Commercial loan modification for business related or income producing properties is an option that is often overlooked. Those frantically trying to restructure their finances are generally worried about the family home – not realizing that modification can also save their business. Many types of companies could easily qualify for relief such as a refinance, extension, lower interest rate or even a complete restructuring of the loan.Qualifying properties may fall into one or more of the following categories:- Residential properties that produce income, such as single family properties, most multi family units and mobile home communities- Commercial properties that produce income such as storage units, bowling alleys, car washes, or auto/service stations- Retail properties that produce income, such as gas stations, convenience stores, groceries and markets- Properties housing a food service establishment (bars, saloons, cafeterias, restaurants and can catering companies)- Properties housing health care facilities (hospitals, hospice, nursing homes, assisted living, doctor or dental offices, health spas and daycare centers)- Mixed use properties, anchored and unanchored retail centers, office buildings and space, and flagged or un-flagged hospitality properties- Industrial properties (light, medium or heavy) warehouses, manufacturing structures, and industrial condos- Religious or educational properties such as schools / educational facilities, churches (mosques, synagogues, temples, etc), and not for profit 501(c)3 charitiesIn addition to these, some properties are considered on a case by case basis:- Properties housing entertainment, such as sporting arenas or facilities, theme or amusement parks, or venues with non-structural interior poles used for adult entertainment shows.- Properties used for recreational purposes, such as golf courses, marinas, campgrounds, RV parks and retreats- Agricultural properties and property that is vacant or owned by a real estate or mortgage company, financial institution, or title or escrow companyProperty located outside the US, involved in bankruptcy, undeveloped, under construction or in the process of being rehabilitated are not eligible for commercial loan modification. Neither are timeshares, dealerships, or properties financed under an SBA, USDA, B&I 7(a) or FFE programs. Some state specific exclusions may also apply.
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Small Business Liability Insurance Quote Overview: Quick Introduction to Business Insurance Coverage
All businesses, big and small, need commercial general liability insurance. There are many things that could put your finances at risk, and without adequate coverage, your entire company could be affected. Look online to learn the laws in your state and local jurisdiction to find out the minimum amount of insurance you need, and then conduct a search for a small business liability insurance quote. You can get multiple quotes at once and compare them to see which one offers the right amount of coverage for your business needs.
If you have any employees, the federal requirement will require you to have workers’ compensation, disability insurance, and unemployment. Keep this mind when researching policies and comparing quotes.
The best commercial insurance providers will have custom policies tailored around each type of business and industry. For those involved in the real estate industry, there are special “real estate” business insurance policies that cover everything a realtor needs. Certain industries are obviously going to require more protection than others, namely construction types of businesses and who have to deal with machinery.
Small Business Liability Insurance Quote for Professional Liability
There is also “professional liability insurance” that is designed for small businesses that provide some type of services to customers. It protects against financial losses as a result of errors, negligence, malpractice, etc. Even if you just provide services out of your home, you should still look into getting a small business liability insurance quote for “home-based business”. One option is to add the coverage to your existing homeowner’s insurance to protect your equipment and any kind of possible liability coverage for 3rd party injuries.
You should always assess your risks. Carefully think of anything and everything that could possibly go wrong with your business that will cost you money. Look for a quote that includes coverage that will protect you from all of those things.
Your choice of an insurance provider is equally as important as the policy itself. Check a company’s financial history and current financial situation. A company that has been around for a long time and is currently strong financially is ideal. Also, customer support should be very reliable – especially if you’re new to business insurance and aren’t exactly sure what you are getting yourself into.
Where is a good place to start looking for a small business liability insurance quote? One company that offers great custom policies and affordable rates is Hiscox Insurance Company. Whatever kind of liability insurance you are looking for, this company will offer really good solutions.