Saving Up and Planning For Unexpected Expenses

Oct 06, 18 Saving Up and Planning For Unexpected Expenses

“All days are not same. Save for a rainy day. When you don’t work, savings will work for you.”

M.K. Soni

The hurricane season last year left many households in wreck, not just on their properties but also in their finances. The destruction left by the inclement weather forced many people to spend more on unexpected expenses.

Over the past few years, destructive weather disturbances have become common. But while these phenomena are not new nowadays, the sad fact is that only very few American households actually save up for these ‘unexpected’ expenses.

Come to think of it, many of us make budget plans every year (some do it monthly). Some even write their financial plans on creative planners, such as those reviewed at We allot budget for basic necessities, transportation, mortgage, vacation, insurance, etc. But not all of us actually allot money for unexpected expenses. As a result, our finances get drained when these unplanned expenses occur.

Preparing for Sudden Expenses

Aside from storm-related costs, there are many other unanticipated expenses that can arise throughout the year. Emergency home repairs, additional power and heat consumption, car repair bills, annual insurance premiums, sports fees, new membership & subscription fees, medical expenses, and other lump sum expenses. This list can go on and on, as there are endless sudden expenses that you can face.

Saving Up For Unexpected Expenses

Unanticipated expenses can eat up a large sum of your daily budget and even savings. That is why, it is vital that you include it in your annual budget management plan. Here’s how to effectively prepare for these sudden costs.

  1. Identify the common unexpected expenses. Usually, these expenses are seasonal in nature so you can actually foresee them. Some examples of sudden expenses include car repairs, Christmas gifts, car insurance, winter season, dental bills, property taxes, etc.
  2. Review your previous year’s credit card and bank statements. See any irregular expenses or withdrawals. This should help you better identify the sudden expenses you’ve accrued.
  3. Sum up all the amounts paid for unexpected costs that are beyond your monthly paycheck. Divide the sum with your total annual paychecks. So, if you incurred $3,000 for sudden expenses, divide by 24 (if you receive bi-monthly paychecks), then you’ll need to allot $125 for unexpected costs.
  4. Consider it as a recurring expense and pay it up every time you receive your paycheck. For a more organized financial management, you can use the best goal planners that you can find at Get Life You Desire.
  5. Be ready to adjust with your budget and spending habits. You can also start saving small then move up until you reach the target savings. This should help avoid hurting your spending on basic necessities.
  6. Set up electronic transfers that will automatically fund another savings account intended for unexpected expenses. This will help you manage your money better and avoid forgetting your savings.

Once your savings begin to grow, you might be tempted to spend on unnecessary buys. Avoid this itch by thinking of your goals for the savings. Just think that if you spend it now, you’ll end up paying more on debts in case sudden expenses come your way.




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Insuring Your Cafe or Bar

Jul 04, 15 Insuring Your Cafe or Bar

You’ve probably heard about many different types of insurance, but did you know that one of the most prominent and most sold types of insurance is business insurance. If you own any type of business, you will want to have good coverage in case anything happens. If you don’t have adequate insurance, an accident or some bad luck can drive your business into the ground. In this article, we will be discussing business insurance for bar or café owners. So, here are some good tips if you want your bar or café to be fully insured and safe from harm.

  • Planning

Getting business insurance requires a fair amount of planning. This especially goes for businesses which sell alcohol in their establishments. One of the first things you need to ask yourself when assessing insurance or planning risk management is about the value of your property, fixtures and content in the establishment. Is your establishment located in an old building or a newer one, do you have coolers, a karaoke machine (like these), expensive décor, or a big stock?

  • Alcohol

Another important question to settle is how much alcohol you are going to be selling. Are you opening a relaxed daytime café with nice dining, or have you already bought yourself a karaoke machine, and are planning to have a crazy and drunken karaoke bar? If your sales are going to be more than 50% alcohol, you have to aware of the fact that your premiums are going to be higher. Find out just how much that will be before settling on just any insurance plan.

  • Liability

Another important point you have to inform yourself about is what is the bar owner liability in case of injuries to a third party which an intoxicated patron causes. This varies from state to state, so it would be best to find out the correct information from a bar or café counsel in your area, or ask someone who you’re sure has the correct information on this topic. If you are liable for any injuries, your premium is sure to be higher.

  • Natural Disasters

Is your establishment located in areas which are prone to natural disasters or some other dangers? If so, your premium will definitely be higher. These areas include beaches, flood prone areas, areas with a high risk of hurricanes and earthquakes, mountainous areas, etc. Get the correct information on your area before settling on how much your premium is going to cost.

  • Other people

Are you going to have other workers in your establishment other than yourself? if so, you will definitely be needing some kind of workers’ compensation insurance which is going to accompany your business insurance policy. Another important point to consider is whether you’re going to get health insurance for your workers, and if so, what kind of insurance will it be and what kind of coverage will it provide.

These are all important points to consider before you even contact your insurance specialist. Have all your answers and documents ready when you sit down to discuss premiums.

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Choosing Insurance for Your Boxing Club

Sep 20, 14 Choosing Insurance for Your Boxing Club

Owning a boxing or weight lifting gym can be an awarding occupation; but starting up your business can be challenging and will take a lot of research. Selecting the perfect insurance plan for your company is important because you want your business to be protected at all costs. Insurance can be expensive, so you want to make sure you research the types of insurance you will need and weigh out all of your options. Here is a list of types of insurance offered for Boxing Clubs:

Public Liability Insurance

Public Liability Insurance covers you for any claim stating you or your business caused a third party bodily injury or property damage. Even though Public Liability may not be a legal requirement for some sports clubs, it is highly recommended to have for your facility. You want to make sure you understand the details of your Public Liability policy. Some have specific restrictions for covering players, members, and for different types of activities.

Products Liability Insurance

Product Liability coverage protects your business from any claims that products you supplied caused an outside party any harm or damage. This policy is important to have because even if you did not manufacture the product, the claim will be directed towards the supplier of the product. The cost of this type of insurance varies greatly by what type of products you sell, county origin, and your turnover rate. In any case, be sure that you have high quality boxing equipment, as it would prevent your clients from getting harmed.

Kit and Equipment Insurance

Should you ever suffer a loss of equipment at your facility, this policy covers the replacement or repair of the damaged materials. Events such as theft, flood, fire, and wind could cause damage to your equipment.

Examples of equipment covered by this policy are:

  • Office equipment
  • Trophies and medals
  • Sports equipment
  • Training and Team Kit equipment

You can research different types of Kit and Equipment policies that will allow you to read more about boxing club equipment that is protected and also provide a weight lifting equipment guide to give you an idea of common equipment used for your type of business.

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Business Insurance for Data Mining and Business Intelligence Firms

Sep 17, 14 Business Insurance for Data Mining and Business Intelligence Firms

Greetings! Today we will discuss possibilities regarding data center risk assessment. Big data (personal information regarding web users: Facebook, Twitter, LinkedIn and other social media) is known for being a trending IT sector by Forbes and is expected to grow to a $50 billion market for the next few years. Apparently, if you are in good terms with numbers, you should understand that these are big numbers. While this exponential growth is great news for data mining and business analytic companies, at the same time it means that you’ll be exposed to additional vulnerabilities.

A single lawsuit can mean hundreds of thousands of dollars in legal fees. And the costs don’t end there. You’ll spend countless hours working with lawyers to prepare for even a small case, which means you can’t spend those hours bringing in revenue.

Small business insurance can cover lawsuits over data breaches, client disputes, personal injuries, property damage, and numerous other common business liabilities. To cover your data mining and analysis business, you’ll need a combination of insurance policies, some of which might be:

  • General Liability Insurance;
  • Professional Liability Insurance.
  • Cyber Liability Insurance.
  • Workers’ Compensation Insurance.
  • Employer’s Liability Insurance.
  • Fidelity Bond Insurance.
  • Employment Practices Liability Insurance.

Being insured against loss is important. For a data center is doubly important in order to protect not only your company, but also your clients. That is what data center insurance is all about.

data center signFirst off, data center insurance is only effective if the design, construction, and maintenance security standards are maintained. If these precautions are not maintained, then it could void the insurance policy, despite any premiums you may have paid.

Data centers can benefit from having Cyber Liability Insurance. This protection helps to cover any costs related to data breach at your center. These breaches can be in the form of a lost computer (or other device) or unauthorized access to the network.

Cyber Liability Insurance covers the cost of notifying customers, credit monitoring for those customers, forensic investigations to locate the point of breach, and any legal costs accrued because of the breach. This protection can also provide funds to help you rebuild your company’s reputation through advertisement and PR.

Cyber Liability Insurance only covers breaches that happen at your data center. However, E and O Insurance can also protect data centers and data mining business. This insurance protects against loss on the consumers part based on data provided by your company.

Even though it can be difficult at best to predict the future, that doesn’t stop some clients from holding your company responsible if the unforeseen should happen. E&O protection can cover lawsuit costs during such an event.

Having the right insurance in place can protect your data center or data mining company in the event the worst should happen. Of course, this insurance is only valid if the design, construction, and maintenance security standards are in place and are maintained by your company. Any neglect on your part can cause these policies to be invalid.

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Must Know About Gym Insurance

Aug 27, 14 Must Know About Gym Insurance

Gyms can prove to be fairly dangerous places, even for careful enthusiasts. Machines break down, keys slip, weights fall and spotters fail to help lift on time – all of these things happen, and in many cases, no specific person is really at fault. If you own a gym and something like this happens, when your patrons are unable to sue one another, it’s a safe bet that they will try to sue you, instead. Maybe it doesn’t sound fair, and maybe there’s something to that, but there’s a way to limit your liability and costs so you don’t have to deal with this type of nonsense.

One of the best ways to cut down on injuries and claims in the first place is to stick with high quality gym equipment. See more information at this resource. I’m not saying that you absolutely need top of the line stuff to maintain a gym; just that it helps. If your machines are constantly warning patrons about overexertion and injury potential, then they’re going to tend to be more careful while they’re lifting or otherwise working out. Fewer injuries in your gym will lead to lower insurance premiums as well. There’s something to that, so there is.

Like I said above, some standard liability insurance can go a long way toward protecting yourself from spurious lawsuits and keeping your gym open and operating when it would otherwise be forced to close. There are other insurance concerns you might want to look into as well, though. Insuring your equipment is just a good idea, especially if you’re going all-out and buying up the best stuff money can buy. People make mistakes – they drop things, they don’t ease out of a lift and weights come crashing down. These things happen. That’s what the insurance is for, you know.

Not every gym has a pool, but if you’re planning on making aquatic activities available at your gym, then you’re going to want to look for insurance on that too. Likewise, it would probably be a good idea to hire a life guard for watching over patrons while they’re swimming in your gym. Insurance will cover and take care of a lot of things for you, but I don’t think even the best policy in the world will do away with the stigma that is attached to a gym once a member dies in the place. Little wonder then why so few gyms have pools.

Perhaps the greatest form of insurance you could get isn’t actually insurance at all. With a series of cameras placed throughout your gym, you can provide detailed video evidence if it turns out an injury was caused by the careless (or intended) actions of the injured party. If you can prove you and your equipment had nothing to do with causing a particular accident, then it’s a safe bet you won’t be held liable for any costs associated with that accident. Like a good insurance policy, this can save you a lot of money in the event there is an accident.

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Nail Technician Insurance

Jul 22, 14 Nail Technician Insurance

All businesses need insurance cover to protect the investment made and also to safeguard the business at times of risks. Insurance for commercial business is offered by several insurance services. You can find such insurances online. When you search thoroughly, you can find good deals on the policy that keeps your investment secure and also provides you additional benefits.

In the line of commercial business insurances provided by the insurance services, nail technician salon insurance is also a part. Nail technician salon insurance is a specially formulated insurance policy that is customized for use especially by the Beauticians and Salons all over the United Kingdom.

Insurance helps to protect the business against risk and safety issues. Any bodily harm or damage to property can pose big risk to the business. A minimum amount of insurance cover is needed to provide basic insurance. With adequate cover the career can be managed efficiently and without having to worry about the hazards that risks may expose the business to.

The insurance policy is drafted taking into consideration the hair and beauty sector. You get a wide treatment cover range, which can be opted for or removed as per your individual requirements. There are specialized insurance services that help you to identify the right insurance type you need via their various insurance partners.

The cover provides protection for all nail technician treatments like application of nail extensions, nail coatings which include varnishes and coatings that use UV curing technique, cutting and shaping of nails, pedicures, and manicures and application of nail art.

The cover includes employer’s liability, money, legal expenses, stock and equipment used and any personal accident that occurs in hands.

Benefits of the insurance include

•             Best insurance cover that suits the individual insurance needs of your business

•             Quotes are devised after thorough research on the requirement of the business, its services and the type of cover that is right for the various treatments.

•             Wide choice of terms at competitive rates enabling better and comprehensive cover

•             Immediate cover with all documentation done on the same day and in most case even over the phone

•             Easy payment policy that includes direct debit payment

•             All documents can be sent via email and processed immediately making the entire process simple without any hassles.

If you are not sure of the type of cover you need, the insurance services offer consultancy services, which will guide you on the various treatment covers available from which you can make your choice easily.

To become a professional nail technician, it is not sufficient if you are properly trained. Getting the necessary training is the first step in the process of establishing yourself as a reputed technician. You need to invest in a salon, look into the various details of the set up and plan the whole thing properly.

When you see to each and every aspect in meticulous detail, you will not neglect any crucial addition that is needed. By focusing on becoming an accurate nail technician, the careful planning and dedication will bring dividends to a great extent.

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