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    Surprising Facts – What Does Home Insurance Cover

    Taking out a home insurance cover is not a license that you will get reimbursement for all ills that befall you. There are certain restrictions and you will do well to discuss every detail with your agent before signing on the dotted line. An example will clear the air to a certain extent. If your insurance covers jewellery from theft and burglary, it is by no means unlimited. There is a sub-ceiling based on the overall coverage. Anything above that requires additional premium and insurance.

    Similarly, basic home insurance do not cover a host of things. These include damage caused due to earthquakes, routine wear and tear and maintenance of old electrical and mechanical equipment. Hence, say you have an old unit for air conditioning in Berwick. It will be in your interest to have it checked periodically by professional air conditioning contractors.  If you do want to include them, take a higher cover limit.

    This is the darker side of home insurance, what you will NOT get on a cover. But you will be surprised to know what insurance DOES cover. Take a look.

    • When you cover your home and household goods, the property of your family members are also covered. Based on the main policy, it covers possession of those in the immediate family who are living away. If your children are living on campus in school or college, their possessions are also included under the policy taken out by the parents. This is generally known as personal property coverage and comes without any additional charges. The catch here is that it does not take into consideration those living off campus in rented accommodation.
    • Damage to property that is caused by weight of accumulated snow or frozen burst pipes are naturally covered. But what most people do not know is that if a house is not fit to be lived in after the effects of a severe storm or blizzard, the insurance company will pay for hotel and restaurant expenses till the climate improves and repairs are carried out. If there is damage to your equipment for air conditioning in Dandenong, get it repaired before you move back in. But there are certain restrictions on the amount reimbursable and you should check with your insurance agent regarding this.
    • What happens if a falling object or parts of a defunct satellite fall on your home and damage the structure and possessions? Even if the chance of it happening is perhaps one in a zillion, home insurance covers this possibility too.
    • Homeowners insurance is not limited to damage of property or possessions only, it goes beyond that too. It is basically a general liability policy and covers a wide range of activities which may or may not include a person’s home. One reputed personal injury attorney has written in her blog that she got damages for her client when a homeowner’s insurance policy holder accidently drove her bicycle against the client and injured her. Surprising, but worth keeping in mind.
    • An advantage of homeowner’s insurance is that it typically covers events when the holder is sued for a wide range of claims including charges of personal slander or libel for oral or written material. This is often stretched to the extreme. The policy provides liability coverage in case of dog bites at no additional cost. The standard limit is between $100,000 and $300,000 and that means savings for you if you are ever hit with a dog bite claim.

    Surprising facts, but true! Next time you take a homeowner’s insurance policy, discuss these points in detail with your agent.

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    Life Insurance for High Risk Occupations

    For the individuals who work in what is known as “high hazard” occupations, it can frequently be harder to obtain legitimate life insurance coverage. As the job life of these individuals entails a greater degree of risk as compared to most other jobs, life insurance firms consider covering them under their life insurance policy a precarious proposition. Additionally, the premium for life coverage for these people is usually unreasonably dear. Therefore, procuring a suitable life insurance cover is exceptionally troublesome for people employed in high-risk jobs.

    The first and foremost step in the process of securing such an insurance policy is to comprehend whether your occupation is viewed as “high risk.” The individuals who are employed as firefighters, or those in the Armed Forces, for example, the Navy or Army, are deemed as high hazard for apparent reasons.

    For individuals who work in unsafe conditions, it’s common to have queries about insurance security. Since such insurance coverage is not regularly directed by a government directive, numerous individuals who work in high-hazard occupations probe whether it is even feasible for them to get a reasonable insurance policy. On the off chance, they can buy it, most of them remain in doubt over how much they will end up paying for an insurance cover from a trustworthy and professional firm.

    The crucial thing to note here is that no two insurance companies will be same, and therefore, the information prerequisites can vary from firm to firm. However, questions about the applicant’s wellbeing, general way of life, and occupation are regular among most insurance agencies. The most basic inquiries an insurer requests “high risk” customers include queries related to their everyday assignments, the job location and the kind of the risk involved, for example, firefighter training, hazardous machinery, or explosives.

    Likewise, life insurance firms like to verify and ensure that the financial condition of their client is acceptable and that they have dependents that are reliant on them for financial support. The uplifting news is that there are reasonably priced life insurance alternatives accessible for just about any job provided that the insured party is in good health.

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    Safeguard Your Office with Burglary Insurance

    After homes and retail stores, offices are one of the most obvious targets for theft and break-in burglary. Looking for vulnerable and easy-to-enter workplaces, robbers are functional in the dark hours. On occasions, negligent business owners leave cash unattended in their offices which are one of the prime motivations for robbers. Other than that, these acts of burglaries are often prompted by avarice.

    Regardless of all that, burglaries are one of the leading causes of concern for the business owners.  Since you might be one the victims of theft or a robbery in the future, you ought to adopt certain safeguard measures that can decrease the chances of such wrongdoings. You can utilise a blend of measures to shield your workplace or building from criminals. As far as the basics are concerned, it is advisable to make sure you select appropriate locks. Usually, insurance companies seek a sound proof of a break-in to validate the claim on burglar insurance policy. So, locks are of prime importance for your insurance claim as well. It is also vital to install a reliable alarm system that includes a smoke security alarm as well.

    Besides that, one of the most effective measures to safeguard your office is by insuring it. Burglary Insurance offers monetary remuneration against misfortune or harm brought on to the property because of theft or forced entry. When business owners make a claim on their insurance policy, the insurance company analyses the application to check its legitimacy. A team of agents visits the site to inspect it and approves the claim. The company then pays actual damage to the insured party to the limit of sum insured. Business owners can also include assets, securities and stocks kept in their office in the insurance policy.

    Opting for burglar insurance is indeed a smart move as it’s the best way to protect it against robberies or theft and gain peace of mind.

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    Financial Planning | Take Help from Advisors

    Everyone has their personal goals and objectives in life and we all aspire to fulfill them as quickly possible. These might incorporate purchasing a property or starting a business, saving for your family or even going on a world tour. Most of our life objectives revolve around one factor, money. Financial Planning is the process where you manage your finances in the most astute and meticulous manner so that you can fulfill your dreams -while in the meantime enabling you to overcome the financial impediments that unavoidably emerge in each phase of life.

    At the point when individuals think about their finances and how they are overseen, they regularly focus on one metric — how well their speculations performed contrasted with the more extensive business sector. Be that as it may, there is another huge variable that shapes your opinion about an investment firm and that is the financial advisor.

    Taking into consideration the hectic work schedules and grueling daily routines, one hardly has any time or energy to make the best financial decisions. To achieve precision and best results in any task, it is advisable to enlist the services of a professional. The same rule applies to finance management and that is precisely the reason to hire a professional and trustworthy financial advisor or business consultant in Melbourne.

    A qualified and experienced financial advisor can help you settle on choices that make the most of your financial resources. On the off chance that you are new to the world of investment, a consultant can help you decide the correct resource distribution to suit your way of life. In case that you at present have a venture portfolio, a financial advisor can assess your current speculations and figure out whether they will help you  meet your short or long term objectives.

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    Looking for Business Insurance? 5 Things You Need to Know

    There are many dimensions to business insurance simply because it is almost impossible to define business requirements. Insurance is always specific to the type of business and hence the cover will have clauses explicit to it. Small business, companies and corporations or even self employed businesses all need insurance that has to be tailor-made to match their requirements. Broadly speaking here are 5 things that you ought to know about business insurance before opting for one.

    • Business insurance is not standardised – Even though you might need particular covers you will do well to study all the clauses and opt for one that matches your need. The total package can be a mix of different coverage types that precisely suits your need. Mix and match to get what is right for your business.
    • Research on available insurance covers – It is an accepted fact that business insurance is expensive. But that does not mean that you take a lesser quantum of cover. Research on the Internet and you will find insurance that matches your need yet does not cost the earth. There are covers for small businesses that are in fact quite affordable.
    • Umbrella liability insurance – This is very crucial for any business as it is a protection against lawsuits and other disasters that can totally ruin your financial standing. The benefit of taking this cover is that once you sign up, all your other polices are upgraded automatically regardless of whether they are business policies or personal.
    • Comply with state laws – While it is always to your advantage to get the best possible cover for your business, you should also find out if there are any state statutory regulations in this regard. Know if there are any stipulations that if you carry out any business in a certain state you have to compulsorily get a certain type of policy.
    • Liability insurance for the service sector – This is especially useful for those engaged in the service sector. In this policy, any incident that may occur in other premises will cover you from damages and compensation claimed by the aggrieved party. Take for example a company engaged in corporate office cleaning activities. Any damage to property by the cleaners will be covered by insurance.

    Keep these five points in mind when you go looking for business insurance.

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    Everything you want to know about Workers Compensation Insurance

    Workers Compensation Insurance is a mandatory statutory type of insurance for all employers in each state and domain in Australia and is a safeguard measure for workers, on the off chance that they endure a business related damage or infection.

    In case a worker enlisted by your company experiences an injury or malady, the workers compensation scheme may provide the concerned worker with benefits, therapeutic and doctor’s facility expenses, recovery benefits, certain individual items and a lump sum compensation for lasting debilitation on the premise set by the specific plan.

    Labour hire companies have an extensive database of highly adept workers who’ve undergone a thorough evaluation and have prior employment references. They send these workers directly to their clients. In return, they charge a fixed amount of fee that comprises of taxes, insurance, mandatory charges and other miscellaneous fees. The general objective is to get you the specialised workforce you require without you having to waste time and effort in finding the labourers yourself.

    Nevertheless, all organisations that enlist the services of workers on a full-time, part- time or casual premise, under a verbal or composed contract of services or apprenticeship, must have Workers Compensation Insurance that provides security and cover to all the workers.

    Every state government controls the labourers’ remuneration plan in that state. The different plans are regulated in various ways and insurers may have distinctive roles within the schemes.

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    Problems Paying your Utility Bills?

    Utility bills are sometimes a big cause for distress. It is not possible to make a provision for their payment in your monthly budget as you will know the exact amount only after you receive them. And at times they can be a shocker, much above what you are mentally prepared for. What can you do when you find that you have electricity, gas, water or telephone bills that are more than what you have bargained for? There are a number of ways by which can help you get around the problem.

    First, get in touch with a licensed and reputed electrician in Yarraville to know how to proceed in this matter. Next, contact your service provider for a solution. Most have schemes for their customers for exactly this contingency. You can opt to clear the bill in monthly instalments or you can get emergency utility bill vouchers to make a down payment. These vouchers are available at Government agencies and vary between states. For example, for electricity rebate vouchers, it is Department of Communities: Electricity and gas rebates in Queensland and Department of Human Services: Annual Electricity Concession in Victoria. Browse the Internet to know the agency that is relevant to where you stay.

    One of the most effective ways that you can insulate yourself from having to pay high utility bills is to make periodical payments – fortnightly or monthly – against future bills. Contact electricians in Melbourne if you are unable to arrive at an estimate and they will guide you in this regard. Get details from your provider and know if they offer this facility.

    If all else fail and you find that your utility provider is not helping you out, take the complaint to the Energy and Water Ombudsman Services in your state for redress of your grievances.


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    Types of Business Insurance

    Basically business insurance is a broad term that takes into account all covers necessary for a company to safely and securely carry out its business. A few of the more important ones can be seen in some detail.

    • Liability Insurance – It is very useful as it protects your business from claims of damage sued by customers for any act of negligence committed by the business or any of the employees.
    • Interruption of business insurance – This cover is crucial when there is a stoppage of cash flow due to the business being unable to operate for a particular reason. For example, work will be held up if some machinery breaks down. While the cost of repairs may be covered by other policies, the loss of income during the time it takes to bring the machine back to order will be taken care of by this policy.
    • Commercial auto insurance – It takes into account all vehicles registered in the company’s name as distinct from personal vehicles. The policy covers all damages to the vehicles as well as any damage caused to others by them.
    • Workers’ Compensation – The requirement and the fine print differs from state to state but in broad terms workers’ compensation prevents employees from suing their employer for any injuries inflicted while on-the-job. There is automatic cover for reimbursement of medical bills and compensation for damages.
    • Property Insurance – It insures against loss or damage to property and assets of the business regardless of the fact whether the property is owned, leased or rented. The cover is for a specific risk, say fire, burglary, earthquake or a tornado. Most businesses therefore opt for a comprehensive policy by including all foreseeable eventualities.

    There are other types of business insurances too and the points given here are relevant for most businesses and firms.

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    Estimating Start-up Costs

    Any grandiose business dreams and plans will come to naught if adequate funding is not arranged for. And for that to happen, a well planned strategy should be in place that can be taken before lenders and financial institutions for adequate start-up capital. However, having a rational and logical estimate of start-up costs should be in place before the decision to set up an enterprise is taken.

    The primary step is to have a fair idea of the start-up expenses. This includes all preliminary expenses that is likely to be incurred before end of the first month such as rentals, setting up hardware and software, printing of brochures and designing of logos and if necessary hiring consultants for structuring a business plan. The next step is to calculate the start-up assets. This is money in the bank which the entrepreneur will need for start-up expenses such as buying fixed assets like furniture and fittings and equipment and machinery. The third is calculating the start-up financing which is the capital and investment required for the first month.

    A very crucial aspect that should be factored into estimating start-up costs is the expenses for the services of an SEO company in Melbourne. This is the key in today’s business scenario where having a strong online presence and visibility is very essential. More people take purchase decisions after browsing the Internet on their little hand held mobile devices than ever before and to stay ahead of the competition an SEO optimised website is very important. Consider this as a vital component of start-up costs.

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    Finance Your Home Improvement

    Best way to Finance Your Home Improvement

    Before taking up any home improvement project, a detailed plan should be drawn regarding the extent of the renovation you can afford without taking your financial stability to the cleaners. Focus primarily on the quantum of money that will serve the scale of changes to be made and then make a thorough research on the host of financing options available that will meet your needs. Choosing the wrong type of loan can set you back by years.

    What then is the best way to finance your home improvement scheme?

    • Upfront cash – This is of course the best but with simple and basic renovation of say a kitchen or a bathroom costing thousands of dollars today, it might take quite a while before you’ve saved enough to go through with it.
    • Low or zero interest credit cards – If your credit rating is good and your requirement is minimal (around $10, 000), opt for zero or low interest credit card offers. However, these generally have a short tenure of 18 months so you have to pay off the entire sum within that period. Failure to do so will result in a heavy interest burden.
    • Contractors Loans – Many top of the line Home Extension Builders offer in-house financing deals. But ensure that the rates are competitive and extra charges have not been piled on what is offered by the lending agency.
    • Personal and unsecured loans – For midsized requirements, go for this channel. Disbursement is quick, there is a long repayment period – usually up to 60 months – and you don’t have to put up your home as collateral. But beware of high interest rates.
    • Home equity line of credit – For major renovations costing upwards of $50,000, a low interest high tenure financing agreement is preferable if you have available equity on your home. It is possible to borrow to the full eligible credit limit at prime lending rates.

    Weigh these alternatives carefully, compare the amount that you are eligible for and the interest rates being charged and you can be sure that your home improvement project will be what you’ve always dreamt of.

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    Start-up Funding for Cleaning Business

    The best start-up is where the founder has a clear vision on what he wants to do because the quantum of funding required to get the concept on rails will depend on it. In the case of a cleaning business there are a few options. First, should the focus be on plain residential cleaning services, the more complex commercial cleaning one or a mix of both. Secondly, should it be a franchisee set-up or a fully owned and operated business. And lastly, what should be the scale of operations in the initial stages – a couple of cleaners along with the owner to start off or teams to cater to a grand beginning.
    Once this part is settled, the process of getting the funding has to be initiated. A number of avenues may be explored.

    • Own funds – Breaking into your own savings is the most obvious and easiest solution if you have a nice pile stashed away. Even then it’s advisable to look for business funding and keep your nest secured for a rainy day.
    • Friends and relatives – Provided your business plan is sound enough you can convince your close friends and relatives to lend at least a part of the amount required. Alternately, you can convince the really near and dependable acquaintances to come aboard as an official investor or partner.
    • Government programs – You can avail of loans earmarked by Governments especially for small businesses and start-ups. These have long repayment periods and soft interest component but have a low credit limit. Whether the amount sanctioned will be enough for you depends on the scale of the home and office cleaning services you have in mind.
    • Factoring of slow moving invoices – Most industries have a 60 to 90 day payment period and this slow turn around can put a squeeze on your working capital requirements. Arrange for a factor to ensure a smooth cash flow.

    The advantage of arranging start-up funding for cleaning business is that it is relatively small due to the low cost of cleaning materials and other necessitates.

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    Insurance Policy for Arborists

    All businesses have their own exclusive needs and the same holds true for companies offering services of arboriculture. This is the primary reason why insurance companies design policies that cater to the unique needs of a particular trade and industry. Even in this respect clauses of a policy will not be common or relevant to all sectors at the same time. For example, general liability insurance will have different stipulations and coverage for say a general tradesman and an arborist. It is because of the nature of work each performs. An arborist faces many challenges in his daily work and insurance policies are structured around them.

    The art and science of arboriculture is so precise that insurance is available for various types of work they undertake. Thus there is Arborist Insurance, Tree Trimmer Insurance, Plant Cultivator Insurance, Botanist Insurance, Tree Surgeon Insurance and Floral Specialist Insurance. Each activity has its own risks and dangers and insurance coverage has to be in tune with them. There is also Professional Liability Insurance, Workers Compensation and Employment Practice Liability – all of which are applicable to companies engaged in professional plant and tree care.

    Again, tree pruning companies in Melbourne own a lot of specialized and costly equipment that need to be insured against fire, theft or other losses. These include tools such as chainsaws, clippers and stump grinders and cranes and other vehicles.

    Another aspect that is covered is performance errors made by arborists for which claims are likely to be raised against the company by the owner of the property. This is generally for replacement or repair of trees or plants accidentally damaged in the course of work. Or it might also be reimbursement of cost of repairs to property if damaged during tree removal. These are just a few examples only and not a full list of what might possibly go wrong.

    Taking out insurance policies for arborists is a much specialised business due to the unique nature of work carried out by them. Arborists should go through the fine print very carefully before opting for one that suits them the most.

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    Monetary System

    Understanding the Monetary System

    Before trying to unravel the secrets of the “monetary system” it will be relevant to have a brief bird’s eye view of what is money. It is a medium that is used to get goods and services in exchange and has taken the world beyond the barter process of the past. However, money is not wealth. The latter is a mix of money, resources and labour while money per se is only a part of a basis for wealth.
    What then is the monetary system and how has it evolved over time?
    The Gold Standard – In the past the value of money was supported by the value of gold and silver and money could hypothetically be changed to precious metal of equal value in banks. Not anymore. The last country that had gold backing was Switzerland for their Swiss franc but was compelled to abandon it in 1992 after joining the International Monetary Fund.
    The Debt Standard – It should first be kept in mind that the right to issue money rests solely on the Government and the Central Bank only makes regulatory policies for its circulation. Today, almost the entire monetary system is backed by DEBT, a promise to pay printed on paper.
    What is this debt? Money is created by the Central Bank of a country when it “buys” bonds issued by the Government equivalent to the value of the bonds with these being the collateral. There is no physical transaction. Money so created is virtual in nature.
    Similarly, Government borrows money from various sources internally or institutions such as the World Bank or IMF against a promise to pay the debt after a certain period. When it defaults on repayment, either on the principal or interest, the whole monetary system collapses and the nation goes into bankruptcy.
    Loss in the Value of Money in the System – When the quantum of money in circulation increases due to monetisation of Government bonds, the money already in circulation diminishes in value. Therefore there is a loss in purchasing power, otherwise known as inflation. In debt standard monetary system, there is no limit to increase in money circulation and more money is created to service past debts. This creates a hyper-inflation scenario where only major reforms can pull the monetary system to normalcy.
    Running a rock solid monetary system requires a great deal of complex economic jugglery by financial experts around the world.