This guide explains the DMV point system, detailing how points are added for various traffic violations, how long they stay on your record, and their impact on your insurance premiums. Learn tips to reduce points and stay safe on the road.
The multiplier method is a popular approach to valuing businesses based on industry standards. While it’s not suitable for all businesses, it can provide a useful benchmark for those with recurring revenues.
Avoid insurance claims with your appliance repair business. Here are some tips to help you keep your business running like a well-oiled machine.
Deepfake technology is a type of artificial intelligence that can be used to create realistic and convincing videos or audio recordings of people saying or doing things they never actually said or did. This technology has the potential to be used for a variety of purposes, both good and bad.
Teamwork is essential for businesses to achieve their goals and objectives.
America is on the move. With many employers required or volunteered to offer their employees to work from home and with the telecom availability, people are leaving their more expensive cities and houses, and moving out to cheaper places. In San Francisco, for instance, the exodus is so big, it’s a major news headline every other day with a special vacancy / rent reduction coverage once a week on all media outlets.
Moving can come with a lot of stress. Not only do you have to figure out moving costs, pack and orchestrate the movers, but you also have to update your address across all relevant forms. Two important things to pay special attention to during this time are your auto insurance and home insurance.
No one wants to spend hours getting new insurance quotes or transferring over insurance information, but doing so will protect you, your home, and your vehicle during and after your move. Here, we’ve answered the most common auto and home insurance questions to help cover your bases during your upcoming move.
Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.
According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.
Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.
Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage
A 2014 report (Financial Literacy and the Success of Small Businesses: An Observation from a Small Business Development Center) showed that half of the small businesses weren’t reviewing their financial statements. And of that 50%, 86% were experiencing financial difficulties. Why?
Businesses weren’t reviewing their statements … because they didn’t understand the financial jargon.
If you struggle to understand the financial lingo, this list of common financial terms and definitions may help. Use it as a reference while you’re working with your accountant or while going over your books each week.
Accounts payable is also called trade payable. It refers to the total invoices for goods and services a business has received but has yet to pay. They’re usually due for payment within 15 to 45 days. In short, this is money your business owes to other businesses.
Accounts receivable is the amount of money a company has to claim or has invoiced. It is from having sold goods or rendered services to its customers. This is what other businesses or customers owe your business.
Accrued expenses are expenses that a business has incurred but has yet to pay. This is because either the invoices have not yet been received or the payments aren’t yet due.
Examples of accrued expenses include interest on loans and taxes incurred. Salaries your employees earn up to the period of reporting but aren’t due for payment until after the report is prepared are also accrued expenses.
An asset is any item your business owns that is of fiscal value and is expected to benefit the business in the future.
Read More »Financial Speak 101 for Small Business Owners: A Pocket Dictionary of Financial Words
As always with construction projects, it is important that owners of new developments understand insurance coverage to ensure that there is adequate insurance to address any potential risks during and after the construction of the project. While most owners maintain commercial general liability policies or rely on project-specific policies, these policies may not fully protect the owner against any and all risks that they may face during and after construction. This article addresses two unique areas in which owners should take special note to ensure that they are covered for these particular risks: third party action over claims and products-completed operations coverage.
Owner contracts with Roofer to assist in the construction of the roof of a commercial building. During construction, Roofer’s employee falls and injures himself on the project site and collects workers’ compensation benefits under Roofer’s workers’ compensation policy. Typically, Owner would not consider any risks with respect to this injury as Owner required Roofer, in the subcontract, to maintain workers’ compensation insurance. However, despite receiving workers’ compensation benefits, Roofer’s employee files an action against Owner alleging negligence for failing to properly maintain a safe work site.The action filed by Roofer’s employee is considered a third party action over claim. The employee is unable to sue Roofer because workers’ compensation is the employee’s exclusive remedy against his or her employer. Thus, the injured employee brings an action against Owner alleging that Owner’s negligence in failing to maintain the project site contributed to the employee’s injuries.
Read More »Potential Exposures for Construction Owners