Sunday, March 03, 2024

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Business Updates

What Is Car Insurance And How Much Do You Need It?

Car insurance is an agreement that exists between the insurance company and the car owner, where the car owner pays a premium and the insurance company protects the owner against financial loss caused due to damage to insurance holder’s vehicle.

The basic formula of insurance states that premium is equal to own damage minus no claim bonus to which the liability premium is added.  In India, this is fixed by the Insurance Regulatory and Development Authority.

Most people often ponder over the idea “Do we really need car insurance?” when they have been paying regular premiums without making any claims. They end up claiming car insurance as a financial burden, and choose to avoid it. BUT, can one guarantee that, they will never encounter an unfortunate incident?  Even if one claims to be a safe rider, what is the assurance that everyone else is also a safe rider?

Car insurance not only pays for damages, but also reduces one’s legal and financial liabilities. It also pays for the car owner’s treatment. So, the pros of having insurance outweigh the cons, massively.

Car Loan

Currently the main types of car insurance available in India are:

1) Third party car insurance policy which is mandatory in India.

2) The standalone Own Damage cover, which is introduced recently by the IRDAI. It protects the insured vehicle against theft, fire etc.

3) Comprehensive car insurance which covers both third party and personal damages

2) Comprehensive car insurance which covers both third party and personal damages

SO, how to obtain car insurance without any hassle?

Getting insured is very easy now, as one can obtain it by performing few simple steps and is done online. Firstly,decide the type of policy you want by comparing the policies online. You may choose from one of the two types that are available, that is either third party or comprehensive policy.A comprehensive policy allows you to choose the various add-ons such as engine protection cover, roadside assistance cover, . Now you have to select a reputed insurer for which you may focus on the market reputation, claim filling process, the benefits etc. Now after you have made your policy, check the policy document, make the payment and obtain a copy of your policy.

Hence, having car insurance reduces financial uncertainty and also makes loss manageable, and reduces liability.

Basics Of Business

In general, the business stands for one’s own work like you must have heard people telling each other about minding their own work. However, if we dig a little deeper, business is a technique to make money by selling either goods or services.

It could be a little shop in your neighborhood selling snacks or a large brand selling premium dresses and fragrances; all are included in the businesses around you.

Peeks of having a Business:

Starting your own business provides its own set of advantages, such as –

  • Opportunities to grow: You encounter a lot of people on a daily basis while running your business, and you get to learn from them, and gaining their experience helps you improve.
  • Independence: Operating a business you no longer report to anyone and may make your own business decisions.
  • Lifestyle: Owning a business allows you to work in your profession and in the way you desire, allowing you to establish a healthy lifestyle for yourself.

Successful Business

How to start your own Business?

  1. Determine the service or good you will provide after examining many factors such as what people wants, what is available to you, and where you will launch your business, among others.
  2. Create a business plan that includes how your business will operate, where you will obtain funds from, the basic requirements for starting your business, and the labor required to make it a reality.
  3. Get your finances in order, whether they are savings or credited funds, so that you can be safe and know how to spend to meet your business’s needs.
  4. Determine legal difficulties with the type of business you will be operating, as well as present and future business goals, to assist you in the long run.
  5. Register your company with the IRS and the government to gain control of your company.
  6. Purchase business insurance to ensure that you suffer the least amount of loss if your company fails.
  7. Prepare your team, which will be required to carry out your business plan.
  8. Make your company a brand and spread the word about your services to gain more customers.
  9. Grow your business by setting goals to reach. Once those goals are met, set new and higher goals.

Businesses are founded to attain objectives that you can never reach as a job seeker. They can be advantageous, but they can also be risky. If you have a brilliant idea for making money and are prepared to take a risk, you should take it at least once.

Know More About Business

When we hear the word business, a wide range of things come to our mind – money, commerce, and being so rich that you have your own Manhattan penthouse. Well, here we’ll help you dig deep into the entire concept of a business; what it means, its types, traditional & small businesses, and so much more. The realm of business is truly never-ending.

Business & What it’s About:

A business is any entity or organization that simply engages in buying, selling, or any other professional activity for earning money or profits, or even a charitable reason. Now, there are many types of businesses: Public Limited Companies, Private Limited Companies, Joint Venture Companies, Partnership firms, One Person Company, Sole Proprietorship, Non-Government Organizations (NGOs), and more. There are also traditional businesses in India such as a HUF (Hindu Undivided Family Business). The rage nowadays, however, is of two kinds of businesses – s small business and an LLP {limited liability partnership}.

How does one carry out a Business?

Businesses require business plans, to say the least. You must have your goals, vision & mission, structures, and organizational plan on the tip of your tongue. Before putting your plan in motion, you must conduct thorough market surveys and research of all kinds.

Successful Business

What is a Small Business?

A small business is simply one with few employees and/or a lesser annual revenue than a normal regular-sized business. In the Covid years, many people, out of boredom or perhaps self-realization took up the path of a small business with products varying from candles and soaps to crocheted clothes. With the age of Instagram rising, promotion, advertising, and showcasing your small business is a piece of cake!

What are LLPs?

A Limited Liability Partnership is a hybrid of two – a company and a partnership. It provides the business with the limited liability structure of a company along with the flexibility and ease of a partnership. It’s an easier process to get registered, all partners are happy and get their share, and the corporation is governed under the Limited Liability Partnership Act, 2008.

How important are Businesses?

Business forms the backbone of any economy. You can be a small, one-person business or a multinational corporation, your importance in the world economy is huge either way. The world is becoming kinder to small-store owners and local producers and it’s all part of the huge and very necessary economic cycle.

The Status of Women in Business

For the longest time, women in our society have conventionallyoccupied the roles of housewives, mothers, and caregivers. Women and business have been at the extreme ends of the spectrum. But since the 18th century, women have courageously shattered the rigid glass of societal and cultural constraints to enterthe realm of business and corporate, gradually engaging inleadership, entrepreneurial, and managerial roles.

Feminine innovativeness in corporate world has broadened the horizons of sustainable productivityin many companies. There are various advantages of providing women with equal opportunities in the workforce. For example,

  • Multiplicity of opinions and creative outputs: The subjectivity, ethics, and experience of a woman lead to a completely different work output in a particular company or business, opening those pores of imagination and ingenuity that have not yet been opened.
  • Women are found naturally good at many soft skills such as communication, empathy, time management, teamwork, adaptability, problem solving, decisionmaking, and collaborative skills.
  • Multitaskers:The upbringing and duties of women as wives have inherently made them better multitaskers with greater productivity.

Role Of Business

Though the numbers are increasing every year but still they are very fewer than that of men. Such statistics provide a miniscule window into the social standing of women, who are systematically marginalized, subordinated, and deprived of education, career guidance,and adequate opportunities. More than personal insufficiency and inability, there is a larger structural and institutional problem behind the lack of women in the workforce.

The number of challenges encountered by women in the corporate sector and entrepreneurship are many such as:

  • Lesser salaries
  • Lack of funding
  • Not appointed to Senior C-level and executive positions
  • The struggle between familial or personal fulfilment and professional success
  • lack of business and industry knowledge
  • non-cooperative and deterring working environment shaped by preconceived notions on gender
  • lack of firm supporting systems (social, governmental or institutional)
  • poor accessibility to professionalnexus
  • intense competition

There is a need to provide women with equal opportunities, and anupholding and flourishing working environment of harmonious social coexistence for the augmentation of their confidence, trading, leadership, professional and intellectual faculties. Infinite possibilities in corporate are reflected for women through the prism of education and a sense of self-worth. The mainstreamphallocentric data shows how men are more successful and capable of entrepreneurship than women, that is because they have innately received all sources of formal and informal education, contrary to women. And not necessarily because they are biologically or naturally more intelligent, reasonable, or rational creatures than women. Women are progressivelyarranging themselves in empowering organizational units, enlarging theirchains of communion, fellowship, and networking. Women’s bonding, partnerships, and synergism travel beyond the hurdles of patriarchal structuring of the world of business.