• Financial solutions company Think Money has released a new guide for people who want to make more of their money in 2012.

    With 2011 a difficult year for many people in terms of finances, many people’s New Year’s resolutions will be focused on getting their financial affairs in order. Think Money offers a range of tips for doing this, but the main message seems to be: budget carefully – and stay on top of your debts.

    The guide advises people to start by reviewing their finances – make sure they’re earning more than their spending (and if they’re not, cut back – or if that’s not possible, get expert help). Then it asks people to consider ways of improving their available income: by earning more where possible, or by spending less.

    Of course, for people with multiple debts, this can be easier said than done. The guide suggests that some people with a number of debts could make their finances easier to manage by paying them off with a debt consolidation loan – which could also help them to reduce their monthly payments (although the overall interest paid could increase). However, borrowing more money isn’t suitable for people with financial problems.

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  • Do you know what asset financing is? Probably not, right. Well, here is a primer on the subject.

    The basic concepts of asset financing is simple. Businesses need money to continue running. But, sometimes they don’t have that money available. It may be tied up in accounts receivable, in real estate, or even equipment or other areas of the business. In the past, this would be a problem. But now, more businesses and banks are offering asset financing. It works similar to a secured loan – they loan you the money, but it has to be backed up by an asset. The loaning company does not own the asset you secure it with, but if you default on your loan, they will be able to seize it, sell it, and receive the proceeds to get their money back.

    This way, people with not a lot of working capital available can get access to money they need, and the loaning companies have a higher chance of getting all their money back that they loan out. Both sides are winners.

    Asset financing is not usually used in the consumer market – if anything, it is called a secured loan. The basic principles are the same, with the consumer usually putting up their house for collateral.
    An understanding of asset financing is essential to business owners who need to have money available to run their own business. As long as they have some valuable assets, they will be able to get the money they need.

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  • Towergate Insurance are not just experts in specialist insurance; they also offer a wide range of business insurance for everything from doctors to tradesmen and just about everything in between. Towergate offer an insurance comparison as they work with a panel of leading insurers, so you will be able to see exactly how much you’re paying and exactly what you’re getting for your money. You can have a chat with an expert from the UK based customer service centres, or an online quote takes just five minutes.

    As ever, Towergate’s insurance policies are tailored to your individual needs and you can pick and choose the right level for you at the right price. With five to choose from, you might even pick up a bargain!

    Some specialist business insurance policies offered are:

    Marine Trade Insurance
    With 30 years of experience and specialist knowledge of the risks involved in the Marine Trade, Towergate experts will be able to answer any questions you may have, and maybe a few you never thought of!

    Residential Landlord Insurance
    TowerGate includes cover if you choose to let out your property through an agency or privately and accidental damage as standard.

    Home Business Insurance
    If you use your home as a place of business and a client steal or inflicts damage to your property, you may be surprised to learn that your standard home insurance may not cover you. Towergate specialises in providing insurance cover for homes also used as a place of work.

    Hotel and Guesthouse Insurance
    If you are running a hotel or guesthouse, whether you’re established or brand new to the hospitality trade, Towergate can provide exactly the level of cover required to give you and your guests piece of mind. From buildings insurance to public liability, you will be sure to get everything you need at a cost that won’t break the bank.

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  • Does your business need public liability insurance?

    It is not compulsory by law to have public liability cover, but it highly recommended, whether you are a self-employed small business, an employee or a company director. All of these positions leave you potentially liable for claims caused by injury to a member of the public or property damage. The law will hold you financially responsible for losses created through negligence on the part of the business or any employee of it and this can mean damages plus legal and medical costs. Most insurance providers that offer public liability policies – such as Endsleigh – will have specialised policies for different types of business, with further information available online at company sites such as http://endsleigh.co.uk.

    What areas does it cover?

    Public liability insurance provides protection against the risk of bodily injury or property damage caused by negligence. In terms of injury, this means to a member of the public or a client – not to an employee of the business. With property damage it can cover damage to property owned by a third party or that owned by the business. It also covers you for such injuries and damage which occur away from your business premises. It does not provide protection in the wake of claims against you or your business for negligent advice – for example an inaccurate diagnosis made by a doctor. It also does not cover injuries to employees of the business – this is covered by employee liability insurance.

    How much does it cost?

    While the premiums vary, basic level public liability cover can usually be secured for approximately £60 per year, with the addition of tax on insurance premiums. The factors that lead to varying prices include the type of business, the number of employees and the level of estimated risk based on these factors. Small businesses are currently advised to seek cover at a minimum level of £1 million, while larger businesses are advised to seek around £10 million cover.

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  • In order to determine the right business insurance for your company, you should identify the risks your company faces and log in to http://www.towergateinsurance.co.uk to see what policy is fit for your company’s profile.

    What is Business Insurance?
    Business insurance is a tool that helps companies transfer the risk of a potential loss to the insurance company. This insurance covers risks like fire, natural disasters, theft, accidents that can lead to the disability or death of key employees, legal liability and many more. Insurance helps the owner to protect himself financially from events that can stop operations, decrease profits, or even take the company to bankruptcy.

    The owner must first determine what risks might affect his company’s well-being and whether they can be reduced or eliminated. The risks which he finds affect the company on a bigger scale and he cannot assume the consequences, will be transferred to an insurance company.

    What Does It Cover?
    The business insurance covers:
    • property losses due to theft, loss of use or damage
    • legal liability that can be on a general basis like injuries which took place on the company’s property, or due to the company’s fault, and product liability which refers to defective products made by the company or bad services that the company has performed
    • workers’ compensation insurance refers to medical coverage in case of accidents to employees either on the company’s property or in other places
    • the company vehicles have to be insured
    • the loss of key employees
    • life and health, it refers to the coverage of employee welfare
    • business interruption refers to protection in case the company needs to stop working
    • opportunity plans for businesses refer to insurance packages which combine multiple risks
    In order to determine the risks your company faces and transfer them to an insurance company by obtaining the right business insurance, visit http://www.towergateinsurance.co.uk for help and advice.

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  • Lovemoney.com is a website that tries to make you aware of all the general issues that may occur when taking a financial decision. Although they are not a regulated financial advisor and they cannot give personal advice, they hope that the members can help each other so that they have a solid starting point.

    The website has a variety of software tools that help a person have a much better understanding of the prices and fees that are involved before making a financial decision.

    Loans

    A person can choose what type of credit cards he would like to have according to his individual preferences. There are many credit cards on the market, so a person can narrow down the search by selecting from the main types: 0% on balance transfer, 0% on new purchases, 0% on balance transfers and new purchases, cashback, donations to charity, a fixed rate for life of the balance transfer and other benefits.

    If someone is interested in acquiring a personal loan, they can find here what the market has to offer in order to make the right decision. There is a tool that can calculate the monthly repayment and the total amount repayable for the loan for each lender on the market. Moreover, a person can find a tool for mortgage calculators; all a person has to do is to enter the required information in the fields.

    Savings

    If a person would like to save money, there are a number of articles that can help in choosing the savings plan that best fits one’s needs. A person can choose from fixed rate saving accounts, cash ISAs or instant access savings accounts. On the website, there is a tool that can compare the different types of the available savings options.

    The site offers advice for car, home, life and travel insurance. A person can use the online tool to find the best insurance for their needs.

    So, if a person is looking for financial advice, then lovemoney.com is the best place to start.

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  • Professional indemnity insurance is designed to protect businesses from liability. This could be in the form of loss, damage, injury or negligence claims made by clients. Businesses that offer services or products based on professional knowledge should have professional indemnity insurance. Some specific professional fields that need to have professional indemnity insurance include firms providing legal service or architectural services. Also, accounting, information technology and financial service fields need to have professional indemnity insurance. When looking for a professional indemnity insurance policy, there are some things to keep in mind in order to help obtain appropriate coverage. There are several key aspects that will influence the amount of your professional indemnity insurance premium.

    One thing that determines the insurance premium is the nature of the business. The type of services being offered by the business directly correlates to the inherent risks of that business. Perceived risks are used to calculate premiums. Many professional indemnity insurance policies can be tailored to provide protection to certain fields based on their common risks.

    The level of risk is another determining factor. Certain businesses are at a much greater chance for serious claims than others. For instance, an architectural firm could be sued if they structure they designed collapses and injures people. However, the impact of a data error from an information technology firm isn’t going to have as great of a risk because it will not potentially cause human injury or death.
    Another piece of information that will determine the premiums for professional indemnity insurance would be the company’s history. This would be your company’s history with other claim. There could be claims dealing with advice, damage, injury or negligence. If a company has already had several claims filed against them then they are perceived as a greater risk than say a company who has had no claims made against them. As a result, the premiums for the company with claims made will be higher.

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  • If you are a current business owner or about to start up a business then you should know that investing the right type of insurance is a must!

    Without insurance you will not only be jeopardising your company, you will also be putting the likes of your customers, your employees and yourself at risk.

    Finding a cover to suit your needs isn’t as daunting as you may think and there is an assortment of providers on the market. All will cater to suit a different need however, which is why it is important to really look into what is on offer.

    Endsleigh offer some great options to those that own a company, shop or any sort of office building. These include the likes of tradesman insurance, office insurance, shop insurance, professional indemnity insurance, pub insurance, public liability insurance, student union insurance, gym insurance, teacher and tutor insurance, commercial insurance, sports insurance, solicitors professional indemnity and also the likes of charity insurance policies.

    Three of the most important types of business insurance policies come in the shape of public liability insurance, which basically covers the business owner if a member of the public becomes injured inside your company environment. This could be a simple thing such as slipping on a wet floor, tripping over a loose tile or even a box that has been left unattended. If the customer were to make a claim against you then you would be covered with public liability insurance.

    Shop insurance is another important policy to look into if you own your own boutique for example, without such an insurance any damage or theft of any business contents will have to be paid for out of your own pocket, and the same goes for loss of profits if your building becomes damaged and has to undergo a series of work.

    Tradesman insurance is another important policy to look to if you have the needs of both your employees and yourself at heart. If you were ever to unfortunately be taken to court due to a claim against negligence then a tradesman insurance will cover you with up to £2 million as standard of public and products liability costs.

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  • How do you go about getting asset financing? It is not as difficult as you may think. Here are some basic steps to get you started.

    Identify Someone Who Offers Asset Financing
    The first step to getting asset financing is to identify someone who will offer it to you. Usually banks, businesses, or private individuals with money are prime targets.

    Go And Talk To Them
    Set up a meeting with the party who is going to offer you asset financing. Make sure you come prepared with all the information you need and answers to any questions they may ask you.

    Analyze Their Offer
    It is important to take some time to think about and analyze the offer that has been presented to you. It is not usually a good idea to make a decision right then and there, as you may lock yourself into a deal that is not advantageous to you. Take some time to look at all the terms and see if it is right for you.

    Make Your Decision
    After you have heard their offer and analyzed everything included in it, you have to make your decision. This may be difficult and may require some help from other people especially if you don’t have any experience in this area. If you decide to take the offer, you can move on to the next challenge. If not, you can go and look for someone else to offer you asset financing.

    That’s really all there is too it!

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  • What are the benefits to asset financing? Why should you choose this option over other financial options? Here are some of the main benefits to asset financing…

    Get The Money You Need Quick
    Asset financing is usually a pretty straightforward process, which can be completed faster than some other forms of financing. Sometimes, you need money in a hurry, and traditional loans can’t always offer that. In these cases, asset financing may be the best option for you.

    Don’t Take On Traditional Debt
    It is important to not take on traditional debt when you don’t have to. If you do, you will get the money you need, but it may make it difficult for you to borrow more money if you need it if you already have it on the balance sheet. You want to make sure your business is as financially healthy as possible so it can stay strong.

    Better Cash Flow
    Finally, when you take part in an asset financing agreement, you have more cash flow available to deal with the other challenges that your business will experience. Sometimes, taking on a traditional loan or borrowing money can solve the problem you have now, but it will hamper your ability to solve other problems that may manifest themselves in the near future. Having good cash flow is essential for a successful business.

    There are many benefits to using asset financing. Take a look at your current situation and see if asset financing is the best option for you!

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