Mis-sold PpiI can remember going to my bank in the late 1990s to enquire about a loan for a new car. I`d fell in love with this slinky, silver sports car and being a single male at the time, with plenty of disposable income, I thought I`d treat myself to this flashy kind of motor. The bank eventually approved my loan but I was forced into taking out payment protection insurance at the same time. I`m not sure why I took it out to be honest. I think I felt pressured into taking out the policy because the person whom I spoke at the bank said it strengthen my initial loan application if PPI was in place. Nothing was explained to me about the PPI and how it would cover sickness payments or payments for the loan if I was made redundant. In fact, I think I was
Mis-sold Ppi by the bank and had it not been so long ago I would put a claim in against the bank in question. Over the years countless customers have been
Mis-sold Ppi policies through the banks. Huge profits could be made out of PPIs so you can see why banks would push them onto their customers. Today people are fighting back. Anyone who thinks they might have been
Mis-sold Ppi polices in the past can speak to claims management firms who will take their case on and try to recover as many payments as possible.
Business Owners Policies for the Self-Employed
Who needs a business owner?s policy?
Simple, anyone that runs a business from their home should have one. A comprehensive coverage homeowner?s policy will cover economic losses caused by damage or legal liability but, once a home business is discovered any economic loss that can be associated to your business is your problem. Some homeowner?s policies allow business owners to purchase a policy rider that will cover losses associated with their business. If your homeowner?s policy provider doesn?t offer this option you should consider a separate business owner?s policy.
Suppose your home office gets hit by a bolt of lightening (it happens). The loss from damage to your house, computer and loss of income amounts to 50,000. If your homeowners insurance discovers that you were running a business from that room, and if they sent an adjuster they certainly would, they have the right to refuse any coverage.
On the other hand if you were wise and purchased a business owner?s policy your entire loss would be covered, even the loss of income.
Increasingly important is bodily injury liability. If you have business visitors in your home, a business owner?s policy should cover any liability if they?re injured in any part of your home. Conversely, if you simply had a homeowner?s policy and someone was injured in your home, office or anywhere, they may refuse coverage for any liability. You don?t need to be reminded about how expensive personal injury liability can be, do you?
What about product liability?
Additional product liability coverage can often be added to a business owner?s policy for an extra fee. This covers you in case someone is injured using your product. As you are probably aware, regardless of your involvement in the manufacturing or design process. The price of this coverage can be extremely expensive, depending on the products you distribute, but is definitely worth it. I know you don?t need to be reminded about how expensive product liability can be.
What if I?m not eligible for a business owner?s policy?
Different insurance companies have different criteria for excluding businesses from their policies. If one insurance company turns you down, ask another. Often, companies that allow riskier businesses to purchase policies also charge higher premiums, so it definitely pays to shop around for a policy that fits your particular business.
