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Ismail Khalid

Why is life insurance important even when you are self-employed?

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When you make the decision to become self-employed, you may feel like you are about to undertake a mammoth task. Opening your own business can be extremely difficult, but ultimately it is very rewarding. You may be faced with a lot of stress when it comes to maintaining your business, but if it is successful, you will feel extremely proud of yourself. Whilst you move forward with your self-employment, don’t forget that life insurance is still important to own. Here is why!

What You Ought To Know About the Insurance Process

Protection for you and your family

Whether you work for a company or are self-employed, employee insurance will make sure you are protected when you are working. It does not matter if you are working at a computer or have more manual work to undertake, life insurance can protect you when disaster strikes. You may suffer from a life-changing injury or illness that makes it difficult to get back to work. You and your family need a safety net just in case the worst does happen to you. Make sure to protect them as well as yourself.

Make up for lack of benefits

Now that you are a self-employed person, you will experience a range of benefits, including when you have holidays, choosing when you want to work, and deciding who you want to work with. However, there are other times where you may struggle because you do not have the same benefits as those who are employed by someone else. This includes having certain types of insurance policies that will protect them should the worst happen. Employers may have “death-in-service” benefits. However, you won’t have these as your own employee. This means that if you should die at work, your family won’t be able to receive multiple payments of your salary. That’s why it is crucial that you invest in your own life insurance.

Different types of life insurance

As a self-employed person, you will have a range of life insurance policies to choose from. It’s important to choose a policy that will suit you, your business, and the type of work that you do. The most popular type of life insurance is “term-life insurance.” This is a policy that can last between five and thirty years.

The premiums for this type of insurance tend to be below if you get it whilst you are young, however, you will have to renew it if you continue to use it. If you want to go for a longer policy, you can get “permanent life insurance.” This type of insurance will not expire; however, you may find that it is a bit more expensive or the premiums may be higher.

Ongoing Debt

It can be expensive to open your own business. Therefore, it is quite likely that you may have accumulated debt whilst opening your company. This debt will pass on to your loved ones if you pass away at work. By having life insurance, the debt will be paid off. So, make sure you are fully covered.

And there you have it – everything you need to know about why life insurance is important even when you are self-employed. 

4 Easy Ways to Make Money with Small Investment

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We’ve all asked this question before. How can I make more money? Sometimes working the 9-5 doesn’t cut it, and for a financially stable future, it’s always beneficial to have a second form of income. It’s not always possible to work two jobs, and there are only so many hours in the day, so we have come up with three solid ideas to bring in that all important second income.

Start A Side Hustle

Starting a side hustle is a fantastic way to bring in more income and from the comfort of your own home. If you have a passion or a hobby, you could utilize this. Making more money could be as simple as training yourself up, setting up a business Instagram or website, and promoting yourself and the service you provide. You could make candles, become a nail tech or barber, and start your mini side hustle from home. This gives you the flexibility to work your 9-5 and introduce new clients in the evening times and on a weekend.

Invest in Shares

Investing in stocks and shares is a great way to kick off an investment portfolio. To begin with, you may look to take out some advice on the best route to take to suit your financial circumstances. Before taking the plunge, you should look to do some research into the right business for you. How has the business performed over the years? What is the forecast looking like? Read the companies profile and find out exactly what they do to make money.

If you’re unsure of who you can invest in, we have listed some businesses below:

  • Apple
  • Jet2
  • Wynnstay PLC
  • JD Sports
  • McDonalds
  • Walt Disney
  • Amazon

Drop-Shipping

Dropshipping is an interesting approach to making more money. Drop shipping typically is a form of business in the retail sector whereby you don’t hold the goods in your inventory. You simply purchase the goods from the seller and ship them directly to the buyer. The great thing about drop shipping is the store does not keep the goods in stock. Of course, there are risks with drop shipping, such as unreliable partners. As the retailer never sees the stock, you won’t know if the product the customer receives is up to standard. 

Investing in Hard Commodities

By investing in hard commodities such as gold and silver you are diversifying your investment portfolio as well as investing in something you can take physical possession of. Gold is an inflation-proof investment therefore if you were to buy today and sell tomorrow you would retrieve the difference. Gold is unaffected by devaluation, therefore, losing your money is unlikely. You’d have to lose your physical gold or silver bullion to lose out. In times of economic downturn across the globe, you will always be able to sell your gold and not lose your money, which is why gold and silver investment is highly sought after.

4 Best Options to Keep Your Gold Safe in Switzerland

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Investing in gold is one important decision but deciding how and where to store it is another. There are a variety of options available for you and we’re here to show you exactly what. It’s important you thoroughly research each option and consider taking advantage of multiple storage options to keep your gold safe at all times should one option be compromised. We have provided you with a breakdown of the options for your consideration, read on for more information.

Safe Deposit Boxes

Your gold bullion broker may give you the option to store your gold in an in-store safe deposit box with complementary insurance cover. You will have the flexibility to grant authorised access to your deposit box with peace of mind that your valuable commodity is being watched over 24-hour CCTV.

Vault Storage

Vault storage is another highly secure storage option for your gold bullion. As with safety deposit boxes, storing your gold in a vault allows you to buy and sell all from one place whilst remaining in your full ownership. One recommended approach to vault storage is to spread your commodity across a variety of vaults, this can include different countries. If you have all your gold in one place you run the risk of losing the entire investment should there, be a security breach or natural disaster.

Bank Storage

Many people opt to store their gold bullion at the bank. One thing to bear in mind with this form of storage is the insurance. A lot of the time with safety deposit boxes and vault storage you can include insurance in your monthly premium or at least benefit from some form of insurance up to a certain amount. With bank storage its solely down to you to provide insurance for your commodity, although the bank will be able to recommend how and where you do this.

Home Safe

Many gold investors choose to store their bullion at home, for a variety of reasons. Some like to be close to their commodity to enjoy viewing their investment, whilst others trust in their own abilities to store their gold bullion. We strongly advise when purchasing a safe for your home that you do so in cash, followed by placing the safe in a secure location inside your home, telling few, if any people where it is and that you even have gold in your possession. Being able to access your gold quickly is advantageous for most people as you can quickly liquidate your asset should you choose to sell if the market turns.

Typically, investors choose to make use of more than one of the storage options available to eliminate risk and protect their asset. In addition to storing your gold in a safety deposit box at your bullion broker you may choose to store some of your hard commodity in Switzerland. Storing your gold offshore in Switzerland is a popular choice due to the neutral democratic political system and overall safety and stability of the country.

Flexi and I know it: How can flexible working support London businesses?

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During the coronavirus pandemic and as the new generations are entering the workforce, flexible working practices are increasing in popularity. Over the past few years, there has been a notable shift from the traditional 9 to 5 working days towards a more open agreement.

Though many businesses are swapping to flexible working, some may not have even come across the phenomenon. Thus, we define the different types of flexible working, and how they can support businesses in London.

What is flexible working, and how does it work?

Flexible working is a way of working that suit’s an employee’s needs, including flexible start and finish times, or working from home. In the UK, all employees have the legal right to request flexible working – not just parents and carers.

If an employee requests flexible working, employers must deal with it in a ‘reasonable manner’. If you fail to do so, they have the right to take the employer to an employment tribunal. 

Flexible working allows employees to choose

  • Where they work from
  • What times they start and finish
  • Part time working
  • Compressed work weeks
  • Alternative scheduling
  • And much more.

However, you could also implement and encourage flexible working practices from the get-go. Job applications might allow people to apply who can only work from home, or maybe flexible conditions are written into employee contracts.

You might also operate a hybrid office, where some work from home, but others can work in the office or choose to come in when they want.

How can you support flexible working practices?

Whether you have employees who have formally requested flexible working conditions, or operate flexibly as an organisation, this does not have to affect the quality of your workspace. Why not consider Flexible workplaces In London from BE Offices?

These fluid office solutions for modern businesses give your company the image, flexible terms, and connectivity that you need. With flexibility for 1 to 1000 desks, they are easily scalable no matter how much your in-person workforce fluctuates.

What are the benefits of flexible working for London businesses?

1. Employee retention

An estimated 30% of employees report having left their job because their company failed to offer flexible work options.

2. Productivity

One reason employers don’t like to offer flexible working is because they think that employees won’t work unless they keep a watchful eye on them. However, flexible working can actually increase employee productivity.

3. Access to the best talent

Allowing people to work from wherever they want means that you have the pick of the best talent from not only London, but across the UK and even the world.

4. Attracts new recruits

One study found that 80% of workers would choose a job that offers flexible scheduling over a job that did not.

5. Potential to extend opening hours

When employees are allowed to work outside of normal working hours, this gives your company the potential to extend their operating hours, potentially even towards offering 24/7 customer support.

Overall, flexible working can support London businesses to excel in terms of employee, customer, and employer satisfaction. With this guide, you will be able to become flexi and know it!