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Business Liability Insurance

Business liability insurance is a type of insurance that protects a company from a lawsuit or any third party claim. This type of insurance helps to cover any damages and pays for legal representation. There are three types of business liability insurance: general liability insurance, product liability insurance, and professional liability insurance. Listed below are many questions answered by the Experts about business liability insurance.

If a business liability insurance company is asking a newly formed company for their payroll information, how would the newly formed company go about setting up their payroll?

The newly formed company can either hire a payroll company or use a program like QuickBooks to do their payroll, depending on how big the company is. The company can also consult an attorney who will help them set up the company and make sure that everything is filed correctly for tax purposes and for the business liability insurance purposes.

If a company has business liability insurance and one of the officers is murdered during a robbery on the company premises, can the spouse or children sue the insurance company?

If the officer was murdered during a robbery, the robber would be the one responsible for the murder. But the company could be responsible for the lack of security that caused the officer to be murdered. Therefore, the spouse and children could sue the company for negligence if there was a lack of security that led to the unfortunate episode.

If a person wants to form a small business and their Certified Public Accountant (CPA) advised them to form a Limited Liability Company (LLC), can they do this online? And would they need business liability insurance?

If the person wants to form an LLC, they can use an online company like Legalzoom to form the LLC. This will also help protect their personal liability in the event of a dispute. The whole company can be set up online if the company is small. But if the company is large, the person would need to hire an attorney to make sure that the company is set up properly. Business liability insurance can be sought for the company once the business has a store front.

If a person wanted to start a small business and keep it as simple as possible, how would forming a Limited Liability Company (LLC) better protect the person from personal liability? Would business liability insurance also help?

When a person chooses to form a company, they have many choices as to what kind of company they would want to form. A LLC helps by protecting the person from personal liability so that only the company’s assets can be targeted by a creditor in the event of a lawsuit. General business liability insurance helps by offering more protection to the business sin terms of errors and omissions.

When a person starts a company or business, they would want to look into having business liability insurance to protect them from being sued if something happens with the company or on the company property. In this regard, a person may have several questions regarding what type of business liability insurance they should get or what kind of coverage their business liability insurance offers. Put these queries to the Lawyers now for professional insights and information to deal with each case.
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