Small Business Liability Insurance

General Liability Insurance Policy
General liability insurance California Los Angeles San Diego San Francisco

ACCOUNTING HW please HELP!!!!?

Does anyone who knows something about accounting know what accounts to debit and credit for this problem? The book store is all sold out of textbooks and i have to complete this assignment and i need major help. So i’m putting all of the questions up here and hoping to get some good positive feedback… Thanks a lot

For the 2008 remainder of the year, you make the following entry:

Dr. Prepaid insurance (asset) for 42,000.00
Cr. Cash (asset)

Then in the new year of 2009 a journal entry should be made each month to accrue the mothly amount, and to take away from the prepaid insurance account.

So, the 2009 entry each month would be:

Dr. Insurance Expense 3500.00 (monthly amount 42000/12)
Cr. Prepaid Insurance

Hope this helps.

What's The Difference Between Umbrella Insurance and General Liability?

If you are a small business owner, it is crucial to the proper Insurance, to get the protection your bottom line. You may be confused and insurance for about two basic types of coverage: general liability target = "_blank"> umbrella insurance.

If you are unsure what these products for your business, read on for a comprehensive breakdown of the two species.

What is general liability insurance?

target = "_blank"> General liability insurance is a basic type of coverage that protects your business against claims of bodily injury or Property damage. Each small businesses, including those you work from home, should carry out this kind of reporting. There are three main Possibilities of this type of coverage you are to be protected:

1st Product liability – this kicks, if you sell, produce or sell a product. If one of your defective products and harm other people, this coverage helps to pay your legal fees and settlements in the event of a dispute.
2nd Premises liability – In this tread if you prove to rent or own a place of business. If someone slips and falls while in your business, this coverage will be legal fees, to pay medical costs, and settlements.
3rd Completed operations liability – This coverage is essential for contractors. It protects the work you have done on a building was also completed after work. So, if you recently built a sidewalk and it collapses, it will be cover the damage and to pay all legal disputes that arise.

This type of reporting is the kind of basic security you need against your company and potential Disasters. It can help to protect your business and save your bottom line in the event of an accident.

What is Umbrella Insurance?

Umbrella insurance, including excess target = "_blank"> umbrella insurance is a type of reporting, that reporting sits on top of your existing liability. If this policy's aggregate or per occurrence has been reached, a roof over kicks in and pays the remaining cost.

All Companies should have this kind of reporting, but most small business owners try, can do without them, hoping a catastrophe will never beat their companies. Unfortunately, accidents happen, and an umbrella policy can stand between your company and bankruptcy.

What kind of coverage do I need?

Ideally, you should have both. A robust general liability product will be relative your business on the day to day issues that may arise for a small amount of money enclosed to protect. A comprehensive umbrella policy can on hand for the once-in-a-lifetime disasters that will occur.

Consider, for example a serious accident at one of your employees a company car caused. The settlement of that kind of action can reach tens of millions. Umbrella coverage occurs in the liability, if your limit is reached, will pay the remaining bills and keeping your company solvent.