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What reason for transferring loss is most important for liability insurance?
Wiki User
∙ 12y ago
absolute liability
Wiki User
∙ 12y ago
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Can an insurance company that issued a general liability policy send a bill pursuant to an audit and request additional premiums on a policy that expired 6 months earlier?
Yes many Liability Policy are subject to audits which occur on policies after the term dates. The reason for this is that the original policy premium is generally based on estimates of of the exposure basis (i.e. payrolls, receipts, etc.) The insurance company is entitled to audit at the end of the policy term to adjust the premium to reflect the actual exposures.
What is an average price for liability insurance for small businesses?
Commercial Liability insurance is based on the industry that the company is involved in and it usually is based on payroll. Some industries are based on other factors but in most cases its payroll. For this reason, I can't really give you an accurate number for this and no one else can either. If you don't have any employees except yourself, and you have a business that doesn't provide any real extraordinary risk factors, I guess you could estimate your CGL at between $500-$1000 per year.
Example Of Unlimited Liability?
The definition of Unlimited Liability should give you a clue into what it refers to.The liability of the owner of a business for all the obligations of a business. An owner's personal assets (private home, etc) can be seized in order to pay any debts incurred by the business he owns. The placement of personal assets at risk is a great disadvantage of proprietorship and general partnerships. The ability to limit the amount of liability an owner is subject to is a major reason for the formation of corporations and limited partnerships.
Why is the corporation the favorite form of business organization in the US?
From a tax standpoint, there are some benefits for a small business to form a corporation, of course there are different forms of corporations and the benefits differ. The primary reason and benefit in forming a corporation is the limited liability involved. A corporation is like an individual taxpayer or person in that if the corporation is sued from some reason and don't have enough insurance to cover the loss, the suit cannot generally take the assets of the business owners except for the value of their ownership in the business. A business owners home and family are protected from attachment due to this issue. They may loose their business but not everything in their life.
How do you report third party sick pay on form 941?
I just received a letter from the IRS stating that line 10 does not match total liability for the quarter (schedule B). Third party sick pay is the reason for such but I'm not sure how to report it.
Why Tenants Liability insurance?
The property Owners Liability Insurance does not extend coverage to a Tenant. This is one reason a tenant might want to buy their own tenants liability coverage for their own protection.
Do you know what Illinois liability car insurance ?
Illinois liability car insurance varies per customer. It varies depending on experience, age, history and vehicle. For this reason, it will be different for everyone
How can you find out if a business has public liability insurance?
You can try asking them. Failing to get an answer you'd have to file a suit against the company for injury or loss before there would be any compelling reason to disclose to you whether they do or do not have liability insurance.
Why does Louisiana require liability insurance?
Louisiana Liability Insurance RequirementLouisiana requires liability insurance for the same reason that all other states require it. The law is there to make sure citizens have a reasonable chance to be reimbursed for damage to their property and or injury and death from the at-fault driver in an accident. One of the requirements that society places on the privilege to operate a motor vehicle on our roads is that you have the ability to pay for the damage you cause in the operation of that vehicle. You make this guarantee by purchasing liability insurance to cover your mistakes.
For induction to occur What is necessary?
There are many reasons why it is necessary for induction to occur. One very important reason is transferring of heat.
Would a sleep lab need professional liability insurance?
If your not administering drugs I could see no reason why a sleep lab would need professional liability. Are you concerned you might be sued if you let someone oversleep?
Why is a life insurance license important?
The only reason someone needs a life insurance license or certification is to be able to sell this type of insurance.
Can you take out an insurance policy on your grandson with out his consent?
I can't think of a reason why not. If you want to pay someone to insure something (or someone) they should let you. I suppose it really depends on exactly what the insurance policy is (life insurance, auto insurance, some other general liability insurance). Check with the specific insurance company about the specific type of insurance for an exact answer.
Is brand recognition important when choosing a homeowner insurance agent?
Yes, brand recognition is important when choosing a homeowner insurance agent. The reason is they are more reliable and they are regulated by the government
What are the benefits of Vauxhall car insurance?
There are a few benefits to Vauxhall car insurance. The singularly most important reason to get this car insurance is the low price but alternatively low coverage.
Do you need yearly liability insurance if you have a seasonal business?
I would say that you need a policy for the entire year. The reason I say this is because of claims purposes. A general liability policy can be a reasonable premium for the year. I have several markets with competitive rates now so they are out there.
I need cheap car insurance, so should I just purchase liability coverage, or go with full coverage?
If the car you have is new, it is safer to go with full coverage. If it is old there is likely little reason to bother paying for more than liability coverage.
