Your Questions About Business Property Insurance Loss

Any suggestions regarding Small Business Insurance?

I have a 5 year home-based business selling bird diapers. My work is done over the internett. It is a registered with the state of CA as a mail order business. I live in a condo that I own, and my front bedroom is dedicated to my business. I have about $25,000.00 in inventory and equiptment for my business.

I know it is important to get things insured quickly, but I am not sure who to go with and what I need. For the last week, I have been talking
with someone who just sent me the paperwork for a plan. It is to cover $25,000 of property. Their is a $1,000.00 deductable and the annual cost is $675.00. I do not know how this compares to other companies’ policies. Many of these things are included and I do not understand why I would need them. Here are some: Fire Dept, Service Charge, Loss or damage to water heating equiptment, Tenant’s Glass, Damage of Premises Renting to You (under liability), propery off premises, ordinance or law coverage including tenant improvement and betterments increased cost f construction, automatic increase in building, etc.

My building is insured. I have homeowner’s insurance. I do not understand why I would need to have all of this stuff in my insurance policy. My building has fire extinguishers outside and I keep them inside. The fire dept. would be here even if the business did not exist.

I do not understand why I would need to pay to have all of these things in my policy. I told the insurance rep. what my situation was like. People do not come to my home. I am in a zoning area that does not allow people to sell directly from their home

The policy that I am looking at is with Hartford Casualty. I am sure they are an excellent company.

Does anyone have any suggestions as to what I need and a company that will provide me with only the items I need, and not a lot of extra things that do not apply? I would appreciate any suggetions? Thank you ahead of time.

I am a single mom who owns a small business. The roof of the property I lease fell and forced me to shut down.?

I do have insurance that won’t cover any losses because of the way it was written. My landlord’s insurance won’t either. What kind of lawyer do I seek and in the mean time my bills have to be paid. Is there any resources out there for temporary financial assistance like grants maybe. If someone can point me in the right direction I would greatly appreciate it.

Do you know what Larry Silverstein is doing with all the money he got from the WTC Insurance Policies?

If you are a fan of “Loose Change”, you have been conned into believing that Silverstein is this great mastermind who profited from the attacks of 9/11.

The truth…

Larry Silverstein
Avery states that on July 24, 2001, Larry Silverstein, owner of WTC 7, signed a 99-year lease for the World Trade Center complex, including a $3.5 billion insurance policy covering terrorist acts. First of all, bidding had been going on since the beginning of the year. Silverstein Properties was originally the runner-up, with Vornado Realty Trust winning the deal but later losing it after negotiations failed. Later, Silverstein almost lost the deal. Second, the World Trade Center towers had been targeted by terrorists in the past. Insurance covering terrorism would make sense. Third, the policy would likely cover terrorism anyway:

The property losses for the World Trade Center towers are likely to be covered under U.S. insurance polices, which do not usually mention coverage for terrorist acts explicitly, Hartwig told Reuters. Insurers paid out $510 million after militants bombed the World Trade Center in 1993.

And at first, Silverstein wanted even less insurance:

In its court papers, Swiss Re shows how Silverstein first tried to buy just $1.5 billion in property damage and business-interruption coverage. When his lenders objected, he discussed buying a $5 billion policy. Ultimately, he settled on the $3.5 billion figure, which was less than the likely cost of rebuilding. His lenders, led by GMAC, a unit of General Motors, which financed nearly the entire cost of the lease, agreed.

Later in the video, Avery mentions that after the attacks, Silverstein demanded $7.2 billion from his insurers (it was actually $7.1 billion), and claimed that each attack was a separate event. Avery then says that on December 6, 2004, he was awarded only $2.2 billion by the courts. (He eventually received a total of $4.6 billion.) I’m not sure how this is relevant to anything, and Avery presents this information without making any claims. There’s nothing mysterious or alarming about expecting payment from your insurers after major property loss, and $3.5 billion likely wouldn’t be enough to rebuild the complex, which is exactly what he’s doing: rebuilding the complex. He’s not just keeping that money for himself.

http://internetdetectives.biz/case/loose-change#larrysilverstein

Austingirl: Thanks for validating my post. Silverstein is a business man…nothing more and nothing less. The attempts to demonize him by “Loose Change” and other “Conspiracy Fantasies” are nothing short of laughable.

Auto mechanic tools got stolen in robbery, but insurance won’t cover $20,000 loss??!!!?

My husband work as an auto mechanic, and need to have his own tools to work. The shop that he works for got broken into yesterday, and stolen his tools cabinet that’s worth $20,000. His boss already told him the shop insurance won’t cover his tools, since it’s his personal property.

We contacted the insurance company for our house, they said the tools are not covered, since it’s used for business.

What can we do???

Business Taxation Class Problem?

PROBLEM 1
Walt provides you with the following information.
Bank interest income 5,000
Business debt forgiven3,000
Business property taxes2,500
City of Troy Bond Interest9,000
DPAD 3,200
Earned Income110,000
Interest paid on business loan1,800
Life insurance proceeds50,000
Long-term capital gain3,000
Home interest expense5,000
Personal property taxes2,300
Political Contributions1,500
Business rental expense24,000Paid rent for 2 years, this year and next year
Prepaid interest income 8,000Prepaid interest for 3 years, the is year and next 2 years
Sale to solely owned Corporation (4,500)
Short-term capital loss11,000
State personal income taxes4,200
Stock value increase3,300
Tax penalties900
Charitable Contributions: All given to qualified charities
DescriptionFMVAdj. Basis
Computers* 12,0008,000
Jewelry#6,0001,000
Clothes*1,5006,000
Stock (C/G prop)#5,0003,000
Car (C/G prop)*2,00017,000
* used in charitable function
# not used in charitable function

A.Assuming that Walt is single, determine the following:
Gross Income:
Adjusted Gross Income:
From AGI Deductions:
Taxable Income:
Carryovers:

B. If Walt was a corporation rather than an individual, what would be its taxable income and carryovers (assume that the corporation would not have the personal expenses but would have the charitable contributions)?

C.If the “Earned Income” was Walt’s salary, compute FICA, Medicare, and FUTA (3%) paid by Walt’s employer?

D.Suppose that in the next year, Walt receives a state tax refund of $1,000. How is this treated for tax purposes?

E. What is the highest (marginal) tax rate for Walt on his ordinary income and capital gains in part A?

F. What is the highest (marginal) tax rate for Walt Corporation’s ordinary income and capital gains in part B?
This wasn’t homework. It’s optional just so I can practice how to do them before the test in two weeks. I just thought I’d get a headstart and if someone could show me a way to do it that would really help. This isn’t graded, it was just for my knowledge.

Thanks anyway.

How to file income tax for a self employed or single business owner? (first year)?

Example if my profit equal $48,000/y (after cost & losses), how much money do I owe the government or will I receive something back if I have expense like mortgages, property tax, insurance, etc…