Always consult with a qualified legal professional before taking action. The state-by-state pages may also provide downloadable title applications. You can find phone numbers, Web addresses, and DMV addresses.
Protecting your real and personal property is an important element of your insurance program. No matter the size of your business, a large percentage of your assets and resources are tied directly to your property. That’s why you’ll need another additional piece of insurance that protects the other half of your business. An independent insurance agent is the best person to help you determine what type of liability coverage is needed. A lender might charge a flat fee that wraps in services such as underwriting and originating, while others charge for each separately. Settlement agent, also called an escrow agent or closing agent, who represents the buyer and oversees the closing and legal transfer of title.
Since title issues aren’t limited to noncash payers, you’ll need this insurance no matter how you pay. But there may be other ways paying cash will save you, such as moving in quicker and negotiating a lower sale price. Few things feel as good as being able to pay for a home in cash.
Among other things, you’ll need the name of the insurer and agent involved in the dispute, and policy and claim numbers. You’ll also need to include a history of previous communications regarding the dispute, and copies of all documents relevant to the dispute. The department encourages you to try to resolve any complaint with the insurance company first. If such efforts fail, visit the DFIS website and fill out aninsurance complaint form. You have failed to pay insurance premiums in the past two years and have had a policy canceled as a result.
A Congressional bill proposed in 2019 would make it illegal for car insurance companies to base rates on anything other than a person’s driving record. In that case, a person’s place of residence would no longer affect car insurance costs. Your insurance company’s experience with losses in your neighborhood influences how much you pay. In addition to state minimum liability requirements that differ, some states, for instance, allow insurers to consider your credit history and gender when calculating your cost, while others don’t allow it.
Review rate tables and condo insurance cost estimator calculator. Now that you have an idea of how much coverage you need, review the various rate tables on this page, which show the average cost of condo insurance by month, state and coverage level. You can also enter your ZIP code into our condo insurance cost estimator tool, which shows average rates, as well as the highest and lowest from up to six major insurance companies. Your lender or real estate agent will use a title company that they know can get the job done without any hiccups.
Do You Pay For Property Taxes & Homeowner’s Insurance If You Own A Timeshare?
Your application fee is nonrefundable, even if you’re rejected for a loan. Even if your business is found to have acted properly and the liability suit is dropped, your business could accrue high charges for legal defense fees and court costs. Interpretations of liquor liability including who is legally liable in the. Dram shop) has a civil and legal duty to do so responsibly.
where can i purchase low cost realestate title insurance in michigan on or offline? http://goo.gl/fb/OhWC8
— face2face (@Beckhamfans) January 4, 2011
Mortgages and deeds of trust are both authorized security instruments, but lenders prefer mortgages because deeds of trust do not circumvent judicial foreclosure proceedings anyway. Since Iowa is the only state which does not authorize private title title insurance, Iowans who want it must go through a state administered title company or fund. Buyers and sellers share the closing costs; sellers pay the documentary taxes. Property taxes are due July 1st based upon the previous January’s assessment. In some cases, the home’s seller may have already selected a title insurance company they want for the transaction, or your lender or mortgage broker may have a preference.
Officers pay 1 percent of the purchase price rather than 14%, the regular rate. County school teachers were made eligible for the same tax break in an earlier law without the first-time buyer limitation. Teachers must commit to living in the house for at least three years and maintain their teaching position with the county during that time. Conveyance is by warranty deed which must give the full consideration involved or be accompanied by an affidavit which does.
Property taxes notices are send around October 1st, but are not due until the end of the year. Most often conveyance is by warranty deed, but quitclaim deeds do appear. Judicial foreclosures are the rule, either by a suit in equity for strict foreclosure or by a court decree of sale. Court decreed sales preclude redemption, but strict foreclosures allow redemption for 3-6 months, depending upon the discretion of the court.
Title companies usually charge very little for an owner’s policy if the same endorsement is on the loan policy. This endorsement generally provides coverage for owner losses from violations of restrictive covenants, Whitman says. For example, perhaps local zoning regulations allow you to build a second accessory unit on your property. However, when the property was subdivided, the subdivision plat included a restriction that states only one structure can be built on the lot. In that case, the owner wouldn’t be able to build that second unit unless a CCR endorsement is obtained. Yes, it’s possible to get bonded with bad credit or with a claim made on a prior bond.
Keep checking back, because we’re continuously updating this page. When researching average home insurance prices, it’s important to pay attention to the source of the data and the year. Rates are always changing and any data that’s several years old may not be relevant. Also, rates for other home insurers within our network may be different. California Documentary and Property Transfer Tax Calculator. To estimate the California transfer tax go to Chicago Title Insurance web site and located the transfer tax rates and enter the amounts in the boxes below.
The specific closing costs you’ll pay depend on the type of loan you have, your home’s value and your state’s laws. Sellers may also need to pay for closing costs, depending on the sale agreement. Contact a few competing loan providers and ask what types of fees they charge. Choose a lender that offers low fees and competitive interest rates for lower overall closing costs. Local or county governments charge fees whenever a property changes hands. The seller is usually responsible for covering transfer taxes and recording fees.
where can i purchase low cost realestate title insurance in michigan on or offline? http://goo.gl/fb/OhWC8
— face2face (@Beckhamfans) January 4, 2011
Full Warranty – Deeds that provide a full or unlimited warranty are called warranty deeds. They may also be called general warranty deeds to distinguish them from deeds that provide a limited warranty. This type of deed provides warranties for all title problems, including those that arose before the previous owner owned the property. For each type, the policy will insure title as to anything other than the exceptions to title listed in the insurance contract. The exceptions to title usually involve things that the abstractor could not have located in the public records, as well as items that the abstractor located but could not be resolved prior to closing.
Our full-service capabilities make your experience as efficient as possible. Visit our locations in one of the following states and find out how we can begin serving you. Unfortunately, Michigan’s Insurance Code does not address this specific issue, so it’s left to car insurance companies to decide what they want to do.
As a FSBO seller, you automatically avoid paying a listing commission. Generally, states that are more urban or have large populations tend to have higher average car insurance costs than rural states. More drivers means more accident claims, which spikes costs. But other factors come into play, too, such as car insurance laws. New Hampshire also qualifies as a low-population, rural state, so that helps keep its rates low, on average.
The title company we use offers a $350 escrow fee, this is for loans up to $500k I believe. They have to keep record of the fees they collect and are subject to audits. Chase may very well own or be affiliated in some way with a title company or may have a title company that has a division created specifically for them hence the low fee. We get it, when you purchase real estate it seems like there is a fee for everything.
Every auto insurance policy AAA issues or renews after July 1, 2020, will start at the new default BI coverage level of $250k per person/$500k per accident. If your current coverage is already higher than the state defaults, then your policy will renew at its current limits. However, you can choose more coverage if you’d like, or you can add an umbrella policy for additional protection.
The seller may want to apply for a loan until the settlement comes through. The buyer’s bank will usually want an appraisal before granting a mortgage. They’re based on a range of factors such as title insurance, attorney’s fees, and so on. Question I just received a flier from KEL Title Direct telling title insurance is required by law.
How Does Title Insurance Work?
We only provide this coverage if all other auto insurance coverage is non-satisfied. If your vehicle is stolen or totaled you only have one legal duty to insure your vehicle. We also only provide liability coverage for if an insured driver is operating the vehicle. We are in business for you and I know the great customer service I get! You could be saving money on your car insurance if you choose to go for a no obligation policy, but with the right auto insurance quote, you would be paying the lowest rate possible. Don’t stress about it, don’t worry, don’t worry, just call us today for a cheap auto insurance quote!
If you are purchasing a condo or house with association fee, this is another item that will be prorated at closing since it is typically paid in advance. You will pay for the days you will own the condo and the seller pays for the days they will. If the title search failed to discover the lien, and you purchased the property, the lien would become your problem.
This process takes place before your closing and is called a “title search.” But even title searches aren’t infallible. Title insurance covers past problems with a property, like faulty ownership records and outstanding liens. Mortgage lenders typically require homebuyers to get a lender’s title policy to protect the lender’s interests. Owner’s title insurance isn’t required, but it’s equally important for protecting a homeowner’s interests. You might think about going without an owner’s title insurance policy to save some money at closing.
According to the statutory accounting rules for title insurance, only reported claims are reflected in the loss expense, while in other lines—both reported and unreported claims are included in the loss expense. As a result, timing differences occur in the reporting of losses and loss-adjustment expenses for title insurance when compared to other lines. In addition, title insurance, unlike most other property/casualty exposures, has no termination date and no time limitation on filing claims.
When a lien is placed on your home, it can prevent you from refinancing or selling your home unless you pay the outstanding amount. Rightful owners with legitimate claims can result in you losing your home altogether. A distant relative who had ownership in the home decades ago reappears claiming they never okayed the sale, resulting in a lawsuit. If the car is rebuilt and passes an inspection — the depth of which varies by state — it can then be issued a rebuilt title.
While it may be tempting to work with the first company you see, mind your due diligence and search for options. Feel free to reach out if you have any questions for a potential title officer. A title search looks for potential outstanding issues with the title of the property.
Any watercraft or snowmobile valued at $2,500 or less also doesn’t require bond coverage. Please note that this bond is required if you have lost or obtain insufficient title insurance new york evidence of proper ownership of your vehicle. If you are planning to sell cars and other vehicles, a Michigan motor vehicle dealer bond is required.
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The new owner will have to buy his or her own title insurance policies. An owner’s policy protects your “stake” in the home, including your down payment and any equity that’s built up. But for many homeowners, the peace of mind offered by title insurance is worth the one-time premium. You’re “entitled” (literally!) to ownership and to use it as you want within the law. Perhaps a previous owner used the home as security for a loan that was never repaid.
As a business that serves alcohol, liquor liability insurance is essential. Liquor liability insurance will cover your business for personal injuries and property damages for a liability lawsuit. Almost every purchase and sale agreement contains language requiring the seller to provide the buyer with title insurance. Most all title companies across the country issue the title policy using forms distributed by the American Land Title Association .
It doesn’t have to be your debt for there to be a lien on your property. For example, if the last owners of the home weren’t paying their property taxes, the IRS might put a lien on the home. Any agreement you made to grant funds to the Buyer for closing costs or repair work on the home will be paid. At closing, the Seller will write a check for an amount based on 1/30th of the the Buyer’s monthly mortgage, taxes and insurance for each day he stays in the home.
The first time I tried to close a deal WITH title insurance, but WITHOUT the help of a closing agent, I waswildly confused about what I was looking at. It took me a long time to figure out what this document was saying and what I was supposed to do with it. Prior to preparing for the Michigan DMV salvage title application procedure, vehicle owners need to learn what a salvage car title is and whether their vehicles abide by the MI law on obtaining salvage titles. Motorists who want to get a DMV salvage title may have to satisfy certain eligibility criteria, as well as other requirements and documents that are mandatory for the application procedure. Furthermore, vehicle owners are encouraged to learn in which situations they need to perform a salvage inspection and how much money they need to pay for the salvage car title fee.
Deeds of trust require that a notice of default be sent first and 30 days later, a notice of sale. The notice of sale must be recorded, posted, and mailed at least 90 days before the sale, and the sale cannot take place any earlier than 190 days after the actual default. Sellers generally pay the title insurance premiums and the revenue tax; buyers and sellers split everything else. A title company attorney, a party to the contract, a lender’s representative, or an outside attorney may conduct a closing. The payment of title insurance premiums, closing costs, mortgage taxes, and transfer taxes varies according to local practice. Property taxes are payable annually on the first Monday in October.
Property taxes are payable on an annual basis; due dates vary from county to county. Conveyance is by warranty deed or corporate deed, though often there are contracts of sale involved. Either mortgages or deeds of trust may be the security instruments. Deeds of trust which include power of sale provisions are restricted to properties in incorporated areas and properties elsewhere which don’t exceed 20 acres. After the notice of default has been recorded, deed-of-trust foreclosures take at least 120 days, and there’s no redemption period.
Although you may still pay for owner’s title insurance, there are many other ways you’ll save money by paying cash. If you take out a 30-year 4 percent loan on a $200,000 house, you’ll pay more than $140,000 in interest, assuming you stay in the home for the entire 30 years. That means a $200,000 purchase will end up costing you more than $340,000. Title insurance protects you as the owner of your home throughout your time there. If an issue later arises, you can file a claim and that problem will be covered.
Sellers usually pay the closing fees and the transfer taxes. Title companies, lenders, real estate agents, and attorneys handle closings. Immediately following the execution sale, the highest bidder receives a sheriff’s deed.
One of the most important documents in the entire commercial real estate transaction is the preliminary title report. After the title search is completed, the title insurance company will issue a preliminary title report that explains its findings. This report will show any liens or other encumbrances currently made against the title to the property.
If any defects in title (also known as “clouds”) are found during the title search, they are the responsibility of the seller. He or she may be able to cure the defects, or you can walk away during the sale. If defects in title are missed, however, you could be on the hook. If you’re the type who tends to worry, owner’s title insurance will buy you peace of mind. If you die and leave the property to your heirs, the same title insurance policy will cover them while they’re in the home.
Mortgages are the principal security instruments because deeds of trust offer no power-of-sale advantages. Enforcement of any security instrument requires a decree in equity, a judicial foreclosure proceeding. Responsibility for payment of title insurance premiums varies according to locale.
Your real estate purchase contract specifies who pays the title insurance costs, but usually you have to do so as the buyer. The fee is added to the closing costs you pay when you sit down and sign the final documents at the closing meeting. An owner’s title insurance policy protects you, as the new owner, in the event that an unknown issue affecting the property at the time the policy is issued later causes problems with your title to the property. The borrower usually pays for lender’s title insurance even though it is for the sole benefit of the mortgage lender.
The applicant profile is of a married, 35-year-old who has filed no claims in five years. Coverage includes dwelling coverage of $50,000, medical payments coverage of $5,000, contents replacement at replacement value and loss of use at 10 percent of personal property limit. Get condo insurance costs first american title insurance company atlanta ga by coverage level, state and by ZIP codes using our condo insurance cost calculator. After all the back and forth with your lender, you’re officially in the clear. What you may not realize, though, is that your title company will be working behind the scenes to ensure a smooth transaction.
Usually, it is the seller who pays for the owner’s title insurance. Remember, however, that this is customary but not mandatory. In some states, the title search or report is included as a part of the cost of a title policy. Some states don’t use title reports at all and instead use abstracts of title which are more detailed, and legally binding, documents.
Charging the lowest income drivers significantly more than the higher income drivers is simply fundamentally unfair and unjust,” Poe added. Additionally, urban areas tend to have more cars on the road more often than rural areas. That leads an increased number of accidents, theft and vandalism. georgia title insurance The more claims made in an area, the higher the rates will be. In Nevada, there is also a high rate of uninsured motorists, 10.4%. And as host to Las Vegas, the iconic gambling and resort destination, it has its share of traffic claims that balance out the more rural areas of the state.
You pay for it one-time, at settlement when you purchase the property and your owner’s policy coverage protects you as long as you own the property. The title industry is highly dependent on real estate markets, which, in turn, are highly sensitive to mortgage interest rates and the overall economic well-being. During the housing bubble from 2000 through 2006, the industry’s revenue more than doubled. As the surge in real estate transactions drove up title insurance revenue—along with a greater incidence of claims—the economic downturn that started in 2007 pared back revenue significantly for several years. To compare, the industry reported nearly $17 billion in title insurance premiums in 2005, but volume fell to $9.6 billion in 2009. Founded in 1907, ALTA has created standard forms of title insurance policy “jackets” for Owners, Lenders and Construction Loan policies.
For more information about title insurance read the Nevada Consumer’s Guide to Title Insurance. The Nevada Division of Insurance provides a guide to title insuranceand a rate comparison tool to help you as you shop. Prices for both an owner’s and lender’s policy combined can range from $1,046 to $1,407 for $150,000 worth of coverage in Clark County. Special language is required to ensure that the deed qualifies as a warranty deed.
The stronger your understanding of what title insurance is and its role in commercial real estate transactions, the better prepared you are for negotiating great deals and protecting your assets. Any home loan — whether its to purchase a new home or to refinance a current loan — will come with closing costs. Closing costs cover a variety of fees related to the processing of a mortgage and required prepaid items like homeowners insurance and property taxes. To prevent abuse, the Real Estate Settlement Procedures Act prohibits sellers from requiring purchase from a specific title insurance carrier. The goal of title companies is to conduct such a thorough search and evaluation of public records that no claims will ever arise. Of course, this is impossible–we live in an imperfect world, where human error and changing legal interpretations make 100 percent risk elimination impossible.
Judicial foreclosures for mortgages take about a year, depending upon court availability, and there’s a 6-12 month redemption period after that, depending on the type of property involved. Buyers and sellers split escrow costs in general and negotiate who’s going to pay the title insurance premiums. There are no documentary taxes, mortgage taxes, or transfer taxes, but there are property taxes, and they’re due annually in November and delinquent on should i get title insurance December 20th or semiannually on December 20th and June 20th. Foreclosures are non-judicial and take little more than a month because there’s a power of attorney right in the security deed. Foreclosure advertising must appear for 4 consecutive weeks prior to the first Tuesday of the month; that’s when foreclosure sales take place. Georgians use ALTA title insurance policies, including owner’s and lender’s, and they use binders and endorsements.
This is true even if you aren’t planning on building any structure on the parcel. Vehicles other than regular cars and trucks still need to be registered with the MI SOS. These include snowmobiles, ATVs, custom-built cars, and recreational vehicles. Great insurance coverage options, competitive prices, easy claims and excellent service might have something to do with it. The title insurance industry is a specific field within the insurance industry. Licenselogix will address the specific needs of your title insurance business to ensure you are informed about which license type you need and how to obtain the license. We streamline the process so that you can get back to business and feel confident that you are in full compliance with state regulations.
The charges quoted on this web site are estimates only, and should not be relied on as accurately reflecting the charges for a specific transaction. The actual charges may vary, depending on the availability of discounts, requests for special coverages or services, or other matters specific to the transaction. Please contact your local Chicago Title office or agent for charges associated with a specific transaction.
All title insurance companies in Oregon are required to issue such a policy. Conquer the threats of the open road with the right motorcycle insurance in Michigan. From auto, home and other insurance covers to home repair costs & worker’s compensation insurance, you could save on roadside assistance and could save your personal property. Get a free online quotes from multiple car insurance carriers and compare your coverage. Save a bundle on comprehensive coverage and roadside assistance for multiple cars, especially if you live in central Michigan for a long distance from the city. Get car insurance quote today from top Midwest auto insurance providers to find the best savings!
The lack of ability to obtain title insurance will prevent the buyer or borrower from getting full value for the property. Michigan law does not require you to purchase homeowners insurance. However, if you have a mortgage, it is likely your lender will require you to purchase this coverage. Below are average yearly and monthly home insurance rates, ranked by company for a policy with $300,000 in dwelling and liability coverage with a $1,000 deductible. You’ll see Nationwide is the cheapest, among carriers surveyed.
- A dealer should be able to give you a reasonable idea of the difference in comparable cars with a clean title and rebuilt title.
- Here to help us understand the threat to your home’s title is our own FOX 5 real estate expert John Adams, who, in full disclosure, is himself a homeowner.
- Prices for both an owner’s and lender’s policy combined can range from $1,046 to $1,407 for $150,000 worth of coverage in Clark County.
- Members will be responsible to pay the service provider directly for all other costs of service above these dollar limits at the time service is provided.
While Diversified Insurance Group is a “Trusted Choice” Independent Insurance Agency working with multiple insurance companies. If you do agree to split the fees, $3.75 for every $500 of transferred value (i.e. the property) goes to the state, and $0.55 goes to your local county ($0.75 in some counties). Another option is to ask an independent attorney for help in understanding local regulations, costs involved and insurance company recommendations.
If the seller signed the title, you as a buyer may then get it titled, and that should be fairly easy. If you have waited beyond the 15-day limit you will have to pay a $20 late fee. You must also provide proof of insurance when you are at the SOS office when getting at a title. You may not transfer a title within the state if there is a lien against the car – meaning payments are being made.
The amount you’ll pay for your transfer depends on your HOA’s policies. If you live in an area without an HOA, you won’t pay this fee at all. Credit reporting fees cover the cost of pulling your credit report and looking at your credit score. Online Agent Access requests for adding new employees, access to insured closing service letters/closing protection letters, policy number requests, and FirstNet password reset.
Owner’s title insurance costs significantly more than the lender’s policy, since the lender’s title insurance coverage declines over time as the mortgage is repaid. Most mortgage lenders require homebuyers to purchase title insurance, but only a specific type of policy that protects the lender, not the buyer. To protect yourself from having to be responsible for title issues, you have the option to purchase owner’s title insurance, which is separate from the lender’s policy. In the case of the home buyer’s title insurance policy, it’s customary for the seller to pay the costs of the policy issued to the new homeowner. It’s customary for the lender’s policy to be paid by the home buyer. However, without it, you lack protection from claims against your ownership of the home and risk losing your investment in the process.
It will determine whether the property is located in a flood zone. If so, you’ll likely be required to pay ongoing flood insurance. Average closing costs total $5,000, according to Freddie Mac. Instead, think of your bond’s coverage amount as your liability . While you’ll pay less than the coverage amount to get the bond, you can be liable up to that amount if a claim against you is upheld in court.
In Georgia, an SR-22 is a certificate of financial responsibility that guarantees you hold the state minimum required liability insurance. Although it is often called “SR-22 insurance,” it’s not actually an insurance policy—it’s a document that your auto insurance provider files with the Department of Driver Services. The main goal of any commercial property insurance program is to protect the insured’s real and business personal property.
In other words, the title insurer has no obligation to do anything until a problem actually arises. When a problem does arise, the insurer can pay damages or actually fix the problem. Refinancing closing costs are determined by your lender and the amount borrowed. Average refinancing closing costs are $5,000 according to Freddie Mac. But they can run between 2% and 6% of the total amount borrowed.
It’s important to note that some insurers won’t cover dog bites regardless of the breed, so you’ll want to consult your policy to see if you’re covered. If not, you can purchase separate insurance for dog bite incidents. Note that the price for any state is the average cost of homeowners insurance for all states combined in a given category. For example, the average monthly price in any low-cost state may be higher or lower than $77, but the average monthly price for all of the low-cost states is $77. The average homeowners insurance cost for a 12-month ASI Home policy from Progressive for 2019 is divided into three categories – low, medium and high cost states. Commercial PropertyRead up on Michigan commercial property insurance, including how business property insurance protects your company’s building’s and/or their contents from damage, destruction, theft and vandalism.
Deductibles apply to the personal property coverage portion of your policy. You typically have a range of deductible amounts from which to choose. If you’re struggling to put a dollar figure on the amount of coverage you need, talk to your insurance agent.
In May 2020, we pulled quotes for several sample policies on homes across a variety of common price points. All quotes are from direct writer Title Forward on single-family homes around the country. But if someone comes along and contests your ownership of the property, that dream can quickly turn into a nightmare. Please click here to read how we provide this service in all of our transactions. Land Title Insurance Services also has established special alliances with surveyors, appraisers and environmental report companies.
In three states, Florida, New Mexico, and Texas, the state insurance department sets the premium rates that title insurers can charge. In other states, title insurance companies have more flexibility to set and alter their rates. Even in states where premium rates are set, insurers may set different additional fees that you can compare or negotiate. Title insurers also don’t market their services to homebuyers, but to real estate professionals—real estate agents, mortgage lenders and brokers, attorneys. Title insurers woo real estate middlemen with lavish parties, tickets to sporting events, and in some cases direct kickbacks from title insurance agents for guiding homebuyers to their company.
Title search, title examination, notary fee and other closing fees are all additional costs. Bell title company is a full service title insurance agency, offering title insurance and real estate settlement services throughout the state of michigan. A. A title commitment, also called a title binder or preliminary title report is the title company’s pledge to provide a title insurance policy for the property after closing. The title commitment contains the terms, conditions, and exclusions that will be in the insurance policy after settlement. Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums.
A refinance loan replaces your existing mortgage with a new one. If you don’t pay them up front, you’ll either pay a higher interest rate or the costs will be rolled into your loan. Here’s what you can expect when it comes to closing costs for refinancing your mortgage. However, while real estate agents and lenders can answer many questions, often they do not have a great depth of knowledge relating to title insurance, says Klein. Those with questions or complaints about a title insurance company can file a complaint here.
The person injured may be a toddler, a contractor, an accountant, or a homemaker. Gross Sales – The more revenue you have, the higher your premium can be. So if your small business earns less than $30,000 annually, your premiums may be lower than a larger corporation that earns more than $2,000,000. Whittemore MI map © OpenStreetMap contributorsIf you own a Whittemore small business, this article will help you understand some the of most common policies available.