The Debt Free Guy

Claims for negligence brought against businesses by those outside of the business – be they customers, clients or suppliers – are a very common occurrence these days. Indeed many small law firms, of the kind who advertise regularly on television and radio, specialise in taking on these types of cases – often on a ‘no-win, no-fee’ basis. What this latter point indicates is just how confident these companies are of winning the majority of the public liability cases they take on – of which there are a number of different types.

Firstly there are the claims for personal injury – meaning injuries sustained by someone not employed by the business, while they are on the premises. This can mean either a customer or a potential or existing client. This type of public liability insurance claim can affect any business which requires customers or clients to visit the business premises, but it is perhaps most likely to be an issue for customer service businesses such as shops, cafés and restaurants, or home-based small businesses.

The next type of claim, is for damage to property or equipment – either belonging to the business, or by an outside supplier. If the equipment is owned by the company, their will not be a suit against it for the damages, but they would be completely liable for the costs of repairs or replacements. However, if it belongs to a supplier, the business would be held liable for damages, as well the aforementioned costs. In addition, the business would have no financial compensation for loss of income suffered as a result of damage to important equipment.

Then there is the area of damages caused by negligence away from the business premises. For example, if a plumber employed by your company failed to tighten a bolt sufficiently while fitting a new sink, leading to flooding of the property – public liability insurance would cover the costs of the subsequent negligence suit.
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If you find yourself experiencing problems associated with debt, there may be some simple solutions you can take first to resolve the situation. Examining your financial picture and determining what expenses you have is key. This will provide you with the big picture of your financial situation. As a result, you can probably reduce your monthly expenditures and also increase the amount of your debts. This simple solution can work and will not harm your credit score. In all actuality, it may help your credit score in the long run.

Examining your current budget is the first place to start. Bank statements provide a good record of your expenses as well as your income. You should be able to find some areas in which you can reduce spending. When figuring your expenses, do not forget essentials such as utilities bills, groceries, transportation costs and rent.
When making spending cuts, look for the simple solutions first. Many find that simply spending more wisely at the supermarket can significantly reduce their monthly expenditures. Simple things as purchasing more generic goods rather than higher priced brand names is a start. Experts provide estimates that this alone can save a consumer approximately £1,700 annually. Utilities bills are another area that you can make easy changes to save money. A great deal of competition exists between different utility service providers for your business. Shop around and perhaps you will find a better deal than you currently have. This again will lower your monthly expenditures.

Also, as part of creating a budget, keep your eyes open for luxuries that you could go without. These might include things like entertainment items, expensive holidays and designer clothing. While these things are nice to have, they are not needs. Cutting these down or even out of your budget can free up even more of your monthly income. Examine those subscriptions you currently pay. Do you really need that top of the line cable package? Could you go without that expensive gym membership? Usually you will find the answers to these questions to be yeses. They might be adjustments at first, but you really can live without them.