extra charges such as area maintenance, association dues and advertising will have to be paid.

Other options are city or town centre shopping areas or neighbourhood shopping complexes in suburb areas which usually contain a supermarket and a few other large retailers.

These can vary in quality and the number of people who visit them so it is important to do extensive market research and obtain, if possible, figures detailing the number of people who shop in these areas.

Wherever the retail location, franchisees need to bear in mind where the retail spaces available are in relation to competitors and what its neighbouring stores are as most of them may attract and different target audience to what the franchisee is looking to get.

Once a possible location has been found, most franchisers will want to approve it and as well as how many people could potentially visit it and its cost, the franchiser will take into account the size of the building.

This is because there needs to be enough room for all the equipment and other stock, with ideally room left over if the business is successful and needs more staff and equipment.

The one potential obstacle left if the franchiser approves the building is the lease negotiation, which should involve a real estate broker.

Along with the franchiser and broker, franchisees need to ensure the rent and other costs such as real estate taxes and landlord insurance are reasonable.

In addition, franchisees need to ask if there is any financial aid available from the landlord in the form of free rent allowances and tenant improvement allowances.

Tenancy Deposit Regulations- the Facts for Landlords

As a landlord you need to be certain about the best way to protect yourself against the financial impact of having tenants who damage your property. These can be the very people who either fail to pay all the rent they owe you, or fight to get their deposit back – even though this is required to cover the cost of damage – costing you time and money.

As you will know, since April 2007, any deposit taken from a residential tenant under an assured shorthold tenancy agreement needs to comply with new legislation.

In effect this means that any deposits taken must be placed within a government approved scheme either by placing the monies in the hands of an approved third party, or by having the deposit insured for the benefit of the tenant.

Both these can involve the landlord in administration and lead to uncertainty over the level of protection provided. This has had a significant impact on the entire buy-to-let sector, potentially reducing the attractiveness of this form of investment. There are however, a number of ways in which the burden on landlords can be managed or virtually eliminated.

Do nothing …

One of these is to take no action at all; that is not to take a deposit and to rely on tenants not damaging the property. For most landlords, this is unlikely to be an attractive option.

Use a designated deposit scheme …

While this appears to be the simplest solution, it does have potential drawbacks, not least of which is that these schemes either involve cost or, if free, offer no interest on the money deposited (which is how the administration is paid for). In general, they are unlikely to provide any dispute resolution service, so there could easily be additional expense when a tenant leaves, should the landlord wish to retain any of the money to make good damage.

Use a ‘combined’ deposit scheme …

Some deposit based schemes also include dispute resolution, but these will involve fees covering both membership and a charge per letting. Several schemes are promoted by the Residential Landlords Association and can include a combination of holding deposits and insurance in order to provide maximum protection to all parties.

A dedicated tenants deposit insurance solution …

An alternative which is proving increasingly attractive to many landlords is a landlords insurance scheme offered by Alan Boswell Group. This obviates the need for a deposit to be taken while still providing full protection for the landlord for up to £1,000 worth of damage in any period of insurance (once the damage exceeds £100 in value).

In each case, a check of the tenant is undertaken by Keysafe (UK) Ltd, giving you peace of mind of knowing that you are not taking on a tenant with a poor rental history. The insurance covers damage discovered within 14 days of the end of the tenancy period and is offered in addition to the Alan Boswell landlords insurance policy.

Costs range from as little as £42 a year; less for members of the National Federation of Residential Landlords.

As an extra to property owners insurance, Alan Boswell Group also offers rent guarantee insurance, at additional cost, if required. This can indemnify you should a tenant fail to pay your rent within the terms of the agreement and you are unable to recover the arrears from the deposit.

General tips …

You should always make an inventory of the property before each tenancy commences, in order to help with dispute resolution. Ideally, digital photographs taken in advance will help both landlord and tenant should the need arise.

Landlords Building & Content Insurance Information

Are you a first time buyer of landlords insurance? Best way to look out for several insurance policies related landlord and to obtain a best deal at an attractive cost is with the help of an expert broker. Understanding the terms of each of these policies is essential in order to know what all does these landlord insurance policies cover.

Remember, that in times of a calamity, if you are insured against landlord building and content insurance and you want to make a claim for the damage caused, you should have an inventory, a list of all the things that are missing or damaged in your house. It’s better to prepare them before hand, as you will not be in a position to recall all items at home, while you are stressed out. If possible, take a video of all the inventories at home, but if your inventory and video also gets damaged in the event, then, you will have to recall it yourself. So, keep your video tape or the inventory list in place other than your house, with this you can retrieve back your items if it goes in flames. A landlord building and content insurance covers your exterior part of the building and content covers items within your house.

Are you pondering over certain questions like these. Experts find answers to your queries:

Are tenants contents insured against landlord’s insurance policy?

Not at all. Landlord content insurance policy covers only the landlord’s items, contents that he owns and has offered a furnished building to a tenant. Any items other than the landlord’s in the house, will not be insured. Sofas, chairs, tables and other valuable items owned by the landlord which may be used by the tenant who’s living in this house will be insured, so damages to the landlord’s assets will be properly compensated. A tenant has to avail a different insurance to cover his own items.

Can I buy a normal insurance for a buy to let property?

As you are renting out your property to a tenant, it is considered commercial and will be covered under business insurance, rather than landlord building insurance and you become liable to this. The amount you get from your tenant may be less, but it is still considered as a business property. YOU have certain legal responsibilities towards your tenants in a way that you do not have for your own home.

Buy to Let Building Insurance

Buy to let building insurance often includes insurance policies that cover buildings such as residential buildings, tenanted homes and commercial buildings. These types of properties fall into the class that will necessitate the obtaining of let building insurance. There are many benefits associated with this type of insurance and these will be further discussed in this article.

One of the largest benefits of buy to let building insurance is the fact that there is wide coverage. This means that the property is covered by a policy that insures it whether the property is tenanted and also if the property is unoccupied. This makes things a lot simpler for the landlords as they do not have to purchase separate unoccupied property insurance when they are in between tenants or if they are doing repairs and the property is unoccupied.

This coverage is typically quite expensive due to the fact that it evaluates risks such as vandalism and other serious issues that can increase the costs associated with repairs and claims. These losses can also translate as losses to the insurer when a claim is made on the policy so most of the insurers cater for this with higher premiums. This is something that is not avoidable as the risks are real and sometimes you have to cave in to the higher premiums to ensure you are protected for any eventuality.

One of the other benefits of buy to let building insurance is the provision of coverage for public liability insurance which is now more important than ever in the time that we live in where every simply matter is translated as a means to get rich fast. While some claims may be valid the majority can be quite suspect and insurance coverage is quite important.

This protects the landlord if there is any legal action due to injury of tenants on the premises of the property. Thee importance of this cannot be understated. In this way as well the same coverage is applied to any employees on the premises. If any injuries occur with employees they are also covered under the outlines of the policy which also protects you as the owner of the property.

Buy to let building insurance will cover all losses and damages that are the result of incidents such as fires, lightening, earthquakes and other natural disasters. It will also cater to water damages, theft, malicious damages and other incidents. The contents of the properties are also insured in most cases but this has to be checked if you need this extra coverage.

It is important when you are looking to purchase buy to let building insurance that the company you opt for is experienced in this field and known for reliability and has a good reputation of the honouring of claims. Get buy to let coverage when investing in this type of business as without it you can face a lot of out of pocket expenses and great losses can be incurred in your investment if the expenses are out of control.

A guide to small business property insurance in Maine

Obtaining property insurance for your small business in the State of Maine, is as easy as a phone call or trip up the street to your nearest Insurance Agent. Depending on the type of business you have as well as where the property is located, it’s best to check around for the amounts of coverage needed. A Lawyer, your bank or accountant can be a wealth of info. And lets not forget all we can learn using the Internet. As with any major purchase it’s best to know exactly what you need before setting out. Some agents can sell you a million dollar policy for a hundred thousand dollar business. This can cost unnecessary money. Having all the information concerning ownership, bank docs, and any lease information, if you’ll be leasing any of the property, will make the process much easier.

The coverage limits and type of coverage depend on how much your business earns. Do you have any employees? If so you might want to talk Workers Comp Insurance while there. The policy will be based on square footage of the space as well as the condition of the space. Some insurance companies want fire safety codes updated and will demand to see inspection certificates. They also may want sprinkler systems in place if your property is a place where people will gather like a restaurant motel or pub. Hopefully the information is easily obtainable.

Some Property Insurance policies for businesses consist of a whole lot of pages explaining what is covered and what is not. Naturally more is NOT COVERED than IS. While reading your policy, and it IS RECOMMENDED that you do read it, if you see something you feel should be covered but isn’t, make sure you change it right away. Things happen when we least expect. If your property is prone to flooding make sure you have all you need to weather the cost.

The old saying it pays to save for a rainy day, is true. It is a great feeling to accumulate wealth. Owning businesses and property is an excellent way to save for that rainy day or to look forward to for retirement. But not if a natural disaster robs you of everything. Or if someone decides to sue you and your family for every penny ever saved. Unfortunatly these hardships occur unexpectedly. If you have a business or property in the State of Maine, make sure you have the insurance to back you up. After all, it only takes a phone call or a short drive up the street to the nearest agency.