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Saturday, December 8, 2012

Insurance Gaps For Rented Recreational Toys

Thinking of renting a recreational toy such as, a snowmobile, jet skis, snowboards, a motorboat, RV or an ATV? While these "toys" offer hours and hours of family fun, there are some gaps in insuring these rented toys that you need to be aware of.

One insurance gap when you rent a recreational toy is that you are held liable for any injuries or property damaged caused by you to other people or their property. You are also accountable for any damage caused to the rental while it is in your possession. In some cases, as specified by your rental contract, you are responsible for damages to the recreational rental even if you did not cause the damage.

It is important if you rent these toys occasionally, for you to ensure that your umbrella policy offers coverage for these gaps. When you rent a boat, you need to pay close attention to your umbrella coverage because often, coverage is limited. For instance, if the boat you are renting has a high horsepower or is longer than the length limit, it may exceed the special exclusions stated in your insurance agreement, causing a gap in coverage. You can avoid this coverage gap by paying special attention to the coverage on your umbrella policy and purchasing an umbrella policy that does not have length or horsepower restrictions.

Before you rent a fun recreational toy, it is important to make sure that you are aware of any possible insurance gaps involved. Set your personal umbrella policy to cover any gaps and then you are all set. Get out and have some fun!

Umbrella Companies

In the UK, an umbrella company acts as employer to independent contractors who work under temporary contract, usually through a specialist employment agency.

Recruitment agencies will only issue contracts to a limited company. Since the introduction of the Managed Service Company legislation in the 2007 budget, the only way an independent contractor can comply with this requirement is to set up his or her own personal limited company or use an umbrella company.

An umbrella company issues invoices to the recruitment agency (or client) and, when payment of the invoice is made, will typically pay the contractor through PAYE.

Umbrella companies have become more prevalent since the British government introduced so-called "IR35" legislation that makes it less beneficial to start your own company and increasingly attractive to join an umbrella company.

IR35 is a term used to denote United Kingdom tax legislation designed to tax "disguised employment" at a rate similar to employment. In this context, "disguised employees" means workers who receive payments from a client via an intermediary and whose relationship with their client is such that had they been paid directly they would be employees of the client. Before IR35 was introduced workers who owned their own companies were allowed to receive payments from clients direct to the company and to use the company revenue as would any small company.

With doing some research into umbrella companies i have found out that most of them offer the same services.

* Turn timesheets from contractors into invoices and submit to agencies * Process funds from agencies and send to your bank account * Process your expenses ensuring you maximise your income and tax efficiency.

Whilst many of the umbrella companies advertise similar offerings, much of the detail should be checked by the user.

You Need an Umbrella Policy to Become a Millionaire

Have you ever been caught out in the rain without an umbrella? If so, I'll bet that you felt really stupid, right? In addition, you got soaking wet and most likely caught a nasty head cold as well. Well, in these uncertain times, it's just as dumb to venture forth without the proper financial "umbrella" to protect your assets from those unexpected financial storms. I'm talking about personal liability insurance. More specifically I'm talking about an umbrella policy, which is a special kind of personal liability insurance that provides you with extra insurance protection. This type of insurance is referred to as an "umbrella" because it brings together various different components that are normally covered by separate professional liability policies.

When it comes to personal liability insurance, an umbrella policy is simply one of the best investments you can make. Not only does this type of policy provide addition coverage above and beyond what is allowed in a traditional policy (for example, if you cause a car accident and are sued, your maximum liability may not cover the amount of the settlement from a lawsuit), but it will often cover things that are not normally addressed in a traditional policy such as a copyright infringement case or a defamation suit. Another benefit of an umbrella policy is the price. Monthly premiums on a seven-figure policy are much cheaper than it would be for a single insurance policy. Depending on the state in which you live, it's not unheard of to carry a four or five million dollar policy for as little as $300 a month.

An umbrella policy is not just for wealthy people either. If you own your own home, run a small business, or drive your own car on a daily basis, you can benefit greatly from an umbrella policy. Besides the low cost of carrying such a policy, it will give you peace of mind knowing that, should you be sued, your assets will be protected from unforeseen and uncontrollable events. Let's say you are away on vacation and a neighbor's child gets badly injured playing on your property. That child's family can sue you even though the incident wasn't your fault. If you have a homeowner's policy that limits liability to an amount far less than what the court says you are liable for, you risk losing everything you own. The same goes for a business where an employee is hurt on the job. Your worker's compensation insurance may not be enough. Companies have been shut down because of insufficient liability protection. If you own a small business, you can't afford to rely solely on a traditional policy.

If you are interested in umbrella protection, you should contact your insurance agent (assuming you use a single agency for all of your insurance needs) to see what he has to offer. Your insurance agent can explain the scope of the coverage and the terms and conditions of the policy. Using a single agency may also result in additional discounts.

Umbrella Insurance Policies and Why You Need Them

If you are like me then you have lots of various insurance policies. Some are required by banks or lending institutions, others provide peace of mind from your worst fears. Unfortunately, even with all the coverage for all these various things, sometimes it is just not enough. This is why you need to discuss and umbrella insurance policy with your insurance agent, broker or independent insurance agent.

If you own a small business then you really need to consider an umbrella insurance policy and it might even save you money on your over all insurance costs. Indeed, it could even be a life saver in the event of some catastrophic event resulting in a huge lawsuit which might threaten to bankrupt your company and your family. These types of things can be prevented with proper insurance, no sense in becoming a statistic or a reason for someone else to get the type of insurance you should have gotten.

To help you examine all your various types of insurance policies you need to get an expert to look them over and audit what you currently have. Perhaps you might even end up making changes. Umbrella insurance policies can fill in any gaps and protect your assets and/or your small business. Sometimes an extra 1 million dollar umbrella policy is a lot cheaper than you think. It was for me and my business. Ask an expert insurance person about this, I did.

I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.

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Do I Need an Umbrella?

Have you ever hosted a party? If a guest is injured on your property or causes an accident after being served drinks at your home, you could be held responsible. Think about this for a moment...We've all hosted parties, right? Liability extends off the premises as well. On the subject of umbrella, let's say you're at an outdoor event and it starts raining, so you open up your umbrella and poke the person behind you in the eye. He decides to come after you for damages. It might be nice to have a little more coverage, right? My point is, when it comes to having more liability coverage, we could all use it.

Many people incorrectly assume they don't need umbrella insurance - that it's just for rich people. However, simple accidents can result in multi-million dollar lawsuits that put their important assets and future earnings at risk. Studies have shown the average homeowners policy has limits between $100,000 and $300,000 for Personal Liability. These days, this is not enough. In some cases, for as little as $10 a month (rates vary according to the risk and state), you can gain the protection and peace of mind with a Personal Umbrella.

Some highlights of having an Umbrella:

- Additional liability coverage from $1 million to $5 million.

- Bodily injury and property damage in an accident that exceeds your auto liability limit.

- Bodily injury in the event of an accident on your property in excess of your homeowners liability limits.

- Additional coverage for your primary and secondary homes, rental properties, automobile, motorcycle, motor home, watercraft and more.

- Legal defense fees not covered by your current policy - including libel or slander judgments.

- Extended protection for your current assets and future earnings.

What's More Profitable? A Digital Product Or A Physical Product

When you create your own eBook and sell it online, you will typically keep 95% of every sale you make. Now that does not included marketing expenses. I'm talking about infrastructure related expenses.

In the case of digital products that includes website maintenance, payment processing, and product delivery. Paid advertising is not factored in here.

Now let's see how much we'll make from the same piece of content in paperback format. After all expenses have been paid (excluding marketing expenses) you can expect to keep about 30 - 40% of each sale.

Let's take a look at Amazon.com. A paperback there may sell for about $12. That means you'll make roughly $3-4 for every book sold.

If you take the same book and put it on the Amazon kindle store in digital format it may sell for $3.99 a copy. But this time you'll keep about $3.25 at least from each sale.

Now, which way could you expect to get more sales?

If you're a customer looking to purchase this book would you rather pay $3.99 or $12?

Would you rather wait 3-5 days (and pay even more for shipping costs) or download it to your phone or iPad instantly?

So, not only will you get a higher profit margin with the digital format, but you'll potentially get more sales too!

What if you're marketing this book on your own site? Would you like to make 40% or 95% on each book sold? Also, do you want to have the headache of dealing with the distributor, refunds, returns, repackaging, etc? Heck you almost need to hire a VA just to deal with that!

The upside to physical products is that they provide much more credibility and personal branding to the author than digital products. When the paperback book you wrote is sitting on someone's bookshelf next to John Maxwell and Napoleon Hill you get instant guru status simply for being there.

As far as personal branding goes, you get your face all over the place. Having real, tangible book that you can use as a business card goes a lot further than letting someone download your ebook.

For all the reasons I just mentioned it seems like only the truly successful entrepreneurs are the ones who can afford to deal with the nuances of physical product creation.

You can absolutely make money with either a digital or a physical product. If you're strictly looking at profit margins then digital is the way to go. However, if you want credibility and guru status then you may want to publish a paperback.

If it's your first time at selling your own information products online then I would suggest the digital route. After you have a few successful products under your belt then use the profits to cover the additional expenses of creating a physical product. Then you'll gain guru status in your niche!

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