If two or more people wish to go into business together, and dont wish to go down the limited company route, a partnership offers a simple way to get started; it is similar in many ways to going the sole trader route for an individual.
Category Archives: Personal Insurance
Whole Life Insurance
Whole life insurance is one type of life insurance which covers one for his or her life. It basically requires a medical exam at the very start of the policy. Moreover, as the individual contributes to the premiums, they obtain cash value, that can be classified as assets for the purpose of obtaining a loan or purchasing a home.
Generally, there are three kinds of whole life insurance. These are: interest-sensitive, single premium and traditional. In many cases, unless one decides to change it, all kinds have unchanging death and premium benefits. Depending on what kind of whole life insurance availed, the cash value of the policy varies, but then it is not considered to be an income unless it is withdrawn.
Among the three forms, single premium whole life insurance is considered to be the most expensive.
The ‘must’ and ‘should’ of good employment relations
If you own a small business you need to keep paper work to a minimum but not cut corners when it comes to employment law. But without any in-house HR support this can be easier said than done. There are clearly lots of legal compliance issues to consider, as well as plenty of good practice advice around – but before you feel defeated by the number of policies and procedures you need to introduce, remember that the success of a good business boils down to how well you look after your people.
Faced with a long list of business needs – like taking on a new member of staff, changing working practices, dealing with discipline and grievances, and leading and motivating your staff – where do you start?
Break your business needs into three categories: those to do with your staff, your managers and those about you, the employer. Then
MMA chief Fearn handed role at Covea Insurance
Fearn to remain with newly rebranded UK insurer
MMA Insurance chief executive Garry Fearn is to remain with the company as executive deputy chairman of Covéa Insurance.
Fearn’s future at the insurer had been up in the air after parent company Covea merged MMA with Provident Insurance and of the new entity, Covéa Insurance.
In a statement, Covea said Fearn will be reporting to and working closely with the chairman and board from September.
Chairman Graham Doswell said: “Garry is one of the UK general insurance market’s longest serving chief executive’s. The board
UK near bottom of table for bank lending to businesses
New research shows that the UK is near the bottom of the league in terms of lending to businesses since the collapse of Lehman Brothers in 2008. The findings, published by accounting firm UHY, show that the total amount of lending to businesses in the UK has fallen by 13% since 2008 second only to the US in the G8.
The total value of outstanding loans to businesses in the UK is currently $673bn, compared to $775bn in December 2008.
All the rapidly growing world economies are far outdoing the UK in terms of new lending to businesses lending in China is up 65% over the period in question, and all the other so-called BRIC (Brazil, Russia, India & China) nations have also recorded double digit growth in lending.
By contrast, UK lies at 18th in the study of 22 countries.
Telematics boss rejects Labour plans
Wunelli chairman calls for common data standard for telematics
Telematics firm Wunelli has rejected Labour’s plans to force insurers to offer customers a telematics product.
Wunelli chairman Sandy Dunn said: “We are confident Labour will not need to ‘force’ insurers to offer telematics – the insurance sector already understands the benefits in terms of risk rating, driver safety and fraud. The key is to ensure we don’t find ourselves in a situation with multiple black boxes in cars and no cohesive approach to how telematics data is collected and used.”
Wunelli also called for a common data standard for telematics.
He said: There are good and bad young and inexperienced drivers of both sexes and the good risks should be rewarded by lower premiums, irrespective of gender and based purely on how, where and when they drive their car.
“However, the value of telematics data as part of the risk rating process can only be fully realised if the industry agrees a common data standard. That has to happen within the year so that insurers can be on the front foot when the European gender ruling takes effect in December. Wunelli is in the perfect position to provide a roadmap for this agreement.”