Business

The importance of building and maintaining a customer-friendly brand

May 30, 2013 by Reporter Leave a Comment

With competition fiercer than ever in our ever-volatile market, it is imperative to not only run a successful business, but to offer a service head and shoulders above the rest. After all, customers are going to want the absolute best.

That is where the importance of building a customer-friendly brand comes in – if a customer can connect and relate with a company, their emotional engagement is sure to return itself in their loyalty. Therefore, how do you keep your customers on side when dealing with your service?

Photo courtesy of SalFalko on Flickr

The new rules of putting the customer first

In 2012, Metro Bank began to expand and said that its fantastic success during a period of recession was due to their dedication to provide good customer service.

Anthony Thomson, the co-founder and chair of Metro Bank said that their unique business model allows them to build their company around their customers’ needs, which differentiates from the more traditional method of banking. For example, the bank sets their staff with customer satisfaction goals rather than sales targets, and opens for 12 hours each day to suit each and every customer.

Profit should not be the reason to go into business, says Thomson. Although it is a pleasant by-product of success, the reason that you want to succeed should be to fulfil the purpose of your business and provide exceptional service to your customers.

This service based mantra has clearly served the company well, as they continue to grow.

However whilst a company can aim for perfection every time, things can go wrong. Often the way that the situation is handled is a testament to the company and how they value their customers, so if things don’t quite go to plan, how do you maintain great customer service?

Facebook throws fuel on the fire

What happens when you’ve been annoyed beyond the realms of acceptable? Often we broadcast it, using social media as a method to vent our frustrations. Imagine this applied to business; the instantaneous nature of networking online means that a molehill can explode into a mountain in just moments.

For example, take the recent case of Virgin Media applying a late payment fee of £10 due to the direct debt being refused on the grounds of the payer having just died. Jim Boyden, the son-in-law of the deceased, posted a picture of the bill on Facebook on the evening of 22nd April, and by 24th April it had been shared by more than 53,000 users.

Virgin Media have since apologised to the family of the customer, but social media experts have said that this example shows how important a role social media plays now in customer service. Dr Lisa Harris, head of the digital marketing master’s programme at the University of Southampton spoke to the BBC on the matter and was said:

“Corporations are very good at promoting themselves; they recognise that everyone needs a Twitter and a Facebook account and they are aware the networks exist but they don’t have the strategies in place to deal with the issues that can arise from those networks”

The head of BT customer services Warren Buckley says that 40% of their complaints now come from social network Twitter, further stressing the importance placed on social media in the service industry.

Therefore to avoid becoming embroiled in similar situations, it is important to maintain an active presence via social media, and reply to those who take the time to get in touch with you. Take for example O2, who regularly respond to individual queries via their Twitter feed to resolve issues quickly.

By learning from the faux pas of some companies and implementing the customer-friendly strategy of others, you too can build a brand that attracts business and begs forgiveness when necessary.

Rosie Percy writes for the business sector and specialises in customer facing areas such as social media, lead generation and customer satisfaction. For more information on lead generation visit http://www.marketmakers.co.uk/lead-generation/. Rosie has previously written for the Guardian as well as lifestyle blogs, and now lives and works in Brighton.

Housing price growth in Australia is over

May 1, 2013 by Reporter Leave a Comment

Price rises in the Australian housing market have slowed, according to new reports, and they won’t show any signs of picking up again in the near future.

In an important speech to the Citibank Property Conference in Sydney last week, the Australian Reserve Bank’s head of financial stability Luci Ellis said that home prices in Australia are likely to grow more slowly than they have for the past 30 years.

She stated that “trend housing price growth will be slower in future than in the previous 30 years”, and is unlikely to rise rapidly again.

House prices are definitely rising – but not “booming”

These new statements from the Reserve Bank come just a month after the latest RP Data-“Rismark Home Value Index” showed that capital city house prices rose by 2.8 per cent on average in the March quarter of 2013 – the strongest quarterly result in almost three years. According to The Australian, this slow rise can also be seen in both the Australian Bureau of Statistics’ established house price index, which rose by 2.1 per cent, and its consumer price index, which rose by 2.2 per cent throughout 2012.

However, RP Data research director Tim Lawless admitted that we are unlikely to see such growth rates continue throughout the year, with growth likely to normalise over the coming months.

What’s to blame for the slowdown in housing price growth?

In the late 1990s and early 2000s, the low-inflation targets imposed by the RBA meant that consumers could borrow around twice as much as they previously had been able to. This in turn contributed to the huge rise in home prices and housing price problems in australia that was observed during this period, both in absolute terms and relative to consumer income.

However, now that this inflation-targeting period is over, housing prices are believed to have leveled off to a “new normal”, according to Dr Ellis.

What does this mean for potential homebuyers or investors?

Those scoping out new home loans for a home or investment property may be wondering what this latest news means for them, and the answer may not be such a positive one. In her speech, Dr Ellis suggested that these slower growth trends in housing prices meant that total returns on rental properties would fall, and that today’s homebuyers would most likely not receive the same capital gain on the family house as the previous generation did.

The Reserve Bank also warned that a slow housing market may see more periods where house prices actually fall, meaning that both purchasers and financial institutions should be cautious of borrowing or loaning a high percentage of the purchase price of a new home. This is so borrowers can try to avoid a situation in which their outstanding loan is larger than the actual value of their home – or what’s known as negative equity. The RBA is also opposed to banks lowering their lending standards to try and incentivise borrowers and boost loan growth and profits.

While a downturn is possible, there’s a low possibility of a property price crash

Those worried about the property market ‘crashing’ shouldn’t be – it’s unlikely that the price of property will crash any time in the near future, even though the RBA says that a downturn is possible. Ellis said that the RBA was “pretty sure that the boom we saw in the early 2000s managed to end with a fizzle, not a bust. So we don’t expect a sharp reversal from a starting point described by the situation we face now.”

Those interested can read Luci Ellis’s full speech here.

Distinguish Your Business with Smart Online Marketing

April 30, 2013 by Reporter Leave a Comment

There are millions of websites on the internet, and sometimes it can be tough for business to rise above the crowd. A business owner might offer great services and products, but if they can’t differentiate their business from the many others in the industry that also have websites, it is unlikely they will improve their business much.

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Part of a “smart online marketing campaign”, though, focuses on distinguishing your business from all the competitors and imitators. The most effective online marketing will leave you with a memorable brand and impactful online presence.

1. Polish Your Website

The first step in distinguishing your website is to project a distinguished image. Web users should navigate to your site and immediately think they are dealing with a professional, reliable company.

If your business doesn’t have a website, or if the website you do have is dull, you won’t be able to take advantage of the benefits the internet can have for business. Fortunately, setting up a website has gotten easier and easier over the years. Now, many sites offer templates and low-cost site hosting, so you need neither design skills nor a huge budget for online expenses to run a professional-looking website.

You might think about setting up a blog. Blogs can be very effective because they allow businesses to communicate directly with readers, and with more content (and more page views), the company’s search ranking will improve. To do that, Premium WordPress themes look through some and choose one that is suitable for your company’s brand. Modify the colors and graphics to fit your style, and you will be good to start blogging.

2. Have a Clear Message

Confusion on your website is only going to encourage users to click over to other sites. If you have five million products posted to your front page, your visitors will be overwhelmed and turned off. If, on the other hand, you are not clear enough about any of the services you offer, your visitors will be similarly discouraged from purchasing your products.

WordPress theme

Strike a balance by giving customers a clear idea of what your business does and how they can use your website. The shotgun approach to advertising—putting as many products on the screen as possible and hoping for success—will not pay off. Instead, provide an honest account of what your business is and how you can help. Also, don’t over-exaggerate your services. With all of the hyperbole on the net, users can easily recognize it when they see it.

3. Connect with Users

Does your company offer awesome services that can help lots of people? Prove your confidence in the brand by reaching out directly to your potential customers. Engagement is a central part of online marketing, and it is a great way for businesses to express their personality and bolster their reputation.

Get involved in social media. It can feel a bit empty at first, because building a community is slow and you won’t actually sell any products on your social media feeds, but it’s a great way to get noticed. Active social media will eventually result in a larger audience online, with more potential customers coming to your business’s website rather than that of a competitor.

In addition, be sure that you use every opportunity to boost customer service by communicating with customers and addressing their needs. Be proactive in offering answers and advice regarding your field, and get back to customers quickly whenever they have a question or concern. In addition, thank customers for any positive feedback, and always work to modify your company and its online activities according to feedback you get from your visitors.

About author Anny Solway is a dedicated writer at ThemeFuse – a leader in the Premium WordPress Themes area. She likes to discover new ideas about internet marketing, social media and blogging.

Mortgage Tips and building you own Business

April 6, 2013 by Reporter Leave a Comment

More and more Australians are taking the plunge and starting their own home-based businesses. There are currently over 1 million individuals operating a business from home, according to the Australian Bureau of Statistics. This number looks set to grow even larger with the easy availability of website building software.

The best website templates allow new business owners to create a professional ecommerce site from scratch, with little to no prior knowledge of web design. Recently there has been a surge in Real estate Start ups in Australia

However, starting a home business requires more than simply setting up a website. You’ll need to think of legal issues like registering for company names, business licences, and taxation. Using your residence as a place of business will mean that you must comply with all state, territory, and federal government regulations. To get started with this process, it’s best to contact your local council for more information.

At the same time, home business owners in need of a new mortgage may find that they face some unique issues. Applying for a home loan when you are self-employed can involve a completely different process than the usual one for salaried workers. There may be zoning issues that could affect your mortgage, as well as different standards for assessing your income. It’s best to weigh all these issues to finance a home that will be suitable for your business needs as well.

Choosing the Right Live/Work Property

One of the first unique challenges that a home business owner faces is choosing a property that provides adequate room for business needs. If you have just started up a basic ecommerce site using a Shopify website builder, you will most likely only need one spare room. However, those who plan on meeting with clients could need a full floor of the home. This could also impact your mortgage rates if a significant percentage of the property is used for commercial purposes. The exact percentage will depend on the lender.

How Lenders Assess your Finances

Every lender uses its own methods for assessing your income. In most cases they’ll look at your income using one of three basic methods.

1. Using the most recent year’s income – Although most lenders will use an average over a greater time period, some will only look at earnings from the past year to assess your income.

2. Using the average income from the past two years – Calculating the average income from the past two financial years gives lenders a well-rounded picture of your self-employed earnings.

3. Using the lowest income out of the past two years – If the most recent year’s income is lower than the previous year’s, it may worry a lender who will assume that this downward path could continue into the future. In this circumstance, they may use the lower figure out of the two years as the basis of their assessment.

To assess your earnings from a home-based business, lenders will look at your most recent tax returns as well as other expenses and financial information. Income from other sources, such as rental income, will usually be deducted from the figure that is scrutinized.

Low Document Loans

If you’re unable to find a lender who will help finance a mortgage using traditional methods like tax returns, you may qualify for a low doc home loan. These are available to home business owners who don’t have adequate financial proof available to satisfy income requirements. However, they usually require a higher down payment of at least 20% of the purchase price, and incur higher interest rates than traditional mortgages.

Five Common Strategy Mistakes

March 12, 2013 by Reporter Leave a Comment

It’s easy to make mistakes in business. While big businesses may have the capital cushion to absorb most errors, small businesses don’t, and a mistake can finish a business before it’s managed to get off the ground. While overlooking a couple of figures in the ledger may be expensive, a strategy mistake can be fatal. So here are five pitfalls to avoid when you’re developing your small business strategy.

#1 – Marketing is NOT strategy

This is one of the biggest mistakes that new businessmen and women make. It may be intuitive to think of marketing as a big part of your strategy, but in fact it is merely a means to an end. A marketing-only strategy overlooks the fundamental points of a business strategy, such as projected growth, product development and other value-based considerations. Yes, marketing is crucial (after all, if people don’t know you’re there, they won’t buy your product!) but don’t let it become the all-consuming factor in your overall strategy. It’s a part, not the whole, so keep it in its place. This approach also prevents marketing expenses from escalating.

#2 – Size matters – be the biggest, be the best!

A common belief is that the bigger your company is, the more profitable it is. While there may be a small amount of truth behind that theory, it shouldn’t be the be-all and end-all of your business strategy. With greater growth comes greater expense, and just because a goal sounds good does not necessarily mean that it will be financially good for the company. A good fiscal balance is essential, so steady growth that’s sustainable and doesn’t put a strain on existing resources is more likely to succeed in the long term than rapid expansion and an attempt at market domination.

#3 – Growth is not a strategy

Following on from #2, let’s reiterate that growth in itself is not a ‘business strategy’ – it’s an aim or goal, yes, but not a strategy! The strategy part is how you achieve that growth, and again to ensure that it is sustainable. Don’t confuse strategy with actions. Strategy is your causation, and growth (if you do it right!) is your effect. The actions you take to achieve growth are part of your strategy.

#4 – Do ‘What you’re good at’ – your competitive advantage

It’s very easy to overestimate your business’s strengths and therefore skew your overall strategy because of the inclusion of incorrect or inaccurate data. Yes, you may be good at making product A, but if your customers want product B then making too much of product A is obviously the wrong strategy. Be realistic about your strengths and advantages, and remember that an advantage is often something more visceral, such as providing a better standard of customer care than your rivals. This gives you a competitive edge in that particular area of the strategy, but it also demonstrates that there may be other parts of the plan that need to be addressed for the overall strategy to work, such as making more of product B!

#5 – High growth markets are where the money is

High growth industries may look attractive on paper, but for small businesses it can be a case of reaching too high, too fast. Growth is also no guarantee that a business will be profitable, and may over-stretch a business’s resources and finances. It could also put your suppliers in control, rather than you. Nobody ever got wealthy chasing after a fast buck, and rapid growth is often followed by extremely rapid decline, especially if you can’t pay your suppliers and they end up cutting you off. Again, the key is sustainability, so ensure that your strategy revolves around the long-term, rather than short-term rapid gains.

Author Carlo Pandian is a management graduate and blogs about finance, small business and technology. He also writes tutorials on Intuit small business accounting software and loves sharing tips for entrepreneurs about how they can boost their businesses.

Low doc loans solutions for self employed business people

March 5, 2013 by Reporter Leave a Comment

Are you a self-employed professional? Do you find availing loans for your business or personal needs difficult? Did you face unending hassles the last time you applied for loan from the bank?

Self employed low doc loans

If the answers for all the questions are in positive then it means you are facing some serious hardships in availing loans, which be quiet disappointing for the future plans you’ve made.

However, the long wait is finally over.

No longer would you be facing trouble standing in the long queue and waiting your turn only to find that the application for loan approval has been rejected.

The answer is in the form of a path-breaking financial products—– “low doc loans” or “low documentation loans.”

How do they help?

Low doc loans are specially designed for the people who are self employed and who face difficulty in furnishing up to date documents related to the income source and various other financial details. There are situations where the produced documents don’t actually reflect the source of consistent income. Hence the application for loan, receives rejection wherever applied.

Regular loans lenders find it very unsafe to offer loans to people categorized under self-income groups due to the instability of their business in comparison to regular income holders.Therefore, lending funds to such individuals is termed as a huge risk and banks generally refrain from lending it to them.

These loans could very easily add on to the list of Non Performing Assets (NPA’s) for these banks.

Other advantages of low doc loans:

· The number of financial documents required to avail the low doc loan is fewer than otherwise. It solves the major problem for the loan aspirants categorized under self-employed groups.

· Low doc home loans in Australia is available up to 90% of the market value of the property. This means that the applicant receives higher amount of the funds than from regular sources.

· The options under this category are innumerable and the aspirant can easily decide on the best possible choice as per the needs.

· Low doc loans offer redraw repayment facility. This is one of the main features of the loans that impart unique credibility and attractiveness to them. This feature is present in much selected regular loan schemes.

· In addition, the applicant receives the option of flexible repayment and unlimited extra repayment without any early exit. This adds a unique cover of security to low doc loans. In short, they have all the necessary features that make them more preferred.

Therefore, even in conclusion, we can state that low doc loans or low documentation loans are the best option for self employed people. However, they should make it a point to enquire about the stamp fee and miscellaneous expenses along with the total repayment amount before applying for these loans.

These loans are easily available at all the banking institutions where they can be easily accessed. It is always better to evaluate your borrowing potential before thinking of applying for low doc loans. Red Rock Mortgage Group is an independent mortgage finance company specializing in property finance solutions.

Significant investor visa 888 Opens doors for Chinese Immigrants

February 14, 2013 by Reporter Leave a Comment

The government has launched a new significant investor visa. The New Permanent) (Subclass 888) visa will enable Wealthy chines to jump the queue and get permanent residency in Australia.

The Australian 888 Investor visa

The number of the subclass of the visa 888 which is a lucky number in china, indicates who the visa is targeting.

The visa requirements are a bit relaxed except for the investing part, where the applicant would need to invest $5 million or more to be eligible to get this visa.

The usual age , language and residency requirement for other visas does not apply to this visa making it easier to the investor to gain residency irrespective of these factors.

Requirement of the VISA

Complying investments for the Significant Investor visa include:

• Applicants should submit an expression of interest in Skill Select
•applicants should be nominated by a State or Territory government
• Applicants should make investments of at least five million Australian dollars into complying
investments as below.

• Commonwealth, State or Territory government bonds
• Australian Securities and Investment Commission (ASIC) regulated managed funds
with a mandate for investing in Australia; and
• direct investment into Australian proprietary companies.

For more details and requirements click here

Visa applicants may hold investments in each of the above investment options and may also
change between complying investments, provided they meet specified reinvestment
requirements

Similar Investor visa schemes have also been introduced in other countries like UK , New Zealand , United states, Singapore and Canada.

The previous “Investor (Provisional) (Subclass 162) visa” is closed to new applications from 1 July 2012. Only eligible dependent applicants can be added to an existing application that was lodged on or before 30 June 2012.

Australian Business Investor Stream Visa

The Australian Business Investor Stream (Provisional) visa is a temporary business skills visa that allows successful business people to invest in a new or existing business in Australia.

The Australian Business Investor Stream (Provisional) is valid for four (4) years and visa holders may be eligible to apply for permanent residence after meeting the obligations of their visa.

UK investor visa

The Tier 1 (Investor) category is for high-net-worth individuals who want to make a substantial financial investment in the UK.

Other UK VISAS

US INVESTOR VISA

EB-5 Immigrant Investor

Under the government’s EB-5 Immigrant Investor program, foreign investors can get conditional visas that allow them and their families to live, work and attend school in the U.S.

To qualify for the visa, they must invest at least $1 million in a new or recently created business, or $500,000 for businesses in rural or high-unemployment areas

New Zealand Investor and Investor Plus

The Investor Visa (Investor 2 Category) is an option if you plan to invest a minimum of NZ$1.5 million over a four year period.

If you’re looking to invest $NZ10 million or more then the Investor Plus Visa (Investor 1 Category)is more suitable. Click here to see the difference of these two visas

Links for Australian Visas:

Significant Investor Visa ( 68KB PDF file)
Significant Investor Visa – Frequently Asked Questions ( 90KB PDF file)

Other business Investment visas

Best home loans in case of bad credit history

January 7, 2013 by Reporter Leave a Comment

There is a substantial population in the world with bad credit scores. These people often find themselves totally sidelined from the others when it comes to raise money from banking institutions. The reason behind this neglect is the risk involved in handing out loans to people who may not possibly be able to pay the complete amount on time. However, bad credit home loans offered by some lenders have given hopes to all such people. Recently many players have arrived in the market to make most of the emerging sector of bad credit mortgages. The low doc or low documentation loans provide unique opportunity to bad credit borrowers.

Red rock is one such financial institution which is one of the leaders in the “bad credit market”. In the present times two types of loans are suggested by the top broking houses to the clients withbad credit history.

Low doc loans:

These loans are specially designed for the people that can not avail to the facility of regular loans from the banks because of their impaired credit history. These loans have given a golden opportunity to such people. It provides a unique opportunity to them in obtaining funds for future investment. Their broader types include:

1) Self declared

2) Account statement

3) Asset lend

In the case of low doc home loans the applicant is not required to provide of much of the paper work otherwise needed in the case of regular loans. The system works on a method called self-verification where the candidate has to declare his active source of income. The lenders decide, thereafter, if the application of the candidate is worth consideration or not. Low doc loans are one of the most innovative and sought out loans in the present market and provide lots of relief to the clients with bad credit history. They have completely revolutionized the financial market catering to a new set of client base.

SMSF loans

Self Managed Super Fund (SMSF) loans protect you against the economic depression and helps in the wealth creation. Very few options are present in the market that can provide you the unique opportunity of safe investment and wealth creation at one and the same time.

The SMSF home loans provide investors flexibility and tax relief, to an extent. SMSF loans are an exclusive lending facility that enables a borrower to use his pre-existing SMSF to borrow and invest in commercial properties including shops, showrooms, warehouses and other approved residential properties.

The only mandatory condition is to have a pre-established and compliant SMSF. The applicant is at a considerable advantage as his SMSF can acquire property worth more than the value of available funds in the personal account. Your SMSF assets are secure even in the case of loan default.

The process of Self Managed Super Fund loansis highly advantageous as tax liabilities can be condensed to a reasonable extent. The interest expenses can be claimed as tax deductions by the SMSF. This feature is not found in many other bad credit fund options. Therefore one should consider availing these opportunities as soon as possible.

Author Box: Red Rock Mortgage is an independent mortgage finance company specializing in property finance solutions for investors & borrowers with specialized lending needs

Business debt repayment tips: Find out your debt relief path

December 12, 2012 by Reporter Leave a Comment

Author Bio : Dan Marshall is a financial writer and enjoys writing articles on the global financial situation, bankruptcy, making money online, the stock market, debt consolidation, and mortgages along with other finance-related topics. He is associated with Oak View Law Group.

Entrepreneurs must understand that they need to have the requisite skills to manage their business as well the financial resources in order to thrive in this highly competitive but shrinking economy. However, a good number of entrepreneurs are facing enormous difficulties in running their business efficiently because of reduced revenue and high operational costs. As a result, they are saddled in huge business debt.

Hence, entrepreneurs who are looking for ways to straighten their company’s finances must opt for the various debt relief options that can bail them out from the current crisis.

Reasons to choose debt relief programs

Here are reasons that should make the entrepreneurs opt for debt relief options:

® The profit margin has reduced considerably for the past several months.

® There are atleast 3-4 monthly outstanding payment deadlines to meet that have practically become impossible for them to manage.

® Debt collectors have started making collections calls besides sending them letters asking to make the payments.

® There are different types of loans with varying degrees of interest rates. Moreover, these loans have different loan terms and conditions.

Once, entrepreneurs have figured out their financial shortcomings, then they can approach the debt relief companies for professional help accordingly. In this case, one of the most preferred modes of debt relief is ‘debt management plan’ or DMP. Here is a short description about its process.

How debt management plans work

Debt management plans work in the following ways:

i. Entrepreneurs who opt for the DMP are required to work with a credit counsellor who will guide them through the debt relief program.

ii. Credit counsellors will conduct a personal financial management session with the debtors. During this session they’ll gather all their financial information and decide on a budget as well as debt repayment plan. This plan are devised on the basis of the total loan amount and the maximum monthly payment amount that could be easily afforded by the debtors.

iii. After making a budget and a repayment plan, credit counsellors will start negotiating with the creditors on the debtor’s behalf, conveying them about their client’s financial hardship. At this stage, credit counsellors act as the communicator between the debtors and creditors.

iv. The success of the DMP is based on the consent of the creditors. In this case, debtors may get the advantage of reduced interest rates or waived off penalty charges. The repayment plan should be made following a written agreement between the creditors and debtors. As a result, of this agreement, both the creditors and the debtors will be liable for prosecution in case of breach of contract by anyone of them.

v. Ideally, DMPs should not take more than 60 months to complete.

Lastly, with each passing day, it is become all the more difficult to run a business. This is because of global economic crisis and reduced consumer spending. So, in such a situation entrepreneurs should try to cut down on unnecessary expenses and stop using multiple credit cards. This will help them to stay away from debt and keep their businesses financially stable.

Getting the right Business Insurance

December 1, 2012 by Reporter Leave a Comment

Insuring your business may seem like a no-brainer but for many people, just staying on the right side of the ledger books is more of a concern than insurance. However, not getting the right insurance for your business could leave you out in the cold if something were to happen, and unfortunately, bad things do happen.

Is Business Insurance a priority

Many people think about business insurance as a big lump sum that gets taken from their bank account every month, but business insurance is different. Not only are there many different types of business insurance, but these types can also be tailor-made by insurers to suit your business. If you own a retail store for example, you may need to insure the building you operate from and the contents of your business. If a fire was to occur and you were left without any stock to sell you would have to go out of business.

On the other side of that coin, anyone who has a service to offer won’t need this kind of insurance. They may need malpractice insurance and public liability insurance to ensure that if they are sued by a client or customer, they will be covered for legal fees.

Comprehensive or Partial insurance

Comprehensive business insurance is an attainable goal, but not everyone needs this kind of insurance. Why bother with comprehensive insurance if you don’t have any vehicles that need to be insured, for example? A company that does make use of a fleet of vehicles would need very different insurance to a woman selling cupcakes out of her home kitchen. It all depends on various factors, such as what your business or service is about, how much money you make a year and what type of product you sell.

Many people see the sense in getting public liability insurance if they have a service to offer. If you were to operate a gym for example and someone broke a leg on your property, you would need insurance to cover their medical costs. If you are selling products however, and your geyser bursts, damaging your products, you would need product insurance.

The best way to get the right business coverage for your business is to contact a professional who will be able to take you through the various forms of insurance and how they could potentially aid your business. Remember that for business professionals, not having any insurance should never be an option. It is just too risky.