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Are accountants required to maintain professional liability insurance?
Wiki User
∙ 12y ago
It is not a requirement but having a good professional liability insurance policy in place will give you more credibility in your industry.
If you are an accountant in the employ of another then you should not have a need for a professional liability policy.
If you work as a self employed or a contractor you should carry coverage. Many companies will require you show them your insurance before they will grant you contract work.
Wiki User
∙ 12y ago
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Is bonds payable normally debit or credit?
Bonds Payable would be a liability and therefore normally maintain a credit balance.
What does accounts receivable factoring entail?
Accounts Receivable entails balancing out invoices with cash and helping maintain a better balanced budget. Most people that handle such things are accountants who handle a company's financials.
Do liability accounts increase on the credit side?
Yes, liabilities maintain a "credit" balance, which means they will increase with a credit and decrease with a debit. For example, if you purchase land on credit, the Note Payable is a liability and is increased with the credit. The book transaction may look something like:Land (debit) $50,000Note Payable - Land (credit) $50,000
Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
How much insurance do 18 wheeler have?
All commercial carriers must maintain a minimum of $1,000,000 in liability insurance.
Trucker who carry gas and oil carry how much insurance?
ALL CMVs are required to maintain $1,000,000 in liability insurance.
Effective 100106 all taxicabs are required to maintain the following insurance to register a vehicle in Florida Property Damage Liability must be?
$125,000.00Effective 10/01/06, all taxicabs are required to maintain the following insurance to register a vehicle in Florida:Bodily Injury Liability per person:$125,000Bodily Injury Liability per occurrence: $250,000Property Damage Liability: $ 50,000or Combined Single Limit Coverage: $300,000
Can the lien holder buy car insurance?
A lienholder may purchase what is called Collateral Protection Insurance in the event the debtor fails to provide collision insurance. Remember, the lienholder is not concerned with the liability insurance policy that the state requires. They are only concerned with you maintaining insurance that protects their investment in the vehicle. If you are pulled over by the police, the Collateral Protection Insurance will not be adequate insurance for the polie. The police are looking for you to maintain liability insurance.
Do the laws about car insurance North Carolina say I have to have insurance on my car?
In most states, including North Carolina, you still have to maintain some form of car insurance coverage. If the car is paid off you can drop your policy from full coverage to liability insurance.
Can your car be repossessed if you do not maintain insurance coverage on the vehicle?
An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the legal minimal liability insurance, but also theft, collision and fire insurance. If you are in breach of the loan agreement, your car may be subject to repossession, depending upon the terms of your loan agreement.
Insurance on 1985 peterbilt road tractor?
You would need to get quotes directly from the insurance company. As with insuring your personal vehicle, the insurance rates will vary dependent on the vehicle, and your own driving record. You will be required to maintain $1,000,000 of liability coverage, however - that part doesn't change.
Guide to Cheap Liability Car Insurance?
The term liability is a legal term that refers to a person's responsibility for injury or loss caused to another person or to another person's property. Each person who causes an accident is therefore legally liable for damages done to another person or their property. Liability insurance is coverage a car insurance company provides to its insured clients in the case that the insured causes an accident. Each state in the U.S. has enacted minimum liability car insurance laws that require drivers to pay for and carry liability insurance protecting those whom they may injure from damages. Most states have enacted minimum liability limits for the following: medical costs minimums for a single or multiple passengers property damage minimums The minimum coverage amounts required by minimum liability insurance vary from state to state, but drivers are typically required to pay for and maintain liability car insurance at a minimum. Stiff penalties are also levied on drivers who let their liability insurance lapse or fail to carry proof of that insurance in their vehicle. To obtain cheaper liability car insurance, drivers can follow these rules: Keep a clean driving record, free of speeding tickets, law enforcement traffic stops, and accidents. All of these can cause a driver's car insurance company to increase their liability insurance premium rates. Drive an older, safer vehicle. Car insurance companies rank the cost of car insurance premiums based on a variety of factors, but driving an older, safer vehicle is one of the ways drivers can obtain cheaper liability car insurance. Vehicles with lower horsepower are relatively less likely to be involved in accidents, so the statistics indicate that these vehicles are less risky to insure. Stay free of alcohol and drugs. A single DUI, or Driving while Under the Influence of alcohol or banned substances, can increase your liability insurance premiums dramatically. Cheaper liability car insurance can be researched over the Internet. With a great number of insurance companies, and brokers who represent a wide number of insurance carriers, making their coverage and premium rates available for comparison, consumers are now at a great advantage to shop around and obtain the least expensive liability car insurance.
Why do you need liability insurance on land you do not use?
Liability insuranceIn the Unites States, a landowner can sometimes be held liable for certain occurrences on the owned land. A Landowner is typically NOT held liable for the actions of tenants. This is what Renters Insurance is for. A Tenant can purchase property and liability insurance on a tenants policy. A property owner also is Typically NOT liable for the actions of criminals or others that may have entered your property illegally.So while its a good idea to maintain some type of Liability Insurance for Vacant Land to cover some occurrences where the owner might be liable. One should not presume that the property owner is liable for anything and everything that might occur on the property.
Can you get paid for pain and suffering if you had no insurance but other car was at fault?
If the other driver was at fault and had liability insurance, you may be able to recover these damages. However, many states only require that drivers or registrants of vehicles have property damage liability insurance, which only pays for property damages caused by their negligence. Also, most states require that you sustain a permanent injury to a part of your body in order to maintain a claim for pain and suffering damages. The permanency must be validated by a health care professional. Therefore, without knowing more, it cannot be said with certainty whether you can recover these damages.
Do I have to have my own insurance for jet ski rental or is it offered by the rental agency?
In nearly every case, the company providing a vehicle for rental is required by law to maintain a minimum liability policy of insurance. However, leasing or rental for commercial purposes sometimes require your own insurance depending on details and your state.
Can you go to jail for 4 no insurance tickets?
If you have received a ticket then no you will not go to jail, unless you do not pay the ticket, and in that case you will go to jail. But yes if the officer chooses to he can arrest you for failure to maintain liability insurance. You got a break in your case since you only received a ticket.
