This is default featured slide 1 title
This is default featured slide 2 title
This is default featured slide 3 title
This is default featured slide 4 title

Monthly Archives: March 2017

Insurance Broker for Business

It is always important to understand the rules of the insurance policy in order to get the best out of it. If you are insuring something simple, like a car, then you can buy a policy on your own. But if you are insuring important things like house, property, or business then you should take the help of insurance brokers. They will offer you proper guidance about liability and UM or UIM limits.

But before choosing a broker you should know a little about the brokers. There are several types of brokers or agents. One type is the “captive brokers”. The captive brokers offer insurance policies of only one type of company. The other kind is the “independent brokers” who offer insurances of more than one company.

The policies that you buy from these brokers include 7-15% commission of the broker. So, when you buy a policy from a broker you will land up paying a commission and a fee.

Insurance is a market where comparing all the available policies is important before shopping. It is always better if to take the advice of experienced professionals to avoid confusion and difficulty of choosing the right one.

Here are certain tips that we are providing that will help you to choose a good insurance broker for yourself:

Take Recommendations

Do not hesitate to take the advice of your friends or colleagues. It is always better to rely on the ones you know than to rely on yellow pages or advertisements. Most people have a tendency to refer persons with whom they had a good experience. Ask them questions about their experience with them, how much responsive was the broker and how much helpful was the agent while filing a claim.

Check The State Insurance Website

Every place has departments that dedicates to track the details of the insurance companies, brokers, and agents who carry out business in the state. From there check the license, details of the broker to make sure that he is not fraud.

Commercial Compared to Personal Things

Different brokers specialized in different markets. Therefore, you should choose the agent who will be able to solve your needs.

Child Insurance

Child insurance plans carry dual benefit for the child. First, they help generate a good corpus by investing the premiums in a fund that can either be endowment based or ULIP based. Second, they provide a life cover to the investing parent of which the child is the beneficiary. In case of the death of the policyholder, the insurance company waives off the future premiums and continues to invest in that fund on the policyholder’s behalf. Moreover, it pays a lump sum or period amount for the maintenance of the child. Thus, these plans protect the interest of the child even when you are not with him/her.

Saving money on our own can be difficult as we cannot be that much disciplined unless we enter into a plan which necessitates us to deposit a particular amount or else it would lapse. Such routine is mandatory for systematic saving and investment. The returns from other funds or investments can get spent on other things. That is why it would be better if you have a dedicated child plan in your investment portfolio of which only your child would be the beneficiary.

As per financial experts, investing in such a plan should be started as early as possible to have more time for your money to grow. Ideally you should start comparing child insurance plans of various companies as soon as you know about the pregnancy. There are over a score of companies selling such plans and offer differentiated plans to stay competitive. Effective plan comparison and market research shall ascend you towards the most suitable plan from a reputed company.

For effective comparison you may try services of an insurance web aggregator. On a web aggregator website you can compare plans of scores of companies at a single web location and that too free of cost. Such effective comparison brings more confidence in your purchase and helps you take educated steps in selecting your plan type. Based on such comparison and analysis you can decide whether to go for an Endowment based child plan or a ULIP based child plan. Comparing premiums with your budget you can decide how much cover to go for.

Auto Insurance Deductible


There are several ways you can accomplish this goal. Each method takes some planning and discipline, but each can be achieved by anyone looking for a low deductible and a low premium.

First, you can choose to insure with a company which offers a “vanishing deductible” program. According to these programs, your deductible decreases by a set amount each year that you are accident-free and claim-free. Some of these programs allow you to lower all of your deductibles, and some only allow you to lower your collision or liability deductible. Different companies offer different amounts for the deduction and at different rates. You can compare programs to find one that works well for you.

Another option is to create a plan in which you gradually save the amount of your deductible while slowly raising your deductible each six months. Here is how this would work: suppose that your current deductible is $250, the lowest your company allows. Now suppose that you would save $100 per renewal period by raising your deductible to $500. If you do so and save the money you saved on your premiums, plus your initial $250, you would have $450 in one year, almost enough to pay your new deductible. You can continue to save money so that you can gradually raise your deductible to $750, then $1000. You may even choose to raise your deductible higher than this if your company permits you to do so. As you slowly raise your deductible, your premiums will decrease, allowing you to save up the money you will need to pay the new, higher deductible.

You can also find a company which offers “accident forgiveness.” With accident forgiveness, you can be “forgiven” for your first accident with no deductible if the accident does not exceed a certain dollar amount in total cost. This is very useful to save your deductible fund if you have a minor fender-bender. You can also save money and pay for damages yourself if the accident is very minor; in this way, by not making a claim, you keep your premiums lower and do not have unexpected increases in the price of your automobile insurance.

Other ways you can lower your deductible are to apply for a deductible reduction with your insurance company, which can be balanced by other discounts for which you may be eligible. If you are not currently taking advantage of all possible discounts, you may be cheating yourself out of savings which could pay for a lower deductible.

Be sure to consider all the separate deductibles which apply to your policy as a whole. If you have full coverage, which includes liability, comprehensive, and collision, you probably have separate deductibles for each policy. In addition, you probably have a deductible for such things as uninsured motorist coverage. Some states set the deductible for uninsured motorist coverage by law; you cannot raise that deductible even if you want to. However, most states allow you to pay with the deductibles on your collision and comprehensive policies, raising or lowering them as you see fit.

Captive Insurance

  1. Captive Insurance: there are several types of meaning been given to this term by its father names as Frederic M. Reiss, who started this service basically for captive mines but further when he outgrew his company he started providing this insurance policy to other industries as well but with similar term. His first client was the Youngstown Sheet in 1950s, this company dealt with mines that were solely used for corporations use only as Captive Mines.
  2. Origin or domicile: Captives have been given license by many jurisdictions these days including Bermuda which is world’s leading captive abode due many advantages related to it, The Bahamas, Dubai, Ireland etc. are further added in this list, though basically offshore financial centers are given priorities mainly.
  3. Business capacities: Captive Insurance was introduced to provide large corporations and industries benefits of insurance they required but in association with mainstream insurance markets, it could not reach its full growth. So it had to and was pushed to reduce its cost. Captive insurances had its limited market and areas covered by it.
  4. Rules and Regulations: It has its own set of regulations and restrictions that must be followed by Captive as well as reinsurance companies with prior responsibilities.
  5. Importance of Captive Insurance: For so many years big corporations and industries have enjoyed the advantages of Captive insurance companies in so many ways these were mainly being made up to avail the advantages in places where insurances benefits were not present or were indecently overpriced. Though captive insurance risk management advantages were quite basic but their tax related advantages were important mainly these days not only large businesses and corporation but also small scale industries have started to take benefits of captive insurances so as to get more and more profit and to learn all the risks related. Captive insurance provides so many benefits and advantages including tax saving opportunities also including estate tax savings for shareholders.