A health insurance broker is often the best way forward when you are trying to find the best plan for your and your employees. After all, it’s a lot of work for you to do on top of trying to run your company and keep everything under control.

However, a broker can cost you extra and that might not be in your budget. Is it possible for an insurance broker to offer a free service, and why are there fees in the first place? This guide has everything you need to know to take the next step forward.

What Services Does an Insurance Broker Provide? 

A health insurance broker is able to find you the best insurance plan for you and your staff, ensuring that the packages have all of the benefits that they would like to see and that they come at a price that’s affordable for the company.

The most important thing to remember about an insurance broker is that their loyalty is only to you, the client. They have no affiliation with specific companies, which means you are only ever getting their honest selections without the risk of feeling like they are getting a commission.

An insurance agent, on the other hand, does receive a commission from their affiliated insurance companies. This means that you are getting a less honest result and something that you know is likely based on their own affiliations and interests.

Insurance brokers will always do a great deal of research to find the perfect package for you and ensure that all needs are met. They tend to have connections with multiple companies and will put you first throughout the process. Their dedicated research is one of their best qualities.

Why Are There Insurance Broker Fees? 

The reason why insurance brokers charge fees is that they don’t take any commission when you choose an insurance company. When you use their services, the fee that they charge for their time is the only way they make any money.

The amount that your chosen broker will charge does tend to vary according to who you go to. Some might charge 10% of your total insurance package price, others 15%, but they are worth it for the mere fact that they are completely independent.

Can an Insurance Broker Offer a Free Service? 

An insurance broker will not typically offer any free services. This is because their fees are the only way they can make money. If you go with an agent, there is the potential for a free or reduced-fee service because they make commission, but there is also the risk of biased results.

To Conclude

An insurance broker can be invaluable when you are trying to find the best services for your business. After all, you want nothing more than a package that keeps all your staff happy. They take the time and effort out of it for you, but they can’t offer you free services – so be prepared to pay or risk the potential bias of an agent instead.

Running a start-up can be overwhelming, and there is almost always an issue with the budget. Employees are a whole other kettle of fish, but your start-up needs them in order to survive. The issue is, how are you supposed to attract these employees but also retain them?

Well, the key is start-up benefits. Yes, that’s right, offer them some great incentives that they can’t resist and that is affordable for you. But should start-ups be offering employee benefits, and if so what are the perks behind them? Allow us to take you through it.

It Helps Them Grow 

Here’s the thing, we know that you don’t have a great deal of spare cash for stuff like this, but that’s the beauty of benefits – they don’t need to cost a thing. You can offer them additional time off to spend on free courses or their own private learning to help them develop their skills.

Free time like this leaves employees feeling a greater sense of freedom and control over their lives. It allows them to work towards career advancement, which could work in your favour down the line when you’re looking to promote staff members.

Creates Work-Life Balance

This is a major issue for so many people, the lack of a work-life balance where they have time to breathe outside of the office. Showing your employees that you respect their life outside of work and the potential challenges they might face will do wonders for employee mood and retention.

For example, parents can benefit from assistance with daycare or perhaps being allowed to work more flexible hours. With an incredible 81% of workers being attracted to positions with flexible work hours, it makes sense to incorporate that into your start-up benefits plan.

Peace of Mind is Key

Offering health benefits helps your employees to stay focused on work and not worry about what’s happening at home or any what-ifs that come with a potential health scare in the future. An employee who feels secure is one that will be more productive and get the job done quickly.

Things like a virtual GP, counselling services, even private health coverage if it fits in your budget. These are little things that offer peace of mind to your staff. Furthermore, paid sick leave is a great incentive and one that breeds staff loyalty over time.

You can also offer them insurance packages, things like life insurance that will protect their family if something happens to them while they are employed by you even if it is not related to their work. There are loads of great policies to choose from that will keep them protected.

To Conclude 

You might just be starting out, but your start-up can still offer great benefits to the employees that you have. They don’t all need to cost money, but the ones that do will be worth it in the long run. After all, you want to build a workplace that has a strong team and a sense of community – making them feel as though they are safe and part of your family is how you achieve that.

There is a lot to think about when you are planning for retirement, and comparing annuity rates can often end up pretty far down the ‘to do’ list. With most pension providers offering an annuities package as you approach retirement, it can be tempting to bypass the process of comparing different annuity rates from alternative suppliers, and simply take up the first deal that you are offered. 

However, if you take a quick look at the annuity rates on the online, you are likely to notice at least one package that can outperform the first offer made by your pension provider.

Thanks to the internet, the process of comparing different annuity rates is now easier than it was previously. To start with, the aforementioned Legal & General site has a quick and simple to use a calculator that can project a yearly income after the input of just a few details, and this can be useful to get a benchmark figure for comparison. Any of the best personal finance books will explain that searching online is one of the best ways to quickly access financial information. 

The Money Advice Service, which is managed by the Financial Conduct Authority (FCA), was set up by the government to provide free, impartial and independent advice for consumers. Their annuities comparison table, look right across the market and should be a standard port of call for anyone starting to compare annuity rates.

However, there are limitations to these tools. The automated comparison works well if you are fairly sure of the decisions that you want to take, such as the type of annuity you wish to choose, and the level of cover that your spouse might need if you die first. However, if you are unsure of the choice to make with key options, like for example whether you want an escalating annuity – which will counter the effects of inflation – or want a level annuity, which will pay more income initially, you might want to think about taking some professional advice.

Independent Financial Advisers can provide this advice, comparing the whole of the market for you to find the best deal for your circumstances. It is important to establish that it is an IFA you are dealing with, as some Financial Advisors are linked to pension providers, and will therefore only provide information on a limited range of products. 

The term ‘IFA’ is regulated, however, so only independent advisors are legally allowed to describe themselves in this way. While you will need to pay for the advice of an IFA – either through commission or a fee – this expenditure will generally be a fraction of the difference that finding the best annuity rates can mean for your retirement income – it is not uncommon for the difference to be as much as 20% between the best and worst payer on the market.

Getting a medical before arranging the deal can also make a huge difference to the annuity rates that you’ll be offered. Enhanced annuities take into account medical conditions, including things like abnormal blood pressure and high cholesterol, and provide a better income from the outset thanks to the statistical likelihood that the provider will not have to pay out for as long.

Insurance is a mature marketplace, which has evolved over hundreds of years.

The original insurance policies were created to allow the wealthy owners of mercantile ships to protect their assets against the risks posed by the dangerous seas. 

By taking out insurance, an entire class of merchants could in effect share the risks of an entire fleet, rather than staking their fortune on the outcome of a single vessel. 

This simple principle carries through to the insurance we see offered today. Each policy allows consumers to share their risk around, with the objective of ensuring that no individual feels the full weight of the costs of a medical diagnosis.

Let’s walk through the main types of insurance available for health and life:

Term Life Insurance

Life cover is a policy which will payout if you die within the term of the policy. Life cover terms can be as short or as long as you wish – so long as you specify the duration at the outset and continue to make the monthly insurance premium payments. 

Term life insurance will pay into your personal estate by default. This means that proceeds may be subject to inheritance tax and could be used to pay off your existing debts before your surviving dependents receive their money. 

Life insurance can be structured differently to result in direct payments to beneficiaries. This is known as writing the insurance into a trust – this effectively means that the insurance is not associated with your own personal estate, and as it will be paid directly to others, it would not normally fall under inheritance tax. The disadvantage of these types of policies is that it can be difficult to change the beneficiaries at a later date. Tax laws may change therefore always perform your own research and consider finding a financial adviser to assist. 

Private Medical / Health Insurance 

Medical insurance is designed to provide individuals with access to top-class healthcare with minimal outlays at the point of receiving treatment.

The policy will pay for most of the cost of any essential medical treatment and after-care, although policy exceptions do apply. Some policies are more comprehensive than others, and the level of excess on some policies will be higher than others. 

In most countries where healthcare is available freely as a public good, private medical insurance is used to tap into additional hospital capacity and services. The waiting list for procedures is typically much shorter at private hospitals, therefore being able to utilise private healthcare may result in faster and more comfortable treatment. 

In the case of cancer, for example, where treatment is urgent and has a direct impact on survival rates, being able to opt for health treatment could be very beneficial. 

That being said, public hospitals can have better diagnostic equipment and a patient will typically ‘mix and match’ private and public services over the course of long medical episodes, depending on what is most suitable for them. 

If you are looking for shop insurance then you may want to visit the recently re-vamped from Shop Insurance Direct. The company has made a number of enhancements to it making it easier for the user to navigate around. Furthermore, it now includes some particularly useful information that anyone considering such cover may want to study.

If you require a quotation then you can either fill in the form on the website that should only take a few minutes or pick up the telephone and speak with a friendly, knowledgeable adviser who can answer any questions you are likely to have about shop insurance.

Whilst it is important that the policy offers suitable cover, another consideration for most business owners is to get the insurance at a reasonable premium. A benefit in using Shop Insurance Direct is that, through their partner, they are able to provide you with a guarantee of “Best price or your money back”. What more can you ask for!

If you are looking for a bit of help as you are unsure exactly what sort of cover you need you may wish to look at the Frequently Asked Questions page on the website where you will find some typical questions and answers or ring one of the phone numbers on the website to speak with someone.

The website is mobile friendly with an easy navigation system leading to a range of products, quote form faq and the contact page. The website responds well to mobile devices seeming quite adaptive.

So, whether you own a shop, newsagent, hairdressers, florist or takeaway to name but a few why not visit the website today at www.ShopInsuranceDirect.co.uk and get a quote to cover your premises, stock, fixtures and fittings etc.

Mortgage Protection Insurance (MPI) covers you against potential financial disaster by making repayments on your mortgage, in case you get sick, endure an accident, or lose your job. The concept of MPI is simple: at the cost of a fixed premium you enjoy financial protection on your property. If you pass away during the policy, your dependants are entitled to a death benefit. Most homeowners purchase mortgage protection insurance when they first buy their home.

What Factors Affect the Cost of Your Mortgage Protection Insurance Policy?

The cost of mortgage protection policies varies based on several factors. Insurers evaluate the risk factors that apply to your case and determine the premium that you need to pay for coverage. Risk factors include the event of becoming sick or unemployed or enduring an accident.

The cost of MPI is mainly determined by the loan-to-value ratio (LTV). If you borrow £130,000 for a property worth £160,000, the LTV ratio is £130,000/£160,000 = 81.3 percent. This is the percentage of your mortgage on the total appraised value of your property. Keep in mind that the higher the LTV, the higher risk undertaken by your insurer. So, you may be required to purchase MPI so that your insurers are protected against any default on your mortgage.

Another factor that determines the cost of MPI is the cost of your down payment. If the down payment is less than 20 percent of the total appraised value of your property, you may be required to purchase MPI to cover for the present economy, inflation and recession factors that may have a major impact on your mortgage payments. Moreover, if such factors are evident, you can expect the cost of your MPI policy to be higher.

Unemployment is a high risk factor because if you lose your job, you will be less likely to make your mortgage payments. In this case, you need to get mortgage protection insurance to cover for your payables. But if the risk of becoming unemployed is high, then the cost of MPI will be high as well.

How to Select the Right Mortgage Protection Insurance Policy

There are several factors that you need to take into account when selecting a mortgage protection insurance policy:

• • How much coverage is enough for your needs? The idea is to cover a certain amount of your mortgage and any relevant expenses.
• • Do you require coverage in case of accident, sickness or unemployment?
• • For what amount of time you require coverage if you get sick or lose your job?
• • How long do you have until your mortgage is repaid?
• • When will your policy pay out? Typically, policies start paying out 30 or 60 days after the incident occurs. Yet there is also the “back to day one” option, which allows the policy to backdate the benefit and you get compensated for the earlier period too. This applies to cases that you lose your job permanently.
• • What is the policy payout period? Usually, most policies pay out for 12 months. Yet, cheaper policies may pay out for three months.
• • What is the payout level of your policy? Most policies limit the monthly payments between £1,500 and £2,000. If your mortgage payment is higher, such policy doesn’t cover your needs.

Types of Mortgage Protection Insurance

Depending on your needs, you may qualify for other types of mortgage protection insurance such as mortgage disability insurance and mortgage unemployment insurance. However, it is very important to fully understand what you’re opting for. If your state of health or occupation is considered high risk by your insurer, you’re automatically looking for high premium insurance. So, instead of getting financial help, you’re putting yourself under greater financial strain. However, the goal of purchasing mortgage protection insurance is to feel secure that you will able to protect your property in case of a financial disaster.

Jacob Chapman is an independent writer and columnist, experienced in the insurance services industry. He focuses his articles on educating the individual insurance consumer and helping them meet their insurance needs. Read his articles about life assurance on www.lifeassurancequotes.org.uk or about mortgage life insurance on www.mortgagelifeinsurance.org.uk .

Here is a quick overview of a form of business insurance commonly referred to as keyman cover:

• wherever an organisation sits on the spectrum of huge to tiny, there is a high probability that it will be exposed to certain key individuals;

• the exposure here relates to the consequential effects of that person being off for very extended periods due to serious illness or perhaps in the worst case scenario, being permanently lost due to premature death;

• the risks to an organisation here are many and potentially complex.  For example, the individual concerned may have unique technical skills that do not exist anywhere else in your organisation.  You may be forced to go to the marketplace and bring in similar skills at potentially very significant expense;

• another option might arise in the case whereby the person concerned is a major shareholder and you would wish to keep their shares within the domain of the organisation rather than see them go into the open marketplace;

• yet another circumstance might involve an individual who is responsible for injecting significant capital funds for financing into the company and whose beneficiaries or successors may not be inclined to continue the engagement;

• these are just a few sample points relating to why your business continuity plan might need to reflect the fact that a loss of certain key individuals may cause you serious impact. Of course, objectively analysing your exposures is one thing  – forming a strategy to deal with them is another;

• that is why products such as Drewberry keyman insurance exist. They may be able to provide you with a range of financial benefits and compensation covering many of the above circumstances and potentially many others also;

• for example, they may be able to contribute towards the costs of bringing in specialist expertise to cope with the sudden loss of a key individual;

• whilst it is true that the loss of key personnel may have many effects and not all of them can necessarily be measured in purely financial terms, many can and that is why it might be advisable to consider carefully covering those financial exposures with appropriate insurance.

If you are looking at any form of exposure analysis by employee, remember that such risks arise not only with your most senior people.

 As many organisations have discovered to their cost, sometimes critical functions can be carried out by people that may appear to be comparatively junior in the organisation. Your on-going survival and success may not merely be a question of your directors and senior management levels nor even your individuals with recognized technical expertise in certain areas.

For example, sometimes administrative staff may have developed specific knowledge (e.g. in your finance systems) over years that you may find it exceptionally difficult and expensive to replace.  It might be wise to avoid overlooking that.

It’s easy to forget that vans aren’t always used for business or commercial reasons. A lot of the time they’re simply reserved for personal use, with social and domestic driving being their sole purpose (perhaps with the odd trip to the DIY store), and that means your insurance needs are going to differ accordingly. It’s important you’re able to get a policy that meets your precise circumstances, and if you spend the time to look you’ll be able to get non commercial van insurance for complete protection.

This type of insurance ensures you’ll be able to get on the road safely and legally, and it’s important you strike the right balance between price and level of cover. This is particularly important to consider if this isn’t the only vehicle you own—you don’t want to be wasting money on additional premiums unnecessarily—but it’s still important that you’re getting a great level of protection. You want to be confident that your finances are properly protected and that you’re prepared for every eventuality, and that means it’s often wise to see what optional extras can be included.

Things like breakdown assistance, windscreen cover and replacement vehicle cover can make the world of difference, because if you didn’t have such cover in place you could find things incredibly expensive to rectify on your own. You needn’t even spend a fortune to get the level of cover to suit, because if you make sure to thoroughly research the area and compare all the options you’ll find the right policy at the right price.

However, it’s important to note that non commercial policies will be slightly harder to track down than their commercial counterparts, but they’ll be out there if you spend the time to search. A bit of extra time scouring the market is bound to be worth it in the long run, so make sure to take a look around and you’ll soon have the perfect non commercial van insurance policy that can give you the peace of mind you need.

The unique nature of the self-drive hire industry means it’s vital you’ve got an insurance policy that can meet those precise requirements. A one-size-fits-all solution will rarely be appropriate as there are plenty of different factors that will go into your final decision, and it’s important to be prepared if you want to find the self drive hire fleet insurance policy to suit.

This type of policy has been specifically developed to accommodate the unusual requirements of this industry, namely that a lot of different people will be driving each vehicle over the years. You’d need to tell your insurer the number and type of vehicles owned by the business and would get a policy accordingly, but that policy will often come with restrictions in terms of who can and can’t hire your vehicles. Eligibility criteria will normally be based on age (usually between the ages of 21 and 70), number of years holding a licence and their driving record, and further limitations could apply for particularly high-value or high-performance vehicles.

But, as well as annual policies there’s also the option of temporary cover, which would be ideal for exceptionally large operators where a lot of vehicles are “off hire” at any one time. This can keep costs down as there’s no need to insure each vehicle for hire all year round, and in many cases a daily or monthly rate would be more than sufficient (although bear in mind that you’ll still need to arrange off hire cover, which would normally come in the form of an annual policy).

The type of policy that’s right for you will depend entirely on your individual circumstances, and it’s vital you’re able to find an insurer that can accommodate. Research is essential and you’ll want to compare several different options to make sure you’re getting a policy that meets your needs and your budget, and if you make sure to seek a firm that can tailor their policy you can’t go wrong. By spending the time to look you can have a self drive hire fleet insurance policy that totally meets your needs, and if you want to keep things simple just get in touch and you could soon find the policy to suit.

Private bus insurance is a vital purchase for anyone in the industry, and much like all other kinds of policies it’s essential that you choose wisely. You need cover that can meet your precise needs as well as your budget which makes shopping around vital, but just how can you identify the best insurance policy to suit?

• Seek policies from tried and trusted insurance firms. They don’t always have to be the biggest names but they do have to come with great reviews from past customers, because an insurance policy is only as good as the firm providing it.
• Compare plenty of different options. Performing comparisons is key to the whole thing, because that’s the only way you can be confident in getting the right level of cover at the right price.
• Remember liability. If you’re carrying passengers then including public liability cover is essential, because if you don’t and any injuries or damage were sustained it could lead to hefty claims and severe financial consequences.
• Consider the optional extras. If you want to get the best possible level of cover then you should always consider adding a few optional extras, because things like breakdown assistance and windscreen cover could make the world of difference to your finances.
• Double-check the small print. You need to double and triple check the small print so you’re aware of any exclusions, because there’s nothing worse than failing to be covered and getting a nasty shock when you go to make a claim.
• Haggle. This can be one of the best ways to bring costs down and can ensure you’re getting the perfect level of cover at an exceptional price, so once you’ve narrowed down the options don’t be afraid to pit a few companies against each other to see what can be done.

These are just a few ways you can make sure you’re getting the best private bus insurance possible, and if you bear them in mind you’ll have the policy you need before you know it.