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Greg Said:

Home insurance no claims?

We Answered:

Residential property has its own no claims bonus assoiated with it, so your business NCD will not apply in this case.

To be quite honest, the insurance market right now is cut throat. Companies will give you a very good introductory discount to get you on board in the first place. This will probably out weigh the discount you would recieve in the first place. I wouldnt take any notice of discounts, they are all a fad anyway!!!

Jimmy Said:

Question regarding buildings/contents insurance

We Answered:

If you both have a financial interest then it should be in joint names. The implications if you claim and your husband is not noted is that he wouldnt you would solely be paid for the claim.

The only time this could cause any kind of problem is if you were getting divorced (which I hope your not or don't)

I would also say that if the policy is in joint names either of you could make changes on the policy or discuss it with your insurance company. If its just in your name it could make it difficult if for example your husband bought you jewellery and wanted to add it to the policy he wouldn't be able to do this as hes not named and it would be breaking the DPA

Im just editing to add that VP i beg to differ I am an household insurance underwriter and if a policy is in joint names then both insureds have to sign the proposal form.

Derrick Said:

Who is liable for burned business by another business?

We Answered:

Whether your company is an LLC or the other company is an LLC is totally irrelevent to this situation. A Limited Liability Company (or LLC) only serves to limit the personal liability of the owners of the company to the assets of the company (this is true even though in some very rare circumstances the corporate veil can be pierced depending on extreme negligence by the officers or members of the company)

Even if the company where the fire originated had Commercial General Liability Insurance (also known as Public Liability Insurance) their policy would only pay you for your damages under the following conditions:

1) Their insured (your neighbor) caused the fire due to their negligence -- an example of this would be if your neighbor's business is a restaurant and they failed to clean the hood for over a year resulting in a buildup of grease & the fire originated in the hood -- since most restaurants have their hoods steam cleaned on a regular schedule of a maximum of 3 months between cleanings this would be a clear indication of negligence and would therefore result in your neighbor being liable to you and to all parties who suffered damages. However, liability would have to be determined by his insurance company after a thorough investigation including review of the Fire Marshall's report, documentation from your neighbor, witness statements, etc. or a court of law would have to make the determination if suit is brought against him by any of the involved parties. Conversely if your neighbor's actions or lack of action did not cause this fire -- then he would not be liable to you or anyone else for the resulting damages and his insurance company would not make any payments to you.

2) If your neighbor was found to be liable (unfortunately this would be highly unlikely -- again just because a fire originated on your neighbor's premises it does not mean that they caused the fire), then your neighbor's policy would have to have sufficient limits of liability to be able to pay you, the landlord and all parties who suffered damages including loss of income, etc. If the limit on the policy is insufficient, then all parties would only receive a percentage of their damages.

In terms of the Additional Details you posted, sprinkler systems are usually required in some jurisdictions for new construction -- older buildings are usually grandfathered in meaning that they are usually exempt from the requirement unless there is major reconstruction or remodelling of the premises. Therefore just because there were no sprinklers it would not mean that your landlord is liable. In terms of your landlord not requiring that you purchase and provide proof of coverage for your own business personal property or your clients' contents -- many landlords are beginning to include this requirement in their leases primarily as a risk management tool to protect themselves from losing tenants through exactly this type of problem. However, the fact that your landlord did not require this does not make him or her in any way liable to you.

As a business person it was solely your responsibility to purchase sufficient insurance to protect your interests and by extension the interests of your clients. While this is a very harsh lesson, you need to look at how you arrived at the decision not to adequately protect yourself against loss.

I hope this information helps to clarify the situation and wish you the best of luck.

Barry Said:

Do i need insurance for my business?

We Answered:

If you are planning on renting a property it is very likely that your landlord will require you to obtain a minimum level of liability insurance as a condition of the lease.

Katherine Said:

We are opening a dental off -Do i need to have workers compensation insurance if I have people working on 1099

We Answered:

You will have a hard time with the IRS come tax time with 1099 workers. Do they work with other firms? Do you set their hours? Are you in control of thier working conditions. Do they supply their own equippment or work solely with yours. The wrong answer to these questions will raise red flags at the IRS. If your 1099 workers don't pay their taxes you'll have hell to pay. You need workers comp.

Rick Said:

Business studies help!?

We Answered:

1) Business Insurance for his van and car:
£200
2) Public Liability insurance:
£150
3) Insurance Cover for DJ equipment:
£1000
4) Insurance on content business (premises)
£300

Tammy Said:

Content insurance for small business?

We Answered:

Depends on the business! The cheapest way to insure it, is on a business owners policy, with liability built in.

But the cost, can vary wildly, depending on where you are located, and exactly WHAT you do.