Whether you’re self-employed or a business that’s looking to hire workers for projects, it’s important to understand who counts as an independent contractor. From there, you can determine if hiring them or establishing yourself as one is right for you and your business’ goals.
The average claim for a customer injury or property damage is about $30,000. If a claim leads to a lawsuit, then it can cost upwards of $75,000 to defend and settle. With that information, most small business owners would agree that small business insurance is a priority. No business is too small to be sued, burglarized or damaged by a fire. And no business owner wants an unexpected event to wipe out their hard work or investments. Thankfully, small business insurance can help protect your company and safeguard your income.
Business income insurance, sometimes known as business interruption insurance, helps cover lost income when your business must shut down due to a covered peril. Covered cause of loss includes fire, theft, wind.
What Is LLC Insurance? LLC insurance is short for limited liability company insurance. It helps protect LLCs from different liability claims, like bodily injury or property damage caused by your: Business Employees Products Many small businesses register as LLCs. This separates your business assets from your personal belongings. However, it doesn’t protect your business from the various risks it may face. Depending on the industry your business operates in, LLC insurance may be necessary. What Does LLC Insurance Cover?LLC insurance from The Hartford provides liability coverages to help protect your business from financial losses. You may want to consider two important… Read More »LLC Insurance
The pandemic has had a profound impact on the hospitality and service industry. This also extends to aspects of the sharing economy, including short-term vacation rentals and transportation network platforms. This article takes a closer look at COVID-19’s impact on these platforms and insurance coverage implications that retail agents should be aware of. COVID-19 Impact on Short-term Rentals When the World Health Organization (WHO) officially declared COVID-19 a pandemic in March 2020, short-term rental hosts experienced a significant decrease in reservations due to stay-at-home orders and transportation restrictions. Soon after, these short-term bookings began to see an increase from those… Read More »Insurance Impact of COVID-19 on Short-term Rentals and Transportation Network Platforms
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As parents across the U.S. and Canada grapple with their children’s return to school amid a pandemic, “learning pods” have emerged as a potential solution to meeting kids’ academic and social needs while minimizing contact with large groups.
Two mothers in Delaware County, Ohio recently launched Web Student Services, LLC, a learning pod startup that pairs certified teachers with limited groups, or “pods” of students to facilitate an at-home school curriculum on public grounds. The company has already enrolled more than 70 families, most of whom pay about $90 per week.
Other parents are organizing learning pods with neighbors and hiring tutors or nannies to support their children’s online learning at different homes each week. Others are enrolling in commercial programs, either at existing child care or tutoring centers or other facilities—like fitness centers—that have reconfigured their traditional model to offer child care and learning support services for school-aged children.
Despite widespread need and the potential for revenue these new ventures are not without risk.Read More »Learning Pods – Insurance Risks explained
The disruption to business and everyday life caused by the coronavirus (COVID-19) pandemic is resulting in an economic impact for every business. With hourly announcements from health agencies calling for social distancing, school closings, business restrictions, and event cancellations, current news reports indicate the crisis will get worse before it gets better. Much of this disruption is likely not covered by insurance.
The two most asked questions we’ve received over the past two weeks have been:
– Where can I buy coverage for the COVID-19 viral pandemic?
– Does my insurance have coverage under my current policy?
We have consulted with specialists across the Property, Casualty and Professional Lines sectors and offer the following COVID-19 update. Please note this is not an interpretation of any policy language and we recommend that you inquire with counsel for specific interpretation and advice on your particular insurance policy.Read More »Coronavirus – Does Your Insurance Cover You?
Working from Home vs. Office: Who Gets More Done?
Telecommuting, or working from home, is becoming a popular trend in the workforce. In fact, it’s estimated that nearly 40% of full-time employees will be remote workers in the next 10 years.
In the last 13 years, the number of employees working from home at least half of the week increased by 115% (3.9 million employees in 2018, compared to 1.8 million in 2005).
So, should you let your employees work remotely? It depends.
Read More »Pros and Cons of Working from Home
Starting your own business requires a giant leap of faith, and the type of business you open could mean the difference between a dream deferred and a thriving business of your own. Forget the fancy degrees and bank loans — you can now start a profit-generating venture with a WiFi connection and a little seed money.
While launching a new business of your own is risky and requires long hours and sacrifice, you can soon be reaping the benefits of being your own boss and perhaps making more money than in your former 9 to 5. Depending on the economic climate and current trends, certain industries and types of businesses may prove more successful than the 10 worst businesses to start right now.
(Download our free eBook: Opportunity Knocks: How to Find and Pursue a Business Idea That’s Right for You)
Here are 25 small business ideas you can start right now. While they span industries, audiences, and financing, they’re all within reach for someone who’s determined to climb out of their cubicle.
Forget the Golden Arches, we’re in the Golden Age of the Food Truck! All across the U.S., families and the hungry lunchtime crowd are flocking to food trucks for fresh, affordable local eats and the fast, convenient dining experience. Born out of a slow economy in the late aughts, when people were hard-pressed for time (longer hours, fewer breaks) and looking for a quick, cheap bite, the mobile-food concept is now more appealing than ever.
Market size has skyrocketed from $615 million in 2012 to $2.7 billion in 2017 — solidifying mobile dining as the fastest growing segment in the food industry. Startup costs are a fraction of opening a restaurant, so if you have a knack for whipping up delicious eats and a desire to keep on trucking, consider meals on wheels as your next venture.Read More »25 Best Businesses to Start Right Now
The terms general and professional liability insurance are often confused. General liability helps cover the costs of damages and lawsuits if your business is held responsible for things like property damage, bodily injury, libel, and slander against another. Professional liability helps cover the costs related to claims your business committed errors or omissions in the advice or services it provided. It’s more important than ever to know how to protect your business from a lawsuit. According to the U.S. Chamber Institute for Legal Reform, in 2008 (the most recent data available), small businesses paid out more than $105 billion in tort liability costs. Unfortunately, small… Read More »Difference Between General and Professional Liability