January 23, 2014 8:40 pm EST

Reducing Risk When You Own A Business

Insurance companies evaluate potential customers by looking at the risks inherent in their businesses. If the business appears to have a higher degree of risk, that business will pay more for premiums or may have difficulty getting coverage at all. The key is to reduce the risk that a loss will occur.

Fire risk is one of the main factors in determining the cost of property insurance. Building or leasing a fire-resistant building should reduce premiums significantly. You also should make it a point to keep your premises neat and tidy. A location with piles of boxes and debris, for example, is a much higher fire risk.

Here are other ways to reduce risk:

•Check smoke detectors on a semiannual basis and maintain written records.

•Maintain all fire safety equipment.

•Maintain emergency lighting and illuminated exit signs in proper working order.

•Develop a daily inspection routine of the premises, taking immediate steps to correct any hazards.

•Avoid overloading electrical outlets.

•If you live in a flood-prone area, determine whether your property is above or below the flood-stage water level.

•Know the history of flooding in your region, the warning signs of flooding, and the items you need to be prepared.

•Keep disaster supplies on hand.


December 19, 2013 6:59 pm EST

An Annuities List of Tips

The following are a couple tips on deciding on what kind of annuity that you should get. A lot of information out there is bloated an intentionally tries to confuse you, and you wend up possibly deciding upon something you aren’t fully aware of. Let’s change that, shall we?

1. Don’t have a traditional pension?

Consider your options. Most people may not retire with a traditional pension. If this is the case, you can use an income annuity to have a sort of build your own pension.

2. Count on living longer

Don’t assume that you will pass away young. People underestimate their lifespan and about half of 65-year-old Americans will live past the age of 83. Take a look at possible annuities that help with extended retirement funding. Women tend to outlive their husband, and because of this, they could risk running out of money in their lifetimes. This is where a “joint-and-survivor” annuity would come in to play.

3. Get protection from inflation

The cost of living is always rising and can erode your purchasing power during your retirement. And income annuity with an inflation rider or a variable income annuity can help for this reason.

4. Take a look at your needs

Try to estimate your living expense while you’re in or about to go into retirement and calculate all the sources of income that you currently have. This will make it easier to know if you’ll need an income annuity.

5. Be familiar with of risks

Figure out what risks you can tolerate and figure out what risks you can’t. If the Dow Jones Industrial Average nosedives 1,000 points and it doesn’t really affect you, then you more than likely don’t require a life annuity…