Know Your Liability Obligations When Renting

It’s 8:46 am, your running late to work.  You rush out the door forgetting to turn-off the coffee pot.  At the end of the day, you return to your apartment building to smoke and a firetruck outside.  Your neighbors inform you that there was a fire in one of the apartments and no one will be able to stay in the building until the smoke clears.  You have no where to go except to a hotel for a few days.  To further complicate the matter, you are called by the apartment Manager and informed that the coffee pot in your apartment caused the fire and you are liable. 

This event could cost you thousands of dollars if you do not carry Renters Insurance.  From the cost of the Hotel, the cost of an attorney and the cost to fix the damages to the building caused by the fire.

the common misconception among renters is that they do not have enough personal items to warrant carrying the insurance.  However, the primary purpose of Renters Insurance is your liability obligation in the event of damage to the property or injury to a guest.

The typical renter’s policy carry the following:

Liability $ 100,000 – $ 500,000
Personal Property – $ 5,000 +
Loss of Use – $ 1,000 + (typically 20% of personal property limit)
Guest Medical – $ 1,000 – $ 2,000

So, what do each of these items mean to you?

Liability – Coverage for accidents and injuries that occur in your home, as well as outside your home that are caused by you, your pet or your property.  This does not include auto accidents.

Personal Property – Coverage for furniture, computer and electronic equipment, clothing, CD and DVD collections, your  bike, cookware, eating utensils, etc. (these items really add up)

Loss of Use – Covers living expenses if you are forced to live elsewhere due to a covered loss

Guest Medical – Covers medical expenses incurred by an injured guest

So ask yourself, can you afford NOT to have renters insurance?  For penny’s a day, you can have peace of mind.  Not to mention, some apartment buildings are now requiring tenants to purchase Renters Insurance. The average cost of Renter’s Insurance is $ 10 – $ 20 a month depending on your zip code. Don’t wait another day! Get your Renter’s Insurance and have peace of mind!

If you live in CA, email me for a free quote at All other states, visit your local Farmer’s agent for a quote. – #12 – Personal liability insurance is most often found on the homeowner insurance, renter insurance or rental property insurance policy. Personal liability insurance protects you and your family in the event there is a lawsuit resulting from 3rd party bodily injury or property damage. An example of personal liability is a neighborhood child who gets hurt on the swing set in your backyard.

It is important to always consult a professional insurance agent about your specific insurance needs. Our team of insurance professionals at The Murray Group would be happy to answer any questions you have regarding personal liability insurance. Click the link above to visit our website and learn more.

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Personal Energy Assets and Liabilities

Streamline Your Life for Inspiration, Motivation and Fulfillment.

We all have things in our lives that we love to do, people we love to be with, responsibilities we feel good about, beliefs and habits that nurture and support us. And we also have those things that we put off doing – perhaps even dread – people we would rather not spend time with, responsibilities that feel like burdens, and beliefs and habits that we say we want to change yet somehow continue to perpetuate.
Another way of saying this is that we all have personal energy assets – things that energize, inspire, and motivate us – and personal energy liabilities – things that sap us of energy even by just thinking about them. Sometimes we are aware of the effects of these assets and liabilities, yet sometimes we are not. We just accept all of these things – especially the liabilities – as “part of life” and “do what we have to do”, often not realizing or acknowledging the personal cost.
Not acknowledging the personal cost has a cumulative effect over time. Life becomes increasingly stressful, concentration and focus suffer, there is a loss of sense of purpose, and life has less and less meaning. In extreme cases, we can find ourselves just “going through the motions” – we can become numb to life. Some simple shifts in awareness and realignment of thoughts, perspective, and actions can turn this around. By paying attention to your energetic responses to life, you can streamline your life and energy, leading to greater focus and accomplishment both in your personal life and in sharing your gifts with others.
Take a few minutes to do a simple exercise. On a blank sheet of paper, draw a line down the middle of the page from top to bottom.

At the top of the left side, write “Energy Assets” and on the right side, write “Energy Liabilities”. Then make a list on the Assets side of all the things in your life that energize, inspire, motivate, or nurture you in some way. Leave a little space to write more later after each thing on your list. Then make a list under Liabilities of all the things that sap you of energy. On either list, these things might include responsibilities, tasks, roles you play, beliefs, habits, relationships, or attitudes. You may even find that some things show up on both lists! This is not at all unusual. Make your lists before reading on.
Having completed the first step of this exercise, now go back to your list of assets. With each thing on your list, consider what is really going on for you below the surface asset. Who are you getting to be? What qualities are being called forth from you? What gifts or talents are you getting to use? What feelings arise? What is it about that activity, belief or relationship that feeds you energy, motivates or inspires you? In the space between each thing on your list, write your responses to these questions.
When you have finished writing about your assets and what they call forth from you, go to the liabilities side of the page. Consider what is missing in each of these things that, if it were present, would make a difference. Who are you not getting to be? What important qualities of your authentic self do you not seem to be able to live here? What important feelings are missing here? Again, write your responses.
Now go back to look at what you have written in the assets column. While you may have written about many different qualities, talents and feelings with the various things on your list, chances are some themes are showing up. You may find that with many of the things on your asset list, you are getting to be your authentic self, that your best qualities are being called forth, that you are getting to use your gifts and talents, or that you feel that you make a difference or are able to serve others in some way that is fulfilling to you. Conversely, when you look at the list of liabilities, you may find that the very themes that emerged on the assets list are missing among the liabilities. These activities, beliefs, and relationships are probably sapping your energy because they are missing the very things that inspire, motivate, and energize you.
Whether this is new information or an acknowledgement of what you already know, how can this information serve you? How can it help you streamline your life towards more effective use of your energy, greater accomplishment and personal fulfillment, as well as greater service to others? For some of the things on your liabilities list, you may realize right away that calling forth some of the qualities or attitudes from your assets list-simply shifting how you “show up” to those activities, beliefs, or relationships-could turn them from a liability to an asset. Others may be more challenging, so for those, let’s continue.
First, let’s look at the themes showing up with your personal energy assets. These themes are a good indication of why you are here, the gifts you were born to share, the mission your soul is here to live. The more you can make giving those gifts and living that mission the fuel and motivation behind all of your activities, the better chance you have of being energized and inspired all the time. Then you are “living into” who you are called to be, what you are called to do. This process also helps you realize that it is not the activity, relationship, or belief itself that feeds you energy, but rather who you get to be through that activity, relationship, or belief that is important. This distinction is essential if all the parts of your life are to be personal energy assets.
Now let’s look at the things on your liabilities list. For most people, this list can be divided into several categories, such as things that it is actually time to let go of, relationships that no longer serve in their current form, responsibilities that may not be theirs but that they have assumed anyway, as well as some things that simply must stay on the list-things that are just part of “what is” in their life at the moment and, at least for now, they cannot or choose not to change. This last category might include being a caretaker for a loved one, financial responsibilities, or other circumstances that, at least for now, must continue to be a part of the fabric of their lives.
Take a few moments to organize the things on your liabilities list into these categories:

· things it is time to let go of
· relationships that no longer serve in their current form
· responsibilities I have assumed but, in fact, are not really mine to do
· situations or circumstances that I cannot change in the immediate future

With the things it is time to let go of, what is one step you can take in each of them to begin letting them go in the next few days? How can you shift your relationship to those circumstances, activities, or beliefs so that they no longer sap you of energy? Notice I did not ask how you can change the situation itself. The situation may or may not change, but who do you choose to be in relationship to it? What possible choices can you make that could stop the energy drain? Then choose at least one of them.
With relationships that no longer serve, what wants to happen in those relationships? What is the conversation that needs to take place? What would be different if that conversation happened? What if in this relationship you chose to be the same person who is thriving in the assets column? How might the relationship shift, if not yet to one that energizes and nurtures you, at least to one that no longer saps you of energy. One step at a time!
It is amazing how many things we take responsibility for in our lives that, in fact, are not really ours to take care of. In fact, sometimes by taking on those responsibilities, we deny others the responsibility and power in their own lives and circumstances because we stepped in to take care of it for them. In the bigger picture, we are not always helping them. Too often, we can get caught in the belief that if we can do something, we should. The more enlightened approach is to ask, “What is truly mine to do here?” Just because you can do something doesn’t mean that it is, in fact, yours to do. Where can you turn energy drains into energy feeds by no longer taking responsibility that is not actually yours?
Just by addressing these first three categories, we can begin to realign our lives and find more energy and inspiration for what is truly ours to do-to live the lives we are truly called to live, serve in the places we feel called to serve, and experience much greater inspiration, motivation, fulfillment, and sense of purpose at the end of the day. And chances are, we have stepped into greater authenticity and integrity in all of those areas as well.
This brings us to the fourth category-things that you cannot change in the immediate future. The themes that showed up in your assets column-who you got to be, the qualities called forth within you, the gifts you shared-are also keys to shifting your relationship to this circumstance. How could you choose to show up differently to that circumstance?
What could you bring or who could you choose to be in the moment that might shift the circumstance to one that motivates you, inspires you, or energizes you? Having done the first part of this exercise, you now have more clarity about what energizes and inspires you. You know that when you embody certain qualities and choose particular perspectives, you find greater motivation and sense of purpose. How can you apply that here? While the circumstance may be here to stay for awhile, you may very well be able to make a significant shift in your relationship to it.
There is one more personal energy liability that often goes unrecognized. We often refer to this as “the elephant in the room”- the huge problem in a family, relationship, or organization that no one dares to openly acknowledge. Everyone knows that the problem is there, yet no one wants to be the one to break the unspoken code of silence. Avoiding conflict and tension at all costs, everyone outwardly pretends that the problem doesn’t exist. There is a false sense that “not going there” is preferable to speaking truth. We’ve all been a party to this kind of behavior at one time or another. Everyone goes into co-dependent protection mode, yet each person involved is more than likely protecting something different-someone they care about, a perceived weakness in themselves, or a reputation. While a fragile sense of outward normalcy is closely guarded, everyone involved suffers inwardly for the lie that is being lived or the charade being played. And in the meantime, the situation continues to fester and get worse.
“Elephants in the room” are enormous black holes for energy. They sap every bit of life force out of a relationship, a family, or an organization and lead to long-term debilitation. Scary as it might be to break the silence, just naming the issue out loud will begin to lessen the energy drain. While initially tension and conflict might escalate, the energy usually shifts fairly quickly toward something constructive starting to happen. And once things are out in the open and the problem can start to be addressed, if everyone is willing to participate in the healing or resolution, energy liabilities can often actually be turned into assets.
We each have significant gifts to bring to our world. We each have lessons to learn and soul missions to live. Staying focused on living our soul missions, sharing our gifts, and learning the lessons that come along keeps life much simpler and keeps us in the assets column. Pay attention to your personal energy assets and liabilities, take the time necessary to address the liabilities as they arise and do everything you can to shift them to the assets column, or at least neutralize them. I promise that the payoff will be worth the time and effort.

Alan Seale is an award-winning author, inspirational speaker, leadership and transformation coach, and spiritual mentor. He coaches leaders to live and work from a greatly expanded personal consciousness and a high level of self-awareness, to facilitate transformation, and to realize their personal and leadership potential.

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Warning: Potential Personal Liability In An Insolvency

Managing Your Four Key Risks In a Turnaround – Part 2 Insolvency Risks

If you are the director of a business facing difficulties, you need to ensure that you take the appropriate steps to manage your personal risks in the situation. The previous article discussed how to deal with your normal responsibilities and the need to manage your personal mental health during a crisis. In Part 2 this article looks at insolvency specific risks.

The key risks that a company’s directors face if it fails, and the parties involved in bringing the relevant action, are summarised below.

It’s important to note however that for the purpose of most of what follows, directors include not only people who have been formally appointed as directors, but also shadow directors, people on whose instruction and direction the directors have been accustomed to act, and defacto directors, people who have been acting in the capacity of directors.

1 Insolvency Practitioner

Can act to set aside transactions made before the liquidation (and similar rules apply to sole traders and partnerships as well as to companies) in order to increase the assets in the pot available to all creditors, such as:

– preferences (you paid what was owed to Joe, your brother, but didn’t pay any of the other creditors); or

– transactions at undervalue (you sold Joe the company Rolls Royce for £10 the day before the business went down).

Can take action in the courts to require the directors to contribute personally towards the company’s debts if he can prove:

– wrongful trading (continuing to trade past the point where you knew, or ought to have known, that an insolvent liquidation was inevitable); or

– fraudulent trading (trading in a way designed to defraud creditors).

Sole traders and partners are of course personally liable for all the business debts in a bankruptcy in any event.

2 Insolvency Service

Receives a report on the directors’ conduct from the IP and can take action under the Company Director Disqualification Act to bar individuals from becoming company directors.

In taking action they will take into account the degree of responsibility for the failure, the amount of ‘Crown money’ (PAYE, NI and VAT) kept by the business, as well as matters such as the adequacy of the books and records, and statutory filings.

Bankrupts are automatically barred from holding directorships during their bankruptcy.

3 Creditors

Can seek to recover money from anyone who has given a personal guarantee (PG) in respect of a company debt. A typical example might be a bank which has taken a personal guarantee for a loan to the business.

Sole traders and partners are personally liable for all their business debts in the bankruptcy.

The basic steps you should take to protect yourself from any insolvency related recovery action by an insolvency practitioner or disqualification action by the Insolvency Service are to ensure that you are able to show that:

– you took appropriate actions based on your knowledge at the time; and

– you took appropriate steps to ensure that your knowledge was as good as it could be.

In practice the way you do so is by showing you had:

– prepared and maintained appropriate management information such as accounts and forecasts;

– if in any doubt, taken professional advice about whether you should continue to trade, and about any major proposed transaction such as refinancing or selling major assets, including having independent valuations done where appropriate;

– held and minuted board meetings to record decisions (as well as the basis on which they were made which should include notes about the forecasts available and the professional advice received).

And as a practical point, it is important to ensure that you keep personal copies of all such documents in a safe place away from the business. It’s not much use wanting to rely on these in a case a year or more after a liquidation, if they all only existed as files on a company computer that will then be long gone!

Liabilities under personal guarantees are a different matter as this is an issue about a contract between you and the relevant creditor. The advice here is that if faced with a claim of liability under a personal guarantee it may be worth obtaining legal advice as the courts tend to construe liability under personal guarantees very tightly and there may be grounds under which you can dispute the liability.

Finally however, there are also some particular risks that you as a director can be held personal liable for arrears of Crown payments due to HMR&C, which can also lead to funding issues in relation to any future business you are involved with, and these will be covered in more detail in Part 3 of these articles.

Of course the information contained in an article like this can never be a full statement of the legal position as the relevant laws are complex and liable to change. This article can only therefore be a general guide as to the issues involved and as these can have serious implications you should always seek appropriate professional advice on your own particular circumstances before taking any action.

Mark Blayney of Galen Partners Ltd specialises in helping owner managed businesses facing difficulties. He is a member of the Institute for Turnaround and a business author. For more information on directors, insolvency and related issues, a free copy of his 13 Key Steps Guide to managing a crisis and a turnaround, or a free referral to a local expert, contact him at:

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Key Person Insurance

The sudden death of an shareholder, partner or key employee can have a devastating effect on a firm. Replacing important personnel of a company could cost vital time and money, which might threaten the continuity of your business. Collectors will want to be assured that the company will make good on its monetary obligations and clients have to be assured that your corporation will continue without interruption.

That’s why it pays to plan for the unexpected. You need a monetary blueprint that will instill a sense of confidence for you and your employees.

You most likely insure your physical property as a matter of course. You might have insurance on your buildings, office furnishings, vehicles, computers and the list goes on. But it’s crucial that you simply also insure your most worthy asset – your key employees.

Who Are Your Key Employees?

Key workers are people who can’t be simply replaced and whose absence will cut back the monetary performance of your company by growing costs or shedding profits. Key employees have special expertise which have a direct affect in your earnings year after year.

When a Key Employee Dies

Tragically, either through accident or illness, a key employee can die unexpectedly. Someone should step into the key employee’s shoes and do the job she or he was doing. If a qualified substitute isn’t able to step in, financial disaster may result:

Costs can increase

Clients can take their business elsewhere

Different workers could get annoyed and leave

You could have to do the key employee’s duties

Expansion plans could need to be put on hold

Income could decrease

To stop this from occurring to your company, you need a plan.

Physical belongings are normally relatively easy to replace.

Nonetheless, human assets – the individuals who make the decisions on the way to position these physical property – are difficult to replace. They have particular skills and know methods to get the results needed. Even if you get lucky and quickly discover a qualified substitute, it might still take many months for the replacement to turn out to be as productive as your key employee was.

The surprising death of a key employee is a threat for nearly every business. One technique to cushion the blow is to purchase life insurance on each key employee. As the owner and beneficiary of the coverage, the business would pay the annual premium and receive the policy death benefits on the key employee’s death. These death benefits are typically free from federal income taxes* (in a C corporation it’s possible for the death benefit to set off the alternative minimum tax). The company can use these death benefits to keep the company financially strong. Often they’re used to pay the prices of finding, hiring and training a sustainable replacement.

Business Owners Who Are Key Employees

Most shareholders who work as employees are critical componenets of their businesses. They set the overall technique and are responsible for making sure all goals of the company get taken care of. To see if you’re a key person, ask yourself these questions:

If I die unexpectedly, is there another person who can do what I used to be doing?

Is there someone who can take over my leadership and decision making function?

Will the honest market worth of the enterprise remain unchanged after my demise?

Will it make sense for my household to continue proudly owning my share of the business?

In case you answered “no” to any of those questions, your business is prone to undergo if you happen to die unexpectedly. Income tax-free life insurance death benefits can provide a financial cushion to assist it survive the transition while it tries to replace you. If the decision is made to close the company, life insurance death benefits may help recoup a few of its lost value to your family.

Analyzing a Key Person Need

A business owner can tackle the issues a key employee’s death may trigger for your businessyour corporation in a 4 step process:

Quantify Each Key Worker’s Worth: Every of your key employees is unique and has a different impact on the business. It can be helpful to estimate the extra costs and misplaced earnings the company will have to absorb should any of them die unexpectedly.

Decide on alternatives for key employee coverage: Is each insurable and if so, at what rate? What insurance coverage options make the most sense for every key employee? Before deciding what to do, you’ll want to know what your alternatives are.

Decide whether to self-insure or professionally insure: After you’ve gotten all the details, you can also make an informed decision based on what’s most advantageous for you and the business. You can make the decision to bear the chance of loss yourself or you could decide to switch all or a part of it to a life insurance company.

Consider strategies to retain key employees until retirement: It is important to plan for a key employee’s absence not only in the event of death, but additionally if they go away to begin their very own company or to work for a competitor. Regardless of how a key employee leaves, your business will incur the identical costs and losses. Thus, it is smart to encourage your key employees to remain until retirement. To encourage long-term loyalty, consider providing these key employees some particular benefits designed to satisfy their personal financial objectives.

Protecting your company is the cornerstone of a sound enterprise plan. Key person life insurance can play a big position in that plan and may also help keep your company financially strong.

Learn more about key person insurance How to Purchase the right Type of Life Insurance (Whole Life vs. Term Insurance) Life Insurance Term Whole Life Cash Value Quotes AIG Farmers types Companies aarp Cost Term vs. Whole Life Rates Reviews Education Tips Basics Personal Finance 101 How Much Term Life Insurance Books Life Insurance Calculator Life Insurance Retirement Premiums 00000 life insurance Beneficiary Tax Deferred Life Insurance Versus Borrow Guaranteed Life Insurance Universal Life Insurance Variable Universal Life Insurance Accidental Death Insurance Online Instant Zander Colonial State Farm Cost Rates Premiums Top Life Insurance Companies Top 10 Rated Progressive Allstate Geico Compare Business Consulting Money Personal Finance 101: Life Insurance Tips and Basics Everything you need to know on How to Purchase the right Type of Life Insurance (Whole Life vs. Term Insurance) Life Insurance Term Whole Life Cash Value Quotes AIG Farmers types Companies aarp Cost Term vs. Whole Life Rates Reviews Education Tips Basics Personal Finance 101 How Much Term Life Insurance Books Life Insurance Calculator Life Insurance Retirement Premiums 00000 life insurance Beneficiary Tax Deferred Life Insurance Versus Borrow Guaranteed Life Insurance Universal Life Insurance Variable Universal Life Insurance Accidental Death Insurance Online Instant Zander Colonial State Farm Cost Rates Premiums Top Life Insurance Companies Top 10 Rated Progressive Allstate Geico Compare Business
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Homeowners Insurance and Personal Liability

An important part of home ownership is making sure you are protected by homeowners insurance. Devastating events like fires and floods are tragic enough without the prospect of not being able to replace your home or belongings. However, homeowners should be aware that insurance is not just a way to repair or replace their home in the event of damage or loss. A vital part of homeowners insurance provides coverage in the event someone is injured while on or by the owner’s property.

Ever notice when you call a home insurance company for a quote, they usually ask if there are dogs, trampolines or pools on your property? This is because insurance companies are well aware that anyone injured on your property can sue the homeowner for anything from payment of medical costs, to lost wages, to recompense for pain and suffering. And because dogs can bite, and trampolines and pools are notorious for resulting in injuries, insurance companies consider these items when they determine your insurance rate. But even innocuous events can occur which you can’t entirely avoid. Something as simple as a neighbor’s child running across your lawn and tripping over a tree root can end up costing a homeowner. Therefore, homeowners insurance usually includes coverage for personal injury. But a homeowner should always review this coverage to make sure it is adequate to protect them in a variety of events.

First, make sure your coverage includes an adequate amount for Personal Liability. Personal liability provides coverage in the event you are found liable for the injury or damage of another person or their property. For instance, if your child knocks a ball through the neighbor’s window, or a person slips on your front step and sues you for damages, this coverage may help mitigate some of the costs associated with these events.

Again, however, coverage is limited to both the amount a homeowner elects as coverage, as well as the policies exclusions of coverage.

Second, a homeowner should make sure they have adequate coverage for Medical Payments. This coverage covers the medical costs of anyone accidentally injured while on your property. Note, however, that generally this does not cover the medical expenses of anyone who is considered a resident of the house. This coverage is different from Personal Liability in that it is solely to cover medical costs. As medical costs are often a large chunk of any settlement, it is important that an insurance policy provide both these coverage so as to adequately provide for the total amount required to be paid out.

Even if you have coverage already, it is vitally important that you are aware of what and how much your policy will cover, as well as the policies’ exclusions. Though you may be required by your lender and/or state to have a minimum amount of coverage, this is too often not adequate to cover anything beyond minor injury or damage. A good option for many is to add an Umbrella Policy which can greatly increase your liability coverage.

It is also important to understand how homeowners insurance works so that we understand our own options in the event of an injury on another’s property. If you have been injured on someone else’s property, be sure to contact an Illinois personal injury attorney who can research the owner’s coverage and advise you of the best way to receive compensation for your injuries.

Brooke Haley marketing associate at Millon & Peskin, Chicago workers compensation lawyer that practice in the areas of Civil Litigation, Workers’ Compensation, and Personal Injury. Millon & Peskin is a General Civil Litigation Practice with the goal of representing the interests of injured workers, throughout all applicable Courts within the State of Illinois. For more information, please visit


Personal Injury Liability If you have any question regardng this video feel free to contact me. You will find my phone and email on my website. Bodily Injury Liability vs. Personal Injury Liability
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