Showing posts with label small business insurance. Show all posts
The Different Types of Small Business Insurance
Business
insurance
is there to protect your company from lawsuits. To guide any
entrepreneur looking to choose a specific insurance policy, here are
a few of the most common choices explained:
General liability–
Every type
of business, whether office or home-based, needs to have liability
insurance. Having such provides adequate defense from situations
wherein either the owner, his/her employees, or the products/services
being offered cause (or are alleged to have caused) bodily harm or
property damage to any party.
Monday, December 8, 2014
Posted by Unknown
Provide Health Insurance to Get Tax Credits
Enrolling your employees in
a small
business health insurance plan
does more than just help them stay healthy. The IRS can actually give
you tax credits for doing it .
Eligibility
According to the IRS, a
small employer is eligible if he has fewer than 25 workers employed
full-time or a mix between full-time and part-time; furthermore,
their average annual wages should not exceed $50,000. The employer
should also pay uniform percentage for all employees equal to or more
than 50% of the insurance coverage’s premium cost. Tax-exempt
organizations falling under these factors may also qualify.
Saturday, November 15, 2014
Posted by Unknown
When Good Employees Go Bad
You may not be the biggest
tech firm in your area, but you do have a talented team working for
you. As you might know, people are your biggest asset since it is
from their minds that innovative technologies and solutions spring
forth.
That being said, are you
prepared for a scenario wherein one of your staff goes rogue and
commits actions that may be detrimental to your bottom line? For
instance, he or she may misappropriate company funds or leak
proprietary software to a competitor firm. Or maybe that person
decides to overbill a client to pocket some extra cash? In all these
cases, you will definitely end up with a major headache, as you’re
left reeling in the aftermath of your employee’s dishonest actions.
Fortunately, you can protect
your company through Fidelity Bonds, a type of insurance specifically
designed to protect employers against the problems caused by errant
workers. If you suffer monetary loss, the insurer will pay out a sum
commensurate to your lost revenues. If a disgruntled client is suing
your company because of an employee’s wrongdoing, your insurance
policy will shoulder the litigations fees.
Indeed, brilliant minds are
the bread and butter of technology companies. At the same time,
though, one cannot be complacent about the problems that a few bad
apples can do to your firm. As such, get Fidelity Bonds now to
protect your small business.
Wednesday, October 15, 2014
Posted by Unknown
Business Prosperity 101: Small Business Insurance
Accidents happen and this
can be devastating to any business, especially if it’s a small
company, such as a struggling tech startup. The accident can involve
one of your employees, a customer, or your property. However, the end
result is the same: you end up paying out of your nose because you’re
liable for them. That’s why it’s smart to purchase insurance for
your company. Here are some insurance plans your business would need
to ensure that it’s completely covered:
- General Liability Insurance. When an accident happens and the cause can be traced back to either your employees, your product, or your service, you’ll end up paying a lot during a lawsuit. Additionally, if your business ends up injuring or making your employees sick, you’ll see the same result. Both of them can drain your company’s coffers. Liability insurance can help cover the costs of these expenses and make sure you still have money to operate.
- Property Insurance. Businesses need equipment to operate. This can range from computer workstations for software companies to a delivery service trucks. Moreover, you need to have offices. Having these items protected by insurance is the next logical step, since you don’t want a fire or flooding to completely ruin your business.
- Directors and Officers Insurance. Being the boss doesn’t mean you’re immune to lawsuits. If you or your company officers did something in pursuit of the company’s interests that ended with a lawsuit, this particular type of insurance should cover it.
Wednesday, October 8, 2014
Posted by Unknown
When Choosing Insurance, Have a Broker Help Out
For
small New Jersey companies, purchasing insurance is just like paying
taxes—it’s a basic part of any household budget. However, with
all the choices out there, choosing the right insurance company from
an array of popular insurance companies nationwide, can be quite
daunting. Fortunately, an insurance broker can make the process as
quick and hassle-free as possible.
What
does an insurance broker do?
Insurance
brokers, in stark contrast to insurance agents, are completely
independent and are able to represent many insurance companies. Thus,
in theory, an insurance broker can give you—the client—the best
coverage at the lowest price. Brokers can guide you through the messy
paperwork and help you understand the unintelligible jargon commonly
found in many insurance contracts.
How
are they different from insurance agents?
Generally
speaking, the work of an insurance agent and a broker are entirely
different. However, the line between the two can often get blurry in
the real world: good agents will be willing to refer their clients to
other popular insurance companies just to give them the best rates,
while some brokers have special relationships with particular
insurance companies because of stronger ties and a sense of loyalty.
Despite this common role-switching, it still pays to talk to an
insurance broker over an agent because of the broader reach and
choices they offer.
Monday, September 15, 2014
Posted by Unknown
Insurance Small Business Owners Should Get
As a business owner, you
have the primary responsibility over your enterprise’s survival—and
one of the most important ways to protect your assets is to buy
adequate insurance
coverage so that you avert the potential risk of getting buried in
financial burdens. Here are some insurance products that should be
invaluable to your small business:
Liability Insurance
Liability insurance coverage
protects your business from costly lawsuits. There are three main
types: (1) general liability that protects you against accidents or
injuries related to negligence, (2) product liability meant for
product defects and injuries caused by your products, and (3)
professional liability that protects you against errors and
negligence within your business, especially if you provide
professional or personal services.
Employee Compensation and
Liability
Businesses with quite a
number of employees have to invest in a reliable employee
compensation insurance in case of workplace accidents. Check your
state’s laws for provisions about the minimum number of insurance
for which the workplace compensation requirements apply. Aside from
compensation though, you can also get employee liability insurance
that can protect you against groundless lawsuits from within your
workforce.
Car Coverage
The vehicles your business
uses also needs to be insured, just as much as your personal car.
Business vehicle coverage is very important in the trucking or
logistics industry, as well as any other enterprise that calls for a
vehicle as an integral part of operations.
Wednesday, August 20, 2014
Posted by Unknown
Safeguarding your Business
After months or even years
of hard work, you have now reached stability in your business. Your
checklist for success has already been mostly filled, and now it's
time to move on to a very important step: business insurance. Not
wanting to see the fruit of your effort go to waste, business
insurance is highly recommended even for small businesses.
Tuesday, July 15, 2014
Posted by Unknown
Determining your Business Insurance Needs
Knowing your business’
insurance needs may not be as glamorous as planning your grand
opening, but it gets the job done, nonetheless. Without insurance,
you leave your business, your assets, and your employees unprotected
from risks, which can be devastating on all angles. Determining your
specific needs is one key step, and here are a few more tips.
Begin by clearly defining
what your entire enterprise is all about. You could do this by
writing a single paragraph of no more than four sentences, describing
your business. To utilize this effectively, consider these tips:
- Define the four questions Where, What, When, and How.
- What are you selling?
- Who will manufacture the stuff you sell?
- Will there be employees? If so, how many?
- What types of equipment will be used?
- How is the business set up?
- Will vehicles be used?
Given these information,
take note of all the possible risks in your business. The Small
Business Administration (SBA) recommends that you analyze your
business liabilities so that you can predict or prepare yourself
against potential events that could lead to a loss, either in terms
of manpower, financial, or real estate resource. Your findings should
also provide an estimate of the costs that will be incurred in such
loss, and how you intend to address them in the most cost-efficient
way.
Also, take note of your
state’s requirements. If the law mandates that your business should
have coverage for certain aspects in your business, then make sure
you get coverage for them. While federal government doesn’t require
such, most state governments do. With prudence and attention in these
matters, you can adequately make business decisions without getting
bogged down in legal concerns.
Tuesday, June 17, 2014
Posted by Unknown
Why You Should Rely On Business Insurance
Engaging in a business venture is,
for all time, a serious undertaking because no matter how well you manage your
business, there are still inevitable events that can occur that's out of your
hands. You have a lot of things to work out and make sense of. To prepare for
the times when things go unplanned, it's essential that you utilize reliable general liability coverage to help
you with what you need.
Business insurance protects you
and your company's assets and pays for certain aspects of your business that
you're accountable for. For example, if injuries or damages occur within your
location, you’re obligated to pay for them through your insurance coverage
plan. When you’re renting out a property, you’re protected from costs triggered
by cases of fire and other natural disasters.
To know what kind of coverage you
need, start with evaluating the type of business you have and the potential
risks you face. Research and study what you have and decide if your risk is on
the low end or the high end. Tech companies are at high risk compared to fashion
retail outlet chains, as their services can bring down entire database systems
should things go awry.
After evaluation, explore your
different options and ask advice from insurance experts on how to go about your
coverage plans. They can give you recommendations that fit your business needs
and explain to you how to maintain your protection should a crisis strike.
Wednesday, June 11, 2014
Posted by Unknown
