If any aspect of the business is exposed to risk of any kind, you will firstly need to ensure you have the right people, policies and procedures in place, then of course have the commercial insurance in force should a problem arise.

Many of the business risks will be obvious.  For example, if you employ people on your premises, the business and its directors have a duty of care during the time employees are on the premises and using business equipment.  If you own or lease property in which to conduct business, you will need specific commercial buildings insurance tailored to the type and scale of the business operation.

If a business’s service utilises a number of vehicles, a courier firm or care hire company for example, they will need fleet insurance to provide adequate security and cover which will vary according to risk assessments, determined by underwriters.

Employers are liable for a whole host of issues, depending on the size and type of business and there is always a need to insure technology equipment, machinery and buildings.  Critically important however is health and safety and you must comply with all health and safety guidelines.

You should also be aware of professional conduct issues. In any professional business, you must comply with appropriate regulatory guidance, and ensure you have the policies and insurance, where applicable, to deal with issues such as professional misconduct, including negligence, fraud and dealing with any form of internal investigation. Such are the high profile problems that can arise for large businesses.

While all types of businesses are required to hold commercial insurance of some description, you will be required to hold extensive and specific insurance if you are involved in any of the following areas:

Manufacturing.
Technology, media and telecoms.
Trading or broking in currency, stocks and shares.
Transport, courier, delivery and removals.
Health, including doctors nurses and care facilities.
Construction, building and maintenance.
Shops and retail outlets of any description.
Business advisors and consultants.

This is not an exhaustive list.  If you are in any doubt about insurance requirements and liabilities, either as a business owner or a director, you must seek professional advice.  The security of your business and finances could depend on it.

A word of warning

Never ignore commercial insurance needs.  In many cases, directors can be personally liable for accidents at work or professional misconduct such as fraud.  Any established business must carry out regular audits of insurance needs and ensure you are adequately covered.

Which types of businesses need commercial insurance? is a post from: The Thrifty Scot

If you do decide to buy, though, then it is important to make sure your mortgage repayments are well within your comfort zone. A guide of around 20% of your combined monthly income is a good marker of affordability, so compare secured loans at MoneySupermarket to see how much the property you have your eye on is going to cost you per month.

The Current Property Situation

During the ’90s, many people saw their properties double or even triple in value, leaving many people with large amounts of equity, or if they sold, capital. Because of the rise in prices, many first-time buyers were priced out of the property market, leaving lots of starter homes available as a tempting option for existing homeowners to buy as investment properties, launching a major boom in buy-to-let mortgages.

The knock-on effect of this was that since the turn of the millennium there have been considerably more rental properties on the market than ever before. This has served to keep rental-property prices low, while the cost of buying has continued to rise. More recently we have seen a slowdown and a dip in the value of property, meaning those people who have bought in the last decade have either lost or certainly not made any money from their investment.

A Wise Investment

When you are deciding whether to rent or buy, you need to consider carefully where your money will be best invested. By renting, you may find you are saving a good few hundred pounds a month compared to the cost of paying for a mortgage on the equivalent-sized property. This money can be invested or put into a savings account until the property market is more stable, giving you a bigger deposit and therefore a better chance of negotiating a competitive mortgage rate when you do come to buy.

The Cost of Commitment

First-time buyers need to take into account more than just the cost of mortgage payments on the property. In addition, you may need to pay stamp duty, legal fees and other charges initially and you will also need to budget for buildings insurance and ongoing maintenance of the property. Renting comes with much less commitment, with most tenants only needing to raise the price of the deposit before moving in and only having to insure their own contents.

While it can be tempting to cut monthly costs by choosing an interest-only mortgage, this is a bad long-term strategy that could end up costing you dearly. Go for a decent repayment mortgage and if you can pay any extra off each month then do so, as this could save you thousands over the life of the mortgage and offers a far better return on your investment than a typical savings account does.

Should You Rent Or Buy Your First Home is a post from: The Thrifty Scot

What will happen if the source of income stops? Have you ever wondered? Do you have a back-up plan to safeguard your interests?

In such a predicament, having an income protection policy works. There are times of emergencies which cannot be predicted earlier and the best course of action is to be prepared for them. We are sure you have heard about it but do you know how imperative it is to have an income protection cover for you and your family? We will outline the circumstances wherein such a cover can be extremely beneficial for you in the following lines.

What happens?

We all tend to believe that accident happen to others but there are times when it can happen to us as well. Having income protection plan can really help in these dire situations. What happen is that in case of an eventuality wherein there is a disability of any kind, earning becomes a huge problem. All of a sudden, the payment of bills and meeting the myriad expenditures of the house becomes a burden. If you have your disability income protection plan in place, you do not have to worry on any account and can meet your expenses using the money.

This tends to make life a lot easier and for you as well as your family. In case of any problem, nobody has to suffer and projects and plans need not halt because of the paucity of funds. You need to think about it and invest in cheap income protection schemes to make sure that your future is secure and you can be well looked after financially.

The biggest benefit is that in case of any accident, you do not have to be financially dependent on anyone else. The aspect of financial independence is a very grave issue. Fallout due to money is the biggest reason for difference in relationships between siblings and parents. Having an income protection scheme is the biggest investment that you can do for yourself and for your family. This is the best way to hold your head high even while you are undergoing the phases of obscurity.

What to do?

Are you in search of income protection insurance quotes? Then look no further. Do not tax yourself over these mundane activities. With the advent of technology and especially the internet, getting an income protection quote is extremely easy. Just log on and ask for quotes from myriad institutions providing this sort of benefit. You can alternately log into a plethora of other websites which offer comparison facilities. Therefore, you can compare online income protection schemes sitting in the confines and comfort of your house and do not have to step out or toil harder.

When searching of even finalizing for a particular disability insurance scheme, you can look out for the following aspects. Compare the policies based on these aspects and believe us guys, you will never go wrong.

• Age – The earlier you start the better investing in the scheme the better it is. Moreover, you tend to get more benefits than others. If you take the policy at a younger age then the amount of premium of the unemployment insurance will be a lot lesser as compared to that of the person who joins at a later age.

• Gender – The fact that whether you are a male or female will also have affect on the quotes. Since males are the bread winner, therefore insurance return amount of a male candidate is more than that of a lady.

• Pre-existing health conditions – Your existing health conditions tend to play an important role in deciding the amount of premium of the disability income insurance to be paid etc. A normal person has less chances of falling prey to the circumstances whereas an already sick person has amplified chances of falling prey to accidents.

• Addictive habits – The disability income protection insurance amount is also dependent on the habits which are addictive in nature. For example, if a person is a habitual drinker, the chances are very high that a person will consume liquor and be less vigilant on his duty. Therefore, the chances of mishaps happening will be more than usual.

Choosing the perfect is imperative to our sanity and financial stabilization. Therefore, it is advocated to compare income protection schemes properly. In case you feel that you are unable to do so then contact an erudite person or an expert in the genre of accident insurance policies and seek help from them. These people are professionals and are well versed with the nitty gritties of the issue. You can also visit a reliable website and drop in your queries to their consultants to get a proper life insurance quote. So all you guys, pull up your socks and invest to make your future comfortable and secure.

The importance of income insurance is a must have for all those people who to make sure that their old age or day of non-working are not financially painful. We are of the opinion that it is only old age that can be a cause of concern but as elaborated in the earlier passages, payment protection is something that can be used anytime and therefore you need to plan ahead and not at the time of problem. Yes, we understand that predictions or foreseeing the future is not possible therefore we tend to take things lightly. In fact, we need to take precautions before hand and make sure that we have income protection plans in place. This one thing can make your life run smoothly even when you are out of work, folks. So, get your plans in action and start investing!

Importance of Income Protection is a post from: The Thrifty Scot

According to reports, the sensitive data that is included in the information that is being sold includes the person’s date of birth, phone number, address, the start and expiry date of the card and even the last three numbers of the security number on the back of the card. Undercover reporters investigated the scam and found that call centre staff had a huge array of details that are then being sold on to other firms or even criminals for as little as two pence.

The data that the call centres had related to customers of leading High Street banks in the UK such as NatWest and HSBC. Some of the IT workers actually met up with undercover reporters and said that they had a huge amount of data about hundreds of thousands of Brits. The comes on the back of huge numbers of banks and financial institutions outsourcing calls centres to India in order to cut costs, although continued complaints from customers have resulted in some withdrawing and bringing operations back to the UK.

Call centre staff told undercover reporters: “These [pieces of data] are ones that have been sold to somebody already. This is Barclays, this is Halifax, this is Lloyds TSB. We’ve been dealing so long we can tell the bank by just the card number.”

Roaring trade in Brits’ financial details in India is a post from: The Thrifty Scot

The CCCS did highlight some concerns that it had about the difficulties that people were facing at present in terms of their finances, stating that although spending levels were down and debt levels were reduced compared to previous years, there were still many people who were struggling with their debts and their finances. Some of the concerns that the charity raised included those relating to youth unemployment levels, high rental costs that were impacting on consumer finances, and the rising number of people that were carrying debt into later life.

Whilst many people have cut back on their spending, as has been proven in the figures that have been released by the CCCS, for some people this has not been anywhere near enough to counteract their debt and rising living costs. So, even though debt and spending has come down between 2010 and 2011 based on CCCS figures, people are still struggling and having to cope with difficult financial situations.

Credit cards, loans, overdrafts and other unsecured debts are a heavy burden for many people at the moment, as they are having to try and keep on top of payments whilst also coping with soaring costs on necessities such as food, petrol and energy. This is therefore adding to their financial woes even though they may have less debt to deal with than last year.

Debt charity provides snapshot of consumer debt in UK is a post from: The Thrifty Scot

Almost one thousand residents were polled as part of the survey, which was organized by Canada Life. According to the results around 41 percent of workers said that personal problems such as debt and financial worries, were having an impact on their work. The report suggests that personal problems such as these are preventing people from performing to the best of their abilities when at work.

The data showed that only 15 percent of workers manages to leave their personal worries at home and not let them affect their work. Around one quarter of those that were polled said that the worries that were affecting their work related to financial matters such as debts and unexpected demands for cash, which left them feeling distracted at work because their mind was constantly on the issue. Just under 20 percent said that they felt less financially secure, with 13 percent worrying about lack of savings and 10 percent struggling more to meet basic costs.

A massive 70 percent said that they were losing sleep as a result of their problems and issues, which was then making it more and more difficult for them to concentrate whilst they were at work. Employees were also found to be working longer and harder, with many not bothering to take a proper lunch break – something that has been partly blamed on the recession.

Debt and financial worries hits workforce is a post from: The Thrifty Scot

However, despite the fact that the base rate has been kept at its current low, there are still tens of thousand of people across the UK who are set to be affected by a mortgage rate increase. This is because the Bank of Ireland has decided that it will be increasing the rate on its standard variable rate mortgages, a move that will affect around 100,000 mortgage borrowers in the UK.

The SVR mortgage increase will be applied in two stages, which will finally see it going from 2.99 percent to 4.49 percent. The first increase will be taking place in June of this year, which will see the rate increase from 2.99%, which is its current rate, to 3.99 percent. A few months later in September, the rest of the increase will be applied, where the rate will rise once again from 3.99 percent to 4.49 percent.

The Bank of Ireland has stated that its current rates on SVRs are lower than the norm, which means that even with the increases they will still be highly competitive. The increases will add around £81 a month onto repayments on a £100,000 mortgage. Some of the people that will be affected will be former Bristol and West building society customers, which the bank bought in 1996.

Many people to be affected by mortgage rate increase is a post from: The Thrifty Scot

However, it seems that whilst there are many people who are struggling with their debts, only a fraction of them are actually seeking advice about their financial problems. A recent study carried out by R3 showed that despite there being around 18 million people who were affected by debt, only 3 percent were planning to seek advice over the coming months. Also, although debt issues have been prevalent for a number of years only 6 percent had ever sought debt advice.

The snapshot of UK debt showed that people across all age groups were struggling with debt, including older people aged 55 and over even though many people typically associate debt problems with younger people. Industry experts are eager for people who are experiencing difficulties with your budgets, and who are at risk of funding themselves unable to cope with bill payments and even mortgage or rent, to seek debt advice and assistance sooner rather than later.

One industry official involved in the research said: “To have some idea of the levels of debt in this country we should know. My concern is that people are clearly unwilling to take debt advice anyway, so are far more likely to be pushed into a ‘product’ by those with a vested interest.”

Only a fraction of people in debt seek advice is a post from: The Thrifty Scot

Price comparison sites
Everyone loves a good deal but Internet shopping can be a minefield if you don’t know where to begin.  Visit a top price comparison site such moneysupermarket or uswitch and they’ll do the hard work for you. If you haven’t reviewed your mobile phone tariff since 1997 perhaps it’s time to treat yourself to an upgrade – visit uSwitch and search for iphone 4 deals – just one click and you can choose from the best deals on the market.  Review what you’re spending on energy, broadband, insurance and credit cards and kick back at any rip-off merchants by switching suppliers.

Shopbots
Why shop in one store when you can shop in 20?  Shopbots, or shopping robots, are special websites that zip around a host of retailers to find the cheapest price for you in 30 seconds.  Visit a site such as megashopbot to be sure of snapping up the best deal on everything from flowers to computers. Use a shopbot for all your online shopping and you’ll be saving a tidy 30% a year.

EBay
Shopbots trawl the mainstream retailers, but they might miss some of the specialist stores that only sell their items via the world’s favourite Internet auction site.  Many sell competitively priced new goods via eBay and if you’ve got your beady eye on a bag, but want to bypass a bidding war, just select the ‘buy it now’ option – hey presto, a bag to go without the agro.

Voucher sites
The web is burgeoning with discount voucher websites enabling belt-tightening Britons to tuck into a treat while saving their pennies.  Sign up to Groupon for access to daily deals ranging from spa days, to restaurant offers and keep your eye on the voucher codes and coupons on offer at vouchercodes.co.uk.

Cashback sites
Splash out and be rewarded for your efforts – not bad in such cash straitened times.  For instance, buy an item from a normal retailer such as play.com through a specialist cashback site such as topcashback and you’ll be pocketing your item, plus 10% cashback.

Free shipping
Have you ever felt smug about the bargain in your basket, only to feel cheated upon finding the astronomical shipping fees dumped on you at the checkout?  Freeshipping.org does what it says on the tin, offering free shipping promotion codes to 3843 stores – perfect if you’re a regular online shopper.  If you’re shopping on Amazon, make sure you select the free 3-5 day ‘super saver’ delivery option that is offered on most purchases.

With a host of websites designed to help you save money, you’ll find it’s easy to become a savvy shopper, stretching your pennies to steal great deals on everything from food to travel, insurance to utility bills.

Where to shop on the Internet to save the most money is a post from: The Thrifty Scot

• A 30-year fixed mortgage with what was once considered a good interest rate
• A 60-month auto loan at a moderate interest rate
• $10,000 in credit card debt – the average amount carried by the American consumer – at an astronomical interest rate
• Student loans with a very low interest rate

Now let’s say you’ve got at least $50,000 in equity in your home. With today’s record low interest rates on home loans, it makes sense to refinance, consolidating all your higher interest rates into a single loan. Right?

Not so fast.

Pros to Debt Consolidation

Sure, there are plenty of benefits to consolidating your loans through a low-interest refinance. The single biggest pro are today’s mortgage rates. While interest rates on new vehicles are also close to historical lows – just over five percent for a 60-month loan on a new vehicle – they still can’t hold a candle to the sub-four percent interest rates currently available on 30-year fixed home loans.

Another major factor in your favor? The opportunity to put extra cash in your pocket right now. Consolidating these loans into a 30-year fixed at a rate of four percent can slash hundreds off your monthly payments. A loan calculator – like the one I use online – may even tell you your “break even” point is just a few short years. Sounds like a no brainer, unless…

Cons to Debt Consolidation

While reducing your monthly payments through debt consolidation can help your finances in the short run, in the long run they’re not always worth it. First, take into account the cost of loan origination – with points, you could be looking at $10,000 to $20,000. A second major drawback? The length of your loan. Extending a relatively short loan – like a 60-month auto loan – to a 30-year term will have you paying thousands of additional dollars in interest over the life of the loan.

The Bottom Line

It all comes down to which loans you want to. Consolidating high-interest, long-term loans – like a home equity loan, or a second mortgage on a vacation property – are sure bets. Wrapping short-term loans – even those with high interest rates – may cost you in the long run.

Then there’s the matter of what you’ll do with your extra monthly savings. If you plan to use some of that money to pay down your principal, you could reduce your payoff time by months, years, or even a decade or more, potentially saving you tens of thousands – even hundreds of thousands – of dollars in interest.

How Refinancing Can Save your Financial Health is a post from: The Thrifty Scot