Bad Credit Personal Loan - Good Reasons To Get Credit
If you have the curse of bad credit looming over your head, obtaining a loan may seem like a difficult task. Many lenders are often leery to give a loan to anyone who has a less than perfect credit history. However, there are still many lenders out there that are more than willing to give you a bad credit personal loan. These types of loans are ideal for anyone who has a history of late payments, payment defaults and have been denied a loan by other lenders.
Once a person has obtained a bad credit personal loan they are then able to make needed home repairs, finance an upcoming wedding or take a much needed vacation. The loan can also be used to consolidate your debt into one easy to make payment, thereby helping you to manage your debt more easily.
Someone with a bad credit rating can either obtain a secured or unsecured personal loan. With a secured loan, some type of collateral must be put up to assure the loan will be repaid. In most instances vehicles, homes or expensive jewelry can be used as collateral.
An unsecured bad credit personal loan is ideal for anyone who does not own a home or does not have a sufficient amount of collateral to put up for the loan. However, such lenders are often hard to come by. Although someone who currently owns a home can still obtain an unsecured loan, they often come with a much higher interest rate.
Your ability to repay the loan, as well as your credit history will both have an impact on the amount of money you will be approved for. For this type of loan, lenders will generally approve a loan for as little as 5 years and as great as 30 years. This gives you the ability to find a repayment plan that will be with your personal financial needs. This also allows for lower interest rates, which can also aid in repaying the loan.
Generally speaking, bad credit personal loans come with a much higher interest rate. This is simply because someone with a lower credit rating often poses a higher repayment risk. In many instances, the loans come with terms that are inflexible.
Choosing a lender that will work with your personal needs can often be a daunting task. However, it can be made simpler through the use of the Internet. Online lenders are a great source when looking for a competitive interest rate. They are also great because they generally have lower processing costs and a quick turnaround time.
Overall, when chosen wisely, a personal loan for people with bad credit can help to repair the damage done to your credit. If the payments are made on time and the terms of the loan are fulfilled, your credit rating can dramatically increase. If the loan is used to consolidate your debt, then you can pay off your bills quicker, while helping to improve your credit score.
Before choosing any type of loan, it is important that you do your homework and know exactly what the terms and conditions of the loan are. When done properly, a bad credit personal loan can be just the answer to improving your credit.
Unsecured Personal Loans - Finance Without Undertaking Any Risk
For borrowers who do not have any asset to pledge as collateral, unsecured personal loans provides an excellent platform to fulfill various personal or professional needs. Moreover without any involvement of collateral, home owners too can obtain the finances without any risk. Without posing any threat to your property you can fulfill the demands like buying a car, going for holidays, consolidating debts, business expansion etc or home improvement etc.
Unsecured personal loans are designed to get approved without any collateral due to which it has created a nice place among the borrowers. These loans are very much popular among the borrowers like tenants and non homeowners more so because they cannot afford to pledge any property. Without any security, these loans are offered solely on the basis of borrower’s employment and income earned. This is done to verify whether the borrower is capable of repaying the borrowed amount or not.
Under the provision of the loans, borrower can avail amount in the range of £1000-£25000 based on the borrower’s income and prevailing circumstances. These loans have a shorter repayment duration which falls in between 6months-10 years. Due to its unsecured nature, lenders tend to charge a very high rate of interest to cover the risk factor involved. However with stiff competition among the lenders, they offer the same loans at very marginal rates to woo the prospective borrowers.
Bad credit borrowers with CCJs, arrears, defaults etc can also apply for the loans provided they should have a repayment plan in place ready to convince the lenders.
While opting for unsecured personal loans it is preferable to collect and compare the quotes of various lenders to select a deal that suits the borrower’s circumstances well. Although, these loans can be sourced from various lenders like banks and financial institutions, it is preferable to use the online option as it offers competitive terms on the loans besides making it fast.
Get Cheap Personal Loans Online - Solve Personal Needs
For the money that is required to fulfill your personal needs, it may be a hassle to get it. For the people who need an easy and beneficial way out, there are many opportunities that they can avail. Cheap personal loans online can get money for these borrowers so that they have to face much troubles and fulfill their needs easily.
Personal needs like debt consolidation, wedding expenses, educational funding, travel expenses, home improvement, can be fulfilled easily. Money is available to the borrowers and they can choose the loan form as per their requirements. The borrowers have the option of secured and unsecured form available to them.
Bigger needs require larger amounts that can be borrowed through secured form of these loans. For this, the borrowers are required to pledge an asset with the lender that act as security for the loans. The amount that can be taken up lies in the range of $5000-$75000. This amount has to be repaid by the borrowers in a term of 5-25 years.
If the borrowers have smaller needs, then unsecured form of these loans suits them the most. For this no collateral is required to be pledged and still money can be borrowed in the range of $1000-$25000. The term of repayment of these loans is 6 months to 10 years. Rate of interest for these loans is slightly higher than the secured form as no collateral is pledged with the lenders to guarantee repayment.
Borrowers find it highly beneficial to take up an online research. This way they can get low rate deals by comparison of all the loan quotes that are offered to them. The lowest rate deals can be borrowed. Bad credit borrowers can also take up loan deals for their needs at lower than usual rates through the online mode.
With cheap personal loans online, the borrowers feel relaxed about their expenses. They can dream big and expand their own horizons.
Personal Loans to Use for Any Purpose
Personal loans are unsecured loans that are offered by a range of lenders, from high street banks and building societies to Internet lenders and even credit unions.
You can use personal loans for just about any purpose, and with a choice of lenders available it is usually possible to find some very competitive deals. However, one thing to bear in mind is that with an unsecured personal loan you will usually need to have good credit, as the unsecured nature makes them higher risk loans for the lender.
The interest rates charged on loans can vary quite widely from one lender to another, so the first thing to remember is that it is well worth shopping around in order to get the best deal. When it comes to the amount that you can borrow most lenders offer up to £25,000 by way of an unsecured personal loan. The actual amount that you can borrow, however, will depend on a range of circumstances, and this includes your income, your outgoings, and credit rating, and your employment status amongst other things.
Another thing to remember is that repayment periods can vary from one lender to another. Most lenders offer repayment terms of between one and five years. However, you will find some that offer up to seven or even ten years. The longer your repayment period the lower your monthly repayments on your unsecured personal loan will be, as you will be able to spread your payments over a longer term.
You can use your personal loan for just about any purpose, and amongst the more common reasons for taking out one are for a holiday, to fund a special event such as a wedding, to pay for a college course, to purchase a new vehicle, and even to cover the cost of Christmas. You should always ensure that you can afford the repayments on a personal loan before you make your application - if you find that you cannot afford repayments and you therefore default your credit rating will be badly damaged, which will affect your ability to get credit in the future.
The easiest way to compare different deals is to use the Internet, as you can browse and compare different loans from the comfort and privacy of your own home. You can also make your application for an unsecured loan online, which will enable you to enjoy ease, convenience, and speed. The rates are generally fixed, which means that you can enjoy the same repayments over the term of your loan, so there are no repayment fluctuations to worry about. When you take out a loan you should make sure that you read the terms and conditions before you make any commitment so that you know exactly what you will be paying over the term and you can familiarize yourself with any applicable charges in place.
Basic Tips on Personal Finance
Do you ever wonder where your money goes every month? Does it sometimes seem as though you cannot afford to do things because your financial obligations are holding you back? If you find that you are asking yourself these sorts of questions, perhaps you should take a look at your financial situation and assess whether you are practicing good personal finance management or not. Good personal finance management spends within their income, plan for the future and solve financial problems as they arise. Poor personal finance management pay more, do without and fall behind. If you find yourself in the second category, you can do something about it. You can learn to take charge of your finances by planning your personal finances.
Planning your personal finances doesn’t always come naturally, and even if you’re just beginning to take your financial matters seriously, then you likely need a few personal finance tips.
Evaluate your current financial situation. One of the most important goals for most people is financial independence. Collect accurate information about your personal financial situation. Calculate your net worth which includes the real estate, saving and retirement accounts, and all other assets. This will help you decide how much money you can set aside for meeting future needs and goals.
A basic personal finance tip is to make a budget. A personal finance budget is information made up of your income and expenses and the more accurate this information is, the more likely you are be able to meet your goals and realize your dreams. A personal finance budget should be made for at most one year at a time and include a list of your monthly expenses.
All expenses must be included. To be sure of that go through all your paid bills, check register and credit card receipts to find expenditures that recure every month and expenditures that happen less frequently. Personal finance budgeting requires some small sacrifices. To be able to make good personal financial decisions and set priorities, you must know where your money is actually going. Start your budget and accomplish your goals.
Get an electronic bill pay. This is a very convenient way to pay your bills. You pay them electronically, by direct withdrawal from your bank account. The transaction is processed immediately. You can even link your bill pay service to your personal finance budget, so that your expenditures are automatically entered in the appropriate category. Personal financial management can be really easy.
Make an investment and finance plan. Now that the fundamental state of your personal financial security has been established, the time has come for the more prosperous part of your personal financial life. You need to make a personal finance plan of what you really want in life that money can buy. Your personal financial plan can be as simple or as detailed as you want it to be. Find out how to finally start to implement this plan and get the money to finance it. This is the long term part of your financial. This journey is the most interesting and exciting part of personal financing you can have toward financial freedom.
You can prepare for a secure personal financial future by following these simple tips. When you take control with your money, you don’t have to worry about debt taking control of you.
Do you ever wonder where your money goes every month? Does it sometimes seem as though you cannot afford to do things because your financial obligations are holding you back? If you find that you are asking yourself these sorts of questions, perhaps you should take a look at your financial situation and assess whether you are practicing good personal finance management or not. Good personal finance management spends within their income, plan for the future and solve financial problems as they arise. Poor personal finance management pay more, do without and fall behind. If you find yourself in the second category, you can do something about it. You can learn to take charge of your finances by planning your personal finances.
Planning your personal finances doesn’t always come naturally, and even if you’re just beginning to take your financial matters seriously, then you likely need a few personal finance tips.
Evaluate your current financial situation. One of the most important goals for most people is financial independence. Collect accurate information about your personal financial situation. Calculate your net worth which includes the real estate, saving and retirement accounts, and all other assets. This will help you decide how much money you can set aside for meeting future needs and goals.
A basic personal finance tip is to make a budget. A personal finance budget is information made up of your income and expenses and the more accurate this information is, the more likely you are be able to meet your goals and realize your dreams. A personal finance budget should be made for at most one year at a time and include a list of your monthly expenses.
All expenses must be included. To be sure of that go through all your paid bills, check register and credit card receipts to find expenditures that recure every month and expenditures that happen less frequently. Personal finance budgeting requires some small sacrifices. To be able to make good personal financial decisions and set priorities, you must know where your money is actually going. Start your budget and accomplish your goals.
Get an electronic bill pay. This is a very convenient way to pay your bills. You pay them electronically, by direct withdrawal from your bank account. The transaction is processed immediately. You can even link your bill pay service to your personal finance budget, so that your expenditures are automatically entered in the appropriate category. Personal financial management can be really easy.
Make an investment and finance plan. Now that the fundamental state of your personal financial security has been established, the time has come for the more prosperous part of your personal financial life. You need to make a personal finance plan of what you really want in life that money can buy. Your personal financial plan can be as simple or as detailed as you want it to be. Find out how to finally start to implement this plan and get the money to finance it. This is the long term part of your financial. This journey is the most interesting and exciting part of personal financing you can have toward financial freedom.
You can prepare for a secure personal financial future by following these simple tips. When you take control with your money, you don’t have to worry about debt taking control of you.
Helpful Hints On Personal Loans
Are you thinking of taking out a personal loan! If the answer is yes then you have to ask yourself some questions first. This will make sure that the loan you choose is the right one to suit your needs.
Below are some of the most common questions you should be asking.
Do I really need a personal loan?
You have to ask yourself if the purchase you are about to buy is necessarily, as you may have this debt for a year or two.
Can I afford to takeout a personal loan?
This is properly the most important question you will have to ask yourself, debt advisers says that a non- mortgage monthly repayment debt should not be anymore than 5% of your net income. This is the total you walkout with after tax, say you take home £2000 a month then the most you should be paying back is about a £100 a month.
How much should I borrow?
Most lenders offer a cheaper APR on a larger loan; each lender has their different levels of interest rates and will change them with accordance to how much you borrow. Sometimes it’s best to up your loan just a small bit to get the best interest rate.
For example maybe you only want a loan of £4.500 your APR maybe 10.5% but if you go for a £5,000 loan the APR drops to 9.6%. So over all you may end up saving by taking out a bit more just something to watch out for.
Where do I go for a personal loan?
Most people think of the bank first nothing wrong with that, but know there are so many places to look. Everywhere you turn you see adverts for loans including the newspapers, TV, mail, supermarkets and the Internet. The competition at the moment from the lenders is great; they all want your business so there are some great deals on offer. You just have to look for them take your time and you are sure to get the best deal around
Will I be covered if I become ill or unemployed?
Most lenders will have PPI (payment protection Insurance) please check the policy carefully and ask questions. As not all these policies will cover you and they can be expensive, sometime it’s best to shop around for a different policy.
Can I pay my loan off early?
Yes you can and unbelievably 60% of people do, again check with your lender as some add on penalties for paying off your loan early. Some lenders charge two or three months interest unbelievable but true.
What happens if I get turned down for a loan?
First check why is it because your credit rating is poor or is it because you’re asking for too much money. If your income is low you may be asking for too much, if this is the case reduce your request. If it’s poor credit rating check out why and try and sort that out first, before you reapply
Hopefully these answers will help you, just remember workout what you need the loan for first, then make sure you can afford to make the repayments. Take your time when looking for your personal loan, as there are some great deals out there at the moment.
Are you thinking of taking out a personal loan! If the answer is yes then you have to ask yourself some questions first. This will make sure that the loan you choose is the right one to suit your needs.
Below are some of the most common questions you should be asking.
Do I really need a personal loan?
You have to ask yourself if the purchase you are about to buy is necessarily, as you may have this debt for a year or two.
Can I afford to takeout a personal loan?
This is properly the most important question you will have to ask yourself, debt advisers says that a non- mortgage monthly repayment debt should not be anymore than 5% of your net income. This is the total you walkout with after tax, say you take home £2000 a month then the most you should be paying back is about a £100 a month.
How much should I borrow?
Most lenders offer a cheaper APR on a larger loan; each lender has their different levels of interest rates and will change them with accordance to how much you borrow. Sometimes it’s best to up your loan just a small bit to get the best interest rate.
For example maybe you only want a loan of £4.500 your APR maybe 10.5% but if you go for a £5,000 loan the APR drops to 9.6%. So over all you may end up saving by taking out a bit more just something to watch out for.
Where do I go for a personal loan?
Most people think of the bank first nothing wrong with that, but know there are so many places to look. Everywhere you turn you see adverts for loans including the newspapers, TV, mail, supermarkets and the Internet. The competition at the moment from the lenders is great; they all want your business so there are some great deals on offer. You just have to look for them take your time and you are sure to get the best deal around
Will I be covered if I become ill or unemployed?
Most lenders will have PPI (payment protection Insurance) please check the policy carefully and ask questions. As not all these policies will cover you and they can be expensive, sometime it’s best to shop around for a different policy.
Can I pay my loan off early?
Yes you can and unbelievably 60% of people do, again check with your lender as some add on penalties for paying off your loan early. Some lenders charge two or three months interest unbelievable but true.
What happens if I get turned down for a loan?
First check why is it because your credit rating is poor or is it because you’re asking for too much money. If your income is low you may be asking for too much, if this is the case reduce your request. If it’s poor credit rating check out why and try and sort that out first, before you reapply
Hopefully these answers will help you, just remember workout what you need the loan for first, then make sure you can afford to make the repayments. Take your time when looking for your personal loan, as there are some great deals out there at the moment.
Personal Loan Mistakes And How To Avoid Them
If you are thinking about taking out a personal loan, then there are a number of things you should be aware of before signing anything. Although personal loans can be extremely useful for paying off debts or improving your cash flow, if you make mistakes then you can end up in financial trouble. If you know about these common personal loan mistakes and how to avoid them then you will find the right loan for your needs.
Getting too many quotes
Although shopping around for your loan is important, you should also remember not to get too many detailed quotes from lenders. Every time you apply for a loan or get a detailed quote, the lender in question has to pull up your credit report. If you credit report is continuously being looked at or loan applications turned down, then your credit rating will suffer. This will affect your chances of getting the loan that you want. Shop around as much as you want to compare prices and interest rates, but do not make applications until you are sure the lender is the right one for you.
Hiding financial problems
It may be tempting when applying for a loan to hide your past financial problems, or to stretch the truth when it comes to your earnings. If you do this it is likely to end up with you being refused for a loan, or even being in trouble for giving false information. If you have had credit problems in the past and have recovered from them, this is often seen as a positive sign because lenders can see that you honour your commitments and are able to get yourself out of problems. If you are honest then you will get more competitive terms and will not get yourself into legal trouble.
Borrowing more than you can repay
One of the most common mistakes people make is to borrow more than they can repay. This is especially true if you get a secured loan, because the lender is less concerned if you pay or not as they have some collateral in place. You need to be honest with yourself and work out a strict budget. Only agree to a loan that you know you can pay back not only now but when times are hard. If you do this then your loan will help you improve your financial status rather than to make your problems worse.
Believing in promotional advertising
When taking out loans, too many people focus on the promotional interest rates that companies offer. Although these interest rates seem like an amazing deal, you rarely end up being eligible for such a low rate. Even if you can get a very low rate, there are often hidden charges to consider that are not mentioned. Instead of looking at APR, look at how much you have to repay in total, as this is the more important figure. If you go to a responsible lender then their fees and charges should be transparent and clear, and you will get a deal that will suit your needs and not leave you paying more than you should be.
If you are thinking about taking out a personal loan, then there are a number of things you should be aware of before signing anything. Although personal loans can be extremely useful for paying off debts or improving your cash flow, if you make mistakes then you can end up in financial trouble. If you know about these common personal loan mistakes and how to avoid them then you will find the right loan for your needs.
Getting too many quotes
Although shopping around for your loan is important, you should also remember not to get too many detailed quotes from lenders. Every time you apply for a loan or get a detailed quote, the lender in question has to pull up your credit report. If you credit report is continuously being looked at or loan applications turned down, then your credit rating will suffer. This will affect your chances of getting the loan that you want. Shop around as much as you want to compare prices and interest rates, but do not make applications until you are sure the lender is the right one for you.
Hiding financial problems
It may be tempting when applying for a loan to hide your past financial problems, or to stretch the truth when it comes to your earnings. If you do this it is likely to end up with you being refused for a loan, or even being in trouble for giving false information. If you have had credit problems in the past and have recovered from them, this is often seen as a positive sign because lenders can see that you honour your commitments and are able to get yourself out of problems. If you are honest then you will get more competitive terms and will not get yourself into legal trouble.
Borrowing more than you can repay
One of the most common mistakes people make is to borrow more than they can repay. This is especially true if you get a secured loan, because the lender is less concerned if you pay or not as they have some collateral in place. You need to be honest with yourself and work out a strict budget. Only agree to a loan that you know you can pay back not only now but when times are hard. If you do this then your loan will help you improve your financial status rather than to make your problems worse.
Believing in promotional advertising
When taking out loans, too many people focus on the promotional interest rates that companies offer. Although these interest rates seem like an amazing deal, you rarely end up being eligible for such a low rate. Even if you can get a very low rate, there are often hidden charges to consider that are not mentioned. Instead of looking at APR, look at how much you have to repay in total, as this is the more important figure. If you go to a responsible lender then their fees and charges should be transparent and clear, and you will get a deal that will suit your needs and not leave you paying more than you should be.
3 Tricks To Saving Money On Public Liability Insurance
In an increasingly litigious society, public liability insurance has become very important for business, charities or event organisers. As the liabilities are potentially very large, even against one person let alone thousands of people visiting your premises, premiums for public liability insurance can be astronomical. Some industries even find it very difficult to find insurance at all like construction and nightclubs. Once you have managed to find insurance there are ways to reduce your cost from the original price quoted. Here we have discovered 3 tricks that will ensure you will not overspend on public liability insurance.
Immediately increase your excess
Often, public liability insurance is a requirement to work in your industry, for instance, banking, finance, money lending. In these industries premiums are high but the chances of ever needing to use your insurance are minimal. This is because of the number of risk mitigants that need to be put in place before you can even go into business.
One of these layers of protection will be to keep the excess fee in its entirety and in trust. This may seem like you are spending money, not saving money but you do not part with that excess until a claim is made and you will save so much money on your premiums that within a year a massive saving is made in total.
The chances you will ever need to use your insurance is slim. Increase your excess to the highest you can make it. In some cases by raising the excess can save you hundreds of thousands of dollars.
Apply through an association
Join an industry association or even your local chamber of commerce. These organizations have numerous member benefits that include reduced insurance premiums. This has occurred as national associations or bodies are able to negotiate wholesale rates with insurers due to the number of members they have.
This means you get the best rate available for public liability insurance. These rates can be up to 30% lower than making a retail application. A 30% reduction in premiums represents a massive saving in relation to public liability insurance and ultimately costs your business will have to bear.
Limit your client exposure
Public liability insurance covers you for any incident that occurs with a member of the public. By limiting the amount of exposure your business has to clients then your premiums will be greatly reduced.
The larger your office space, the larger your shop floor, the more staff you have, the more clients you have, the larger your premiums will be. You don’t want to go out of business but there are steps you can take. If you move to smaller premises, or decide to move your business online then you immediately limit your client risk. This will immediately drop your public liability insurance premiums.
Naturally, if you want to organize a music festival you will have to bear the associated cost of insuring the people who attend. If you can limit your client risk, in any way, you will save a lot of money.
Professional Liability Insurance for Business
Contrary to popular belief you don’t have to cause severe injury to a patient to face a serious law suit as a consequence of your actions or failure to act. As “little” as not following standards of care, indifference (as “little” as failing to recognize a need for help), or abandonment (as “little” as failing to return a phone call) can be reason enough to be held liable in court should any damages occur as a result.
Even though medical assistants are dependent practitioners who work under the supervision of the physician and the physician is responsible for their actions, it does not exonerate them from risk of individual liability.
It Is Not True That Medical Assistants Are Not Being Sued!
Each health care provider, practitioner, and allied health professional, including the medical assistant is responsible for his or her own negligent acts, since malpractice is defined as “the negligent act of a person with specialized training and education.”
Medical malpractice is a very serious offense because of the breach of trust in the patient/doctor relationship and its severe consequences to the victim’s life. Doctors, nurses, paramedical, and allied health care professionals are expected to do everything they can to restore health and promote healing, not to cause harm!
Unfortunately, mistakes, oversights, accidents, slips, mix-ups, errors, or irresponsible acts do happen. They usually occur when least expected and some of these unfortunate events may cause harm to the patient! When serious “slip-ups” happen, they have profound effects on people’s lives. Malpractice events place unexpected hardship on families who suddenly find themselves overwhelmed with emotional and financial burdens. Some consequences of a mistake my be temporary, but some victims may be permanently affected by their injuries. Some may have long-term medical expenses, some may never be able to return to their jobs; yet others may not survive. Nothing is more difficult and painful than losing a loved one, and when the death resulted from someone else’s negligence the family’s devastation over the loss is doubled.
As more patients, their friends and malpractice lawyers become aware of the role of the medical assistant, they also see a potential malpractice target if they believe they have received a poor standard of care. Injured patients, either on their own, or encouraged by family members, friends, or their attorneys, wind up taking their cases to the courts.
Situations involving injuries or damages that generations ago would have been ignored by the injured person are now regularly the basis for lawsuits. Liability has become a major risk not only for the physician but also for allied health care professionals working under their direct supervision, such as the medical assistant. As in any legal proceedings, when a medical malpractice law suit is filed as many people as possible will be named.
The Law on Tort or Negligence:
Tort or negligence law imposes a minimum level of due care on all persons in their interactions with others, including people who choose to volunteer. Negligence is generally considered failure to act with the prudence that a reasonable person would exercise under the same circumstances
Respondeat superior is a legal term that stands for “let the master answer”. It is a long established doctrine that applies when a master acts through the servant to accomplish the master’s task. What this is referring to is the fact that, under specific circumstances, an employer (or master) is legally liable for the actions of his or her employees (servants) while in the course of their employment. The actions of the servant are imputed to the master.
Example:
If the servant is the medical assistant, and he/she acts negligently carrying out his/her in the medical office, he/she is directly responsible for the negligence, while the master, who would be the doctor, is vicariously liable for the servant’s actions.
Requirements For A Successful Suit In Negligence Include:
Negligence in a medical office is a failure in a doctor’s, nurse’s, paramedical, and other allied health care professional’s duty to patients and it implies a standard of conduct!
Duty requiring a person to conform to a standard of conduct that protects others from unreasonable risk of harm
Breach of that duty (i.e., the person’s failure to conform to the standard of conduct)
Causal connection between the breach of the duty and the resulting injury
Resulting injury or damage which results in measurable physical, emotional or economic harm
Malpractice Insurance — Not Such a Bad Idea!
One of the most important employment benefits is good malpractice and professional liability insurance. Every medical assistant should be encouraged to make sure they have adequate insurance coverage when working in a medical office, walk in clinic, or any other treatment facility.
However, it is not enough to accept insurance under the employer’s policy as a rider and assume this is adequate protection in case of a lawsuit. Medical assistants should insist on their own personal policy, either through their employer or on their own!
Having Malpractice and Liability Insurance Means:
The reason for having a working malpractice and professional liability insurance policy is simple: protection and peace of mind! Regardless whether a medical assistant is covered under the employer’s policy, he or she may still be liable for his or her own negligence and may be responsible for all or part of a plaintiff’s award or settlement. In some cases the employee (the medical assistant) may have to compensate the employer (the doctor) who has paid damages to the claimant.
A medical assistant can either assume that liability, that is paying damages awarded to the claimant in case of a lawsuit him or herself, or buy an insurance policy to transfer that risk. Insurance companies accept the transfer of risk in exchange for the payment of premiums.
Therefore, whether as a student on externship, or as a professional working under a physician, medical assistants should get their own malpractice and professional liability insurance policy! It is really worth the cost and effort; and actually, considering the consequences of a successful lawsuit by an injured patient, malpractice insurance really doesn’t cost that much at all!
Analyzing Your Employer’s Policy:
How much you pay for your insurance premium depends on your responsibilities, the location of your practice setting and the limits of liability you choose. If your employer insists that you are to be covered under their policy (rider) and you can’t afford to purchase your own personal policy, ask the employer for a copy of the certificate of insurance for your analysis. Here is a checklist of items to use when analyzing your employer?s policy:
Are you listed by name on your employer’s policy?
Are legal costs included in the limits of liability, or will they be paid in addition to policy limits?
If a malpractice claim is filed against you, will this professional liability policy pay legal fees and court costs in addition to your policy limit, even if you are not liable for the charges brought against you?
If you decide to change employers and are covered under a claims-made policy, will your former employer be responsible for paying the cost of the tail coverage?
Is this policy available in all 50 states?
If you answered NO to any of these questions, investigate purchasing your own individual policy through one of the many malpractice and professional liability programs available.
Last but not Least: Volunteer Work!
Should you ever decide you want to volunteer, or work at a part-time position, or even do private duty, since many medical assistants also function as home health aides or CNAs in additional to their full-time position, an individual policy covers you while on duty in both positions and under the various circumstances.
If you accept a position and then decide you want to take a position somewhere else, your individual coverage follows you to your new position, even if your previous employer paid the premiums for your coverage. However, realize that your previous employer may request reimbursement!
There even is a way to eliminate gaps in coverage by requesting prior acts coverage. This gives the insured retroactive coverage to cover those events that may have already occurred but have not yet been reported, in other words, it provides coverage for all acts that occurred before the policy was issued! Did you know that?
In Closing — Remember This:
Protect yourself and your future and strive to function within the parameters of your state licensure laws!
Document, Document, Document!
Complete and careful record keeping is critical to protect the patient, the employer, and yourself. Each aspect of the medical encounter — personal and family histories; allergies to medications, medications administered and prescribed, physical exam findings, imaging and lab test results, discussions with patients, including specific advice given, procedures performed during course of the visit — should go in the patient record along with the date and initialed by the provider, nurse, or medical assistant.
State personal income and per capita personal income, 2002 - Illustration
THIS article presents the preliminary estimates of state personal income and state per capita personal income for 2002. (1) The article begins with a discussion of state personal income for 2002, continues with a discussion of state per capita personal income for 2002, and concludes with a discussion of state personal income for the fourth quarter of 2002. Table 1 at the end of this article presents the estimates of personal income and per capita income by state and region for 1997-2002. Table 2 presents estimates of disposable personal income and per capita disposable personal income by state and region for the same period. Table 3 presents the quarterly estimates of personal income for each state and region, beginning with the first quarter of 1999. Table 4 presents the quarterly estimates of personal income by major source and of earnings by industry, beginning with the second quarter of 2001.
State personal income
In 2002, personal income growth accelerated in 14 states; in 2001, growth had accelerated in only 2 states. Growth in personal income for the Nation decelerated in 2002 because some of the largest states were among the slowest growing. The 10 slowest growing states–which included New York, California, and Texas–accounted for 43 percent of total state personal income, whereas the 10 fastest growing states accounted for only 6 percent (chart 1 and table A).
The estimates of state personal income are prepared by the Regional Economic Measurement Division.
The growth in personal income for the Nation slowed for the second consecutive year–to 2.8 percent from 3.3 percent in 2001 and 8.0 percent in 2000. (2) In the Nation and in 17 states, personal income grew at its lowest annual rate in over 30 years. Prices paid by consumers, as measured by the chain-type price index for personal consumption expenditures, also increased at one of the slowest rates in many years. This index rose 1.4 percent–the second slowest increase since 1963–down from increases of 2.0 percent in 2001 and 2.5 percent in 2000.
Personal income growth by component. The slowdown in total personal income growth in 2002 reflected decelerations in net earnings (earnings by place of residence) and in dividends, interest, and rent. Transfer payments grew slightly faster than in 2001, reflecting a large increase in unemployment benefit payments. Earnings in both farms and manufacturing declined, and earnings in most other industries slowed. A decline in interest income partly offset increases in dividend income and rental income.
Transfer payments grew 10.1 percent in 2002 after growing 9.4 percent in 2001 (table B). The pickup was largely the result of a near doubling of unemployment benefit payments. These payments more than doubled in 14 states and the District of Columbia, and they increased by less than 50 percent in only I state, Montana.
Net earnings grew 1.9 percent in 2002, down from 2.4 percent in 2001 and 7.8 percent in 2000. Earnings decelerated in 26 states; the deceleration in net earnings was not as widespread as in 2001, when net earnings decelerated in 46 states. Net earnings declined in New York and Massachusetts, the decline in New York was the first since 1949.
Property income (dividends, interest, and rent) increased 1.0 percent in 2002, down from 2.4 percent in 2001 and 10.6 percent in 2000. The slowdown in growth is attributable to a 1.2-percent decline in interest income that was due to low interest rates. Dividend income grew 6.0 percent, and rental income grew 3.3 percent. Interest income decreased and dividend income increased in all states. Rental income increased in all states except North Dakota.
Earnings growth by industry. For the Nation, earnings by place of work increased 2.0 percent, down from increases of 2.5 percent in 2001 and 7.7 percent in 2000 (table C). Government, especially military, contributed the most to earnings growth, followed by services. All the other industries contributed substantially less to earnings growth. Earnings in both manufacturing and farms declined (table D).
Growth in government earnings contributed the most to total earnings growth in 26 states, and services contributed the most in 21 states. In Iowa, farms contributed the most to earnings growth. In New York, a large decline in finance, insurance, and real estate more than offset growth in services and government. In Massachusetts, a large decline in manufacturing and smaller declines in transportation and public utilities, wholesale trade, and services offset growth in the other major industries.
State per capita personal income
For the nation, per capita personal income grew 1.7 percent, the first year since 1958 that per capita personal income growth was below 2 percent. Personal income grew 2.8 percent and population grew 1.1 percent (table A). (3)
The states with the fastest growth in per capita personal income were led by North Dakota, Montana, and Louisiana, each of which grew by more than 4 percent. The states in the top quintile tended to be relatively small, have below-average population growth rates, and have above-average shares of earnings in farms and mining (chart 2). Six of the slowest growing states, including California and Texas, were among the 10 states with the fastest growth in population. Nevada is notable because its population grew 3.6 percent, or more than three times the national average.