Business - Admax Marketing

EXPERTS SPEAK
EXPERTS SPEAK
Equipment Breakdown
Insurance
If you have purchased a business insurance
policy, then you are likely confident your business
property and equipment is now well protected.
But, business policies do have limitations, and
exclude loss due to mechanical breakdown,
Craig Smith
rupture, and cracking of your equipment. Unless you have purchased
Equipment Breakdown insurance, you have a gap in your coverage.
Almost everything that is mechanical, electrical or under pressure
can be insured for loss due to breakdown. This includes boilers, air
conditioners, refrigeration units, electrical panels, computers, security
systems or telephone systems. The purpose of this type of coverage
is to insure your business against financial losses, property damage,
spoilage and business interruption losses that result from accidents
to specified equipment.
Many of these accidents can be attributed to human error or
lack of proper maintenance. Safe operation and proper maintenance
of your equipment is just as important as your insurance policy.
Accidents that can be attributed to human error include operating
equipment beyond its capacity, misapplication of equipment, permitting
dust or dirt to build up on electrical equipment, deliberately bypassing
safety devices, relying too heavily on automatic devices,
failing to test auxiliary equipment and improper lay-up or start up
procedures for seasonal equipment.
With the purchase of Equipment Breakdown insurance, you
will receive comprehensive coverage for pressure equipment (cast
iron boilers, fired coil water heaters, autoclaves, air receivers, etc.),
mechanical equipment (compressors, pumps, gears, turbines, fans,
blowers, internal combustion engines, etc.) and electrical equipment
(electric motors, generators, transformers, switchboards, cables,
circuit breakers, etc.). Optional extensions to coverage include
production machines, which includes machines or apparatus
which process, form, cut, shape, grind or convey product and maintenance
machines. To ensure optimal insurance coverage for your
business, Equipment Breakdown insurance is recommended.
This article submitted by Craig Smith, Commercial Specialist for the
Co-operators located at 14 – 1135 Lansdowne Street, (Parkway Plaza)
Peterborough. More information on this topic available at www.cooperators.ca
or contact Craig Smith at craig_smith@cooperators.ca
Legal Advice Matters
To Small Business
Today’s society has become so litigious
that’s it’s critical that business people know
their legal rights. Legal advice and guidance
in varied forms are absolutely central to any
small business, without having to absorb a
Sharla Trudell
major financial loss. The marketplace makes available
services to educate people in their legal rights and present
economic alternatives to the current legal system. Services
like, PPL Legal Care of Canada and GoSmall Biz provide
small businesses with affordable access to the legal system and
consultation opportunities. Here are some reasons your
business may benefit from the involvement of a lawyer:
1. You’re starting a business. Lawyers have seen far too many
business people make the mistake of establishing a business
without contacting an attorney. A lawyer reviews business
structure, legal ramifications and other elements designed to
protect your business and help it flourish.
2. Review your contracts. In today’s market, contracts shouldn’t
be based on a smile and a handshake. That means it’s imperative
for a lawyer to draw up suitable contracts, or review
every contract you use in your business – this will protect
your assets and business relationships.
3.Check your debt collection. As the economy fluctuates
and money becomes stretched, it can become more difficult
to collect funds owed to you. An experienced lawyer can
advise you on suitable collection methodology and resources.
This approach can avoid you from becoming entangled
in any legal action against an overzealous collection agency.
4. Resolve a business dispute! Merely hiring a lawyer will “show
you mean business”, and may end up getting you the results
you desire. Moreover, a lawyer can help you avoid lengthy
and costly court action - an attorney can potentially help a
bad situation from getting worse.
A lawyer can help strategize ways to keep the business alive
and flourishing.
Sharla Trudell is a certified Management Accountant. She is also an
independent Associate with PPL Legal Care of Canada Inc. and GoSmallbix.
com. Sharla provided Prepaid Legal Identity Theft Shield and complete restoration
services to protect individuals before, during and after a breach has been made.
For more information, contact her at strudell@sympatico.ca or call 705-761-0200.
Go online to www.prepaidlegal.com/hub/harlatrudell to view her professional
services.
Interested in having your “Experts Speak” column
published in every issue of the Business Advantage
Contact Greg Welch at 741-2205 or email admax@nexicom.net
for more information
Canadians Close To
Retirement Not Prepared
Most of us dream of a comfortable retirement,
the phase of life where we can sit
back, relax and enjoy the freedom of not
having to work. However, a new study found
that Canadians aged 55-64 agree that, while
Tom Weichel
having a guaranteed stream of income during retirement is
their main goal, the majority don’t know how to achieve this.
According to the fourth annual Workplace Report on Retirement
Planning, older workers want the guaranteed retirement
income that traditional pension plans provide. The study
confirms that these workers are actively saving for retirement,
but are not aware of the income distribution opportunities
available. In short, near-retirees simply do not know how to take
advantage of their retirement nest egg once they stop working.
Steady Income Important – The survey indicates that some 83%
of near-retirees believe it is “very important” to generate an income
that provides for a comfortable retirement. But barely 20% are
well informed on how to do so. Moreover, only 15% of those surveyed
are focused on generating retirement income, while 41% are
continuing to concentrate on building a nest egg, 23% on preserving
and protecting their savings, and 20% on achieving better returns.
Survey Results Revealing – Even more disturbing is the fact
that when asked to give themselves a grade on their retirement
preparedness, 53 per cent awarded themselves a C or lower,
casting doubt on the ability of older workers to “graduate” to a
secure retirement. Other notable survey findings included:
• The majority (90 per cent) of near-retirees are either guessing
how much income they will have or simply have no idea of the
amount of income they will be able to generate during retirement.
• Although a large number of Canadians are nearing retirement,
more than six out of ten are still focusing on accumulating
assets or achieving better returns instead of planning on
how to generate a continual flow of income.
• Too often near-retirees simply “do the best I can” with retirement
planning, instead of focusing on specific, retirementcritical
goals such as a targeted level of income.
• Nine out of ten near-retirees agree that it is crucial not to run
out of money in retirement. Just 22 per cent say they would
tap into their savings for income early in retirement, while
most would try to hold on to their assets for as long as possible.
The results of this survey should serve as a wake-up call to
employers, retirement plan providers and to the nation as a
whole. Those nearing retirement obviously need assistance in
managing the payout phase of retirement.
If you would like more information on how to turn your
retirement savings into a vehicle to produce a steady flow of
income, feel free to contact our office for an appointment.
This article submitted by Tom Weichel CLU of The Protectors Group, 215 George
St., Peterborough, 748-5181 ext 229, email: tomweichel@protectorsgroup.com
38 September 2010 Business Advantage Business Advantage September 2010 39