INSURANCE

-Many times, laws and the way organizations react are just a form of common sense. Everyone knows and understands what’s going on. They may dislike having to admit understanding and resent paying the additional money. But, the policy of paying to stay within the law makes the most sense over the long term. Take drug abuse as a classic example. Whether people are abusing medications or buying street drugs, they need money. A small percentage of the population steal to feed their addiction. But the majority are employed. These millions of people work full- or part-time hours, collect their pay checks and spend their earnings unwisely. Now a business might say this is none of their concern. What people do with their money in their own time is a private matter. No doubt, hardline libertarians will be outraged at this intrusion into their privacy for what they perceive as a victimless crime. But the hard reality is rather different.

If people are using drugs while in the workplace, they are almost four times more likely to be involved in an accident than an unimpaired worker. That means they either injure themselves because their concentration is poor or, worse, they injure a fellow employee or member of the public. Worse because employers can face administrative and civil penalties if their employees prove a danger to others. Even if employees are not immediately a cause of injuries, they are generally less productive, more likely to call in sick, and often disruptive. National statistics also show that impaired workers are five times more likely to file a workers’ compensation claim. How should employers react to this? The answer is by ignoring privacy issues. All responsible employers should establish and enforce a drug-free policy in the workplace. In fact, this is required by the Drug-Free Workplace Act of 1988 if the business intends to apply for federal projects or grants. There is similar legislation in most states. As a result, most business insurance companies offer a premium discount for employers with an effective drug-free policy. This varies but is usually between 5 and 7.5%. Obviously, insurers monitor how well the policy is implemented and may withdraw the discount if drug-related claims do not reduce.

Many employers misunderstand the way in which the local workers’ compensation regulations work. The majority of state regulations limit or exclude the payment of benefits if someone is injured as a result of their own intoxication. These regulations do not affect third party claims when an employee or member of the public is injured by the intoxicated employee. Business insurance is always needed to pay out on liability claims. So, the moral is clear. If a business reduces the level of drug-taking by its employees and this is reflected in the number of claims made on the insurance policies, the insurers will offer a continuing premium discount. At a time when other business costs are rising, saving on business insurance is a welcome bonus. Now add in the improvement in productivity if more employees have full concentration, if absenteeism is reduced and the workplace is happier. Finally, remember that drug-free companies can apply for federal and state projects and grants. Overall, every business, regardless of size, is going to feel the benefit of a drug-free policy.
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If you are a vintage car owner, you may be having trouble obtaining an affordable vehicle insurance policy. However, there are a range of specialist motor insurers who can offer lower premiums than some of the larger main stream insurance companies. Read our guide to classic car insurance and see if you could save on your policy.

The age of your car is obviously a determining factor when it comes to motor insurance. If your car was produced at least fifteen years ago then it can be termed a classic car, but if it was produced before 1993 and after 1903 then it is termed a vintage model. If you have an even older vehicle than this, it is termed a veteran car.

Because vehicle insurance firms do not have to stick to these date marks when categorising their cars, firms have very different qualification dates from one another. You may ask for a quote from one insurer who tells you that you have a vintage car, while the next may class your vehicle as a veteran model.

This difference in premium pricing highlights the importance of gathering as many quotes as possible before signing on the dotted line. The difference in classification could save you money if you find an insurer who terms your car a classic car rather than a vintage automobile.

Some of the larger car insurers do now offer some form of classic car cover. However, their level of cover can be rather general, and you may find that their insurance premiums can be higher than that of some specialist firms. So it is recommended that you do not just limit your search to the big insurers only.

One way of reducing your monthly insurance outgoings is to keep your car in as good a condition as you can. The better shape your car is in, the lower your premium is likely to be. So investing in a little repair and maintenance prior to applying for your car cover could pay off sooner than you think.

Sometimes the amount agreed on the valuation of a vehicle is not met by the insurer when a vehicle is stolen or written off. Before signing any policy agreements, you should ensure that the agreed valuation figure is guaranteed, so that you are safe in the knowledge that your insurer has promised to pay this guaranteed sum.

Getting an agreed valuation can cost a little extra, but it is worth it in economic terms should anything happen to your car. Insurers usually charge a small fee for obtaining a guaranteed valuation, and this can be paid outright or added to your policy.

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