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Business Insurance

Thumbnail image for Am I Safe From Creditors In A Close Corporation?

First things first…what exactly is a close corporation?
In 15 words:
A close corporation is a legal business entity which is separate from its individual members!
Here’s the longer version:

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Thumbnail image for Commercial Insurance & The Dreaded “Average” Clause!

The one thing about any insurance is that it’s got to be accurate. The devil really is in the detail and when it comes to your commercial insurance it’s no different. Make sure that your assets are insured correctly. Don’t take a chance and “guestimate” because it could cost you ...

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Thumbnail image for What are commercial insurance clauses & extensions?

You agree that an insurance policy is a contract between you and the
insurer? Right, then you will also agree with me that a policy contains the
terms and conditions of your cover (it’s called the policy wording). Within
a commercial insurance policy wording are certain “clauses” and
“extensions”. And you need to be ...

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Thumbnail image for 20 Commercial Insurance Covers For Your Business

As a business owner you are faced with a million things you need to do on a daily basis. Trust me, I feel your pain because I’m in the same boat. One of the crucial things you want to put to bed as quickly as possible is your commercial insurance. ...

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Thumbnail image for How are sole proprietors taxed?

Here is the most important thing you need to know (besides insurance, of course!) about sole proprietors and income tax… Sole proprietors are taxed as individuals!
Take a moment to imagine a funnel…
Got it?
Okay, now imagine all the sales pouring in at the top of the funnel. Now, as all these ...

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Thumbnail image for Commercial Insurance | What’s The Difference Between A Personal Lines Policy?

A short term insurance policy is a short term insurance policy right? Not exactly. In this blog post we dig a little deeper and work out what the biggest difference is between a personal and commercial lines short term insurance policy.

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Thumbnail image for Should I Open A Business As A Sole Proprietor?

If you’re just starting out in business for yourself – and don’t know which way to turn when it comes to deciding on how to structure your business – then why not consider a sole proprietorship.
But, like everything else, you need to know that there are two sides to the ...

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Here’s an interesting twist to the “carrot and the stick” principle when it comes to business insurance…It’s called “preferred compensation” and when it comes to insurance solutions, it might make a lot of sense in your business!
So what’s the purpose of preferred compensation then?
To keep valuable staff in your company…that’s ...

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In terms of the Close Corporations Act, members of the close corporation have a duty only to the Corporation. If a member breaches this fiduciary duty then they are held personally liable for any losses to the CC.
But what about their duty towards each other?
Since the Act doesn’t provide for ...

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Thumbnail image for Key Person Insurance | How Does Key Person Insurance Work?

Adrian Gore, the CEO of Discovery Holdings, is a perfect example of what a key person is.
For our international readers, think of Richard Branson, Bill Gates, Warren Buffett, and Steve Jobs!
While Discovery, or Microsoft for that matter, won’t close their doors should either leader pass away, surely it would impact ...

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