3 Ways to Save Money on Commercial or Business Insurance

Business or commercial insurance is a necessary part of operating your company, although it’s no doubt an expense that many business owners wish they could reduce. After all, your commercial insurance doesn’t bring customers through your front door or help you to sell any products. While you can’t eliminate insurance altogether, there are some ways you can usually save money on its cost. Note a few tips on how to do this.

1. Implement employee wellness programs

You may be able to save on health insurance for your employees if you implement wellness programs. Employees who are healthier overall will cost an insurance company less money for treatments and doctor’s visits, so the insurance company may pass this savings on to you, their customer.

Wellness programs can include weight loss support, smoking cessation programs, subsidised gym memberships, and even flu shots. Ask insurance carriers like National Corporate Broking Pty Ltd about these programs as they may have ones in place that they can implement at your office.

2. Implement loss prevention programs

Preventing loss when it comes to your commercial property is like implementing employee wellness; your insurance company may save money because of reduced claims, so they pass some savings on to you.

Loss prevention programs can include fire safety instruction at your facility, disaster preparedness, additional or updated fire alarm systems and materials like fire doors, flood retaining walls, and so on. Anything you can do to protect your property can reduce your insurance premium.

3. Use properly insured subcontractors or temporary employees

If you use subcontractors who do not have proper insurance, a customer or client of yours can easily sue you for damages done to their property or for unfinished work. In turn, your insurance company may be liable for those damages. Properly insured subcontractors can help you cut down on that risk so that in turn, your insurance company will be less liable.

This can also be applied to clerical staff, accountants, and other skilled office workers. You might consider using temporary workers or contract labor, from a company that provides insurance for their workers. In turn, you won’t need to provide them with health insurance and may be able to reduce your premiums for worker’s compensation, unemployment, and other types of insurance.

Be sure you discuss all these possibilities for savings with your insurance agent before you invest in certain programs or make changes to your personnel. This will ensure that you can actually save money on your premiums with these options.

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3 Ways to Improve Your Credit Rating

You’ve probably never seen your credit report, but the rating which it is assigned can hugely effect your life. A bad credit rating could prevent you from getting financing for anything from a new house or car to a strong credit card, or see you find only deals which offer incredibly high interest rates.

Australia’s negative credit reporting system can make it hard to improve your score, but there are still a few ways you can help yourself out.

Correct Your Debt to Credit Ratio

Let’s say you’re earning a good wage, and that you’ve never missed a payment on your $5,000 limit card. That’s great—but you might still look like a credit risk if that card is kept right up close to the limit if you only pay off the lowest possible amount each month.

Unfortunately, this can make it appear as if you’re still using the card to live beyond your means. If you consistently reach the end of the month at $5,000, then simply pay back $2,000 and start again, it can make it appear as if you simply can’t spare the other $3,000 each month to totally clear the dept. Instead of letting this happen, keep the ratio between your debt and your credit limit as low as possible.

Demonstrate Stability

Keeping old current accounts open for as long as possible improves the length of your credit history, so try to avoid changing unless you truly need to. Additionally, only apply for credit if you actually need it.

It’s too easy to pick up credit cards everywhere now, even at retailers. These are usually offered with a tempting incentive; they might save you $25 on a larger purchase, or allow you to gain more loyalty points. However, constantly applying for more credit is liable to put off potential lenders. They may fear that you are attempted to live on borrowed money.

Get in (Some) Debt

If you want someone to loan you an appreciable amount of money, you’ll need to have been in debt before. Crazy, but true. You can’t be judged on something you’ve never done before, and your risk level can’t properly be assessed without any borrowing history. Organisations might find no credit rating more appealing that a negative one, but it’s far from ideal.

If you don’t have any credit history, try to secure a credit card with a low spending limit. As long as you stay on top of your payments, this will demonstrate to potential lenders that you’re able to manage your own finances and pay money back on time.

Rebuilding your credit rating isn’t something that will happen overnight, but the sooner you start taking control of your finances the sooner they’ll improve. Consult resources like Maddern Financial Advisers to create a plan to maintain a better credit score or gradually get out of debt.

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Why It Is Beneficial To Hire A Tax Accountant To Complete Your Tax Return

Are you due to complete your taxes, but wonder if you should do it yourself or hire a tax accountant so that all the paperwork is done for you? There are many reasons why hiring a tax accountant is better than doing the paperwork yourself – one of which is the ability to get a higher tax refund. However, to find out if going with a tax accountant is really for you make sure to find out that benefits they bring, and you can do that by reading on.

  • Paperwork can be confusing: Some people simply hate paperwork and if you are one of those people then filling out the taxes can seem like the worst chore of the year. Fortunately, a tax accountant can take that care of all the paperwork so that you do not have to trouble yourself with it. They can also keep you up to date on the progress of the paperwork, which means you can be confident your taxes are getting sorted out.
  • Increase in tax refund: There are many factors that a tax refund is going to hinge on, such as the total income for the year and work related expenditures. By making a few mistakes, you could potentially be reducing the amount of money you should get in the form of a tax refund. On the other hand, a tax accountant will know exactly what to do so that you legally get the most money possible on your tax refund. The increase in tax refund money that you are likely to get means the tax accountant service will at least in part pay for itself.
  • Send paperwork on time: A tax accountant will know the deadlines that the tax forms have to be sent off by, and will stick to them religiously. However, if you do the taxes yourself then day to day life can get in the way, and as a result you forget to do them. Consequently, you might get a fine which could have been avoided if you simply hired a tax accountant.
  • Understating your taxes: A tax accountant will not only fill out your tax forms, but will also explain the different legalities and rules surrounding certain things that you need clarification on. This allows you to learn more about how to fill out a tax form, and that means you could do the job yourself in the future.

For more information, contact a company like Taxwise.

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I'm a working artist and it can be hard to make money stretch sometimes. I have to be really smart about how I use credit cards, as well as making sure my budget is precise. When I have a big show if I sell a few pieces I can eaily find myself making a year's salary in one night and needing to stretch that until my next big sale. I also have to be savvy about keeping a track of my tax deductions to maximise my cashflow over the year. If you are also making a living from your art, this site should be useful to you as well.

April 2015