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CH 11 - Coggle Diagram
CH 11
types of cover for a business
motor insurance
product liability insurance
contents insurance
public liability insurance
building insurance
employer liability insurance
fidelity gaurentee insurance
goods in transit insurasnce
key person insurance
plate glass insurance
household taxes
vat
local property tax
prsi
dirt
self assesment income tax
usc
CAT
CGT
moter tax
household types of insurance
house and contents insurance
motor insurance
life assurance
morgage protection insurance
health insurance
gadget insurance
business taxes
custom duties
commercial rates
self assesment tax
employers PRSI
corporation tax
VAT
principal of insurance
3.Indemnity
4.subrigation
2.Insurable intrest
5.contribution
1.utmost good faith
Factors that affect the size of your insurance premium
3.number of claims made
4.profit level required by insurance level
2.value of item
5.government levies
1.level of risk faced
methods a business could considerto minimise risks
provide training courses
introduce health and safety measures
introduce safety procedure
install security systems
Take out insurance
business and household tax differences
Business-write off expenses before tax
busineess-tax collector for government
business-claim vat refunds
pay differngt taxes
househol- local property tax
business-commercial rates
business and household tax similarities
correctly calculate and pay taxes
tax avoidance
audit
complte paperwork or online forms to register with revenue to pay tax
similarities between business and household insurance
apply for and fill out insurance forms
should reasses and update value of items so not underinsured or iver insured
carry out risk managmentand choose which risks to insure against
differnces between household and business insurance
business has larger potential financial loss
business treat insurance premium as a taxable expense
business larger amount of risk