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Product Disclosure Statements – what are they?

Do you know what a product disclosure statement (PDS) is?

Many people now use them, and various companies refer to them in their advertising, but from personal conversations about things I write, I know many people don’t know what the term means.

A PDS is simply a document listing the key features of financial products are described; it is the little booklet you got about your savings account, insurance policy, super account and so on. Basic topics covered by a PDS include fees, options, inclusions and joining/buying the product.

There are variations between industrires and companies but generally the company has to make a PDS available before you buy their product – they can’t make you read it obviously but they must have allowed you that opporutnity.

A PDS is a point of reference when deciding between products and when you need to know something later (eg does my house insurance cover rising water or just floods?) Many PDSs are long and may not be visually appealing, but they are worth holding onto.

Risk acknowledgement

How often do you consider the risk of running a business?

As much as we’d love business to be about profits and perhaps doing what we love, there are also risks to running a business and ignoring those risks can lead to all sorts of problems. Acknowledging risks, however may mean yu can reduce the likelihood of them occurring and allow you to plan ahead to make dealing with a risk easier.

Here are some risks you may want to look at for your business:

Protecting your business

I just found this great blog post about protecting your business. I’ve read about doing back ups many times, and even have back up systems in place :), but I haven’t thought about all of the insurance issues Michelle mentions in her post.

And having our power go on and off for the last twelve hours (I have literally started this post three times to have it stop every time. This time I am saving after every sentence, lol!) I am more conscious of the possibility of having problems – it doesn’t have to be a bush fire or cyclone to destroy your business.

I’m not sure about the tax situation here – she is writing about the USA so it may be a little different here of course but it’s still an interesting thought – how would you spend any business insurance money? Would you pick up where you left off, or would you start something altogether new?