Why Should One Go For Professional Disability Insurance?

How does it feel when a person is employed, is working and all is going well? They might be tempted to think that they will remain in such states for a very long time. The most important thing an individual should begin by appreciating is that the events of the next day, next hour or even next minute are uncertain. This is why a person should make sure that they have taken necessary precautions so that they can continue enjoy living on this earth.

It takes a few minutes to contract an impairment. To make the matters worse, there are some impairments which might make one unable to continue working. For instance, think about a news reporter who gets involved in an accident and ends up losing all their legs. Probably they will no longer be able to attend events and report as they used to do before the occurrence took place. This stretches to other several professions and therefore taking precautionary measures is what an individual should plan for. Some of the reasons as to why taking Own Occupation Disability Insurance policies remains benevolent to an individual include the following:

Ensures financial security

Every human being who is employed today has dependents. They also depend on what they earn for their daily upkeep. It might not be easy for such a person to survive and continue supporting the people they were supporting after an impairment given that they will no longer be employed. An individual who had taken a Professional Disability Insurance is assured of a happy living because they will be compensated.

There are some companies which pay up to 75 percent of what an individual used to earn. Even though an individual will be receiving less than what they used to earn, the most important thing here is that they have something to survive on. It can be frustrating for an individual who has no money, no employment and cannot work but has bills to settle.

Allows one time to transit to another profession

There are various types of professions across the world. Once an individual becomes disabled such that they cannot continue performing their work well, they should think about changing their profession. For instance in the case of a reporter, they can become an editor.

In most cases some training will be necessary to allow these people take up new roles. The compensation they receive will help them to go for such training activities. An individual who has nothing might not be able to change their profession because they lack moral and financial support.

Grants one mental solace

Think about someone who is bedridden because of an accident. This person has no food, no money and they have exhausted their savings. Such a person will have to survive at the mercy of friends, relatives and other well-wishers. At some point they might be taken as a luggage to those taking care of them.

When a person mentally surveys all these conditions and realize that it was not their mistake, they might contract mental frustration. The only way such a person will be healed is by getting an assurance that they have support. There is no need of waiting for an assurance that might never come. One has to go for Professional Own Specialty Disability Insurance and all shall be well with them.

Young Entrepreneurs Business Building Tips

Get paid doing what you love! Become a young entrepreneur and start the business you’ve always have pictured in your head.

In today’s age, building a business has never been easier and the potential rewards are larger than ever. While most of your friends are scrapping by, you could be living the life of your dreams and profiting from your business. And thanks to the Internet, young entrepreneurs can build a global business that puts you on the same playing field as major corporations.

Before starting a business, there are several steps future young entrepreneurs can take that will facilitate your success. There are seven foundation steps that will help you to build a profitable business, fast.

Get your mind right. The first step to building a profitable business is for young entrepreneurs to develop their mental muscles and start thinking with positive end results in mind. Getting your mind right will allow you to keep focused and on course even when others try to contaminate you with negativity.

Set goals. Before starting your business, day dream about how you see this business growing and picture your day-to-day role within your company. Take your dreams from your mind and put them on paper. Put your dream on paper with a plan and you have created goals.

Once you have your goals written down, review them often. The more you read and believe your goals the faster you will get to where you want to go. Before going to sleep or when you wake up take a few moments to visualize yourself accomplishing your goals. It’s true – what you think about you become.

Focus on the greater good. This is especially true for young entrepreneurs. By starting a business that creates a positive change in the world you will reap the rewards. When you start a business that helps people, you’ll have positive forces working in your favor. So not only does doing the right thing help others, eventually it helps you, the Good Samaritan, as well.

Build your credit. Having excellent credit is a young entrepreneur’s best friend. With good credit you will have access to low cost capital. When your starting out this isn’t so important; however, as your business grows, you may need business loans to expand your business faster. That’s when having good business credit will pay off.

Open up the Right Accounts. An important piece of a young entrepreneurs success is to have the right bank accounts set up. A checking and savings accounts should be set up as soon as possible. The sooner you establish a relationship with a bank, the more benefits you will receive in the future.

Be sure to choose a bank that has services you need now and will need in the future. Being a young entrepreneur, you want to find a bank that offers business loans, merchant services, business accounts and additional services you may need as your business starts to take off.

Build your team. With twenty to forty percent of your income going to pay taxes, the first members on your team should include a qualified tax advisor. Be sure to choose a tax advisor that has experience preparing business taxes.

Another member of your team, that you need before you invest money into a business, are mentors that have experience in the business you want to start. Having a mentor does not mean you need to hire a personal mentor coach. In today’ age, a quick search online and you can find books, videos and webinars of people that have experience in the business you’re looking to start.

Start a business you like. The last and most important piece of advice for young entrepreneurs is to choose a business that you enjoy. What is it that you’re into? Figure out how you want to live, how you want to spend your days and with whom you want to work with – then find a business to start that fits your lifestyle goals.

DO IT! Now that you have the foundation in place, get going on your business idea.

Even Small Business Owners Have Assets To Protect

Unfortunately, asset protection is often ignored or lost in the long list of things to do when starting or building your business. This mistake can cost you and your family when you least expect it.

What’s Involved in Protecting Your Assets?

Asset protection planning is a simple concept. First you catalogue all of your personal and business assets, such as bank and brokerage accounts, personal property and real estate, etc. Next you identify possible financial threats and then you insulate yourself from threats using a combination of different legal entities (trusts, corporations, limited liability companies, etc.) and insurance.

Properly done, this will help protect your current and future assets from loss due to the hazards of everyday life, such as lawsuits, business failures, and creditor claims.

To create an asset protection plan, you’ll need to review your potential exposure to financial loss, assess the different types of protection available, evaluate potential tax issues involved and analyze your ongoing personal financial needs, such as qualifying for mortgages and easily accessing assets when required. You should work with competent financial and legal advisors who are familiar with asset protection strategies.

Small Business Owners Beware

As a small business owner, there are several areas that warrant your concern. The first is to take financial liability issues into account when you choose the type of legal structure within which you’ll run your business (corporation, limited liability company, etc.). Once established, take care to follow the legal requirements of the entity you choose, so that you don’t jeopardize your personal assets. Some examples of this are not mixing business and personal expenses, not treating your business bank accounts as personal piggybanks, keeping necessary records, having the proper corporate officers and establishing a Board of Directors in corporations.

Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.

Many entrepreneurs use personal credit cards and credit lines to get started. This may give you the credit you need, but it is ultimately a personal obligation. So if your business doesn’t have the cash flow to pay the bill, you’ll have to deal with these credit balances yourself. And the hefty finance charges can add up fast. Use extreme caution when leveraging personal credit for business use.

And then there is insurance. Small businesses often underinsure to keep overhead expenses low. This is risky. Losses do happen and they can quickly put an under-protected company out of business or hamper it severely. Be realistic when evaluating the type (liability, property, malpractice, etc.) and the amount of insurance you carry.

Be Safe, Not Sorry – Protect Your Assets

Depending on your individual situation, there are a variety of asset protection tools from which to choose ranging from the relatively straightforward, such as insurance, to the extremely complex involving off-shore trusts and multiple legal entities.

Seek the advice of business advisors and attorneys who specialize in this area. It is an investment in your financial security. Once you are on the wrong side of a lawsuit, it is too late to protect your assets.