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Taking risks can be the difference between a thriving business and one that remains stagnant. This usually happens if an owner is afraid to risk any change, growth, or innovation. However, that doesn’t mean you should jump into risk without a definite plan. An entrepreneur only assumes calculated risks, those in which there is a good chance of success.

There comes a time in the life of every small business owner when you have to take some risk. Do you want to increase your customer base? If so, it will require the risk of investing in marketing. 

Do you want to increase production? This requires the risk of opening a credit line at the bank. Without risks, there is no growth; many successful entrepreneurs had to take them at some point to build the megacorporations they now run. However, it’s important to make certain considerations before embarking on your new investment.

Start Small

Starting small is the best way to ensure you’re ready. If things don’t work out as planned, at least it was a slight change. Before taking any risk, carefully analyze all the variables, identifying their pros and cons. If you have the idea of launching a new product or service, do some market research, listen to your customers’ opinions, and identify the competition that you will face.

It’s also important to set specific goals concerning the risk you intend to take: how much investment you will have to make, how long you plan to recover it, etc. Set reasonable dates for meeting goals and assess whether you are willing to take that risk and whether it’s worth it. You may need to go back and set more concrete or realistic goals before moving it to practice. The important thing is to make sure the risk contributes to long-term success.

Talk to Employees

A risk won’t pay off unless your employees support the decision and are on the same page. If you set your goals and objectives in the previous step without talking to your team, it’s better to go back and start over. When taking any risk, you must have the entire team at your side.

This is also a good time to assume the role of a leader. Not as an authoritarian figure, but as someone who knows how to communicate. There are several ways to communicate to your team that the company intends to take a risk:

• Explain Your Plans Clearly– Rather than making rounds or flourishes, try to be clear and confident when communicating your plans. The clearer it is at this stage, the more prepared the team will be to face the challenges with you later.
• Be Positive– If you appear to be tense when communicating your plans or insist on highlighting how difficult and laborious it will be, your team might get stressed. A leader remains calm in the face of the most challenging situations and is ready to deal with crises. 
• After Speaking, Listen– Talking to employees shouldn’t be a monologue. You must transmit messages clearly and listen carefully to the team’s comments and suggestions, showing them that you care about feedback.
• Set an Example– The business is yours, and you are its representative. Show your team that you maintain the same practices you are demanding of them. To lead, set a good example.

Find Insurance

Insurance is necessary before making any business decision. Having a general liability insurance, for example, can protect small business owners from claims of property damage, bodily injury, and advertising injury. This can happen if your business or services harm third parties or their property, or your ads are accused of plagiarism or slander.

Workers’ compensation insurance helps in the case of work-related injuries or illnesses and covers medical costs and wages from lost work. If you intend to purchase a fleet of cars for the company, you should consider commercial auto insurance, which helps cover the costs if you or your employees get involved in an accident. Find the right policy to meet your needs and staff size.

Keep in mind that some factors impact the cost of small business insurance. Your line of business (what you do or sell) can increase your liability risk and consequently raise the cost. The same goes for the area where your business is located (if there are frequent reports of theft or vandalism) and your history of claims. However, the costs can be much greater in the end without any form of insurance.

Learn from Mistakes

It is not always worth taking some risks. Some business owners can leave the experience frustrated and even traumatized because it didn’t work. Others can face the experience more optimistically and accept failure as an opportunity to grow and learn. 

If an incident happens, remember to keep detailed reports of all errors or budgeting mistakes. By accepting failure and analyzing these reports, the mistakes can teach you how to think and plan more effectively next time. You can even use this material to ask for help from professionals in the same field.

Taking Risks is the Key to Evolving

Risks are directly linked to opportunity. Taking risks can be seen as a challenging step for the professional growth of your small business. The whole process can be a bit scary at first, but making challenging decisions is critical in any company that doesn’t want to remain stagnant.

Don’t be afraid to take calculated risks and remain cautious to get the best results out of the process. Remember that if you choose to stay in your comfort zone and take no risks, your competitors may think differently and invest in some new product or innovation, beating you to the sales.

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Many landlords renting out a residential property for the first time assume that their homeowners insurance policy will protect them in the event of a natural disaster, accident, or other damaging event. It is a common and potentially costly mistake.

Homeowners policies generally only cover dwellings that are occupied by the owner. If you start renting the property out to someone else, that coverage no longer applies.

Once you become a landlord, you will need a specific landlord insurance policy that covers your property and extends your liability and dwelling coverage.

Why You Need Landlord Insurance 

Your investment property has value that you will need to protect. Anything from a windstorm that knocks out the gutters, to a lawsuit from someone slipping on an icy sidewalk, could cost you thousands of dollars. Inadequate coverage could be catastrophic for your business and personal finances.

 What Does Landlord Insurance Cover? 

As a landlord, you will not need to insure the contents (personal belongings) of your units. That will be the responsibility of your renters. That said, you may need additional coverages such as income loss coverage in case of loss of rental income resulting from flood, fire, or significant tenant damage to your property. 

 Dwelling/Property 

This covers the structure of your property if it is damaged by a covered peril such as a fire, electric/gas malfunction, or irresponsible tenants. Other structures on your property such as fences, sheds and detached garages should be protected from damages caused by included perils as well.

Try to get a policy that offers coverage for a replacement cost instead of the actual cash value, especially for homes where the fixtures and furnishings are old. Some options offer a predetermined lump sum of cash

Some riders cover additional construction expenses that will cover the cost of having to bring an older building up to current code after it has been damaged.

Other commonly excluded items include damage from earthquakes, water or sewage back-up, and floods. You may be able to purchase additional coverage for this type of loss but be sure you know what is covered before the unexpected happens.

Personal Property Protection 

Landlord insurance does not cover normal maintenance or wear and tear to the property, including landlord furnished appliances. You can purchase personal property protection to cover your personal items/equipment that are used to maintain or service the property, such as lawn equipment.

If you do not have a property management company to handle maintenance calls, you might want to invest in a rider for emergency coverage. It can help you cover some or all the costs you incur traveling to a property if a tenant calls you to fix something such as a leaking dishwasher or was accidentally locked out of the house.

Liability 

While a lot of liability issues will fall under the tenant’s responsibility, if you are found responsible for an injury on your property, liability insurance will protect you legally and financially. It covers medical and/or legal costs that might occur if a tenant or visitor suffers injury due to a property maintenance issue, such as icy walkways or architectural collapse.

Rental Loss Protection

Rental loss covers lost income when the property becomes uninhabitable for various reasons such as severe mold, termites, or a pest infestation. It provides temporary rental reimbursement to cover the rent money you would be receiving if the property were occupied but does not typically protect against tenant default or vacancy.

You can purchase a guaranteed income rider to cover tenant default, which may be worth considering if you cannot cover your mortgage without the rental income and if you think it will be hard to find a new tenant and/or difficult to evict a tenant who is withholding rent due to no fault of your own. This also covers you if a tenant comes up short on the rent one month.

How Much Does Landlord Insurance Cost?

There is a direct correlation between the amount of your premiums and the length of time the property is leased. If you own a vacation rental, the National Association of Realtors say you should expect to pay nearly double in annual premiums if you rent out your home for 12 weeks as opposed to an entire year.

Short-term tenants are less likely to notice or mention maintenance issues. They are more likely to be careless and less likely to understand the layout of the house, location of the plumbing, electrical wiring, etc. This can increase the probability of problems and the insurer’s risk.

According to the National Association of Insurance Commissioners (NAIC), the average cost of homeowners insurance was $1,211, though prices can vary significantly by state. However as rental properties are more prone to damage and incidents, you can expect to pay about 15% more for landlord insurance on the same property.

Most landlords suggest their tenants invest in a renter’s policy and many make this coverage mandatory. The cost is generally about $20/mo.

The Bottom Line on Landlord Insurance

Landlord insurance helps you rent your property with confidence. When shopping for policies, be sure to ask your homeowners insurance provider about bundle options. If you sign up for homeowners and landlord insurance through the same company, you may receive a discount.

As a landlord, you have a lot of things to keep track of. Not only do you want to make sure your property is functional for your tenant, but you also want to be sure you are protected from liability or financial loss should something happen. Whether you own one or multiple rentals, a property management company can help you understand and implement all that you need for a successful leasing business.

Author Bio

Nichole Shahverdi is the Director of Marketing for Bay Property Management Group. Prior to running the marketing division, Nichole worked as the Director of Leasing, working directly with landlords and property owners to protect their investment properties.

Every business is required to appoint a registered agent to receive notices of a lawsuit (aka service of process) and other legal and tax notices. Whether you already own a business or you’re just starting, you need to understand why a registered agent is necessary and how it can safeguard your business.

Selecting just any registered agent to meet the bare necessities of registering the business can have serious consequences. Here are five reasons why your business needs a reliable registered agent.

Meet State Requirements as Your Business Grows

When you file articles of incorporation or articles of organization to form your business entity, you will be required to designate a registered agent. Without listing an agent that resides in that state (and consents to the appointment), the secretary of state will reject your filing until you do.

Registered agents are state-by-state appointments. As your business grows, you will need to list an agent that maintains a physical address in each one. Many registered agent service companies offer nationwide representation, meaning you don’t have to find and manage individuals or separate vendors. 

Regardless of who or what company you appoint, plan to meet the requirement before you file to avoid costly delays.

Ensure Documents Are Reliably Delivered

The registered agent’s primary job is to receive legal notices and forward them to you. In the event of legal proceedings, response time matters.

Some registered agent companies might lack the technology or infrastructure to deliver documents electronically. Some might mail the documents to you, or worse, forward them to another office for central processing.

A reliable agent will also understand and embrace their role. For example, when a process server knocks on their door, they know how to sign for the papers and immediately work on getting the documents to you. On the other hand, will an individual have the same level of training and know what to do in the same situation?

Consider, too, that individuals have busy personal and professional schedules. It’s infrequent—if not impossible—that the average person will truly be available to receive documents during standard business hours, every working day of the year!

Protect Your Business’s Good Standing

In addition to receiving documents, your business’s registered agent can be a reliable compliance partner. For example, most states require business entities to file an annual report each year, but not every state sends these reminders. Instead, they rely on the business to track their own deadlines and file on time. 

When choosing a registered agent, find one that helps protect your business’s good standing. An ideal agent will provide notices of deadlines even when state agencies do not. The agent might even offer filing services to take care of managing annual reports and other corporate filings.

As your business grows, the right registered agent will grow with you, offering a solution every step of the way.

Protect Your Privacy

The registered agent is your business’s point of contact with process servers, state agencies, and the court system. As a result, the agent’s information is readily available in public records. Anyone seeking to contact you is likely to do so via the name and address they find. Of course, this also means competitors and scam artists,can look up your business as efficiently as legitimate stakeholders. 

Many businesses designate an individual, such as an owner or employee, as their agent to reduce costs. At the same time, they might list the business’s actual address or even the person’s home address. 

As a business owner, would you feel comfortable with your personal information publicly tied to your company? Most likely, the answer is “no.”

By appointing a registered agent provider, the business lists that company’s information, not its own. Regardless of where the business registers, this adds a degree of privacy and security.

Maintain a Professional Image

If you’re like most business owners, you care deeply about your company’s reputation. The registered agent you choose can help uphold your professional (and even personal) image.

Take the above example once more. Imagine receiving a lawsuit in your physical place of business, in front of your employees and clients. Perhaps your home address is listed in state records, and you receive that lawsuit at home in front of your family, children, or guests.

Registered agent service companies are known for receiving and forwarding documents discreetly. They save you the potential embarrassment of receiving a lawsuit in front of your most important stakeholders—and that can make all the difference in your company’s long-term success.

Harbor Compliance does not provide tax, financial, or legal advice. The use of our services does not create an attorney-client relationship. Harbor Compliance is not acting as your attorney and does not review the information you provide to us for legal accuracy or sufficiency.

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Should You Invest in Stocks?

The stock market has a reputation for being risky, and it’s easy to see why. It fluctuates constantly and is impacted by a whole range of global factors. Even the savviest stockbroker can’t always predict stock market trends, and if you don’t have a background in finance, then you could lose a lot of money by day trading. 

On the other hand, investing in a diverse portfolio of shares over the long-term can give you great returns, far better than the banks’ savings rates or government bond yields. You’ll need to do your research on the companies you want to invest in and then check on them periodically (usually annually) to make sure they’re still on the right track. Most importantly, you have to be able to ride the ups and downs and keep a long-term perspective. If each small dip in the market causes you to panic, then stocks may not be the best investment for you.

Alternative Investments

Business ownership

Business ownership doesn’t always mean that you’re running a small business. Rather you could be investing in someone else’s business. In exchange for the capital you provide, you receive a stake in the company, which means you’re entitled to a share of the profits.

Of course, the downside of being in a business partnership, even a silent one, is that you’re also liable for the business’ losses and debts. For this reason, it’s critical that you only invest in a small business if you trust your business partner to operate the business in a profitable way.

Real estate

Many people are drawn to invest in real estate because they’re buying an asset they can see with their own eyes. Moreover, most people have a good understanding of how the property market works, either because they own their own home or they have rented in the past. Banks offer a range of mortgage products targeted at investors, which enable them to use the equity in their homes as collateral for their investment property.

Don’t jump the gun yet, though. Burning hard-earned money isn’t fun and will likely get you into future troubles. And owning and maintaining your property can get costly. Avoid potential pitfalls by looking for other options to invest in real estate.

These days, you can invest in real estate without buying property through real estate investment funds (REITs), real estate sponsors, and crowdfunding platforms. However, doing your due diligence is fundamental to ensure you’re putting your money in the right place. Go on the internet, and look up sponsor feedback and grades. This way, you’ll get a clue on where to trust your money, what to avoid, and how to invest in the right deals.

Peer-to-Peer Lending

Peer-to-Peer lending (P2P) is quite new, but the industry is growing fast. P2P platforms are online services that connect investors with borrowers.  If you’re worried about investing your money in the stock market, there are plenty of other investment options available.

When you sign up, you can decide how much risk you want to take on and the minimum credit score you want the borrower to have. The platform then pools your money with other like-minded investors and issues loans to borrowers. The borrower makes repayments to the platform, and the P2P platform divides the repayments up so that each investor receives their share.

Because all this happens online, the transactional costs are quite low compared to other forms of investment.

Precious metals

Many people mistakenly think that precious metals, such as gold and silver, are a safe investment. This is, in part, because people are comforted by the tangible nature of the investment and partially because they have inherited the belief from their parents.

In fact, precious metals also fluctuate in value and are loosely correlated with exchange rates. The only time that precious metals are a safe bet is if the economy collapses altogether so that people move away from money and start using gold as currency.

Downsides to Alternative Investments

Alternative investments have many of the downsides that shares have; they can lose value or simply not earn enough to keep up with inflation. However, there can be a few other risks involved. 

Firstly, if you are investing in a business or property, it will likely take up a sizeable portion of your savings. Essentially this means you are putting all your eggs into one basket instead of investing in a diverse range of assets.

Secondly, tangible assets come with their own risks, such as fire, flood, burglary, or mismanagement.

Thirdly, it can be difficult to get your capital back quickly. For example, it can be hard to sell a portion of a business, and selling a house can take months especially if need it to pay medical bills for a critical illness. The stock market, on the other hand, allows you to move funds more easily.

The Bottom Line

Whether you should invest in the stock market depends on your situation. Just remember there are plenty of other options available for you to make the most of your savings.

Greg is the President of Dundas Life, a digital life insurance brokerage. Dundas Life empowers people to make better financial decisions for their loved ones, and to know the peace of mind that life insurance ownership can bring.

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How often have you found yourself in the middle of congestion at the society gate or come across incidents of unwanted visitors knocking on the door to your utter surprise? 

Still worse, if you’re a part of the managing committee, you may have consistently faced the issue of financial mismanagement and delayed maintenance payments from the residents. 

Let’s explore some simple and elegant solutions to such pesky problems. 

For Gate Security

 

• Fortify the access points

 

Whether due to Covid-19 or any other reason, patrolling the gate perimeters is crucial as there’s no telling when the next super spreader or a random intruder/solicitor can gain entry into your society.  

Place security guards in full PPE at the main entry and exit points of your gated complex. It’s advisable to arm them with extra gear like batons, tasers or pepper spray if the neighborhood is strewn with unwanted lurkers. 

It may be a good idea to provide them with a digital copy of the license plate numbers of the residents as well as regular visitor vehicles like the water tanker providers and other vendors so that if any suspicious vehicle or imposter tries to enter, they can further probe them. 

An intelligent society management app like MyGate is equipped with a state of the art passcode verification system that allows entry to visitors who have been pre-approved by the residents, including guests, rental cabs and delivery men. No need for pen and paper registration. 

 

• Use technology to monitor movement

Once the visitor is in the premises, they’re required to leave once the purpose of the visit is served instead of lingering. This includes repairmen, hired labour and delivery men. 

Strategically placed high resolution fixed pole cameras can help track the movement of visitors within the premises. If a society is investing in CCTV surveillance, they may as well figure out the spots inside the society from where a 360° view can be found. 

Another way is to use the ‘Overstay Alert’ feature in society management apps that can alert the guard when a visitor (not including guests) has not left the premises despite the expected timeframe. Additionally, face recognition technology in such apps can take guard attendance without the need to physically verify it, while also registering the entry time of domestic help and relaying it to the residents. 

 

• Use trusted delivery services

 

Tie up with local grocery and daily needs suppliers whom you trust, making sure that they provide daily essentials after following the necessary sanitization protocols. 

Pro tip: Use the ‘leave at gate’ feature in MyGate to have the parcel with the guard which you can collect after passcode verification.

Society management apps have tie-ups with trusted food, medicine and grocery vendors, an option you can use to further secure and monitor incoming traffic. 

For Financial Management

 

• Streamline monthly payments

 

A housing society is often burdened with the problem of late maintenance payments which in turn delays payments to services like common light bills and staff payments. Not every society has extra funds lying around to offset late payments from the residents. 

Going to every household to collect monthly maintenance bills is unnecessary when you can simply have them transfer the funds online via society management apps. But you’ll first need to set a timeframe for residents to pay (e.g. by the 5th of every month), after which you can send auto reminders to the residents if the payments haven’t been received. 

Even if you weren’t using a society management app, you could always follow the same procedure and send reminders on society group chats manually. 

Another way to ensure that payments flow in regularly is by setting a penalty for late payments and defaulters, (the amount and calculations can be predefined on MyGate accounting suite). 

Societies that integrate digital payments and streamline the process of setting up reminders have noticed that at least 80-90% of payments are paid on time once the residents are alerted and penalized for late payments. 

 

• Create monthly budgets

 

A society has several expenses on a monthly basis such as staff/guard payments, common utilities payments, amenities management, running composting units, landscaping maintenance, along with other expenses like cleaning supplies, not to mention petty expenses. It’s a best practice to set aside a monthly budget after calculating how much money is generated from maintenance payments. Conversely, it’s also acceptable to pay for the services first and then charge the amount in the maintenance invoice. However, it’s a good idea to have a budget formed in advance so that no resident feels like they’re being overcharged.

End-to-end accounting suite has easy to use templates for expense and income sheets and pre-built calculations that can make accounting automation simpler and more efficient. 

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Being a successful startup founder isn’t an easy task. Countless hopeful entrepreneurs aspire to establish their own thriving startup, but ultimately very few are successful. According to CNBC, hundreds of thousands of new U.S. businesses launch monthly, and about a quarter of the new businesses fail within their first year.

Aiming to Get It Right

With a large fraction of new businesses failing, many entrepreneurs may be wondering how they can avoid this fate. There are many ways a startup founder can and, often do, go wrong, such as running out of cash or trying to build a product that the market doesn’t need. But what can startup founders do to get it right?

There are several key qualities that startup founders may possess, but it is the combination of these qualities and the synergies they create that is crucial. Being a successful entrepreneur may come down to a “perfect storm,” like having the right idea at the right time, fueled by passion and backed by focus.

Teamwork Over Individualism

Startup founders don’t have to and shouldn’t do everything on their own. It’s important to understand their individual strengths and weaknesses and how each member of the team contributes to the bigger picture, so they can delegate accordingly. By working with a dynamic, creative team of visionaries with different backgrounds, strengths and weaknesses, startup founders are able to create a well-rounded team that possesses the best qualities of every member.

A great team will have trust and respect, diversity and healthy communication. Successful startup founders will work with their team to create an environment that balances all of these elements for the success of their business.

Risks and Failures

One of the most important things for a successful startup founder to possess is an understanding of the value in their risks and failures. Failure is a necessary part of achieving success. Smart founders will accept failure, learn from it and continue striving for success. It may be scary to make risky decisions, but foregoing risks altogether may also mean foregoing reward.

After studying various entrepreneurs, William Kerr, a professor at Harvard Business School, found entrepreneurs are more willing to tolerate some level of risk, as long as it is informed and calculated. The study by Kerr determined that entrepreneurs felt a sense of control over the outcomes of situations in their lives and felt more capable of delivering favorable outcomes..

Startup Studio Insider designed a graphic depicting the top eight qualities of successful startup founders. A few of the qualities mentioned include how startup founders always seek opportunities to disrupt and innovate, strive to understand tactical work, and view challenges as opportunities.

These are some key qualities successful startup founders possess, but there are always more qualities that can make you successful in your startup endeavors. Think you fit the criteria? Learn more about startup founders and what it takes to launch a successful startup at Startup Studio Insider on Medium.

Online term insurance is a hands-down way to secure your family’s financial future. Ever since its evolution in the year 2009, it has helped many families through their financial problems and taken charge of covering their economic uncertainties. 

An Online term plan offers a hassle-free, stress-free and secure future with numerous benefits. If you have been planning to obtain one for your family, make sure to consider a few essential factors first. 

Here are the 5 things to consider when buying online term insurance: 

Start with the basic version.

The main reason why people opt for online term insurance is to secure their family’s financial future. A base policy ensures the same. In case of your death under any circumstance, it promises to cover your family’s financial stability. Although other procedures may be equally luring, they are designed for specific situations that may not always come in handy. That is why you should start with a basic policy first to ensure the primary aspect of it. 

Don’t hide information from the insurers. 

Many people have resorted to lying to claim their desired insurance plan. But that is a dangerous way of dealing with this. If you lie about your health or your family’s health to the insurer, it can impact your premium plans gravely. Whether you have undergone operations, or your family suffers from a severe illness, be specific and honest to your insurer. That is how you can gain premiums for your online term plan. Remember to consider both your past and present illnesses when telling your insurers about your health. Such information is essential. 

Single premium policies are not a good idea. 

Single premium policies are restrictive. Thus, when your insurer asks you about which plan you would like to buy, do not choose a single premium policy for its affordability. They will not render much use. Instead, go for the yearly premiums to prove to be more useful in the long run. 

Buy the plan as early as possible. 

In most cases, people tend to take their own time before buying the online term plan. The truth is that the more you delay, the more premium prices keep increasing. Since no specific age is specified for purchasing the plan, you should accept it as early as possible. So, you can have a secure future in your hands and be care-free from thereon. 

Do not overthink 

There is no need to overanalyze the situation and hesitate upon buying an online term plan. They are highly reliable and affordable for your future. So, it is wise to buy the plan as soon as possible without a second thought. Remember, premiums can increase between 4-8% every year. So, what is the delay worth? 

The Bottom Line 

 Term Insurance Plan is a potential solution to all your future financial problems. If you have a large family to take care of, this plan will help secure their future without hindrance. So, why keep waiting? Get your hands on one right away to have a stress-free life ahead. 

Businesses and other organizations may need extra space from time to time. Since building new structures may be extremely costly and time-consuming, temporary steel buildings are often the best option that a company can choose. Whether they need for temporary buildings is for production, storing raw materials or finished goods, etc., an option is probably available

Typically, temporary steel buildings are made of an aluminum frame and a roof made from 40 mm steel; This offers better insulation compared to PVC-covered temporary shelters. Thanks to their insulation, they work perfectly for buildings in which staff work, or there is storage or production of temperature-sensitive items.

People choose semi-permanent buildings, especially made of steel, for many reasons, and this article looks at some of them.

Easy Installation and disassembling

One of the most significant benefits of temporary steel buildings is that they are fast to assemble and equally fast to dismantle. As such, they make perfect relocatable buildings for those organizations that need extra space for a short period or need to relocate their structures afterward, maybe to set up operations in a new location. Construction firms, businesses in need of temporary showrooms, or short-term processing structures can find temporary steel buildings very useful. Due to the ease of assembly and later disassembly, they reduce costs because there are no material losses nor any need to rent permanent structures.

Provide excellent stability and protection

The materials used to make temporary steel buildings are sturdy and make the structure stable. Aluminum is a light yet strong metal so using it for the frames is a great choice. Additionally, the steel roofing and wall cladding add to the stability of these semi-permanent buildings. Moreover, the insulation from the roofing material and wall coverings keeps out the elements offering protection to anything that may have been stored in them.

If you need the temporary buildings for any temperature-sensitive processes or will employ people working in them, you can hop over to these guys and place your customized order. Smart Space is the leading provider of temporary building solutions in the UK and has experience spanning over 30 years. Spart Space will deliver and help you install the structure so your operations run smoothly.

They are cost-effective space solutions

Temporary steel buildings are affordable solutions for individuals, businesses, and other users. Firstly, those in need can hire these semi-permanent buildings for a short period on pre-determined hire agreements when they need them; hence avoiding any need for permanent structures they may not use for long and which are costly to put up. The users can also choose to buy the steel structures with a buy-back option agreed with the seller.

Another way relocatable building saves costs is by making it possible to move them from one location to another. In this way, the business can operate without any space problems across its various sites. Also, it avoids environmental harm often associated with permanent buildings.

Additionally, temporary steel buildings have clear panels as part of the roof cladding which allows for natural light, thus cutting lighting costs. The insulation also reduces excess heating or cooling bills, saving on air conditioning costs. Besides, the erection of these buildings does not require any foundation or footings.

Conclusion

Other than the reasons above, temporary steel buildings are customizable to suit their users’ needs, making them a good choice. They are also versatile and allow the owners to put them to multiple uses eliminating the need for new buildings every time a different need arises, such as storage, manufacturing or even a showroom.

One of the biggest hurdles for contractors, regardless of experience, is deciding between charging an hourly rate or a daily rate. On the one hand, hourly rates can be more financially beneficial, but on the other, daily rates make things streamlined and straightforward.

There is no particular gold standard for contractors to value their time and expertise, as both rates have their advantages and disadvantages. The only real constant is the need for contractors to do their own research, and weigh the available options’ pros and cons.

Read on for a guide on contractor rates, so that you can make this all-important decision better informed and improve your take home pay.

Research your industry

One of the core parts of making this decision is research. It goes without saying that industries can vary significantly from one another, with contract hire rates being one key difference. The price you end up charging will often dictate whether you charge an hourly or a daily rate, so it is vital to have a good idea.

To ensure your rate is reasonable for your sector, assess what the average hire rate is for contractors in your industry. Not only will this give you a good feel for what price is acceptable, but you will also be able to use this information to put yourself in a competitive position for securing work.

Also note that you could decide to charge a fixed rate. As opposed to hourly or daily rates where you charge for your time, a fixed rate is simply quoting for the job as a whole. It can sometimes be quite difficult to accurately assess how much time a contract will take and how much you should charge, so using this kind of rate might not be suitable for less experienced contractors.

Be careful not to mischarge

Doing research into your industry’s rates is invaluable, as without doing so, you risk quoting the wrong amount for your services. By quoting a low price, you might well find yourself with lots of work, but you risk selling yourself short. Competitive rates can be a great way for newer contractors to get started, however too low waste your time. Charging too much can have the opposite effect, with potential clients dismissing your quote at first glance.

While awareness of the average hire rates in your industry is undoubtedly a good thing, you should keep in mind your skill and experience level. Contractors that excel in their field are often worth the premium fee, so don’t think you must necessarily stick to the average rates if you can bring higher quality service to the table.

The pros and cons of an hourly rate vs. a daily rate

After doing the research into your industry, you should have a general idea of what you will charge. With this in mind, deciding upon an hourly rate vs. daily rate is the next step.

Daily rate

While only a rule of thumb, contractors looking to charge over £40 an hour are generally best suited to charging a daily rate, though do keep in mind that it isn’t always as simple as that.

True to the name, a daily rate will see you paid for a number of days, rather than a number of hours. This can be ideal for contractors looking for simplicity in pricing or prefer to have less pressure from a client mindful of their budget.

From a client’s perspective, a contractor charging a daily rate can be appealing as time is much more flexible. Should they need to ask for overtime, they can do so without worrying about a heftier bill at the end of the job. Additionally, a higher daily rate can be less psychologically off-putting for a prospective client, in contrast to a high hourly rate.

The main downside for daily rates is, unfortunately, the ease with which contractors can be taken advantage of under the system. As the price is for the day, there are instances where a contractor could be asked to put in unreasonable amounts of overtime. However, the easy fix for this is to charge an hourly rate, where you would at least be compensated should overtime be needed.

Hourly rate

As it stands, hourly rates are the most common rate charged by contractors. They reduce the likelihood of being asked for extra hours, and increase earnings should they be required. If the work does need overtime, the manager would need to give the go-ahead, which means you won’t typically have to worry about last-minute additions to your workload.

Broadly speaking, hourly rates are the rate of choice as it is expressly clear what is expected from everyone involved. Provided the contractor sticks to the agreed time schedule, it is easy to form a good working relationship and breeze through the contract with few, if any, issues.

Which to choose?

There is no one size fits all answer to this question, as much as we would prefer otherwise, since it is almost entirely dependent on your situation.

Hourly rates can be ideal, as all parties know exactly what is expected from the beginning. Provided the time schedule is met, and progress is in line with what the client expects, using this rate can be fairly straightforward.

Conversely, a daily rate offers a good degree of simplicity, and lessens the time pressure faced under an hourly rate. Hourly rates are sometimes criticised as providing an incentive to work at a slower pace, which isn’t the case when charging a daily rate.

Ultimately, the decision between charging an hourly rate vs. a daily rate is best left to you, given how dependent it is on your situation and how you prefer to work. Provided you do your research and keep client preferences in mind, you will be able to choose the best fit for you and your business. Remember, you aren’t locked into a particular rate, you can always change from contract to contract as necessary.

Various lifestyle disorders are not only becoming rampant in the present time, but also affecting the younger population more than ever before. Though changing the lifestyle habits and adopting healthier practices go a long way in keeping you fit, it is necessary to be at least financially prepared for any eventualities. 

So, even if you have a family health insurance policy already, getting a critical illness insurance policy would be a sound decision on your part. After all, the higher cost of treatment for the critical illnesses are better covered by the latter. And, if you’re considering a critical illness plan, here are a couple of things you must know about it.

• Critical illness policy doesn’t replace family health policy

Critical illness policies offer lump sum payments when the policyholder gets diagnosed with a disease or ailment that the policy covers. It doesn’t cover daycare treatments, hospitalization expenses, and so on. While the critical illness policies complement your usual family medical insurance policy, it does not substitute that in any way.

• Critical illness policies have the survival cause

Health insurance plans have a specific waiting period, and the same goes for critical illness policies. However, the critical illness policies also have the added caveat of the survival clause.  So, the survival clause becomes effective when you’re diagnosed with critical illnesses. Usually, there is a thirty-day survival period. However, there are several plans that don’t have this clause. You just need to look for a plan that is free from this clause.

Read the Policy Documents Thoroughly

If you’ve made up your mind about a policy, go through the details given in the policy documents. While doing that, pay close attention to the following factors:

• Inclusions

Different insurers provide coverage for different ailments. You can’t just look at the number of critical diseases covered under a policy and go for the ones that have the highest number. You need to know the precise definition of each disease for the insurer. For instance, a critical illness plan that covers cancer might only let you claim after the disease has attained a certain level of severity.

•  Exclusions

Understanding what the policy does not cover is as crucial as knowing the illnesses that it covers.

• Claim Process

Know about the claim process in advance from your insurer because it will help you remain prepared beforehand. You need to learn which documents you need to submit and the formalities related to filing insurance claims.

• Benefits

Apart from understanding the core benefits of the critical illness plan, you should look into the added facilities that you will get from an insurer. Besides, it helps to figure out the benefits you can receive at the time of renewal for the claim-free duration.

• Coverage Age

Find out the age limit until which the critical illness plan covers you.

Summing Up

The lump sum amount that you will get from the critical illness plan will be of immense help in your time of need. So, if you still haven’t taken the policy, it’s high time you do. After all, the last thing anyone would want in such difficult circumstances is to worry about funds.