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The Savings Opportunity

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  • Jennifer Peaslee
  • January 17, 2015 04:17:01 AM
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A Little About Us

The Savings Opportunity is a blog that explores all the different opportunities there are for saving money. This includes coupons, smart shopping, online deals, and other tips that help you save, reuse, and think wisely about your spending.

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Why having insurance necessary for your plumbing business

Businesses are always progressive. Be it a small business or a bigger now, you need to protect it. Over the years, plumbing businesses have evolved. This involves small businesses of plumbers and plumbing contractors. Plumbing requires equipment for services provided. In plumbing, sometimes one can incur severe damage like in the form of an accident....

Businesses are always progressive. Be it a small business or a bigger now, you need to protect it. Over the years, plumbing businesses have evolved. This involves small businesses of plumbers and plumbing contractors. Plumbing requires equipment for services provided. In plumbing, sometimes one can incur severe damage like in the form of an accident. Such damages cannot be looked after by small business contractors. So, here lies the importance where you need to think about Plumbers Insurance. The insurance is designed as per the business of the client. There are many trusted provider products that are particular and customized. The plumbing system is prone to damages. You are either residential or a commercial plumber, you have higher risks of damages like property damage and alike.

More about Plumber’s Insurance

Plumber’s insurance is also termed as business insurance. The way automobile insurance protects your vehicle, similarly plumber insurance protects your plumbing business. It has broad coverage to safeguard your plumbing business.

Liability Coverage

This includes the most essential damages that can be caused while working. For example, a client gets wounded in your shop. Or your employee damages the client’s property or injure the client. Such damages are covered up in general liability coverage. There is also a legal claim of libel and slander which is also looked after by general liability coverage.

Business income insurance

The natural calamities can hamper your business like fire or an earthquake. You might succumb to unavoidable damages like this and unbearable loss. This can disrupt your small business at one go. The business income insurance in plumbing can help you recover from these losses.

Equipment coverage

In a profession or business like a plumber, you are solely dependent on equipment. These tools are the life of your plumbing business. The tools can be stolen, lost, or damaged. You do not need to worry if you have equipment coverage in your insurance. There are many different options of repair or replace your tools. Even if you have purchased it or you have borrowed it, you can get it protection in equipment coverage.

Advantages of Plumbers Insurance

The benefits are numerous that generates your business at a higher rate. They look after your financial and legal damages. They protect you in the act of negligence done by your or employee. Having insurance leaves a good impression on the customers. They feel more trustworthy to have your plumbing services. The legal operations are also facilitated depending on your location.

Whether a simple plumber, trader, owner of large business or sub-contractor of small business, buying an insurance quote is necessary. This boosts your business in the right direction. The proper assistance provided offers a wide range of protection to your business. It also has many beneficial features in general liability coverage. You are saved by bodily and accidental damages. The safety is also provided in recovering from loss threat. Every individual or business differ in their need, demands, and approach. Today, you can get a quote of your customized plumber insurance.


4 THINGS YOU MUST KNOW ABOUT TAXES

Filing taxes can be confusing, even for those who have done it a few dozen times. It might seem especially complex to those who are new to doing their own taxes; but they don’t have to be. Unless you really love math and solving complicated equations, you are perhaps going to use some type of...

Filing taxes can be confusing, even for those who have done it a few dozen times. It might seem especially complex to those who are new to doing their own taxes; but they don’t have to be. Unless you really love math and solving complicated equations, you are perhaps going to use some type of tax filing software, and that wouldoffer you with step-by-step directions to help you through the tax-filling process.

But there are still a lot of things you should know to do your taxes correctly and get the most substantial refund possible to save tax. Here are 4 things you should be aware of before you sit down to do your taxes.

  1. If you are paying rent, then you can use it in your benefit to save tax

HRA, House Rent Allowance is a crucial source of tax saving. HRA is a part of the salary you receive from your employer and is deducted from your annual income.

Lowest of the following three conditions is deducted:

(i) Actual HRA provided by the employer

(ii) Actual house rent paid, minus 10% of Basic + DA

(iii) 50% of Basic plus Dearness Allowance if situated in Delhi, Mumbai, Chennai or Kolkata; otherwise 40% Basic plus DA.

Ensure that you take rent receipts from your flat owner. If the gross rent paid is in excess of Rs. 1 lakh, copies of the home owner’s PAN card and registered lease agreement must be submitted.

  1. You can save tax and also grow your wealth at the same time

There are certain tax saving mutual funds such as ELSS Funds (Equity Linked Savings Scheme), and other 80C tax saving options like PPF (Public Provident Fund), EPF (Employee Provident Fund), NSC (National Saving Certificate), Bank FDs (Fixed Deposits) etc. that are made available to the investors as per section 80C of the IT Act, 1961 give tax rebate. There are different lock-in periods associated with different investment options under 80C. Among these different options under 80C, ELSS mutual funds have the lowest lock-in period of 3 years.

  1. Some expenses are tax-deductible

There are specific personal expense allowances provided by your employer which are eligible for exemption from tax. Some of them are:

  1. Education Loan Interest
  2. Medical Expenses including preventive health check-ups
  3. Life Insurance Premium
  4. Medical Insurance Premium
  5. Dependents Healthcare
  6. Housing Loan Interest and Principal

The exact amount of tax deduction varies from different tax saving instruments.

  1. Doing good can help you save taxes as well

Donating to a charitable cause can aid you to save tax. Section 80G of the Income Tax Act, 1961permits you to decrease up to 10% of your adjusted annual income by donating to particular charities.

It’s always suggested to begin with your investments in the first quarter of the financial year so that you can spread your mutual fund investments over the year. Doing this won’t burden you at the end of the year and will also permit you to make informed investment decisions. Happy investing!


What Are the Inclusions of Third-Party Car Insurance Policy?

Each day, our morning tea is accompanied by news of road accidents. These events are unfortunate and cannot be predicted by anyone. But these incidents do not stop us from making a move for our daily commute. So what should you do if road accidents can occur? Is there a way you can safeguard yourself...

Each day, our morning tea is accompanied by news of road accidents. These events are unfortunate and cannot be predicted by anyone. But these incidents do not stop us from making a move for our daily commute.

So what should you do if road accidents can occur? Is there a way you can safeguard yourself and others?

Yes, get a motor insurance policy! 

While there are two types of car insurance policy that you can buy, third-party car insurance is the standard requirement as per regulations.

What is third party car insurance?

An insurance policy that protects the policyholder from financial liabilities of third person is a third-party cover. This policy ensures that you remain protected from any legal obligations that may arise in case of injury, death, or property damage.

Is it mandatory to have a third party car insurance?

Yes, a third-party cover is mandatory for every vehicle in India. It is among the minimum requirements that need to be complied for a person to legally drive a vehicle along with pollution certificate and registration documents. Non-compliance of these regulations is a legal offence and may attract a hefty penalty.

What are the benefits of third party insurance cover?

Most people assume insurance to be a mandatory requirement, but it has some advantages that must not be overlooked under the pretext of compliance. Here are a few benefits of buying third party cover.

  • Monetary and Legal Assistance

Any legal issues that you might face with regards to road accidents are covered under your third party cover. Your insurer will ensure you will not be subjected to any tribunals in case you hold a valid insurance certificate. Moreover, any costs that are associated with the recovery of losses are compensated by a third-party insurance cover.

  • Economical Premiums

In case you think that the premiums are costly, you’re mistaken. Third-party insurance premiums are regulated by the Insurance Regulatory and Development Authority of India (IRDAI). Premiums vary for each class of vehicles and are annually published by IRDAI. These premiums are kept low so as to be affordable for all. Further, the scope of these policies insures the life of third person without any limits.

  • Easy Application Process

Buying a third party cover is easy; all you have to do is visit the website of the insurance company and select the desired insurance policy. The easy application process of availing insurance at the convenience of your home eases the car insurance renewal process.

Let us look at the inclusions under your third-party insurance policy.

Damage to property

An unfortunate accident which involves damage to the property of any third person is covered under a third-party insurance policy. Any expenses that may be required to be reimbursed to such third person will be borne by your insurer, and you can remain free from any financial hassles.

Death

The third-party policy ensures any road mishap that leads to the death of a third person is included in your policy coverage. The compensation as determined by way of court tribunals is paid by the insurance company to the dependants of the deceased.

Disability

Some accidents end up leading the injured with a disability. Costs of medical treatments are reimbursed by the insurance company in case of partial disability. Whereas if there is a permanent disability, then the insurer provides a pre-assured sum to the third party.

Bodily Injuries

A third-party cover provides reimbursement for any harm to the body irrespective of the intensity of the injury. While these events are uncalled and unfortunate, insurers understand the importance and provide the required cover to such third persons.

To conclude, third party car insurance is not only a compliance requirement but also offers plenty of benefits at low prices. It keeps financial worries at bay that might arise even while you motor responsibly.


Is it Sensible to File a Car Insurance Claim for Minor Damages?

When you find yourself in an unfortunate accident, it is when you are reminded about your insurance policy. Accidents are sudden and can have significant injuries and damages, both to you and your car. But your car insurance plan keeps you away from financial worries. However, a claim towards your car insurance can take away...

When you find yourself in an unfortunate accident, it is when you are reminded about your insurance policy. Accidents are sudden and can have significant injuries and damages, both to you and your car. But your car insurance plan keeps you away from financial worries.

However, a claim towards your car insurance can take away the benefit that you have accrued in the past.

There are situations where your car is the only one involved in the accident. For example, when you’re parking and you hit the rear bumper. It surely is going to look bad with a cracked bumper, and that is when you decide to claim your comprehensive policy.

But not all damages require you to file a claim. When you file a claim, any bonus that you might have earned in the past is forgone like the No Claim Bonus (NCB).

So here lies the question, should minor damages be addressed by making a car insurance claim?

While there is no fixed rule as to when you can make a claim, it is at your discretion of which expenses to get reimbursed from your insurer. When you make a claim for car insurance, you eventually lose out on the opportunity to take advantage of the NCB that further reduces your premiums.

When to file a claim depends on four important factors – quantum of loss, deductibles for your policy, impact on NCB and the increase in future premiums.

Impact on NCB

No claim bonus (NCB) is a concession in your premiums offered by your insurer for every claim-free year at the time of renewal. The rates for NCB start at 20% and go up to 50% for each policy year without claims. So in the event you make a claim, this bonus amount goes back to zero at the time of car insurance renewal. For this reason, one should avoid making claims for nominal damages.

Deductibles

A deductible is that portion which the insured has to bear while making a claim. Percentage of the deductible varies among each motor policy. When you file a claim, you need to pay the deductible after considering other reductions for depreciation on your vehicle and the balance is paid by the insurance company. Therefore, it is of no use when you have a high deductible while claiming for minor damages. The benefit of future NCB is lost as well as requiring you to make an upfront payment for the damages or repairs.

Quantum of loss

If you find yourself confused about whether to make a claim, you must check whether the amount of repairs is affordable by you or not. In case it is something you can easily pay for, making a claim may not seem to be a fruitful exercise. Further, making claims for small expenses will compromise the accrued NCB which may take away the available concession at time of your car insurance renewal.

Increase in future premiums

The reasons mentioned above have a final impact on your future car insurance premium amount. The loss of NCB, deductible shall lead to an increase in the premium amount at the time of car insurance renewal. So it is better to evaluate whether incurring the repairs in present or losing on bonus benefits under your policy are a better option.

While you estimate its impact on future premiums, you can also make use of a car insurance premium calculator to understand how the claim will influence your premiums. To conclude, the impact of damage will help you decide whether to make a claim or not. But bottom line, any claim for minor damages should be avoided.


Does Your Home Insurance Cover These Essentials?

Single largest investments for a majority of the people is buying a home. It takes up innumerable hours looking for your perfect house. With myriad choices of real estate to choose from, selecting an appropriate house becomes an arduous task. Are you not going to try to protect this beloved home of yours? What can...

Single largest investments for a majority of the people is buying a home. It takes up innumerable hours looking for your perfect house. With myriad choices of real estate to choose from, selecting an appropriate house becomes an arduous task.

Are you not going to try to protect this beloved home of yours?

What can you do to ensure it remains safe from natural as well as human perils? Get home insurance!

While most regard a home cover as unnecessary expenditure because of the uncertainty of the perils, it nevertheless is a wise decision to buy one. After all, availing a financial cover against these unforeseeable circumstances is better than facing financial setbacks.

Building Ordinance Cover

A Building Ordinance coverage is an additional cover for unexpected expenses for rebuilding a home due to laws that have been newly implemented or changed.

Let’s say, you already have a home insurance policy, and your home gets damaged in a fire – but it does not provide enough coverage due to a recent change in building laws. This is when a building ordinance cover comes to the rescue, as it provides for increased unanticipated costs in a limited capacity.

It is a cover that you must additionally purchase as it is usually not included in a basic home insurance policy. And it goes without saying, the higher the premium, the more coverage it will provide.

Alternative Accommodation Cover

Most home insurance policies provide for expenses related to alternative accommodation in case of damage or destruction of your property. But there are situations where you might be forced to stay over extended periods in such temporary accommodation. At such times, the insurance cover may not suffice to cover for these costs.

During an unfortunate event of damage to your home, your home insurance policy will cover the expenses towards rent and other similar charges. But there are limits to the scope of coverage in terms of duration and amount. A closer look at your insurance policy will help in staying aware of these terms. Buying a policy with flexible periods or even a no-time limit policy will be beneficial in these torrid times.

Remember to use a home insurance premium calculator when finding the right home insurance plan.

Allied Perils Coverage

A standard home insurance plan insures your home against fire and other perils like storms, cyclones, riots, etc. But an allied perils policy provides broader coverage. It includes those items that are not mentioned in its exclusion list. This means any event other than which is specifically not covered, is included under your home insurance plan.

Buying an allied perils cover ensures your house remains protected under the majority of the circumstances. This type of benefit will surely see a slight increase in your premium amount, but it is always better to be safe than sorry. It will avoid not only any financial loss but also the mental stress associated with it.

It will help in comparing the plethora of options and ease the process of buying and insurance renewal.Thus, opt for a policy that offers quality in terms of coverage and make sure you analyse the benefits before zeroing down. Similar to insuring your home, you can also explore general insurance policies for overall coverage of all aspects of your life.


7 Benefits of Investing in an Individual Health Plan

With a plethora of insurance policies to choose from, buying a suitable policy can often be confusing. Which is the right plan for me? How much coverage will I get? Will it be enough for me? Questions like these may bother and leave you bewildered. But worry not, we have you covered! Individual health insurance...

With a plethora of insurance policies to choose from, buying a suitable policy can often be confusing. Which is the right plan for me? How much coverage will I get? Will it be enough for me? Questions like these may bother and leave you bewildered. But worry not, we have you covered!

Individual health insurance is an absolute no brainer that you can get. When you buy health insurance, there are different benefits that you look at. In this article, you can understand the benefits of individual health insurance.

So let’s get down to basics with understanding individual health cover.

An individual policy, as the name suggests, is the one which covers the medical emergencies for the insured. These plans have varying entry ages, and you can select the appropriate plan depending on your age. While you choose an individual health cover, make sure you have considered all medical needs.

Let’s look at the benefits offered by an individual health insurance cover.

Customised Plans

The insured has the option to select different coverages based on their requirements. It depends on your budget too. One such alternative is that you can opt for extensive insurance coverage that includes a host of different ailments and top it up with add-on riders. It will ensure you remain protected financially in maximum possible scenarios.

Fixed amount of coverage

Every health insurance plan has a fixed amount of coverage known as the sum assured of the policy. While other health plans may require you to share this sum with the other members under that plan, an individual cover ensures the entire sum assured is available for you. This has an effect of a higher amount available for treatments in case of critical illness insurance.

Non-dependence

Unlike other plans, an individual health cover does not cease to offer coverage on the occurrence of stipulated conditions. So even if you leave your employment or switch jobs, you shall remain insured as long as you make timely payment of your premiums. These plans remain in force tilltheir date of expiry.

Economical alternative

By availing an individual health insurance plan, you can ensure that any sudden and unforeseen hospitalisationis taken care of by your insurer. By paying a definite amount each period, you can avoid the fees of hospitalisation that otherwise can be heavy on your pocket.

Free health check-up

Some insurers offer the facility of free health check-up or a substantial amount of compensation for the conducted check-up. This is a nifty facility that makes sure the coverage you have opted for is sufficient considering your health condition. Moreover, the insurer as well, can determine the risk to be covered. By undergoing a health check-up, you can evaluate the adequacy of your sum assured too.

Free-look period

Free-look period is the duration when the insured can cancel the policy in case of any discrepancy than the terms agreed upon. This facility is available within 15 days of the purchase of your policy. Any medical expenses towards medical check-ups or the administrative charges will be deducted, and the balance shall be refunded to the policyholder.

Portability

There is also an option of portability provided by some insurance companies on their health insurance plans. With health insurance portability, you can switch your insurance company without having to lose on the insurance policy benefits.

The next time you purchase health insurance cover, keep in mind the above benefits and select the most suitable plan for yourself. While you do that, don’t forget to make use of a health insurance premium calculator to get these plans at affordable premiums.


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