What Is a Commercial Business?

A commercial business is defined as a business or individual that provides a service or sells physical products. Commercial businesses are also defined as an industrial, retail, or commercial business office within the limits of a specific city.                                                                                                        In order for a commercial business to be considered legal, it must have a business license from the city in which it is operating. The business might also have to be approved by the city’s Community Planning Department. Before being issued a business license, business owners generally require zoning approval. For any special conditions or restrictions, business owners can receive a conditional-use permit.

 

How to Get Business Insurance for Your Small Business

Did you know that 40% of small businesses are uninsured? Additionally, most insured small businesses are inadequately protected because 75% of them are underinsured.

Despite this low uptake, business insurance is proving to be necessary. One in three small businesses faces an insurable event in a year. They face contract disputes, employee injury, customer injury, and property damage risks. To protect yourself, you need to apply for business insurance.

Did you know that 40% of small businesses are uninsured? Additionally, most insured small businesses are inadequately protected because 75% of them are underinsured.

Despite this low uptake, business insurance is proving to be necessary. One in three small businesses faces an insurable event in a year. They face contract disputes, employee injury, customer injury, and property damage risks. To protect yourself, you need to apply for business insurance.

What Is Business Insurance and How Does It Work?

Business insurance offers financial protection if your small business faces risks that affect operations. It is a risk management tool used to help cater for events including employee injury, injury caused by your products or services, fire events, extreme weather events, and burglary.

You need to contact a licensed insurance broker who’ll assess your business’s risks. This professional will then advise on the insurance company’s policies and the premiums to pay annually.

Whenever an insurable event such as an employee injury happens, the insurance company will help cover the costs. Depending on your agreement, you’ll pay an amount of money to help cover the expenses before the insurance company settles the bill. This is known as a deductible.

An insurance company won’t pay for an event that you aren’t covered for. For example, a commercial property insurance policy will cover the loss of business property but won’t help settle bills when a worker is injured at work. You, therefore, should ensure that you’re sufficiently protected.

To do this, you need to understand the different types of business insurance.

Business insurance offers financial protection if your small business faces risks that affect operations. It is a risk management tool used to help cater for events including employee injury, injury caused by your products or services, fire events, extreme weather events, and burglary.

You need to contact a licensed insurance broker who’ll assess your business’s risks. This professional will then advise on the insurance company’s policies and the premiums to pay annually.

Whenever an insurable event such as an employee injury happens, the insurance company will help cover the costs. Depending on your agreement, you’ll pay an amount of money to help cover the expenses before the insurance company settles the bill. This is known as a deductible.

An insurance company won’t pay for an event that you aren’t covered for. For example, a commercial property insurance policy will cover the loss of business property but won’t help settle bills when a worker is injured at work. You, therefore, should ensure that you’re sufficiently protected.

To do this, you need to understand the different types of business insurance.

Business insurance offers financial protection if your small business faces risks that affect operations. It is a risk management tool used to help cater for events including employee injury, injury caused by your products or services, fire events, extreme weather events, and burglary.

You need to contact a licensed insurance broker who’ll assess your business’s risks. This professional will then advise on the insurance company’s policies and the premiums to pay annually.

Whenever an insurable event such as an employee injury happens, the insurance company will help cover the costs. Depending on your agreement, you’ll pay an amount of money to help cover the expenses before the insurance company settles the bill. This is known as a deductible.

An insurance company won’t pay for an event that you aren’t covered for. For example, a commercial property insurance policy will cover the loss of business property but won’t help settle bills when a worker is injured at work. You, therefore, should ensure that you’re sufficiently protected.

To do this, you need to understand the different types of business insurance.

Business insurance offers financial protection if your small business faces risks that affect operations. It is a risk management tool used to help cater for events including employee injury, injury caused by your products or services, fire events, extreme weather events, and burglary.

You need to contact a licensed insurance broker who’ll assess your business’s risks. This professional will then advise on the insurance company’s policies and the premiums to pay annually.

Whenever an insurable event such as an employee injury happens, the insurance company will help cover the costs. Depending on your agreement, you’ll pay an amount of money to help cover the expenses before the insurance company settles the bill. This is known as a deductible.

An insurance company won’t pay for an event that you aren’t covered for. For example, a commercial property insurance policy will cover the loss of business property but won’t help settle bills when a worker is injured at work. You, therefore, should ensure that you’re sufficiently protected.

To do this, you need to understand the different types of business insurance.

Types Of Business Insurance

Photo Courtesy: atakan/iStock

Workers’ compensation insurance is necessary when you have employees. This will protect them when they fall ill or get injured on the job.

Professional liability insurance is important if you offer services. Consultants, including doctors, need this to protect themselves against negligence suits and other work-related errors. In medicine, for example, 41% of Americans believe to have experienced medical malpractice at some point. Despite this, only a few people file for medical malpractice suits. Although medical malpractice suits aren’t prevalent, they are costly, sometimes costing as much as $100,000. So, you better get covered, to be safe.

Product liability insurance is very different from professional liability insurance. While the latter covers services, the former covers products. Product liability insurance is, therefore, vital for product-oriented businesses. This covers damages caused by the product. In 2020, 11 million Americans were treated for injuries caused by consumer products. Product liability lawsuits are not limited to particular products. Everything is fair game.

Commercial property insurance protects businesses with a brick-and-mortar location. Inventory, equipment, office space, furniture, and signage, among other items, are protected in case of a burglary. Fire is covered too with this policy, but you should talk to your insurance agent to know the extent to which you’re covered. Usually, there’s the basic, broad, and special form cover for fires. Read the fine print.

Key person insurance covers important individuals who are critical to the business, such as the owner, or top executive. The insurance company helps find a replacement and covers losses if the worst-case scenario happens and that individual can no longer run the company.

General liability insurance covers third-party bodily injuries, personal and advertising injuries, and third-party property damage. If you can’t afford all necessary policies, ensure that you at least get this one.

 

Govt, IMF discuss policies, reforms required to complete 9th review

The government and the International Monetary Fund( IMF) on Tuesday began conversations on the country’s profitable and financial programs and the reforms needed to complete the important- delayed ninth review of a$ 7 billion loan programme. A delegation of the transnational plutocrat lender led by IMF Mission Chief Nathan Porter held a meeting with Finance Minister Ishaq Dar and other officers at the Finance Division in Islamabad. The meeting was also attended by IMF Resident Representative Esther Perez Ruiz, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, State Bank Governor Jamil Ahmad, finance clerk, FBR president and other government officers. A press release issued by the ministry after the meeting said Dar briefed the delegation about the government’s financial and profitable reforms in colorful sectors, including energy, and measures to bridge the financial gap and stabilise the exchange rate. He also informed the IMF charge that reforms were being introduced in the power sector and a “ high- position commission has been formed for contriving modalities to neutralize the imminence of indirect debt in the gas sector ”. Dar assured Fund officers that Pakistan would complete the ongoing programme. He extended all his support to the charge and committed to working together to reach an agreement to complete the ninth review under the Extended Fund Facility( EFF), according to the press release. The ministry’s press release said IMF Mission Chief Porter expressed confidence that the government would fulfil the conditions for completing the review and hoped that Pakistan would continue towards its progress on the reforms in colorful sectors and complete the IMF programme within time effectively. Porter said IMF and Pakistan would be working together on financial reforms, it added. Pakistan entered a$ 6bn IMF programme in 2019, which was latterly expanded to$ 7bn, and the ninth review is presently pending. Addresses on the review were firstly listed to be held in October but kept on facing detainments. The country’s foreign exchange reserves have depleted to$3.7 bn, which isn’t enough to cover indeed three weeks of significances. In such a situation, Pakistan needs to urgently complete the ninth review, which would not only expend$1.2 bn but also unlock inrushes from friendly countries and other multinational lenders. Last week, the government removed an unofficial cap on the USD- PKR exchange rate and raised petrol prices — both conditions set by the IMF for addresses to move ahead — by an trouble to revive the stalled loan programme. The government may have to withdraw energy subventions to big import diligence, besides cuttingnon-salary, unnecessary civil and security costs as part of harsh reforms needed to gain the IMF’s concurrence for an profitable bailout. The specialized discussion would continue till Feb 3. The alternate phase of policy accommodations would continue till Feb 9 to finalise a memorandum of profitable and fiscal programs.

As the power supply is entirely restored, the minister suspects a “foreign hand”

Khurram Dastgir, the federal minister of energy, asserted that 22 hours after the national grid crashed, all electricity had been restored nationwide.

The government will also investigate whether foreign agents were engaged in the widespread power outage, according to Khurram Dastgir, who made the announcement at a news conference on Tuesday morning in Islamabad.

However, the country would only experience minimal load shedding during the next two days, according to the energy ministry.

He said that there was enough fuel on hand to power the thermal power units. He believed that routine load-shedding was occurring throughout the nation. According to Dastgir, the power transmission system was secure during the malfunction.

He claimed that the previous administration did not make investments in the electrical grid.

According to the minister, Karachi requires 1100 MW of power, which would be delivered soon. In Karachi, the power will shortly be restored. While coal power facilities took 48 hours to start, nuclear reactors needed two to three days.

He claimed that while internet hacking should be looked into, there were not many opportunities for outside involvement. Only Lahore Matiari Line, according to Dastgir, has a protective system.

He also told reporters that the outage was caused by a technical problem.

 

Oil prices decline in light trade, but the outlook for China provides support.

Due to the east Asian Lunar New Year vacation, which thinned down early trade on Monday, oil prices dipped lower. However, they managed to hold onto the majority of last week’s gains due to the possibility of an economic recovery in China, the world’s largest oil consumer, this year.

At 03:49 GMT, Brent crude prices were down 46 cents, or 0.5 percent, to $87.17 a barrel, while US West Texas Intermediate (WTI) crude futures were down 36 cents, or 0.4 percent, to $81.28.

While the US benchmark saw a 1.8 percent gain last week, Brent increased by 2.8 percent.

Analysts projected that the excitement around China’s reopening would drive up oil prices.

The market wants to hold onto long positions, according to Sukrit Vijayakar, director of energy consultancy Trifecta in Mumbai, in case China’s economy picks up again.

Data indicates a significant increase in travel in China following the relaxation of Covid-19 limitations, according to a note from ANZ commodity analysts, who cited a 22 percent increase in road traffic congestion so far this month compared to the same period last year in the 15 major Chinese cities.

Fatih Birol, the chairman of the International Energy Agency, warned on Friday that if the Chinese economy recovers as predicted by financial institutions, energy markets may become tighter this year.

“Regarding the markets, I wouldn’t be too carefree, and 2023 might very well be a year. Whereas some of my colleagues may not realize it, we observe tighter markets “the writer suggested.

 

Speaking to Reuters on the margins of the annual meeting of the World Economic Forum in Davos, Birol said.

The increase in travel in China before the Lunar New Year holiday portends favorably for fuel consumption following the two-week break.

The market is preparing for additional sanctions against Russian oil, which will cause an increase in demand, according to ANZ analysts.

In addition to their price restriction on Russian crude, which has been in effect since December, and an EU embargo on imports of Russian oil by sea, the European Union and the Group of Seven (G7) alliance will cap prices of Russian refined goods beginning on February 5.

The G7 has decided to put off until March a review of the restriction on Russian oil prices, a month later than anticipated to allow time to evaluate the effects of the oil product price limitations.

 

 

Pakistan asks the IMF to deploy a review mission the next week to restart the loan program.

KARACHI – Pakistan has requested in writing that the International Monetary Fund (IMF) dispatch a review delegation to the federal capital the next week.

The choice was made during a meeting of the economic team presided over for essentially a second day in a row by Prime Minister Shehbaz Sharif.

According to media sources, the government has decided to invite the IMF after coming to the conclusion that there is no other option but to immediately reactivate the IMF plan.

The IMF’s strict recommendations were approved by PM Shehbaz a day earlier in order to end the impasse and complete the upcoming ninth review, which is required to release the $1 billion tranche under the $7 billion Extended Fund Facility (EFF).

Additionally, it was stated that the economic team had completed a macroeconomic and fiscal framework with connected IMF requirements.

“No other choice”

The decision-makers are aware that, in order to avoid a full-blown balance of payment crisis, Islamabad is left with no choice but to break the impasse and restart the stalled IMF plan on a temporary basis.

The government aims to persuade the IMF to reduce the Petroleum Development Levy (PDL) objective for the current fiscal year from Rs850 billion to Rs550 billion in accordance with the revised macroeconomic and fiscal framework.

The FBR would continue to aim to collect Rs7,470 billion in taxes. A presidential ordinance will be published to introduce the mini-budget.

 

Textile industry issues protest warning over late cotton import clearance

LAHORE: The delay in the clearance of imported cotton containers at Karachi port has prompted textile owners to threaten the government with staging a protest as Pakistan battles to increase its dwindling foreign exchange reserves.

Hamid Zaman, the chairman of the All Pakistan Textile Mills Association (APTMA), said. The textile industry will be obliged to protest if the government doesn’t approve the imported cotton that is arriving in Karachi.

He stated during a seminar hosted by the Lahore Economic Journalist Association that the lack of raw materials, primarily raw cotton, would prevent the textile industry from reaching its $25 billion export goal for the current year.

He projected that the value of textile exports this year would be between $16 and $17 billion.

After adding value, the textile sector exports finished cotton for four times its import price. Government should therefore permit importers to take home 35% of export value.

However, the APTMA chief warned that if things don’t get under control. Seven million people employed in the sector will be out of work in January.

“The industry only had 60 days’ worth of raw materials remaining, and if prompt port clearance of already-arrived cotton does not begin, textile production will cease entirely. According to him, this will make 25 million people unemployed nationwide.

According to Zaman, the textile industries of Punjab, Khyber Pakhtunkhwa, and Sindh have already shuttered entirely or in part.

APTMA’s president begged the government to order commercial banks and the State Bank of Pakistan to make sure. To avoid any export crisis, quick letters of credit should be given to cotton importers. Due to the fluctuating currency rate.

Zaman confirmed in response to a question that some exporters were unable to return their export funds to Pakistan. Because of the fluctuating currency exchange.

He also urged the government to take action against those. Who were stockpiling US dollars, saying that the APTMA would assist the endeavor?

Zaman noted that foreign companies had to pay more in demurrage. And detention fees for imported goods than the value of the goods themselves.

 

The APTMA’s senior vice chairman, Kamran Arshad, said. Mainly because the state’s total output of cotton bales was only 4.6 million. There is a severe dearth of raw cotton in the local market.

He stated that it would take 15 million cotton bales to produce $20 billion in

CoinDesk, a cryptocurrency news portal, hires a banker to investigate possible sales

The media company’s CEO announced on Wednesday that cryptocurrency outlet CoinDesk Inc. is considering selling all or a portion of its operations and has appointed investment firm Lazard Ltd. to oversee the process.

With major token prices near two-year lows and a wave of bankruptcies from significant businesses, the crypto sector is going through one of its darkest periods.

After the FTX collapse, cryptocurrency company Binance has had a rocky few weeks.

CEO Kevin Worth told Reuters in a statement that he hired Lazard to “examine alternative options to attract growth capital to the CoinDesk business, which may include a partial or full sale.”

The development occurs in the midst of an upheaval in the industry that started with the crash of the stablecoins TerraUSD and Luna early last year.

Top cryptocurrency exchange FTX recently declared bankruptcy, while publicly traded Coinbase Global Inc. let off a sixth of its workers after cutting over 1,000 positions in the previous year.

US detains Russian crypto leader for allegedly operating a refuge for criminals

Since its 2013 inception as a tracking tool for Bitcoin, New York-based CoinDesk has grown to become a significant source of news and pricing benchmarks for the complete range of cryptocurrencies.

According to its website, the business is fully owned by the venture capital firm Digital Currency Group, which also owns a stake in Coinbase.

 

 

Lotte Chemical set to sell Pakistan unit for $156 million

Karachi: Lotte Chemical Corporation (LCC), a significant South Korean chemical manufacturer, is about to sell its subsidiary. It announced its location in Pakistan on Monday. The transfer of its whole shares to a local chemical company had been approved.
LCC wants to grow its advanced materials division and will use the sales earnings for this purpose. Both updating current items and working toward environmentally friendly chemical products. According to a Korean news outlet, these are used as plastic feedstock.

LCC has a stake of 75 percent in Lotte Chemical Pakistan Limited (LOTCHEM). It is involved in the manufacturing of PTA which is extensively utilized to create polyethylene Terephthalate (PET) bottles as well as other polymer products like resins, fibers, and films that are thin. The company is able to produce more than 500 000 tonnes of PTA every year from its facility situated in Port Qasim, Karachi.

Lotte Chemical said the purpose of selling shares was to optimize its portfolio of business. “The Board of Directors of the Lotte Chemical Corporation, South Korea (LCC Korea), the majority (75.01%) shareholder of LOTTE Chemical Pakistan Limited, has approved and authorized the sale of all of the company’s shares held by LCC Korea (i.e., 75.01%) for the purpose of the optimization of LCC Korea’s business portfolio,” an announcement sent to Pakistan Stock Exchange (PSX) reads.

The finalization of the proposed divestment will depend on the acquisition of all relevant corporate and regulatory approvals as required, it added. Lucky Core Industries (LCI) which was which was previously ICI Pakistan Limited, will acquire the complete 75.01 percent stake in LOTCHEM.

“Lotte Chemical Corporation has given us confirmation. that their board of directors has authorized. The sale of about 75.01% of Lotte Chemical Pakistan Limited’s issued and paid-up capital. Or around 1,135,860,105 of the company’s common shares, “LCI made a statement in a letter to PSX.

The acceptance of the purchase contract still needs to be granted before the deal can be finalized. In addition to other papers pertaining to the deal between the parties, it also requires getting all required permissions. Additionally, the study mentioned the company’s board of directors.

The sales earnings will be put to use by LCC to grow and strengthen its advanced materials business. It strives to develop chemical products that are sustainable as well as to improve current products. These, according to the Korean news agency, are utilized as plastic feedstock.

The disposal of the Pakistani unit signifies that LCC will no longer participate in PTA production. The company will shut down its local PTA manufacturing line at Ulsan 307 km to the southeast in 2020. Lotte’s scrip in the bourse was trading at Rs28.2 and was up Rs0.65 (or 2.36 percent, and had an average turnover of 2.59 million shares on Monday.

Novatex Limited had, however, expressed interest in buying LCC shares earlier. According to a bourse notification made this week, the transaction could not be completed.

 

 

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