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Claims and Denials in the Insurance Industries

  • November 30, 2018

Insurance claims are not always straightforward activities. There are many different kinds of insurance, and there are many kinds of contexts that those insurance niches operate in. And, for every possibility of getting your insurance claim approved, there is an equal possibility of that claim being denied for one of a million different reasons.

Because of these uncertainties, you should do as much research as possible about the insurance industry that may most affect you, and you should do it before some sort of time constraint shows up that you have. A few examples of times where you might want to research insurance opportunities in advance include dealing with disability claims, disaster area claims, and workplace claims.

Disability Claims

If you're trying to make a disability claim to an insurance company, there are lots of ways that they can figure out to deny you. Insurance companies aren't out there to help you. They are out there to make money. They need to make sure that the number of claims that they pay out to is less than the money that they are getting in from their overall client base. It's essential that you never forget that that equation is in place as you're making your particular claim.

Disaster Area Claims

How many disasters are happening all around the world right now? There are hurricanes, floods, fires, mudslides, droughts, and everything in between. Because best, the insurance that people have for disasters is a functional pivot point in their lives. Either they have the protection and can claim it and get the money, or some other set of situations is present that they either don't have the right insurance or don't go through the proper claiming procedures. Insurance companies are going to be very specific if they owe a lot of money to a lot of people in a similar area at the same time.

Claims Inside the Workplace

Then there is the matter of insurance claims inside a workplace. Initially, you could consider this some variation of Worker's Compensation that may have to be dealt with. Other times, related to the idea of insurance would be employee claims of toxic workplaces, sexual harassment, or racial impropriety. Allegations and denials of these matters can come down to very small and specific facts, so researching ahead of time is advisable.

Paperwork Can Create the Issues

In the end, a lot of insurance claims that ultimately get rejected are denied because of paperwork being filled out incorrectly, or proof not being presented at the appropriate time to the appropriate people. You have to have a long paper trail to prove many insurance claims, and there also needs to be a very clear focus on doing everything as per instructions.

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Small Business Money Management Tips

  • August 10, 2018

If you run your own small business, you probably understand that the customers  are not the only thing that keeps you going. You may have plenty of money coming into your business, but until you know how to manage your funds, you’ll never have a truly secure operation.  

Money management is especially important when your operation is small, because the margin for profit is probably not as favorable as a big business.  Here are a few helpful tips to get your business on the right track when it comes to managing money.

Get a qualified bookkeeper

Hiring a bookkeeper for your business is an excellent investment.  With a trained and certified public accountant, you won’t have to worry about managing your payroll, tax preparations, accounts payable, accounts receivable, and much more.  

It’s worth the investment to get a few extra winks at night, not worrying about your organization’s finances.  CPAs are also qualified to help your business in legal matters regarding your money as well.

Create a cash flow budget

Creating a cash flow budget for your business will help to ensure that you know where your organization’s money is going, and where it is coming from.  Managing your finances proactively will make it easier to keep your business running.

A few of the most common components included in a well-rounded cash flow budget are accounts receivable, cost of goods, debt repayments, and operating expenses.  Research more ways to create a functional budget for your business, and get to work today.  

Don’t mix personal and business finances

Never mix the business finances with your personal finances.  Mixing the two blurs boundaries for yourself and those with whom you work.  Don’t put your personal life at risk for the organization.

Design separate business and personal budget outlines, so business loans don’t get used for personal payments and vice versa.  Your CPA will thank you when it comes time to sort finances for tax purposes.

Always negotiate with vendors before signing a contract

Never take a vendors offer at face value.  Vendors are accustomed to bargaining with clients, so don’t just settle for the first offer thrown on the table.  

When you are doing a contract tracking, examine terms like late payment penalties and grace periods for making key decisions.  Try to dig for a better bargain.  The worst they can do is say no.  

Make frugality the standard for your business

Frugality should be the standard for all you do with your business.  There is a distinct difference between cheap and frugal. Cheap suggests low quality.  

Frugal suggests being careful with your spending.  Make wise and conservative decisions with your products and operating services on a daily basis in the interest of saving as much money as possible.

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3 Tips for Changing Your Coverage Or Getting New Car Insurance

  • July 30, 2018

Because it’s illegal to drive without car insurance, this is something that most people are familiar with procuring. Since it can be a hassle to go through the process of getting your car insured, most people aren’t looking for reasons to switch their insurance around a lot. But if this is something you’re willing to do, you might just find that you’re able to save yourself a lot of money in the long run. So to help make this process a little easier on you, here are three tips for changing your coverage or getting new car insurance.

Always Shop Around

When you’re looking to get new insurance, the best thing you can do for yourself is shop around. According to Lisa Smith, a contributor to Investopedia.com, there are quite a few websites out there that will do a lot of this work for you. In some instances, you will have to call someone and speak to them directly to find out the information you’ll need to make an accurate comparison. But if you do your due diligence at this part, you should be able to find a insurance carrier that will give you the coverage you need at a price you can be happy with.

Adjust Your Deductibles

If the reason you’re taking a look at your current car insurance is so that you can save yourself a bit of money, one of the first things you should consider adjusting is your deductible. Generally, you’ll have a deductible for things like comprehensive and collision coverage. According to Tobie Stanger, a contributor to Consumer Reports, collision coverage is for when you get in an accident with another vehicle while comprehensive is for theft or damage. By raising your deductible on these coverages, you’re stating that you’re willing to pay more money out-of-pocket before your insurance will start picking up the costs. While this might costs you more in a one-time chunk of money, it could also mean having lower monthly payments. So if this is a risk you’re willing to take, consider raising your deductibles to keep more money in your pocket each month.

Check For Any Available Discounts

Another thing you should consider when changing your car insurance is if the carriers you’re looking at offer any discounts. According to Edmunds.com, many car insurance companies will offer discounts for things like having a good driving record, driving the safer type of vehicle, having a particular job or group affiliation, or getting more than one type of policy with them. Before you make the final decision on which carrier to go with, make sure you weigh all of these variables along with the cost and coverage to find the absolute best option for you.

If you’re wanting to save money by getting a new or different car insurance policy, consider using the tips mentioned above to help you get the best option.

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5 Crazy Big Business Lawsuits You’ll Love To Know About

  • July 30, 2018

There are countless frivolous lawsuits filed against big businesses every year, and most of them are thrown out of court.  There are, however, those insane cases that make the news and make our minds go loopy.

Lawsuits against big businesses began gaining popularity in the 1990s.  It all began when an elderly woman was awarded nearly $3 million for being burned after she spilled a hot cup of McDonald’s coffee in her lap.

Since then, there have been numerous silly stories to tell concerning lawsuits against some of the world’s most dominating big businesses.  Here are a few of those crazy big business lawsuits that are worth noting.

Excuse me, there’s a finger in my chili

Wendy’s suffered a lawsuit from a woman named Anna Ayala.  She sued the fast food chain, saying that she found a 1.5-inch tip of a finger in her chili.  She even took the story to the press.

When the local authorities began investigating where the random finger originated, the woman quickly dropped her lawsuit.  

It was clear that she was up to no good and had most likely planted the finger herself.  Talk about a personal injury lawsuit at its finest.  This 2005 case set the tone for even more frivolous attempts to strike it rich.  

Hey that’s my water bottle idea

A few years later, two Wisconsin men sued Pepsi for allegedly ripping off their idea for a water bottle design.  The men claimed that in 1981 they had told someone about the idea, and fifteen years later, the Aquafina water bottle was released.  

They sued PepsiCo, asking for a mere $75,000.  The judge ended up granting them a $1.26 billion default judgment, but later allowed Pepsi to have the decision vacated.  Due to “misplaced” paperwork, the case will have to be tried again.  

Stress from work made me rob that store

A man robbed a gas station with a sawed off shotgun one night, and went to prison on a ten-year sentence.  While in prison, he sued his former employer, the Department of Public Aid in Illinois.

The man contended to the court that the stress he suffered under the rule of his tyrannical boss caused him to rob the gas station.  In the end, he was awarded nearly $6 million total in damages, back pay, and front pay.

Your beer does not make the ladies love me

Anheuser-Busch was sued by a man for emotional distress and financial disparity, because their beer did not bring him the success advertised in their beer commercials.  In 1991, Richard Overton was asking for $10,000 to cushion his burdens.  

Sadly, his case was dismissed in court.

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Essential Tips For First-Time Homebuyers In 2018

  • June 12, 2018

Purchasing your first home is an intimidating process for those who have no idea where to begin.  Not everyone is equipped with the knowledge they need to make smart decisions the first time they go through the process of buying a home, and the lack of knowledge can cause costly repercussions.  

Don’t let your first home purchase get the best of you, and arm yourself with the knowledge necessary to make the best decisions for you and your family.  Here are a few essential tips for first-time homebuyers in 2018.

Get a feel for your credit history

When you go through the process of purchasing a home, your financial history will be under scrutiny.  You will want to make sure you know all of your skeletons well, and work to clear them up before purchasing a home.  

Blemishes on your credit history could hurt your chances of acquiring the necessary funding to purchase a property.  Take the time to clean up your credit report, and make your journey to becoming a homeowner easier.  

Save a respectable down payment

You’re not going to move into your dream home without a respectable down payment.  It will take time to save up enough money to entice a seller, but you should save at least ten percent of the cost of the home you wish to purchase.  

The best way to decide how much you should save is to estimate the range of pricing for the type of home you plan to purchase.  Try getting pre-approved for a lending amount before you begin your search.

Consider funding for your purchase

You need money to purchase a home, and most people don’t have thousands of dollars lying around.  For first-time homebuyers, the option of obtaining an FHA loan for your future home is on the table.  Use the internet as a research tool, and dig deep to find the best financing option for you.  

Always get a home inspection

What you see is not necessarily what you get when it comes to purchasing a home.  What you don’t see is really what should draw your focus as you consider buying a specific property.  

Don’t ever buy a property without first having a proper home inspection done.  A set of trained eyes should do a thorough once over of the whole property to let you know if there are any issues.  

Get all your paperwork in order

Buying a home is an extensive process, and there are several legal steps that have to be adhered to when you purchase a new home.  It will help the process go a bit more smooth to prepare the necessary paperwork before you ever enter negotiations on a property.

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Displays and Graphics that Help Your Business Make Money

  • June 6, 2018

For the least amount of work, you want to make the most amount of money that you can for your business. And displays and graphics can be a big part of that. But, if you're not a visual or graphically oriented person, this may be a little bit of a challenge without some tips and advice from the outside.

So strictly regarding visuals, some things that might help your financial bottom line include working on your trade show displays, getting your website logos tightened down, creating compelling printed advertisements, and using free branded giveaways to increase the visibility of your branded company identity.

Trade Show Displays

One of the best ways to advertise your company is by going to trade shows. Sometimes it costs a little bit of money to get into these shows, but especially if it's a popular event, it can be an extremely lucrative opportunity for you. Knowing that, you need to make sure you have the best trade show display possible. Again, this might be a little bit of an investment. But if you consider that all kinds of companies will be competing for time and attention at these events, you want to make sure that you look as professional as possible.

Website Logos

It can be challenging to take a company seriously if they don't have a well-designed website logo. You can try and make one of these logos yourself, but you often end up creating a product that looks amateur unless you're a graphic designer yourself. Creating website logos is a bit of a dark art, and one of the reasons that graphic designers go to school for so long and get paid so much is because they have developed an eye for it and a skill set to help deliver you the best logo possible for your brand personality.

Compelling Printed Advertisements

Even though you might think that creating printed advertisements isn't something that you'd be interested in, you'd be surprised at how many people still only absorb data through physical means. Not everyone uses a computer. Not everyone finds advertisements online compelling. And for those people, creating those promotional materials that are actually printed that they can hold in their hands may be the difference between a sale and otherwise.

Free Branded Giveaways

A final idea that utilizes displays and graphics that can help your business make money is if you choose to give away free branded items at events. Think of taking your promotional items to a music festival for example. If you give away buttons, stickers, or bandanas that are very visible that have your company name on it, then every person who puts one on is giving you free advertising as they walk around.

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3 Tips For Finding Trade Show Success

  • June 4, 2018

trade show success

Today, we have an interesting contributed post on having trade show success for your business. Enjoy.

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For most businesses, you’ll look for any way to make more sales and find greater success. In the right industry and for the right organization, a great way to do this is to participate in trades shows. By setting up a booth at a trade show, you can get your name and face in front of a lot of people in just a short amount of time.

However, if you don’t have a solid plan, you may find that you’ve wasted more money than you’ve potentially made. So to ensure this doesn’t happen to you, here are three tips for finding trade show success.

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