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Do I Need Business Liability Insurance for My Small Business?

Many small business owners wonder whether or not they need business liability insurance. The quick answer is: You probably do.

A more thoughtful answer is: It depends on what type of business you run and the agreements you set with customers.

To decide if your business needs liability coverage (and again, it probably does), it helps to understand what business liability insurance covers, why most small business owners need it, and the types of circumstances under which businesses are covered.Read More »Do I Need Business Liability Insurance for My Small Business?

New Federal Requirements on Youth Sports

New Federal Requirements on Youth Sports

Congress is poised to take action following several high-profile sexual abuse cases involving coaches, doctors, and others in amateur and collegiate sports. A new federal law aimed at preventing sexual abuse in youth sports creates standards for all youth sports organizations, including programs offered by local leagues, churches, schools, camps, and non-profits. The Protecting Young Victims from Sexual Abuse and Safe Sport Authorization Act of 2017 includes requirements for prevention training, prevention policies, and mandatory reporting. Here is a brief overview of the new requirements that all youth sports organizations must take.

1. Mandatory Reporting Changes
The Act expands the list of individuals required to report child sexual abuse. The list of mandatory reporters now includes any adult who is authorized to interact with a minor or amateur athlete at an amateur sports organization facility or event. For some organizations, the Act also requires all adults to immediately report suspicions of abuse to the US Center for Safe Sport and the appropriate law enforcement agencies, as determined by state and federal law.

Each state has a reporting statute related to child abuse and neglect. Some states require every adult to report suspicions of abuse and neglect, while other states list categories of individuals or circumstances triggering a mandatory report. It is imperative that each youth sports organization understands the new federal obligations, as well as the respective state-specific obligations.Read More »New Federal Requirements on Youth Sports

Ordinance or Law Insurance Coverage

Generally, Ordinance or Law insurance coverage provides limited protection for costs associated with repairing, rebuilding, or constructing a structure when physical damage to the structure by a covered cause of loss triggers an ordinance or law.

According to Adjuster’s International Disaster Recovery Consulting, compliance with ordinances and laws after a loss can add 50% or more to the cost of the claim*.

Insureds should take a proactive approach to their insurance program and the coverage provided by the program. Learning about important exclusions and limitations after a catastrophe strike will cause the Insured to experience frustration and anxiety. Insureds should always read their policies, and in some states, may be required by law to do so.

Ordinance or Law Exclusion

Most property insurance policies will have an Ordinance or Law exclusion. The exclusion applies to both physical damage and time element coverage.Read More »Ordinance or Law Insurance Coverage

Financial Speak 101 for Small Business Owners: A Pocket Dictionary of Financial Words

A 2014 report (Financial Literacy and the Success of Small Businesses: An Observation from a Small Business Development Center) showed that half of the small businesses weren’t reviewing their financial statements. And of that 50%, 86% were experiencing financial difficulties. Why?
Businesses weren’t reviewing their statements … because they didn’t understand the financial jargon.
If you struggle to understand the financial lingo, this list of common financial terms and definitions may help. Use it as a reference while you’re working with your accountant or while going over your books each week.

Accounts Payable

Accounts payable is also called trade payable. It refers to the total invoices for goods and services a business has received but has yet to pay. They’re usually due for payment within 15 to 45 days. In short, this is money your business owes to other businesses.

Accounts Receivable

Accounts receivable is the amount of money a company has to claim or has invoiced. It is from having sold goods or rendered services to its customers. This is what other businesses or customers owe your business.

Accrued Expenses

Accrued expenses are expenses that a business has incurred but has yet to pay. This is because either the invoices have not yet been received or the payments aren’t yet due.

Examples of accrued expenses include interest on loans and taxes incurred. Salaries your employees earn up to the period of reporting but aren’t due for payment until after the report is prepared are also accrued expenses.

Assets

An asset is any item your business owns that is of fiscal value and is expected to benefit the business in the future.

Balance Sheet

Read More »Financial Speak 101 for Small Business Owners: A Pocket Dictionary of Financial Words

8 Worst Businesses to Start Right Now

Image: 10 Worst Businesses to Start Right Now(updated on 10/31/2022)

Opening your own small business is an exhilarating undertaking made even more exciting if you’re successful. No matter how skilled a business person you are, venturing into stagnating or dwindling industries makes it more likely that your business will be one of the 50 percent that fails within the first five years. You can also check this info sheet posted by SBA on SURVIVAL RATES AND FIRM AGE.

Help ensure your success by steering clear of these likely-to-fail businesses.

8. Restaurant

Opening a restaurant is no small order, as the 23 percent failure rate within the first year illustrates. Independent eateries find it hard to compete with restaurant chains able to buy bulk products at big discounts.Read More »8 Worst Businesses to Start Right Now

Furnace Safety Tips

  • tips

Clean Or Change Furnace Filters Regularly. Replace disposable filters. Wash, brush or vacuum permanent filters. Check The Exhaust Vent From The Furnace. Clear obstructions such as leaves or animal nests from the vent pipe. Keep roof exhaust vents clear of snow. Inspect The Blower Motor With The Power Off. Vacuum any accumulated dirt. If the owner’s manual calls for it, oil the motor. Inspect the V-belt and pulleys for wear. Tighten the belt if it moves more than an inch when you push it. Check Air Intake. Most mobile home furnaces draw combustion air from beneath the home. To allow… Read More »Furnace Safety Tips

American Institute of Architects 2017 Insurance Requirements – An Introduction

In early 2017, the American Institute of Architects (“AIA”) introduced its 2017 updates to its form construction contract documents, including a new exhibit that addresses insurance requirements between the owner and contractor. As AIA forms are among the most popular and commonly used form documents in the construction industry,1 the forms are usually considered construction industry standards. Any company involved in construction as a project owner, architect, contractor or subcontractor should familiarize itself with the new AIA insurance terms and carefully consider the insurance coverage for any project it will undertake.2

Overview of the AIA Changes

It has been AIA’s practice to revise its family of contract documents every 10 years, with the last revision in 2007. While the 2017 changes go beyond insurance, possibly the most noteworthy change in 2017 is the launch of a separate exhibit for insurance. Entitled AIA Document A101™ – 2017 Exhibit A – Insurance and Bonds, this document is intended to be used in conjunction with AIA Document A201™ 2017 General Conditions of Construction – Article 11.3 The new exhibit does not replace Article 11; rather, the exhibit is intended to expand upon the insurance provisions of Article 11.Read More »American Institute of Architects 2017 Insurance Requirements – An Introduction

Why Your Employees’ Driving Record Can Be a Reflection on Your Company

You’ve seen it before – a good employee makes a horrible decision in his or her personal vehicle. What are the implications for your company if the employee’s license is revoked, canceled, or suspended due to alcohol, controlled substance or felony violations?

If the employee in question is a CDL driver, he or she will lose driving privileges for one year. But what if he or she doesn’t hold a CDL, but instead drives a sales car or pick-up truck? What if the incident involves excessive speed, reckless driving or bodily harm? What happens then?

As an employer, you are caught in the balance between a good employee and the potential for vicarious liability, which holds you responsible for the actions or omissions of another person – in this instance, your employees. As a result, you need to understand the “Doctrine of Negligent Entrustment” and the potential impact that your employees’ decisions can have on your business.

In its general form, the Doctrine of Negligent Entrustment states:Read More »Why Your Employees’ Driving Record Can Be a Reflection on Your Company

6 Great HR Apps for Small Business That You’ve Never Heard Of… 

Baby BossHiring, firing, delegating, supervising – these are challenges faced by every business owner as a business expands. People are a company’s most important asset. But managing and motivating people are not easy. The good news is that there are a few great cloud-based technologies that are helping to make this less difficult. I’ve seen a few of these in action at our clients’ businesses and have recommendations. Ever heard of these?

BambooHR

For human resources management, try BambooHR. It’s a low-cost, full-featured platform that provides everything a controller or human resources manager would need to hire, manage, and terminate employees, no matter how small or large your organization. BambooHR pulls everything together—such as job and salary history, onboarding, vacation and sick day management, evaluations, benefits, training, termination processes, and other documentation—into one centralized location.Read More »6 Great HR Apps for Small Business That You’ve Never Heard Of…