As a contractor, you are responsible for protecting yourself and your company against claims brought by clients and customers. The amount of cover you purchase will depend on the risks your company encounters and what level of risk you are willing to bear as a business or as an individual. Choosing a basic policy can leave you exposed and lead to hefty legal costs further down the line. Instead, it makes sense to find coverage designed for your type of business. These specialized policies will always provide more protection and limit your risk because they’re written to cover the specific work you do.
Next Insurance offers business coverage for painters, which protects your company against general liability and professional liability claims. Organizing your cover online takes minutes, and it’s a very straightforward process. You can also download a certificate of insurance free of charge, so you can confirm you are covered should a client ask. Here’s a more detailed look at the kind of policies you may need, and which claims they could protect you against.
What Is General Liability Insurance?
General liability insurance covers your business for claims relating to damage of property or bodily injuries. That is why it is important to get help with an agency like business insurance san diego to protect such covers and claims. Without the right coverage, you will probably be obliged to pay a damage claim from your funds, which can significantly impact even the most successful businesses. The essential claims you will be covered for are:
Employees might talk to members of the public about one of your clients in a derogatory way. The client might interpret that as slander or libel, and they might decide to sue. In these cases, the right general liability insurance policy can cover your legal costs and allow you to defend your company.
You may have helped a client revamp their bedroom, and they then chose to have professional photos taken. If you used these images in your promotional materials without the photographer’s consent, there could be a claim for copyright infringement.
Third-party property damage
Working in someone else’s house presents the risk of damaging their property. It could be due to spillage of paint or breaking something around the home, such as ornaments or an item of furniture. In these cases, general liability can cover your business for the cost of repairing or replacing items.
Third-party bodily injury
During a painting job, you may leave something on a surface that a client trips on and, as a result, sustains an injury. To have a case against you, a person needs to prove you have breached your duty by forgetting to clear up or tidy away. They can assert that the accident happened as a result of your actions or inactions. If they choose to sue, this policy will cover their medical expenses, so you aren’t left to foot the bill alone.
What Is Professional Liability Insurance?
Even the most established companies make mistakes from time to time. Occasionally these mistakes can lead to a financial loss for a client you provided a service for, and in these instances, they can sue you. Their claim could be valid even if you did not intend to cause harm or you believe you did nothing wrong. With professional liability insurance in place, your costs will be covered, and you won’t end up out of pocket. The type of incidents that could trigger a claim include:
Homeowners can bring a misrepresentation claim if work you have carried out goes wrong, especially if they had the job done on your advice. In these cases, a client may sue you for the costs of getting the problem fixed or inconvenience caused by the damage.
If the advice you gave a client was wrong and they suffer some kind of loss, you might be sued by them. That could involve the wrong type of paint being used in a home or garden. If it begins to flake or affect the surrounding area, it will have to be removed and replaced. That would cost your client money, and they may sue; reassuringly, the costs could be covered by a professional liability policy.
Negligence in carrying out your duties in a client’s home that leads to some damage being caused may mean a claim is made against you. As a tradesperson, you have a duty of care to each client, and if they feel this duty has been breached and resulted in them suffering a financial loss, they may be entitled to compensation.
Investing: A Beginner’s Guide
Investing is a subject that many people are interested in but don’t know where to start. The idea of putting money into something you have no control over can be intimidating, but there are ways to make it less scary. This blog post will guide you on the types and principles of investing.
Type of Investments
There are many different types of investments, but they all generally fit into two categories: equity or debt. An equity investment is when you buy a share in the company that issued it and have ownership rights to its assets and earnings. A debt investment means loaning money to the issuer with an agreement that your principal will be returned after a specific term and with a particular interest.
Equity investments come with the most risk but also tend to have a higher return than debt. Examples of equity investors include stocks and mutual funds.
Stocks are when you buy shares in an individual company with your own money. With this investment, you would want that particular company to succeed, so their stock price goes up in value. You would then sell the stock to turn a profit.
Mutual funds are when you pool your money with other people and buy shares in various companies. This investment is not only one company that you invest in but an entire portfolio of stocks, bonds, or assets. This way, there’s less risk than income investing individually because if one company’s stock falls, your other investments could make up for it.
With debts, there is less risk than equity because you are loaning money to an issuer who has agreed to pay back the principal with interest. Many types of debt securities range from short-term (less than one year) to long-term (more than one year).
An example of short-term debt investment is when you buy T-Bills, which are government securities that mature in less than one year. The interest rate on these investments tends to be much lower than other types because the risk for defaulting is low since the government backs it.
An example of long-term debt investment is when you buy bonds issued by companies or governments and mature after more than one year. Bonds also have an interest rate that must be paid monthly or yearly until the principal is returned to the investor. There’s generally less risk for defaulting on these payments.
Principles of Investing
Even though there are many different types of investments, they all have a few fundamental principles that you should be familiar with before putting your money into anything.
The first is diversification. Not only do you want to invest in one type of investment but multiple ones (stocks and bonds). This way, if an investment falls or loses value, the other investments can make up for it.
The second is liquidity. The money you invest needs to be able to be turned into cash quickly and easily if required. For example, real estate investments are not as liquid because there may only be a few buyers at one time, whereas stocks or bonds could have hundreds of buyers who would buy your shares right away.
The last is the risk. You want to minimize your investment risk by diversifying and only putting in money you can afford to lose. You also need to know how long it will take for your investments to grow, depending on what type they are (equity or debt).
Conclusively, when it comes to income investing, you want to have a good mix of debt and equity investments. This way, you can increase the chances that your money will grow while minimizing risk. For more information on the above, you can always check out places like Money Morning.
What Are the Best Ways to Monetize Your NFTs?
NFTs stand for non-fungible tokens, and that means each token is different from the next, like a fingerprint – no two tokens will be alike. These tokens can exist on the blockchain, and this makes them unique because nobody can copy them.
What’s new about them now is that people see these as more than just digital money or investment opportunities. Before you start dealing with NFTs, it’s vital to answer the question, “what are NFT’s?”
What Are NFT’s and What Benefits Do They Offer
People have been using NFTs to represent ownership of almost anything. Think of your favourite tokenised asset, where you own unique digital art and are excited about it. This is what these tokens can offer.
Every token is backed by a smart contract that you need to issue on the blockchain. Each of these contracts will have its terms and conditions, which means they’re not transferable between parties unless they agree with it.
This arrangement offers value because your NFTs can’t be resold or essentially stolen since there is no central authority controlling them – only the owner has access to them which offers market protection. They offer several benefits.
- Peer-to-peer transfers for selling items that are digital, physical, or virtual goods
- Selling your tokenised items on secondary markets dedicated to the trade of NFTs
- Auctioning off your tokens in what’s called an “Initial Exchange Offering” (IEO)
But what if you want to make some passive trading income? Here are the best ways:
Sell Your Tokenised Items on a Wallet
You can sell your tokenised item on places like Nifties.com because there is a market for these things.
There is no need for what will happen because people want what you’re listing; what’s better is that people might buy what you’re selling at the price point you want. This gives NFT owners more freedom to sell what they like and make money off their assets.
Sell Your Digital Goods through a Broker
Some platforms act as a middleman. They take your digital items (games or software that are distributed online) and then allow companies to check them out before purchasing them for what they call “real-world goods”.
Companies will pay real money for these digital assets, which anyone with an internet connection can use. The company that bought NFTs essentially acquired the right to use your game or application instead of buying what’s on your computer.
Sell Your NFTs on Auction Sites
These auction sites are also called “secondary markets”, allowing people to buy and sell what they like. It allows them to do what they want with their digital assets because only the owner has access.
Hold Your Tokens and Sell Them Later On
You could become a “holder”, i.e., someone who holds onto their digital currency. People holding onto these tokens know what they’re going to do with them at a later date because there are things they want to accomplish.
What happens over time will give them peace of mind that what they have is something they can keep forever.
Use Your NFTs to Play Games
Blockchain adoption has led to more games being created using these technologies, which means there’s a platform. You can use what you have to play what’s called a “crypto-game”.
What you’ve created will be monetized by the platform it’s on (which comes with security). What you get in return for what you’ve created is passive income. Lastly, some games allow users to play what they like and make money out of what they do.
Company Shareholders: What Does it Mean?
In the business world, “Company Shareholders” is a familiar term. You’ve probably heard this term being thrown around often but don’t know what it means or represents. In this article, we take a concise look at what the term entails.
What does Company ShareHolders Mean?
Company shareholder is an umbrella term that describes a shareholder in a company. This begs the question, who is a shareholder? In simple words, a shareholder is an individual or entity that has rights to or owns at least one share of a company’s stock. Technically, shareholders are the backbone of a company. They invest a percentage of their money into the company in exchange for a “share.” And owning a share means they partake from the company’s profit and loss, as the case may be. A Shareholder is also known as a “stakeholder” or “member.”
Shareholders are not limited to individuals. Other companies and institutions can buy a company’s shares to gain the shareholding privilege. If the said company records lucrative growth and expansion, the shareholders benefit from the profit made. Conversely, if the company goes under or experiences setbacks, the shareholders stand to lose their investments.
Are Shareholders Subject to a Company’s Debts?
When things go south, shareholders are not accountable for the company’s debt or bankruptcy. As such, their personal wealth isn’t at risk. Where sole proprietors or partners expose their personal wealth to risk by being liable to a company’s debt and subject to creditors, shareholders have no business with a company’s debt or creditors.
Do Shareholders Partake in a Company’s Day to Day Operations?
Shareholders are not obligated to oversee or partake in the company’s daily operations. They have no say in what goes on in the company daily or how it directs its affairs. This obligation is exclusively restricted to the board of directors and the company’s internal management structure. Most shareholders appreciate this rule as they are only concerned about making returns and not herding a company.
While they are not involved in the company’s operations, they are responsible for appointing new directors, re-assigning or removing existing ones, and deciding how much authority is granted to directors.
How does Shareholding Work?
When a company’s performance results in a hike in share prices, shareholders can sell their shares on the stock exchange market for profit. This company’s shares are a highly liquid investment. Laws also govern shareholding. In most cases, the company’s charter will state the rights of a shareholder. Customary rights include the permission to explore company records and books, entitlement to a portion of all declared dividends — and in cases where the company ceases operation and observes liquidation, the shareholders are entitled to a share of the proceeds provided by all parties (stockholders and creditors) have been paid.
In addition, shareholders have express permission to participate in the company’s AGM to gauge its performance and vote for board members. They also have the right to signify personal interest in a board role or be considered for one.
The number of shares a shareholder owns translates to the percentage of the business they own. A shareholder with a considerable number of shares enjoys more privileges and decision-making benefits than those with fewer shares. Overall, investing in a company’s share is a fantastic Biz Op (business opportunity) with huge returns. That said, if you are looking to learn more about business opportunities or small businesses, visit the Biz Op website.
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