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Carvo Financial Group

What is Personal Auto Insurance?

Personal auto insurance is a policy that provides financial protection for individuals against losses resulting from car accidents, theft, and other covered incidents. It typically includes coverage for liability, collision, comprehensive, medical expenses, and uninsured/underinsured motorists. However, like any insurance policy, there are exclusions—situations where the policy will not provide coverage. Q: What Are Common […]
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What is Renters Insurance for Business?

A: Renters insurance for business is a specialized insurance policy designed to protect businesses that operate from rented spaces. This could include office spaces, retail shops, warehouses, or other commercial properties. Unlike the property owner’s insurance, which typically covers the building itself, renters insurance for business covers the tenant’s business property, equipment, and liability within […]
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Workers Compensation Ghost Policy: What You Need to Know

Q1: What is a Workers Compensation Ghost Policy? A Workers Compensation Ghost Policy is a type of insurance policy designed for business owners who have no employees but still need to meet legal or contractual obligations. This policy provides proof of workers’ compensation insurance, even though it does not offer coverage for the business owner […]
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Are Surety Bonds Refundable? Everything You Need to Know

What is a surety bond? A1: A surety bond is a legally binding contract between three parties: If the principal fails to meet their obligations (like completing a construction project or following licensing regulations), the surety may be required to compensate the obligee. The principal is then responsible for reimbursing the surety. Q2: Are surety […]
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Understanding Homeowners Insurance: What You Need to Know

Q: What is homeowners insurance?A: Homeowners insurance is a type of policy that provides financial protection for your home and personal belongings against various risks, such as damage, theft, or liability. It’s a critical safeguard that ensures you’re covered in the event of unexpected incidents like fire, storms, or accidents on your property. Q: What […]
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Workers Compensation and Independent Contractors: What You Need to Know

Q: Do independent contractors need workers compensation insurance?A: Generally, independent contractors are not covered under traditional workers compensation policies because they are considered self-employed. However, in some cases, businesses hiring independent contractors may be required to provide coverage, especially if state laws mandate it or if there’s an employment-like relationship. Q: Why might a business […]
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Surety Bonds with No Credit Check: What You Need to Know

Q: What are surety bonds?A surety bond is a financial guarantee between three parties: Surety bonds ensure the principal fulfills their obligations, whether it’s completing a contract or complying with laws. If the principal fails to meet these obligations, the obligee can claim against the bond for financial compensation. Q: What does “no credit check” […]
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What is Life Insurance? Everything You Need to Know

Q: What is life insurance?Life insurance is a contract between you and an insurance company where the insurer promises to pay a designated beneficiary a lump sum of money upon your passing. In exchange, you pay premiums over time. This financial safety net can help cover funeral expenses, pay off debts, or replace lost income […]
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