An adult son or daughter may think that, when a loss happens, coverage is available from mom or dad's homeowners or auto policy. It usually isn't, and finding this out after a loss is an unpleasant experience.
A joint venture is an entity formed by two or more businesses in order to pursue a specific purpose for a specified period of time. While some states require joint ventures to be legally filed, other states recognize any entity that meets the definition. A partnership differs from a joint venture as the former lasts indefinitely and its purpose may change.
Salvage experts, property specialists and government agencies advise that quick action is critical when dealing with water-damaged property. Many types of personal property can be saved within 48 hours of being exposed to water.
Business owners have a lot at stake when determining whether persons connected with their ventures are employees or independent contractors. The largest issue with making this determination involves taxes and insurance.
Insurance tends to be conservative for various reasons. Chief among them is regulations. Insurance companies must comply with rigid state requirements regarding every aspect of their operations. Naturally, the regulatory situation becomes increasingly complex when operations include more than one state. No matter how agile or proactive an insurer may wish to be, its regulatory environment restraints its operations.
Many events often trigger a need to evaluate one's insurance landscape. It may spur a need to buy renters coverage, homeowners or auto policy or secure wedding coverage, an umbrella policy or endorsements for jewelry, etc.