Risk management Steps That Can Save Your Contracting Business

insurance contract

Do not take up a client’s job when you are not sure of your protection against the liabilities occurring in the course of accomplishing your job while serving the client. You risk losing all the financial gains and the reputation of your business.

Most contracting firms end up bankrupt when slapped with hefty compensation bills after losing in court when a client sues them for malpractices. Taking on a client project is a risky affair that you should not take lightly. The following are important risk management strategies you need as a contractor for every job you handle.

Begin with the End In Mind

The best mindset for risk management considers the outcomes for the choices you make in the real world or a hypothetical situation. The outcomes are important for your contracting business. They determine whether the business goes on growing or crumbles under the weight of the compensation claims and loss of reputation. Another reasoning for having the end in mind is to make informed decisions about the risks to absorb and those to transfer.

Transfer Most Frequent and Critical Risks

The most frequent risks are most likely to occur, and they need transferring to an insurance company. At the same time, any major risk that can turn the business upside down should also be part of the transferred risks.

Evaluate the Risk Profile Periodically

Avoid making the mistake of doing risk management evaluation only once. You should evaluate the risks periodically so that you become aware of any emergent risks. You also do not want to be letting your money go to waste by covering risks that are not critical and not frequent. The regular updates to your risk management policy ensure that at any time you have all you need for protecting yourself and your clients in your contract obligations.

Use a Reputable Insurance Firm

The need for a reputable firm is to guarantee your claims and to provide a straightforward approach when you are signing up. Therefore, work with companies that have sufficient underwriting capacity to pay up when you are making a claim. Consider the reputation of the insurance company and the way its customer service responds to you. You can call and ask about the specific details of the cover they provide for your situation before you sign up.

Do Not Postpone the Insurance Purchase

In some cases, contractors make a mistake of taking insurance for the partial coverage of their risks with the hope that additional risks not covered will not occur immediately. The thing with the probability of occurrence is that it does not give you a sure bet. Even a 99% likelihood of not occurring implies that there is a possible 1% likelihood of occurrence. Therefore, avoid the temptation to gamble with the risks and instead take all the necessary insurance cover for your contracting business.…

What a Smart Individual Should Consider When Requesting for a Loan

quick loan application

People who have just gotten their first job can confess that all they dream about is buying that new car they have been dreaming of every time. It is a fact in life that after a person has gotten a house and has become comfortable, the next thing to buy is a car or upgrade the one he or she already owns. But it is a fact that many people are not in a position to purchase a car in cash. Therefore, there is the need for car Loans in Johnson City for financial backing. If you search online, you will find many companies that are willing to finance you. However, you are not supposed to accept a loan if you have not understood these simple points correctly.


gray carKnowing that you will be able to repay your loan without affecting your monthly expenses is essential. The first thing you need to do is calculate all your monthly costs and know your current expenses. And now that you are purchasing a car, you also need to know the amount you will be spending on fuel and other minor issues like repairs. If you are comfortable with your budget, then you are ready to get that loan and purchase your dream car.

Interest Rate

The next important thing you need to inquire from your lender is the interest rate. Understand that different money lenders have a different lending rate. You should avoid asking for a loan from those who have a high interest rate since the rates usually mean more money on top of the amount that you will receive. Interest is generally denoted in percentage, therefore, do not forget to calculate your margins.

Repayment Period

loan for a carWhen requesting for a loan, you should also consider the repayment period. Note that the repayment period can also affect the interest rate you will be charged. Loans that take a more extended period are likely to attract a higher rate since your lender will be waiting for long to get their money back. However, the amount you will be paying on each installment will be significantly lower. Therefore, you should get your math right.

Processing Time

Different lending companies take different period to process a loan. Loans, especially those that are meant to purchase machines and cars take a short time to process. Nevertheless, it is essential that you know how long it will take for you to start driving that new car.…

Five Ways a Student Can Finance Their University and College Education

class work

It is certain that most students go through a lot of financial constraints during their studies at the university or college. Unfortunately, some of the students do not have enough strength and innate courage to sail through the monetary problems. They end up being dropouts. Having such people in the society is a major drawback to the development and innovation because their knowledge remains untapped.

Notably, the hustle to make it through university or college education can be solved. With the recent transformation of factors affecting education, any student can be able to access financial help and achieve his or her academic dreams. The following are ways that may guide students to finance their university and college education.

Enrolling in a Work-Study Program

empty libraryMany of us already know that there is enough free time that a student in a university or college can stay idle. Lectures do not run from morning to evening! A student can be able to make three to four hours in a day. These hours should be used effectively by enrolling in a work-study program.

This program entails employment for students through the university. It can be within the university departments or by outsiders who may be an associate to the university or college. Whatever the case, the program can help a student save quite a lot of money and finance his or her education.

Save for Your Fees Beforehand

This may sound inadequate in raising huge amounts of money that is required in university and college. On the other hand, it goes a long way to gather every penny you ever received for a bar of chocolate from your relatives.

Maybe this can be practiced by high school students whose dreams are to go to the university or college. Whilst that is the case, if one is beyond the high school level, saving earnings from a freelance job can be enough. In a nutshell, the point is saving money, however little it may be!

Apply for Scholarships

According to people who have tried applying for scholarships, searching for viable scholarship foundations and well-wishers can turn into a full-time engagement. However, with time, the tiresome task bears fruits. Once you get a scholarship, it is prudent to get serious and scoop the best grades.

This will prove that you are fully utilizing the opportunity given to you by the sponsor. Actually, the sponsors will always want to maximize their support even if you wish to further your studies.

Apply for a Student Loan

moneyIn the recent past, banks have started giving out study loans to needy students. To make the matter more interesting, the loans are payable when the student is done with studies and can be able to raise re-payment installments.

Going for the best private student loans is one of the best ideas a needy student can opt for. Before taking a loan, take time to find out the interest rates at your local bank.

Choose a Cheaper Institution

Save yourself the humiliation of being edged out of college because of lack of fees that you cannot afford. It hurts your ego and may extend to affecting your performance. When choosing an institution of higher learning that you would like to attend, choose the cheapest. While this cannot help you gain money for your fees, it will help you manage the little finances you may have.…