Business Insurance

What does LLC mean? LLC stands for Limited Liability Company. Many small business owners choose to operate as an LLC because it protects them from being personally liable. This means business creditors cannot go after their personal assets such as their houses or vehicles. LLCs are relatively simple to set up and also offer tax advantages and other benefits. Wondering if an LLC might be the right business structure for you?

Picture this scenario – you just received a call from a premium auditor looking to schedule a visit to perform a premium audit on their recently expired workers’ compensation policy. The premium audit is a very important function. Not only does it determine the final premium for an insurance policy, but the data collected at audit is later submitted to rating organizations to be used in developing experience modifiers and loss costs.

Inflation is the number one concern of small businesses owners, according to a recent survey conducted by the U.S. Chamber of Commerce. To cope with inflation, 67% of small businesses have raised prices, according to the study. Another four in ten (41%) report having decreased staff or taken out a loan in the past year (39%) in response to growing inflation pressures.

National Insurance Awareness Day serves as a reminder to all small business owners to review their insurance policies to make sure they have the right coverage for their organizations. In this article, we'll take a look at three things business owners can do to ensure they have the right small business insurance.

Between December 2020 and December 2021, the Consumer Price Index for used cars and trucks increased 37.3% and the CPI for new vehicles increased 11.8%. Therefore, the cost to replace a vehicle in the event of a loss has increased.

Any business could face the risk of a data breach or cyber attack. Regardless of how big or small your business is, recovering from the aftermath could be difficult if your data, important documents, or customer information is exposed.

The pressure and stress employees are under when short-staffed can degrade a business’s service and quality output. This decline directly impacts customers and can negatively affect a brand’s reputation and sales. However, there are solutions for businesses to maintain the level of customer service your patrons expect, even with an undersized staff.

There are so many things that are out of your control like equipment breaking down, fire, wind, lightning, and theft. We don’t think those things should interfere with your ability to do business. That’s why we offer equipment breakdown coverage and business interruption coverage!

Getting the proper insurance coverage and licenses is just a start. To run a successful business, you’ll also likely need the right bonds. So, what are bonds for small businesses? Bonds guarantee that your small business will perform the agreed-upon services.

In a March 21, 2022 statement, President Joe Biden cautioned businesses in the private sector to harden their cyber defenses, reiterating earlier warnings related to potential cyberattacks against U.S. organizations by Russia. Cybersecurity is an ongoing challenge, but organizations aren’t alone when it comes to safeguarding their digital assets.

These days, cybercriminals are organized and well-funded. Unlike a lone threat actor, ransomware groups will reinvest a portion of their profits into hiring and training talented cybercriminals, making them more dangerous to organizations. As ransomware tactics evolve, it’s important for organizations to be up to date on current ransomware techniques.

The IRS recently announced that payment apps such as PayPal, Venmo and CashApp will be required to issue 1099s to small businesses and self-employed persons. The problem is these taxpayers don't have accounting departments and professionals to rely on.