What Is Commercial Insurance?

July 28, 2010 By Law Library Leave a Comment

Are you new in business? Or perhaps have been running it for years? Whether it’s a new one or already existing, you need to make sure you know how to protect it. If accidents happen, are you ready? Are you protected?

Commercial insurance is an important protection from theft, property damage and liability. It is your protection against large out-of-pocket expenses. It also provides coverage for business interruption and employee injuries.

There are a lot of types of insurance yet here are the most popular ones: Property insurance, general liability and worker’s compensation. Get to know more about these common types to ensure that the business you’ve started to grow will be protected.

Property insurance pays for losses or damages to real or personal property. It protects against physical damage or loss in the case of theft or other catastrophes. An example, property insurance would cover fire damage to your office space or business. It would also cover damage as a result from earthquakes floods or demolition.

Although it is not limited to these damages, you can also get additional coverage that would suit your growing business needs. These are additional coverage for your business property: Boiler and machinery insurance, debris removal insurance, builders risk insurance, glass insurance, business interruption coverage, ordinance or law insurance, tenant’s coverage, crime insurance and fidelity bonds.

Boiler and Machinery insurance is also known as equipment breakdown or mechanical breakdown coverage. It provides coverage for the accidental breakdown boilers, machinery and equipment. With this kind of coverage you can get reimbursed for property damage and business interruption losses.

Debris removal insurance is exactly what you think it is. It covers for the cost of removing the debris after a fire, flood, earthquake or windstorm. Your regular property insurance may cover for the costs of the rebuilding, but not for the removal of the debris.

Builders risk insurance will cover buildings while it’s on the construction phase. Glass insurance would cover broken store windows and plate glass windows.

Business interruption coverage covers losses that result from property damage or loss. This insurance would pay for salaries, taxes, rents and net profits that would have been earned during the time it was closed.

Ordinance or Law insurance covers any demolition and rebuilding costs if your business comes into violation of code when your building (about 50%) has been destroyed. Tenant’s coverage would cover negligence on the part of your employees on your property.

Crime insurance on the other hand, would cover theft, burglary and robbery of money, securities, stocks and fixtures from employees and outsiders. Fidelity bonds would cover losses due to an employee’s theft of business property and money.

We also have liability insurance. This covers injuries that you cause to third parties. If somebody sues you for personal injury or property damage, this type of insurance will cover you for the cost of defending and resolving the suit that may arise.

There are 4 specialized kinds of liability insurance. They are as follows: Errors and omissions insurance, malpractice insurance or professional liability insurance, automobile insurance and directors and officers’ liability insurance.

Errors and omissions insurance is covered when the act is an accidental error and not just because of poor judgment or intentional acts. Malpractice insurance is commonly known as professional liability insurance, will pay for losses resulting from injuries to third parties when a professional’s treatment falls below the profession’s standard of care.

Commercial automobile insurance covers the cars, vans, trucks and trailers u [removed][removed] sed in your business. This covers damage, theft or if the driver injures a person or damages a property. Directors and officers liability coverage covers any lawsuit against the directors and officers of a company. 

Lastly, there is the workers’ compensation insurance. This covers you for your employees on the job accidents or even death. Some state laws require businesses with employees to carry some type of workers’ compensation insurance. Most of the time, workers comp prohibit the employee from bring a negligence lawsuit against an employer for work-related injuries.

If you would like to take care of your business, make sure that you are covered. Whether its property, general liability or workers compensation insurance. Business and commercial insurance go hand in hand as this is a necessary investment for you and your company. It is also important to know the insurance agent or broker that you can depend on when these trying times arise. Just like any business transaction, buying commercial insurance should be done with care. Check the insurance company or broker if they’re registered with the Better Business Bureau. If they’re graded A+, the better you can rely on them.

Filed Under Insurance Tagged With COMMERCIAL, Insurance

Find the Right Commercial Debt Collection Firm to Recover Your Type of Debt

July 28, 2010 By Law Library Leave a Comment

 It should be noted that there are many commercial debt collection firms available and while most are more than effective at recovering debt, each firm usually focuses on a specific type of industry or size of company. For instance, if you are owed money from a small business, you might want to talk to a commercial debt collection firm that specializes in these types of company’s. On the other hand if a Fortune 100 corporation owes your company a substantial amount of debt, then a commercial debt collection firm that has experience with large, powerful corporations is ultimately necessary.

 

Choose a Commercial Debt Collection Firm that is Professional

 

We have all heard stories of debt collection gone horribly wrong. Even though your business may be in the right, by trying to collect debt with unprofessional techniques, you can not only fail at recovering debt, but do lots of damage to your business reputation as well. Make sure you choose a commercial debt collection firm that is highly professional and knows how to recover debt in sensitive situations. Usually this requires relationship building with those in charge and that have the authority to pay off debt in a company. The right commercial debt collection company can recover debt with minimal ripples keeping your reputation in tact.

 

Get the Best Service from the Commercial Debt Collection Firm You Choose

 

Hiring a commercial debt collection firm, while extremely cost effective does cost money and making sure you get the best product and services from your firm is a major consideration. Make sure the commercial debt collection firm your business chooses offers high quality customer service and delivers information to you that shows they are working hard to recover debt. In most cases, a commercial debt collection firm will assign an account representative for your business, which will be in contact with you on a regular basis. They should update you on progress, problems, and legalities of your recovery. While most correspond via email on a regular basis, make sure you can contact a real person via phone in case you have questions or concerns.

 

Choosing the right commercial debt collection firm does take lots of thought and research to find the best firm that fits your businesses needs. Our site offers comprehensive tools and resources to not only give you more information to make an educated choice, but also offer tips and insights that will ultimately help you recover your debt quickly, conveniently and as professional as possible.

 

For more information please visit:

http://www.nationalmanagement.net

Filed Under Debt Collection Tagged With Collection, COMMERCIAL, Debt, Find, Firm, Recover, Right, Type

Commercial And Corporate Law Firms And Law Services

July 11, 2010 By Law Library Leave a Comment

Today corporate and individuals want to use professional services when it comes to guarding their assets. Finally there are some good law firms in India. A law firm is a business entity formed by highly skilled and experienced lawyers to engage in the practice of law. The primary service offered  by a law firm is to advise clients about their legal rights and responsibilities, and to represent their clients in civil or criminal cases, business transactions and other matters in which legal assistance is sought.

The commercial law and corporate law firms in India provide a whole range of legal activities including appearance in courts, client briefings and conferences, opinion writing and guidance, research work and many other related activities. The law firm provides representation to clients in the areas of business law, franchise law, real estate and all other aspects of commercial law. Vast legal knowledge Considerable experience and entrepreneurial spirit form the foundation of the firm’s trusted reputation in this otherwise complex area of the law.

Intellectual Property Registration plays a main role in protecting Intellectual properties from infringement. Intellectual property law in India protects the intellectual creations of the mind both commercial and artistic from being stolen and exploited commercially. Such intellectual creations can include inventions, trademarks, literary, industrial designs and artistic works. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works, discoveries and inventions, ideas,  phrases, symbols, and designs.

Law firm is a business entity in order to is to give advice clients about their legal rights and responsibilities and also other types of services like to represent their clients in business transactions and other matters in which legal assistance is needed. As with the change in economy legal profession has to play a positive valuable, and a constructive role. Transnational law practitioner is required especially for the business houses that deal in the international business. International business needs specialized services by the Indian law firms to address the International Business Issues. At present there are several types of law firms are available in the market that offers specialized services to their client.There are a number of different types of corporate and commercial law firms in the commercial arena, ranging from two-partner niche players to those with several hundred partners based in offices all around the world. The types of law firms you apply to will depend on location, practice areas available and size. The law firms in India  has a dedicated team of professionals including lawyers, Intellectual property experts, technical experts, chartered accountants and Information technology consultants, with the specific industry expertise, resources and commitment required to meet all client requirements and expectations. The law firm has worked in collaboration with several renowned law firms and eminent lawyers across the globe on multifarious projects and successfully executed legal process management services.

Filed Under Business Law Tagged With COMMERCIAL, CORPORATE, Firms, Services

LEVY OF SERVICE TAX ON EXTERNAL COMMERCIAL BORROWINGS FROM FOREIGN BRANCH OF AN INDIAN BANK

June 23, 2010 By Law Library Leave a Comment

1. Service tax authorities, of late, have been issuing notices to various borrowers of External Commercial Borrowings (ECB’s) from foreign branches of Indian banks and holding them liable to pay <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.taxmann.net/STOnlineWeb/NewHomePage/Home.aspx?pId=160″>Service tax</a> from September 10, 2004 under section 65(12)(a)(ix) of the Finance Act, 1994 which covers ECBs.

According to the borrower, the responsibility of paying service tax is of the service provider which is the foreign branch of the Indian bank and, hence, the Indian bank having a permanent establishment in India, is supposed to pay and not the borrower.

The contention of the service tax authorities is partially correct after coming into effect of section 66A of the Finance Act, 1994 from April 18, 2006.

Until the coming into effect of section 66A, the liability and obligation to pay service tax was that of Indian bank and not that of the borrower. Contrary to the contention of the service tax authorities, even under rule 2(1)(d)(iv) of the said Rules, effective from August 16, 2002 and June 16, 2005 respectively, the borrower cannot be made liable for the payment of service tax.

2. Rule 2(1)(d)(iv) reads as follows :—

‘Person liable for paying the service tax’ means,—

(iv) in relation to any taxable service provided or to be provided by a person, who has established a business or has a fixed establishment from which the service is provided or to be provided, or has his permanent address or usual place of residence, in a country other than India, and such service provider does not have any office in India, the person who receives such service and has his place of business, fixed establishment, permanent address or, as the case may be, usual place of residence, in India.”

From the aforesaid provisions, it would be clear that until April 18, 2006, the requirement under rule 2(1)(d)(iv) was that only in case where the service provider did not have any office in India, the person receiving taxable service was liable for paying service tax involved. In the cited case, the Indian Bank having its registered and head office in India, and a branch in a foreign country cannot be said to be a service provider who did not have an office in India.

After coming into effect of section 66A, rule 2(1)(d)(iv), substituted with effect from April 18, 2006 by the Service Tax (Second Amendment) Rules, 2006, reads as follows :—

“‘Person liable for paying the service tax’ means -

(iv) in relation to any taxable service provided or to be provided by any person from a country other than India and received by any person in India under section 66A of the Act, the recipient of such service;”

As such, until April 17, 2006, the borrower was not a ‘person liable for paying service tax’ within the meaning of the Act and the said Rules, including rule 2(1)(d)(iv) thereof.

It is relevant to note herein that the phrase ‘does not have any office in India’, in rule 2(1)(d)(iv), stands omitted from the substituted rule. As such, with effect from April 18, 2006, in any case where the taxable service is provided or is to be provided by either a person who has established a business in a country other than India or has a fixed establishment from which the service is provided or is to be provided in a country other than India or has his permanent place or usual place of residence in a country other than India, the service recipient in India would be treated as if it has itself provided the service in India and, accordingly, it would be liable to pay the service tax and comply with all procedural and other requirements as specified in the Act and the said Rules. The respective clauses in section 66A (1) (a) are disjunctive and, hence, once any of the three alternatives contained therein are satisfied, the service recipient becomes liable to pay service tax on the taxable service involved.

Applying the aforesaid provision, since the service is being provided by foreign branch of an Indian Bank, the condition precedent laid down in section 66A(1)(a) is satisfied and, in the absence of the phrase ‘does not have any office in India’ in rule 2(1)(d)(iv), as recipient of the services, the borrowers would be liable to make payment of the service tax payable on the ‘Banking and Other Financial Services’.

3. The fees paid or to be paid are liable to service tax under ‘Banking and Other Financial Services’ under the Act with effect from September 10, 2004. The liability to pay service tax for the period prior to April 18, 2006 would be that of Indian Bank and on and from April 18, 2006, would be that of the borrowers.

 

Filed Under Tax Tagged With BANK, BORROWINGS, BRANCH, COMMERCIAL, EXTERNAL, FOREIGN, From, INDIAN, LEVY, SERVICE