Of course, your ultimate decision will depend on several factors, from how long you want the policy to last, how much you want to pay, and whether you’re happy for the policy to simply pay out a death benefit or whether you also want to use it as an investment tool.

The Differences Between Term and Permanent Contracts

While there are many different types on the market, all types can be categorised as either term life insurance where, as the name suggests, the policy lasts for a specific number of years but will only pay out if you die before the policy expires and permanent life policies which cover you for your entire life and will always pay out a guaranteed death benefit. But which type will be the best option for you? We take a quick look at the pros and cons of each type of coverage – but, of course, you should always consult a financial advisor to help you to assess your situation and make the final decision.

The Pros and Cons of Permanent Insurance

Several different types of cover come under the umbrella of permanent policies; however, the most common, the whole life policy, typically lasts until your death providing you have paid your premiums.

• Pros:
  • It covers you for your whole life.
  • Premiums remain the same throughout the life of the policy.
  • You will receive a guaranteed payout on your death.
  • It also acts as a savings plan, building a cash value which can be withdrawn or borrowed against.
  • You can also sell your policy to one of the companies that will buy existing life insurance policies. Of course, you will need to research your options to find out whether this is the best solution for you.
• Cons:
  • This type of coverage is typically more expensive than term life or other types of permanent policies such as guaranteed universal life.

The Pros and Cons of Term Insurance

With term insurance you opt to cover your life for a specified period of time, so you can choose a policy that will just cover you for a year or one that provides cover for ten, twenty or thirty years or another specific time period.

• Pros:
  • Premiums are fixed throughout the term and amongst the lowest of all types of policies for the level of cover provided.
  • If you simply need a policy to cover you for a brief period of time, an annual policy is a great option. This kind of policy can be renewed annually.
• Cons:
  • If you don’t pass away within the timeframe specified in your policy, it will expire, and no payout will be made to your beneficiaries.
  • There is no savings or investment element to this type of policy. It only provides a payout on death.

Well, the good news is that as the year draws to an end, there are plenty of great deals to be had for a variety of reasons. Anyone who wants to get a great deal when it comes to their new vehicle will find that this time of year is a great chance to get some fantastic 2020 car deals. In fact, 2020 car deals could be a golden opportunity in the US for those who want to purchase a new vehicle.

There are many reasons why you may be looking to get a new vehicle at this time of year. Some people are looking forward to starting the New Year off in a nice new car that is perfectly suited to their needs. Others want to upgrade their vehicle and benefit from the great deals at this time of year, while some may be investing in their first car. Whatever the situation, this could be a great chance for you to get the perfect car for your needs without breaking the bank.

Shopping Around for the Right Deals

It is, of course, important that you shop around to find the best deals on a new car, as they can vary from one dealership to another. Make sure you do not just snap up the first deal you come across, as there may be better ones out there, so you need to put in some research. By doing this, you can ensure you find the best vehicle at the best price, and that you get a great deal when it comes to things such as getting finance.

The good news is that you can do this with ease online, so finding the best deals is nowhere near as difficult and time-consuming as it once was. You can even email dealerships to see which of them can provide you with the best driveaway deal, as this is a very competitive market, and many will be willing to be flexible with regard to costs and terms. So, make sure you avoid rushing into any decisions, and be certain to put some time and effort into finding the very best deals.

One other thing you need to keep in mind is the running costs involved for the vehicle you purchase. While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs, filling up the tank, and even finding the cheapest auto insurance. So, make sure you take all of this into consideration when you are looking for the ideal vehicle among the end of year bargains available.

While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs,

Why Are Great Deals Available?

So, why are there so many great deals available on 2020 cars at this time of the year? Well, there are many reasons behind this, and a lot of people are eager to snap up vehicles at this time of the year because of these reasons. Some of the reasons there are great deals available include:

Great Financing Deals

One of the reasons why this is such as great time of year for new car purchases is that dealerships often provide access to very attractive finance deals, and this is to entice people to make purchases of 2020 cars as the year draws to an end. Of course, the fact that fewer people have been going to showrooms this year due to the global situation means that dealerships are under even more pressure than usual to try and make deals more appealing to drivers. So, this year you could be especially lucky when it comes to bargain vehicles.

Selling 2020 Stock

Another reason why this is a great time to get excellent deals on 2020 year cars is that dealerships are getting themselves ready for the next models for 2021. Naturally, in order to do this they need to shift as much of their 2020 stock as possible, and in order to do this they are prepared to offer some very attractive deals to motorists.

Achieving Sales Targets

Of course, every dealership salesperson has their sales goals and targets on their minds, but never more so than at this time of the year. This is often their last chance to boost their figures and get that bonus next year, so they will go out of their way to secure more sales. For drivers, this means being able to access some great deals and save a lot of money on the cost of buying a 2020 car.

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A Time for Special Offers

This is the time of year that has become known for special deals on cars, so this is one of the reasons why it is a great time to purchase a 2020 vehicle. However, it is also a time of the year when people who bought cars previously on a three-year lease come to the end of the lease. Salespeople at dealerships want to make the most of this situation by offering tempting deals to those who may now be looking to buy a vehicle as their lease nears its end.

Ahead of the Sales Slump

As most people know, January and February can be very difficult months financially following the Christmas splurge. In addition, many people get the January blues and don’t want to start doing things like hunting for cars. Both of these situations can cause a slump in sales for the first couple of months of the year, which is obviously bad news for dealerships. Many try to counteract this by boosting sales before Christmas, and this is achieved by offering great deals.

As you can see, there are lots of reasons why this is a great time to get the best deal when it comes to buying a 2020 car.

Neglecting your insurance can be the difference between protecting your assets or paying out of your own pocket.

An insurance broker’s duty is to advise and educate clients about the coverage offered, and why the coverage details are more important than selling price. And this is especially true for high-net-worth clients. Brokers must recognise that these clients are not just high-profile and wealthy, but that they are individuals with multiple interests, involved with many different types of business ventures and non-profits outside of their primary carrier. Brokers should research who a new prospective client is, what they do, who are they associated with, and even look at their social media accounts to get a better understanding of what type of insurance they will need. When a broker can comprehend their client’s lifestyle, career, and aspirations, they will better connect with the client.

There are always challenges when dealing with high-net-worth individuals. In the last five years, many of the personal lines insurance markets have tightened up their underwriting guidelines making it more difficult to place policies. California alone has gone through drastic changes due to the recent wildfire history. Homes that carriers once considered “favourable risk” are now being declined by underwriting due to the of location (wildfire/brush exposure), year built, maintenance of the home, or whether the home meets current earthquake building codes. Underwriters are also looking at the insured’s profile. An insured’s involvement with certain business ventures such as marijuana, any recent negative press, and even the size of their social media presence may all play a factor in the carrier’s decision to offer coverage. Social media is a big part of today’s society and having a big following can determine approval on liability. Unfortunately, all it takes is one bad post for a high-profile individual to receive significant negative press. And sharing the wrong information may, justly or not, lead to legal action and a resulting claim.

Brokers are adapting to this changing market, and strategically placing coverage with non-admitted carriers such as Lloyds London, Scottsdale, and AZGUARD. When placing coverage with these carriers, the broker must keep in mind the differences in coverage between an admitted carrier (e.g. AIG, Chubb, Cincinnati, Pure) and non-admitted carriers. For example, in California, an admitted carrier can offer workers’ compensation for household employees while a non-admitted carrier cannot. Moreover, an admitted carrier can offer broader endorsements such as Guaranteed Replacement Cost, Agreed Value, and higher limits for Water/Sewage Back-Up and Mold. A broker must understand all these differences and evolve with the markets to help make sure our clients are insured properly.

Since the beginning of the COVID-19 pandemic, the personal insurance industry has gotten busier. Many high-net-worth individuals now have the time to review their insurance policies, understand their coverage, and depending on their financial situation, figure out ways to save money or help better protect themselves by adding coverage.

Since the beginning of the COVID-19 pandemic, the personal insurance industry has gotten busier. Many high-net-worth individuals now have the time to review their insurance policies, understand their coverage, and depending on their financial situation, figure out ways to save money or help better protect themselves by adding coverage. With the rapid shift to tele-work, some insureds are reconsidering the location of their home. It may no longer be worth paying an insurance premium equivalent to a mortgage if their location no longer provides the benefits it once did. Every situation is different. Momentous Insurance Brokerage is a full-service brokerage dedicated to providing the highest calibre of insurance and risk management consultation. Our strength and focus are providing insurance and risk management solutions to high net-worth individuals, executives, and celebrities. We understand the day-to-day urgency, complexity, and confidentiality issues that surround our clientele. Innovative, out-of-the-box thinkers, we go above and beyond to protect our clients’ assets and offer concierge services that are beyond compare.

Price comparison website ComparetheMarket has been issued a £17.9 million fine by the Competition and Markets Authority (CMA) for overcharging on home insurance.

An investigation by the competition watchdog found that the site imposed “most favoured nation” clauses in contracts between December 2015 and December 2017 that prohibited home insurance providers selling on its platform from offering lower prices on other comparison websites, protecting ComparetheMarket from being undercut by competitors.

The CMA said that the policy “limited competitive pressures” on insurers selling through ComparetheMarket and made it more difficult for competing price comparison websites to grow and challenge the company’s entrenched market position. The resulting slack in competition between ComparetheMarket and these other sites also resulted in higher insurance premiums, according to the CMA.

“Price comparison websites are excellent for consumers,” said Michael Grenfell, executive director for enforcement at the CMA. “They promote competition between providers, offer choice for customers, and make it easier for consumers to find the best bargains.”

“It is therefore unacceptable that ComparetheMarket, which has been the largest price comparison site for home insurance for several years, used clauses in its contracts that restricted home insurers from offering bigger discounts on competing websites — so limiting the bargains potentially available to consumers.”

ComparetheMarket hit out at the ruling. “CompareTheMarket.com is disappointed with the CMA’s decision and does not recognise its analysis of the home insurance market,” the company said in a statement.

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“We fundamentally disagree with the conclusions the CMA has drawn and will be carefully examining the detailed rationale behind the decision and considering all of our options.”

ComparetheMarket is one of the UK’s largest price comparison websites and well-known for its television adverts featuring meerkat puppets.

UK-based insurance giant RSA has accepted a £7.2 billion cash offer from Canada’s Intact Financial and Denmark’s Tryg, marking one of the biggest takeover bids in Europe this year.

RSA said in a statement on Wednesday that its directors had backed the Intact-Tryg bid unanimously, and recommended that shareholders vote in favour of the offer.

The deal values RSA at 685 pence per share, representing a 50% premium on the company’s share price prior to news of the consortium’s takeover bid breaking earlier in November. If approved by RSA shareholders, the company would be split between Intact and Tryg, with Intact holding on to RSA’s operations in Canada, the UK and elsewhere, while Tryg would take over its businesses in Norway and Sweden. The two firms would co-own RSA’s Danish unit.

Tryg will pay £4.2 billion for its portion of the business, while Intact will pay £3 billion.

RSA is best known in the UK for its “More Than” brand, which provides home, commercial and motor insurance. The firm also maintains large operations in Ireland, Scandinavia and Canada.

Martin Scicluna, chairman of RSA, urged investors to back the offer. “We believe that our staff, our businesses and our customers can prosper under the stewardship of Intact and Tryg, two great businesses with long histories and strong reputations,” he said.

The chief executives of Intact and Tryg welcomed RSA’s acceptance of the deal and the opportunities for expansion that it is likely to provide their businesses.

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RSA’s largest shareholder, Cevian Capital, also said that it supported the takeover. “We assess that the long-term competitiveness of RSA’s business will benefit from combining with Tryg and Intact, the best-performing non-life companies in their respective geographies,” said Christer Gardell, Cevian’s co-founder and managing partner.

Shares in RSAS rose 4% in early trading on Wednesday following the news, reaching 673 pence apiece.

According to recent statistics, about 264 million vehicles hit the road annually in the US. Moreover, there are more than 210 million registered drivers, making the country’s roads some of the busiest. Despite introducing new and advanced safety features in cars, about six million car accidents take place on American roads each year.

Most of the victims file personal injury claims, and insurance carriers pay out billions of dollars annually. If you have been involved in an auto accident, you may want to know how much compensation you can get from your insurance firm.

Although there’s no specific amount payable after a car accident, understanding how insurance firms calculate settlements can help you estimate how much money you’re entitled to. Some companies use software for calculations. See more information about factors that could affect your settlement to make sure you are well-prepared before diving into a personal injury claim.

The Type of Insurance Policy

An insurance provider will determine the settlement based on the specific type of policy each driver holds, and their maximum limits. For example, in some jurisdictions, drivers must have minimum coverage that includes $5,000 for damages to other vehicles, and $15,000 for injuries or death of a person during an accident.

In some areas, you can choose between full tort and limited tort. On one hand, the latter offers policyholders the possibility to file claims for economic and non-economic damages, irrespective of the severity of the injuries. On the other hand, for limited tort, drivers can save money on their premiums.

Nevertheless, drivers must waive their rights to claim damages such as pain and suffering, unless their injuries are considered serious. The injured parties can still file claims against the other drivers, or they can file third-party claims against their insurance firm for monetary damages. There are limitations on non-economic damages as well, including whether the driver who caused the accident was impaired.

Your Current and Future Medical Expenses

If it’s clear that if liability is on the other driver’s part, their auto insurance firm is likely to offer a quick but small settlement before evaluating the full extent of the injuries you have incurred. Why should you be concerned about that? Well, no policyholder can tell how damaging the injuries will be or how much money they will spend on future treatment in the immediate aftermath of a car accident.

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In some cases, other medical complications could develop from current injuries. Ideally, an insurance company should rely on experts who understand the injuries in order to determine the costs of any future treatments. For example, the settlement may include expenses such as medications and ambulance health care services.

Reimbursement for Out-of-Pocket Expenses

The recovery process includes a lot of expenses. Your settlement may include costs such as hiring a car while yours is being repaired, transportation costs to and from medical facilities, and hiring someone to perform household chores you may not be able to perform because of your injuries. In order to get compensation, you must keep copies of all the bills and explain why they’re important.

The Impact of the Accident on Your Life

The settlement may include non-economic damages if the victims have full tort coverage and/or limited tort coverage in some cases. This refers to compensation for damages that affect your well-being and ability to engage in various activities you used to participate in before the occurrence of the accident. It’s difficult to determine the fair value for such damages.

Non-economic damages include pain and suffering. Generally, an insurer is likely to ask you to prove that your pain and suffering are up to the degree that you claim. Unlike medical bills, proving pain and suffering may require more than just receipts. For example, you will need to have official statements from medical professionals showing the costs of the ongoing treatment and an estimated recovery period.

Insurance companies want to make as much profit as possible, so they may not always obey all the rules. What you may not know is that insurance companies are required to do certain things when you file a claim. When they do not, they may be in violation of the law.

Unreasonable Delays

Insurance companies sometimes delay the start of an investigation into a claim with the hope that you will simply give up on it. Most state laws have deadlines for when an insurance company must accept or deny a claim. These deadlines may range from 15 to 60 days. If your insurance company delays investigation beyond those dates, they may have violated the law.

Failure to Conduct Investigation

Your insurance company is required to act in good faith and provide you with a fair deal. They must investigate any claim you file, even if it is simply sending an adjustor to review your damage. If you submit a claim after your car is damaged while parked on a street and your insurance company denies the claim without sending out an adjustor or refuses to look at estimates you have collected, they are not acting in good faith.

Deceptive Practices

If your insurance company fails to provide you with important information, they may be in violation of the law. This could include:

• Failing to disclose existence of coverage
• Failing to notify you of a claim deadline
• Failure to provide necessary paperwork to complete your claim

Your insurance company is required to act in good faith and provide you with a fair deal.

Offering Low Settlement Amounts

Although insurance companies try to offer low settlements in order to increase their own profits, they are not allowed, under the law, to purposely offer far less than they know your claim is worth. If you have provided estimates for damage repairs and your policy has adequate coverage to pay those claims, the insurance company may not offer you less than the lowest estimate you received.

The insurance company can also not refuse to pay a valid claim that is a covered event on your policy. For example, if you have no-fault insurance coverage and are struck by an uninsured driver, your insurance company must cover the damages and any injuries.

Misrepresentation of the Law

There have been instances when insurance companies purposely misrepresent the law or the language of a policy in order to avoid paying a claim. Insurance agents have a duty to be truthful in their statements, and making false statements may be a violation of the law. In court, you must prove that the statements made were intentionally false in order to mislead you.

Threatening Statements

Any insurance company that makes threatening statements to a policy holder may be prosecuted under the law. If an insurance agent tells you that if you file a claim, they will file legal action against you, it is important that you contact your state insurance board as well as an attorney right away.

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What to Do When Your Insurance Company Breaks the Law

Did your insurance company break the law when they processed—or failed to process—your claim? If you believe your insurance company has violated the law, it is important that you reach out to an insurance attorney to learn what rights you may have. The only way to keep these companies operating the way they should is to hold them accountable when they are on the wrong side of the law.

However, with so many various policies out there promising different types of cover, protecting your businesses best interests can be quite an overwhelming challenge. While one of the most beneficial decisions you can make for your business and its employees is to opt for coverage that protects the financial elements, you should consider these types of cover as they are most suitable for business.

Cover for Your Employees

Caring for the health and wellbeing of your team can be implemented in various ways; from providing clean drinking water to encouraging healthy living habits. However, providing your employees with life insurance and disability insurance is a notably important decision.

You can compare deals with the help of an expert insurance broker or similar insurance comparison company near you. Protecting your employees with cover will automatically save your business in the unfortunate event that an employee is to become ill, temporarily disabled, permanently disabled, or worse.

Liability Protection Policies

Liability policies aim to protect businesses from the potential legal costs that can arise in the event of an injury within the workplace. The cover will apply to compensation payouts as well as any relevant legal fees.

As there are a few different types of liability policies out there, it is best to consider a policy that protects you from public liabilities as well as employee liabilities. Be sure to evaluate the terms and conditions of any policy before purchasing coverage as policy details usually vary substantially.

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Business Interruption Cover

If you can imagine the devastating possibility of your business being affected by unpredictable disasters such as a flood, a fire, and several others, the impacts can be daunting. However, you can consider business interruption cover that will protect your business from the loss of sales and profits that result from an unforeseen situation that is not within your realm of control.

Even though this type of cover is not legally essential, it can ultimately save your business from potential closure should a natural disaster or instance of theft take place.

Commercial Property Policies

Commercial property insurance is usually offered in two parts; one is covering the building itself and the other covering the contents within the building. This type of policy might be essential if you have a mortgage loan on the building. However, it is necessary for all business owners as it will be beneficial should damage or theft become a concerning reality. Commercial property policies will protect your business from accidental damage, theft, and other unfortunate instances.

While there are various other types of insurance policies out there that you may consider beneficial for your business, you should always evaluate the costs and the details of a policy before buying cover. Every business owner understands financial challenges and how unforeseen events can snowball quickly. Even if you are in the midst of getting your startup idea off the ground, insurance policies should be a priority right from the start.

Many start-up businesses are short on cash, and there is a temptation to try and save money by missing out costs which are deemed non-essential in terms of the day-to-day operation of the business. In reality, legal protection and a sound financial strategy could be the difference between a short-lived project and a long-term success.

Here are 7 ways to ensure your start-up business is legally protected.

1. Structure your business

When you go to register your business with the state, you will need to choose a business structure and the choice you make will decide how much you pay in taxes as well as your personal liability. Your options are: Sole Proprietorship, Partnership, Limited Liability Company (LLC), Corporation, or S Corporation. While your choice will be dependent on many factors, many businesses become an LLC as this separates your personal assets (home, vehicle, savings) from your business assets. You will also need to apply for a tax ID number and ensure you have the appropriate permits and licenses.

2. Get insurance

Although you might think or hope that you will never need it, every business should take out commercial liability insurance. This protects your business financially if your company is sued by a third party such as a customer or vendor. General liability insurance does not cover things that happen to you, your employees, or commercial premises. Additional insurance policies you may want to consider include professional liability insurance (which covers costs incurred because of errors in your work), commercial auto insurance which covers damage to commercial vehicles and property, and workers’ compensation insurance.

General liability insurance does not cover things that happen to you, your employees, or commercial premises.

3. Contracts for employees

Whether you will be taking on employees soon, or in the future, you need to ensure that you are compliant with the law, your responsibilities as an employer, and employee rights. This is a complex topic, so be sure to consult with a legal professional to ensure you have covered all areas including health and safety, code of conduct, discrimination, working hours, etc. If your employees will be working on premises, you also need to ensure that you are providing a safe work environment with all the necessary risk assessments, equipment, and precautions.

4. Working with outside suppliers

If you will be outsourcing aspects of your business to another company, you need to ensure that you cannot be held liable for their actions. For example, if they are not fair to their employees in terms of health and safety, pay, or ethical working practices, you may become tarnished by association.

It is also essential that you read the fine print of any contracts you sign with suppliers, question any points which you are not comfortable with, and do not be afraid to negotiate.

5. Protect your intellectual property

An original business idea may need to be protected by trademark or copyright to prevent another company from taking advantage of your creativity, but this can be complex, so it is best to get advice from an intellectual property lawyer.

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6. Pay your taxes

While keeping track of income and expenditure might be simple in the beginning, as your business grows it will be easy to lose track and make mistakes. A professional bookkeeper will be able to advise you not only on what receipts you need to keep and what taxes you need to pay, but they can also complete your tax returns and ensure you take advantage of any tax benefits you can claim.

7. Cybersecurity

Whether you are running your business from one computer, several computers, or a combination of devices, all your technology needs to be protected against cyberattacks. You not only need to secure your sensitive data and financial information, but the law is increasingly strict regarding businesses which are not protecting customer and employee data adequately.

John Ellmore, Director of KnowYourMoney.co.uk, investigates emerging trends in personal finance and the fintech driving it.

A lot has changed over the past 20 years. We are now living in a world where home assistants and smartphones have become the norm, and as a result of these great leaps in technology, people are increasingly relying on their devices to make their lives easier.

The coronavirus pandemic has only driven the need for such technologies even further. With the implementation of social distancing measures and nationally enforced lockdowns, consumers have seen a complete overhaul to their day-to-day lives. Consequently,  57% of consumers now prefer to use online banking tools to manage their finances; pre-COVID-19, less than half (49%) of consumers preferred online offerings.

With more consumers opting to use online offerings to look after their cash, it’s clear that this change in consumer mentality is here to stay, and it hasn’t just been limited to online banking.

Fintech: Revolutionising Personal Finance

The personal finance industry has come a long way since the turn of the century. Indeed, the rise of financial technology (fintech) has transformed the way in which service providers are able to engage with their customers. In short, fintech has simplified the complicated personal finance industry, making it far more accessible for the average consumer.

One factor which has been instrumental to such changes is the rise of comparison websites.

The previous two decades have seen a growing number of consumers relying on comparison websites to save money on everything from their car insurance to credit cards. And it seems that the popularity of comparison websites will not falter any time soon, with research from the Competition and Markets Authority revealing that 85% of UK consumers have used price comparison websites at some point in their lives.

The previous two decades have seen a growing number of consumers relying on comparison websites to save money on everything from their car insurance to credit cards.

So, what exactly has driven the popularity of comparison websites? Put simply, they take the effort out of researching and comparing financial options. By gathering all of the data and consolidating the available options in a clear and concise list, consumers have been able to investigate their choices without conducting hours of monotonous research.

However, it is fair to say that this this offering is in a constant state of change, and we are seeing the fintech industry adopting highly complex algorithms at a rapid pace. As these algorithms are now able to make rapid assessments of risk using an individual’s financial data, it is now possible for comparison websites to offer more targeted results. Consequently, the personal finance industry creating a more tailored, personalised service for consumers.

Advancements in Digital Banking

The growing popularity of comparison websites has been complemented by the rise of online banking. Indeed, consumers are now looking for convenient digital offerings from their banking provider, be it an established high street bank or a virtual challenger bank.

Consumers now demand easily accessible and user-friendly online platforms to make the management of their personal finances a far more streamlined. So, by offering smart analytics, user-friendly app designs and real-time payment notifications, banks have made it easy for consumers to always be aware of their outgoings and any fraudulent activity in their accounts. With saving made easier and safer than ever, now consumers can watch their wallets without ever having to leave the house.

It is clear that technology is playing an increasingly large role in the way we handle our finances, and the sector is primed for further innovation yet. So, with many useful developments in the pipeline, what does the future hold for the personal finance industry?

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A Personalised Experience

Traditionally, most consumers would assume that one could only receive personalised, tailored advice with the help of a human adviser. However, the future is digital, and such regulated advisers could soon take the form of digital chatbots, or “robo-advisers”, powered by artificial intelligence (AI).

At present, such customer-facing technology does exist, but is still in the very early stages of its development. Indeed, such “bots” are only able to provide generic guidance to basic consumer queries. However, at the current pace of AI developments, it’s likely that further industry disruption is on the horizon.

Whilst it is unclear exactly when such advancements will be ready for consumers to use, it is plain to see that the technology will inevitably be used to drive the personalisation of the personal finance sector. I predict that in the coming years, we will soon see a new generation of empowered consumers who are able to take advantage of the greater choices, transparency and hassle-free experience driven by the ‘fintech revolution’.

Ultimately, the days of one-size-fits-all advice are numbered. The modern consumer should expect a streamlined process, which not only offers a wide variety of products to choose from, but also is tailored to their specific needs. What’s more, they should expect providers to act upon their decision immediately. Whilst humans can offer this service to an extent, only technology can offer such a sophisticated service to the masses.

Naturally, this will have a knock-on effect on the way consumers handle their finances, and savers should be on the lookout for new innovations that might help them better manage their money in the years to come.

The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care. The cost of medical liability to the healthcare system is hard to pin down exactly, but it is estimated to be anywhere from $50 billion to over $150 billion annually.

Those may sound like big numbers (because they are), but concerning healthcare spending as a whole, they represent a fairly small percentage of the budget. Liability costs make up the smallest of the four main expenditures of the healthcare system, which are:

• Labor costs
• Tests and technology
• Supplies and capital expenses
• Liability costs

Many studies of the cost of medical malpractice insurance are performed by groups with strong biases. The figures they present are often shaded by their desire to make the numbers fit with the picture that they are trying to paint. This is part of what accounts for the wide discrepancy in the estimated costs.

The Two Sides

The two main sides with a vested interest in the cost of medical liability in the healthcare system are doctors and hospitals vs lawyers and patients. Clearly, no matter which side you are on in the dispute, any system that has patients and doctors pitted against each other is a system that needs fixing.

Doctors and Hospitals

Doctors and hospitals argue that the high cost of liability protection both limits the money they have available for patient care and puts their patients through unnecessary medical testing. The risk that doctors face of being sued at some point in their careers is very high. Nearly half of physicians over the age of 55 have faced a lawsuit at some point in their careers.

The cost hospitals put into fighting liability claims, as well as possibly unnecessary testing to preemptively protect doctors from being sued, undercuts the funding that they can use on patient care.

Doctors argue that to protect themselves from being sued by a patient, they are forced to run extra tests that they don't deem necessary to diagnose a condition just so that they can say they did them should a patient claim negligence. They argue that patients bear the brunt of the cost, as they are left to face a higher bill for tests they don't need.

Hospitals argue that the cost of fighting malpractice lawsuits has a significant impact on their budgets and leaves them with less money for equipment and staff. This hinders their ability to provide their patients with the best medical care possible.

Lawyers and Patients

On the other side, you have lawyers and patients who sue doctors and hospitals when they feel that they have not received the best possible care due to the negligence or incompetence of a physician.

Lawyers and patients argue that the tests that many doctors claim to be unnecessary are, in fact, quite often responsible for preventing misdiagnosis. They believe that hospitals and doctors should be held accountable for any mistakes they might make in the care of their patients. Some of the common causes of medical malpractice cases include:

• Anesthesia mistakes
• Lack of informed consent
• Hospital-acquired infections
• Medication errors
• Surgical errors
• Missed diagnosis
• Birth injuries

Patients who were harmed and families affected by birth injury may speak to a lawyer about claiming compensation. Lawyers say they should. Doctors do not agree.

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What’s the Solution?

There is no simple solution to the problem of medical malpractice costs in the healthcare industry. The fact is some doctors are negligent, and some lawyers pursue frivolous lawsuits. As long as the two things occur, there is going to be a problem with unnecessary costs.

Doctors and hospitals tend to argue that the solution is to put a cap on damages from a malpractice lawsuit. Studies have shown that even with a cap, doctors still tend to run extra tests to protect themselves.

A possible partial solution to the problem would be to remove doctors from the legal part of the equation altogether. Patients who feel they are the victim of doctor error can sue the hospital directly and not the doctor. Doctors are at risk only through some form of disciplinary system by the hospital or medical board in which they face suspension of their license and termination of employment should they be determined to be at fault, but not by direct financial loss.

This would potentially reduce doctors performing truly unnecessary testing, as they would not feel the direct impact of a lawsuit and far fewer doctors would be affected by lawsuits overall. However, this is still far from a perfect solution.

Many landlords require their tenants to have renter’s insurance policies and will request proof of them before you sign your lease. Not all of them will require it, however. If there’s one thing to take from this article, it should be that all renters should have a policy in case something happens.

Renter’s insurance does more than protect property: it offers protection for costly circumstances that you may not be able to foresee. Renter’s insurance should be part of any savvy renter’s game plan. Knowing what renter’s insurance policies cover can help anyone decide how much they need, even though there’s no-set-in stone answer. Everyone’s situation is different, so their need for this insurance is different too.

What Is Covered by Renter’s Insurance?

If you’re wondering, “How much renter’s insurance do I need?” you need to know why people need these policies in the first place. The main reason people opt for renter’s insurance is to protect their property. Personal belongings outside and inside your apartment are covered by renter’s insurance, but that’s not all.

In the event that you have to leave your rental home or apartment for a while, renter’s insurance policies also cover your living expenses while you’re staying in another place. These circumstances may not be foreseeable and could include an infestation, a fire, or other damage. Living expenses can become untenable in these situations without renter’s insurance.

How Much Renter’s Insurance Should You Get?

The first step to figuring out how much renter’s insurance you need is to calculate the value of your personal possessions and compare it to your budget. At that point, you can compare the quotes of several insurance companies to the value that you calculate in your personal property.

From a policy as low as the average renter’s insurance plans, which cost around $15 per month, you can get tens of thousands of dollars of personal liability coverage and property coverage.

The first step to figuring out how much renter’s insurance you need is to calculate the value of your personal possessions and compare it to your budget.

What Types of Coverage are there?

There are three types of coverage included in renter’s insurance policies. To what extent a policy includes each type determines its value. These coverage types include personal property, loss-of-use, and personal liability coverage. Ask yourself: how much of each type does a typical policy contain? This is important to know so you can spot plans that are expensive for their coverage amounts and those that are a true value.

The average renter’s insurance policy offers around $30,000 in personal property coverage, 40% of the personal property’s value in loss-of-use coverage, and $100,000 in personal liability coverage.

Deductibles are another important factor when choosing a policy. If you don’t already know, a deductible refers to the amount of damage you have to pay for yourself before an insurance policy kicks in. These exist in healthcare policies and it’s no different for renter’s insurance.

An average or acceptable deductible for these policies would be around $500. These policies are considered the best value for those that want renter’s insurance for coverage but aren’t necessarily worried about a specific accident. Those that want a lower deductible should expect to pay a much higher per month premium.

The disadvantage of cheaper policies is that the deductible is much higher, which is fine until you have to pay it. There’s also not much of a drop in the price per month for losing 50% or more of your coverage amount. A few dollars less a month will lower your coverage amounts considerably. This is why policies priced at or near the competitive average are often the most desirable.

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The Takeaway

Renter’s insurance policies involve three different types of coverage, including personal property coverage, personal liability coverage, and loss-of-use coverage. Knowing how much renter’s insurance you need depends on the value of your belongings compared to the needs of your situation.

Since the value of renter’s insurance policies decreases drastically with only a small reduction in the cost per month, average renter’s insurance policies are often the most desirable. Use this information to conduct more research into available companies to find the right renter’s insurance policy for you.