Archive for December, 2009

Types of Insurance for Small Businesses

Businesses need to cover different types of insurance depending on its property and for welfare of all employees.

  • Property insurance protects against loss or damage to the location of the business and its equipments. Property insurance is for a specific risk, like a fire insurance policy insures only against a fire loss to the site. The insured site may be owned, leased or rented.
  • Liability insurance insures against liability (responsibility) legally demanded upon business because of the negligence or carelessness of the business or its employees. It protects business when the business is sued or petitioned for negligence.
  • Commercial auto coverage insures against property damage to business’s vehicles and damage caused to others by those vehicles.
  • Business interruption insurance protects against loss or damage to the cash flow or stock and profit of a business caused due to interruption when a business cannot operate for some time period. The situation can be critical piece of machinery stuck by a lightning, where production is stopped for certain time period until it gets replaced.
  • Health insurance insures employees and owner of business against any injuries and accidents.
  • Life and disability insurance protects the business against the death or disability of important employees.

Depending on the type of business, the type that is best suitable should be selected.

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Tips for Buying Used Car

Buying a used car is little more difficult task than buying a new one. Warranty is a problem of used car. Before buying an used car, invest time in considering various factors that would apply to a new car purchase like how you will use the vehicle, how long you plan to keep it, and your budget comprising of insurance, operation, maintenance, and repair costs. First and most important thing before buying used car is, check the papers, and verify the credentials of the previous owner. Make sure the number on the car and the serial number in registration card is same. Check for accidents, mileage the car has done, engine, paint, and tyres. It is better to take small car with less than 50,000 Kms on the reading or a larger car with less than 80,000 reading. Make sure the person who is selling the car genuinely owns it, and is not trying to sell a leased or stolen vehicle. Test drive the car and check the left and right hand steering, brakes, cornering, and controlling at speed. Also, check for the performance of the AC.

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