Monday, 29 December 2014

What Does General Liability Insurance Cover?

With the number of liability claims against businesses on the upsurge, it is necessary for any modern business to get general liability insurance. Also known as public liability, this type of insurance covers a company against third party liabilities that might arise out of various business operations. From simple slip and trip accidents to major property damages, a number of incidents can establish grounds for lawsuits against your business on account of third party liability. One way to save the high cost of such legal liabilities is by taking a commercial liability insurance policy. 

What Do the Statistics Say?

The liability insurance sector in Singapore has seen robust growth in 2013. The country’s public liability insurance sector has seen an overall 14.86 percent growth, with the sector’s underwriting profit soaring by 110.44 percent to $51.88 million in 2013, according to statistics from the General Insurance Association (GIA) of Singapore, a trade association which represents general insurance companies in Singapore. This goes to show that awareness on the importance of liability coverage is rising among business owners in Singapore.

What are Covered?

General liability insurance covers your business against legal liabilities arising from bodily injury, property damage, and damages from fire, lightning and others. This type of policy provides cover against the following legal liabilities.
·         Products – This type of coverage protects your company from a legal liability that might arise out of any injury or damage to a third party as a result of using the company’s products.
·         Premises – If you a bodily injury or property damage results from an accident on your company’s premises, it can establish grounds for a claim. Financial losses your company suffer due to such claims are covered under this type of insurance.
·         Professional – Mistakes committed by your employees may sometimes cause injury or damages to your clients. In such cases, claims can be made against your business. Losses you might suffer as a result of professional mistakes or negligence on the part of your employees are also covered under a general liability insurance policy.
·         Management – Some policies also cover legal liabilities arising from any breach of duties by management staff of your business.
A comprehensive policy may also cover employer injury, advertising injury, medical expenses, employee benefits liability, and tenant’s legal liability.  The type of coverage you need depends on the nature of your business and the amount of risks associated with it. The premium also depends on certain factors, such as, risks associated and the company’s history of filing claims.

Watch the clock of your own skin!

Shortly, summer will be at its peak and it is no secret that the sunlight will lead to myriad effects on the skin ranging from sweat, dehydration, characteristic skin allergies, harsh sunburns, deep tanning and other problems. There have been numerous studies to prove that direct heat from sunlight can cause acute and chronic cumulative effects, which include mild or severe tanning, hyper pigmentation to ‘ageing’, among others.

There is very little you can do about the heat from sunlight. However, there is a lot you can do about the glow of your skin. Many imagine that this would not be a source of worry, if they were young. Instead of worrying about the change in weather, or even the age factor, there are some anti aging skin care measures you can take, to keep your skin young and healthy, the most crucial being limiting your exposure to the sun.

For those who are still in their 20s, there is not much to ponder over skin maintenance. However, the main goal is to prevent future skin damage and good skincare habits will help preserve your beautiful skin for a long time. However, those who are on the wrong side of 30s need to think seriously on ways such as anti aging treatments to maintain your skin and keep it glowing. Some of the largest international skincare clinics in Middle East have reinforced their commitment by offering the world’s best anti-ageing and skin maintenance services.

It is common knowledge that exposing the skin to UV sunrays causes age spots, which lead to wrinkles, loose skin and damage over the years. It is essential that you follow an appropriate anti aging skin care routine, to take care of your skin and protect it from the adverse effects of the sun. Harsh sun rays, environmental damage, internal stress and disease are reasons why your skin is the first to fall prey to ageing. Besides, your skin is exposed to harmful UV radiation and it undergoes damage due to sunrays.

As we age, our skin’s ability to replace damaged collagen cells diminishes. Dermatologists at clinics have an entire range of anti aging treatments specially designed to help everyone reverse the clock on ageing skin. Sunscreen should be applied at least 20 minutes before sun exposure; and then re-applied every 3 to 4 hours for ideal skin protection, across all exposed skin areas like the face, neck, ear, hands, etc.

Similarly, those in their 40s gradually begin losing the tightness of their skin, which starts having a dull texture, making their pores far more evident. People in this age group need to follow a stringent skincare regimen, which includes the use of a cream-based cleanser, twice a day. Most importantly, people in their 40s should use a high-quality night cream which contains retinol.

By age 50, skin renewal slows down to once every 9 weeks, which results in wrinkles, loss of elasticity, radiance and may also lead to discoloration. To make your skin glow, using products that contain alpha hydroxyl acid is the best bet, as it helps in cell renewal through exfoliation. Spare some time and attention this summer to get that flawless look, which differentiates you from the rest of the sweaty dull faces. A step taken for anti aging skin care right now will be worth millions saved in the long run for beauty and health.

Wednesday, 17 December 2014

Factors that Affect Your Health Insurance Premium

India’s per capita healthcare spending has increased at a compound annual growth rate of 10.3 percent 2008 through 2011, and is expected to reach Rs 5488.98 (USD88.7) by 2015, according to a 2014 report by KPMG. With the healthcare expenditure rising, there has been a significant increase in the number of people buying medical insurance in India. In order to capitalize on this favourable market, many healthcare insurance companies are offering competitive premiums. In general, an insurance company determines your premium after considering a number of factors, such as, your age, medical history, and lifestyle.

Physical and Medical Risk Factors

Here are 8 most important factors that your insurer may assess when determining your healthinsurance premium.
1.      Body Mass Index: In general, BMI is directly proportional to premium rates, meaning that people with a higher BMI will need to pay a higher premium, because they are susceptible to diseases, such as, diabetes, sleep apnea, and heart and joint problems.
2.      Tobacco Use: Insurance companies penalize applicants who use cigarettes or use tobacco rampantly by charging them higher premiums, as they are obviously more prone to cancer and lungs related ailments. They will also have a weaker immune system.
3.      Gender: Women tend to pay higher medical premiums than men as they are at higher risk of suffering from chronic diseases, undergoing surgeries, and getting into pregnancy related complications.
4.      Age: Premiums are usually lower for younger individuals. Young people will usually have fewer diagnosed and undiagnosed health conditions than older people will have.
5.      Pre-existing Medical Conditions:  If you are already suffering from a disease that may worsen your health conditions with time, you could be charged a higher healthcare insurance premium.
6.      Family History: For applicants who have a family history of certain medical conditions or ailments, the premiums may be higher. For instance, if some of your immediate family members had cancer, you may be charged a higher amount.
7.       Profession: If you work in an area exposed to hazardous chemicals or radiation, or have a job profile that involves high injury risks, you may need to shell out much higher insurance premiums.
8.      Marital Status: It is said that married couples live longer and are generally healthier than single people. Thus, married people, especially men, enjoy a better premium along with marital bliss.
Make sure you live a healthy lifestyle and include exercising and physical activities in your daily routine to improve your health conditions, as well as to get a better deal from your health insurance company.