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How to Register a Business Vehicle | Bizfluent

In order to title a vehicle in your company name, you need to have articles of incorporation, an EIN, bank account and proof of insurance. Fees vary by state and county, but all will expect you to provide proof of ownership through a title or certificate of origin. Call your DMV to budget for fees.

Actived: Monday Nov 30, 2020

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What Is Financial Insurance? | Bizfluent

Details: This insurance may be stipulated by the landowners as a condition for accepting the project, as these sorts of policies are clearly a considerable expense — but erecting a building and having faith in the contractors over a two-year build is a considerable risk, too.

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How to Promote an Insurance Business | Bizfluent

Details: In a time when many consumers are turning to the Internet to purchase insurance coverage, it's become more important than ever for insurance agents to spend time and energy marketing their insurance business. Insurance agents offer personalized service and can help consumers navigate the often confusing array of

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Insurance Accounting Basics | Bizfluent

Details: Insurance companies often contract out a portion of their risk by entering into their own contracts with reinsurance companies. The accounting procedures for reinsurance are, as a report from the London School of Economics put it in 1996, a "mirror image of the accounting for the direct insurance."

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Definition of Insurance Management | Bizfluent

Details: Insurance management is a non-technical term used to describe insurance brokers and providers and the insurance products they offer buyers. Insurance providers sell various insurance solutions to business and consumer buyers.

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What Are the Benefits of Insurance to Society? | Bizfluent

Details: Business insurance also serves a greater purpose. Although the government has checks and balances in place to keep consumers safe, if a particular product slips through the cracks, insurance will help pay the costs that come with an injury or death.

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How to Accept Insurance | Bizfluent

Details: Accepting insurance requires more steps than accepting cash or credit card payments; however, your newfound client volume will compensate you for your time. Contact an insurance company. You will have to find information out from them in order to fully understand your capabilities. Find out exactly what cases you can accept insurance for.

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How to Accept Health Insurance | Bizfluent

Details: Francine Richards is a licensed multi-state insurance agent with years of human resources and insurance industry experience. Her work has appeared on Blue Cross Blue Shield websites and newsletters, the Houston Chronicle and The Nest. Richards holds a Bachelor of Arts in communications from the University of Maryland.

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The Average Cost of Insurance for a Commercial Building

Details: Commercial property insurance rates vary based on a whole spectrum of factors. Common variables include the structural integrity and safety factors of the commercial building itself, such as fire-proofing, sprinklers, construction materials and alarm systems, the rate of occupancy and foot traffic at the business site, the business's physical location (high crime rates often make for higher

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What Is Unexpired Insurance? | Bizfluent

Details: If you pay insurance ahead of time, the portion you haven't used yet is "unexpired" in accounting terms. In your initial unexpired insurance journal entry, you report unexpired insurance as an asset. Over time, the asset account shrinks, and the insurance expense account increases.

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How to Get Insured & Bonded for a Business | Bizfluent

Details: Such insurance might include commercial general liability, commercial automobile liability, workers' compensation, product liability and pollution liability. The National Federation of Independent Business can help you determine what insurance you need to protect your business.

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What Is Extended Coverage Insurance? | Bizfluent

Details: Insurance requirements in many contracts and legal documents use outdated wording and incorporate obsolete insurance requirements. As the basic property form already incorporates the perils in the prior extended coverage endorsement, it is a bit of an anachronism to still require property insurance with an extended coverage endorsement.

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What Is a Fein Number in Insurance? | Bizfluent

Details: An insurance company needs a company's FEIN number so it can issue the business a 1099 for insurance payments that have been made. Workers' Compensation. When a business buys workers' compensation insurance, it must present its FEIN number to the workers’ compensation board in its state. The number is used to help obtain and monitor coverage.

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What Is Middle Market Insurance? | Bizfluent

Details: Middle market insurance does not have an exact definition, but it generally describes business insurance for mid-size companies. These companies, referred to as "middle-market" companies, may have total insurance premiums anywhere from $25,000 to $3 million or more in insurance premiums.

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The Role of Insurance in an Economy | Bizfluent

Details: Insurance provides the economic function of distributing risk. An individual pays a premium to an insurance company, which ensures him against a catastrophic event that has a large potential economic cost. Since the catastrophic event is usually rare, the insurance company receives a steady income, and the individual

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The Difference Between Insurance Expense & Insurance

Details: Insurance payable is a debt related to insurance expense. It is a component of a corporate balance sheet, also known as a statement of financial condition or statement of financial position. Insurance payable shows the amount of unpaid premiums that a policyholder must settle at a point in time, such as the end of a month, quarter or fiscal year.

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Embedded Vs. Nonembedded Health Insurance Policy | Bizfluent

Details: Many health insurance policies have deductibles, which is the maximum amount of money you pay out-of-pocket when you go to the doctor. After you have paid this deductible, the insurance company will begin to pay for the medical services you receive.

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What Is Rent Loss Insurance? | Bizfluent

Details: Rent loss insurance, or loss of use coverage, reimburses a landlord for lost rent, but only if the lost rent is associated with a covered claim. However, if your tenants skip town or simply refuse to pay rent, rent loss won't reimburse you. Rent guarantee insurance is a supplemental insurance option that can fill the gap.

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What Is Corporate Insurance? | Bizfluent

Details: Professional liability insurance is a must for companies that provide services in the area of healthcare, law, insurance, consulting, accounting and finance. Depending on the profession and location, the state may even require the corporation to carry professional liability coverage.

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How to Start a Life Insurance Business | Bizfluent

Details: Get your state’s insurance producers license. Every state requires that insurance brokers obtain a producers license before soliciting the sale of insurance products. You must successfully pass your state’s insurance licensing examination, which is designed to test your comprehension and knowledge of the laws and industry guidelines.

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Difference Between an Insurance Agent & an Insurance

Details: An insurance agent is an individual appointed to represent a particular insurance company. An insurance agent may be a "captive," meaning her company prohibits her from representing other insurance carriers, or an independent agent who represents several companies, allowing for greater flexibility to meet client needs.

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What Is Aggregate Insurance Coverage? | Bizfluent

Details: Insurance policies set a limit to how much they'll pay when you file a claim, but they also limit the aggregate insurance coverage they pay out over time. For instance, your company's liability insurance might set a limit of $50,000 per claim and a separate annual $2 million aggregate limit.

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What is an Insurance Vertical? | Bizfluent

Details: Insurance companies assess risk and set rates based on their experience with similar organizations in the same industry. They must understand the risks inherent in an industry and set rates that are sufficient to protect the carrier as well as competitive with other insurance companies.

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What Is Certificate of Liability Insurance? | Bizfluent

Details: A certificate of insurance provides numerous items of information including: named insured, agent/broker issuing the certificate, policy numbers, effective and expiration dates, types of policies, limits of insurance, key coverage details, intent to notify the certificate holder in the event of cancellation and disclaimers of all information therein by the party issuing the certificate.

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How to Insure a FedEx Package | Bizfluent

Details: FedEx handles insurance differently than you may expect. It doesn't deal at all with insurance, but limits its liability to $100 for a damaged or lost shipment. For shipments valued at $100 or less, you simply declare the value and won’t be charged any additional fees. Although still not insurance, FedEx

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What Is the Difference Between Deductible and No

Details: For instance, life insurance policies never have a deductible. That’s because there are never minor incidents; a person either lives or dies, and death is a catastrophic event from an insurance standpoint. The same applies to liability insurance since almost always, such claims are for significant sums of money.

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Differences Between Public Liability Insurance & General

Details: Liability insurance is a form of specialty insurance that covers the insured’s legal responsibilities in a covered event or incident. Liability insurance is most commonly found in auto insurance policies, but you can obtain it for anything from business insurance coverage to homeowners insurance.

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The Definition of Run-Off Insurance | Bizfluent

Details: Run-off insurance exists for the individual or business that no longer offers services. In cases where an individual retires, but the business continues to offer the same services, the business’s indemnity insurance should protect the retiree against claims.

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The Difference Between Individual & Business Insurance

Details: A personal insurance policy can provide coverage for an individual to protect the assets of the business. It can cover expenses if the business owner or other significant employee suffers a disability that prevents him from performing essential duties of the business enterprise.

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How to Get Insurance for a Car Rental Business | Bizfluent

Details: Rental car business insurance is a little bit more comprehensive than your average company. You'll need more than just general liability insurance and workers' compensation insurance. It's important to shop around for the best commercial auto policy, but there are always some add-ons to consider.

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What Is Equipment Breakdown Insurance? | Bizfluent

Details: Car insurance, home insurance and even health insurance are all what you purchase "just in case" something bad happens. Businesses, especially manufacturing businesses, tend to purchase equipment breakdown insurance. This sort of policy helps to protect the business from costs and losses that occur when

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What Is Reduced Paid-Up Insurance? | Bizfluent

Details: Term insurance. This is life insurance for a set period, such as 10 or 20 years. Whole life insurance. This life insurance is designed to last through a person’s lifetime. It accumulates cash value within the policy and premiums are higher than for term policies. Universal life insurance. This life insurance is a hybrid of term and whole life.

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What Is Equipment Floater Insurance? | Bizfluent

Details: Property insurance is known as a first-party coverage in that the parties to the insurance contract are the insured and insurer. There is no third party as in liability insurance policies that cover bodily injury or property damage to others.

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Classes of General Insurance | Bizfluent

Details: Insurance of person is a general class of insurance that covers risks associated with human life and health. A life insurance policy pays the insured’s beneficiary upon his death; health insurance covers a person’s expenses, or portion thereof, as related to illness or an accident.

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The Average Cost of Equine Liability Insurance | Bizfluent

Details: The average cost of equine liability insurance depends on whether it is for business or personal use, the amount of insurance purchased, the type and size of the commercial or personal operation and the number of horses. The prices for various types of coverage from major horse agencies are in the same range. With

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Types of Insurance for Hospitals | Bizfluent

Details: Hospitals purchase insurance policies to protect against catastrophic losses and to mitigate the damages incurred from unforeseen incidents and accidents. Hospital insurance policies can be offered as stand-alone products, or as riders to larger policies. A single, larger policy is more convenient to administer, has

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How to Cash an Insurance Settlement Check | Bizfluent

Details: Cashing an insurance settlement check requires a joint effort among all parties that have a stake in having the insurance settlement check cashed. The policies and procedures to do this will vary among mortgage companies and banks. When you receive a settlement check, call the company you are dealing with to see what

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Definition of Property & Casualty Insurance | Bizfluent

Details: Property insurance covers damages to or loss of property, including homes, autos or luxury items such as jewelry or computers. Casualty insurance is purchased to cover legal expenses incurred from bodily injury or property damage to someone else. Property and casualty insurance is subdivided into two major lines:

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What Is Risk Pooling in Insurance? | Bizfluent

Details: A special form of insurance risk pool is the governmental or public entity risk pool. These risk pools basically work in the same way as insurance company pools. The difference is that instead of being created and operated among insurance companies, these pools are made up of public organizations or governmental units.

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What Is Primary & Non-Contributory Insurance? | Bizfluent

Details: The phrase non-contributory has a less-defined meaning than primary insurance and as such rarely appears in contracts. When used, non-contributory can refer to the primary insurance stepping in and paying up to its contribution limits with any remaining funds coming out of pocket from the insured instead than from the secondary insurance.

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What Is an Insurance Proposal Report? | Bizfluent

Details: An insurance proposal is a proposed idea or solution for a given company that is looking to acquire insurance. This can be business insurance to protect the business against potential customer lawsuits or to provide insurance and health benefits for the employees working for the business.

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What Is an Insurance EMR Rating? | Bizfluent

Details: Their insurance premiums are a lot higher. too. Next, the insurer looks over your claims history. If your company files the average number of claims for your industry, your EMR rating is 1.0. If you made more workers' compensation claims than average, you get an EMR above 1.0. A ranking below 1.0 shows your workplace is exceptionally safe.

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What Is a Contractual Liability Insurance Policy (CLIP

Details: A contractual liability insurance policy provides additional insurance over and beyond a commercial general liability insurance policy. When you or your business enters into a contractual agreement with another business entity, you may be required to carry CLIP insurance in addition to the CGL policy.

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How to Find National Producer Numbers | Bizfluent

Details: Anyone with a state insurance license also gets a unique national producer number. Licenses identify individuals to the state department of insurance. NPNs allow insurance commissioners to keep track of licensees operating in multiple states. You can find them by searching in an online registry.

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What Does Bonded & Insured Mean? | Bizfluent

Details: Dealing with insured professionals reduces the risks. If a contractor has general liability insurance, that pays out if the contractor damages the customer's property. Workers' comp pays if one of the employees has an accident. The property owner's insurance might cover the same events, but filing a claim could increase the rates.

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What Are the Functions of Insurance Companies? | Bizfluent

Details: The function of an insurance company is to assess risk and offer policies to provide financial compensation in case of loss or a claim against you. Different types of business insurance include professional and product liability, property and workers' compensation. Needs vary by type of business.

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What Is Comprehensive Insurance? | Bizfluent

Details: Comprehensive insurance is a type of insurance policy that provides wide-ranging coverage for unforeseen mishaps. It protects the insured person or company from things that happen to their property or business that are beyond their control. The term is most often used to refer to comprehensive car insurance.

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How to Finance an Insurance Book of Business | Bizfluent

Details: If you need funding to purchase a new insurance agency, or expand an existing one, finding appropriate financing sources may be challenging. Perhaps one of the most important factors to commercial lenders is the existence of significant collateral. Unfortunately, traditional lenders, such as major banking

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What Is Garage Liability Insurance? | Bizfluent

Details: Garage liability insurance is a specialized product for auto-focused enterprises that combines the general liability protection of a CGL policy with business auto liability coverage, eliminating areas of overlap. Garage liability policies are designed to be flexible to meet the needs of individual businesses--for example, a company could add

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How to Sell Supplemental Insurance | Bizfluent

Details: Supplemental insurance is insurance that is sold in addition to a major insurance plan. This money can be used for any purpose and is typically used to pay for bills while you are unable to work due to an illness or injury. Supplemental insurance can cover smaller, more specific risks that a larger policy might not

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