5 Types of Business Insurance and Why You Need Them

No matter the size or nature of your business, one thing that remains the same is the need for business insurance. There are many different aspects of your business that you'll want to take into consideration when looking for new business insurance – or reviewing your current insurance coverage. Since every business is different, each one will have different insurance requirements. For example, a company that produces physical goods may need different insurance than a company which offers services. In either scenario, there are some similarities, and listed here are a few types of insurance that all businesses should consider.

Workers' Compensation Insurance – for your employees

Workers' Comp insurance is required by law in almost every state. It can provide coverage for medical costs and a portion of lost wages for an employee who becomes injured or ill on the job. Typically, this type of insurance only covers injuries or illness that occur on the job site – for example, if an employee slips and falls on a wet floor.

Since the laws regarding Workers' Comp can be different depending on where your company is located, it's important to work with an insurance professional to make sure you're getting the coverage that's required, as well as what you need for your particular business.

General Liability Insurance

General Liability Insurance is designed to protect you and your business from a variety of claims, including accidents, injuries, or claims of negligence. This type of insurance can help pay for things like property damage, medical expenses, libel, slander, legal costs, and faulty products. No one expects to get sued, but the reality is that it's always a possibility. You don't want to leave your business open to these types of situations, and the broader the protection, the better.

Professional Liability Insurance – "Errors and Omissions" coverage

Professional Liability Insurance can also be known as "Errors and Omissions Insurance," or "Malpractice Insurance." It protects you from lawsuits that allege negligence in providing professional services, providing shoddy work, or making mistakes or omissions. This type of insurance is particularly important if you have a service-based business, but can also be necessary for other types of businesses as well. Mistakes happen – so adequate Professional Liability Insurance can be helpful, even if you don't think you'll need it.

Property Insurance

The definition of "property" is broad, and can mean different things to different types of businesses. That's why it's important to make sure you carry adequate Commercial Property Insurance. Without this type of insurance, most small businesses wouldn't be able to replace their equipment should something happen to cause damage or destruction. Property covered by this type of insurance can include buildings, computers, inventory, supplies and equipment. There are two types of Property Insurance: "all-risk" policies cover just about everything, and is a good way to avoid duplication or overlap of coverage, as well as gaps in trying to cover your liabilities. "Peril-specific" policies, or "named-peril" coverage applies only to particular perils that are specifically …

What Types of Insurance Coverage for the Ice Cream Truck Business?

Ah, the wonderful sounds of summer: the joyful chirping of birds, the slap of the seashore, the laughter of children frolicking outdoors – and the chiming tunes notifying neighborhood kids of all ages that the ice cream truck has arrived.
Ironically, that happy sound of music announcing the ice cream truck brings untold sadness to some. For the mothers, fathers and siblings of those kids killed in a related accident, the sound will never be reconciled with.

Although accidents can occur and associated insurance coverage can come with financial shielding, the dangers associated with this type of mobile frozen confection store and excited children looking forward to a favorite treat need careful consideration. There are things that parents, caregivers and ice cream truck operators can do to mitigate the risks of fatalities and serious injury. These include installing more mirrors on the vehicle and a safety bar to block children from getting in the blind spot's way, as well as other safety mechanisms.

As far as the insurance companies are concerned, any equipment installed to prevent accidents may result in some form of discount on a commercial auto premium. It can also make lower rates on an already-discounted insurance package that combines commercial auto insurance with a business owners policy.

For reading convenience, we've listed the various forms of coverage related to this business below.

Special Commercial Auto Insurance for the Ice Cream Truck Business

• Commercial Auto Liability Coverage
Every US state requires commercial auto liability coverage to protect businesses from bodily injury liability when an accident occurs. This coverage also protects from property damage liability when the other car is damaged or when buildings or other property is damaged.

• Collision Coverage
If the driver of an ice cream truck caused an accident resulting in damage to his or her own truck, this insurance will help with the costs of repair or the costs to replace the truck if repair work is not an option.

• Medical Payments Coverage
This insurance will help pay for medical costs if the truck driver or passenger is hurt in accident.

• Uninsured / Underinsured Motorist Coverage
Uninsured or Underinsured Motorist coverage can help pay for damages incurred to the truck by another driver if he or she is either uninsured or underinsured and cannot fit the repair or replacement bill entirely.

For further information on insurance – commercial auto or business – speak to a professional independent agency that has its customers' interests at the forefront.

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Types of Jobs That Use Microsoft Excel

Are you considering learning how to use Excel more effectively? Many people use Excel in their day to day jobs, and they're not necessarily accounting or finance professionals. Excel is a robust spreadsheet platform that allows you to track and store a variety of data effectively. This article will outline some of the traditional and non-traditional career paths that can make good use of skills with Excel. Once you have finished reading this piece you should have a much clearer view of how Excel might be useful in different areas of the business world.

Accounting

As a spreadsheet application, Excel was originally intended to duplicate the large paper spreadsheets that have been used by accounting professionals for over one hundred years. Accountants are responsible for tracking and categorizing all of the individual transactions that make up the day to day operation of a business. Excel is a great tool for this because it allows them to track the details of the transaction, monitor the performance versus expectations and goals, and provide customized and useful reports on almost any aspect of the accounting of a business.

Finance

Closely related to accounting, finance professionals conduct a wide variety of modeling and analysis of a company's performance. Finance might use complex statistical analysis to predict future performance of a firm or find correlations between certain events and the resulting impact on performance. Finance is also used to study the proper capital structure of a company. All of these functions are ideally suited for a spreadsheet tool like Excel.

Marketing

Marketing is a discipline tasked with generating and meeting the demand for a company's products. As such, one of their primary functions is directing company resources into appropriate channels to generate demand and create awareness of the company. These channels are generally known as "advertising" and there is usually a cost involved in utilizing them. This cost may be in terms of human labor or money, but in either case it is an investment that should be tracked and monitored to ensure it is generating a suitable return in terms of new revenue. Again, Excel comes to the rescue by providing an easy format for organizing all of these marketing expenses and matching them with the results they generate.

Project Planning

Although there are more robust project management tools available, Excel does a fantastic job for planning and managing the more straightforward projects that arise from day to day in business. Many project managers will use Excel to create Gantt charts which can provide a visual representation of the steps and milestones of a project and help keep things moving toward the ultimate goal.

As you can see, although Excel was initial conceived as a finance and accounting tool, there are a number of other uses for it. From marketing management to more obscure uses like project tracking, Microsoft excel is a tool that is used a wide variety of jobs. You might recognize how it may be a suitable tool to include in …

Few Types Of Personal Injury Claims

Personal injury can happen due to negligence of another person and at times this injury can give you permanent physical damage. People are not very aware about the true compensation laws for these kinds of injuries but you should apply for a full compensation depending upon the type of injury that you have got. There are different types of personal injury claims that you can make and these claims will not only cover the medical expanses but you will also get financial compensation for all of the mental frustration. I will describe a few types of claims that you can make. First of all is the claim that you make after using a defective or dangerous product. It happens with lots of people that they purchase a certain product but after using that particular product, they either get injured or they get some kind of physical damage. In these kinds of cases you can file a case against the manufacturer of that product. You will get compensation for your loss either in the form of better products or you can get cash compensation.

Dog bites and other domestic animal damages are also covered in the form of personal injury claim. If your neighbor's dog bites you then you can file a legal personal injury claim with the help of injury lawyer. The laws with respect to animal damages vary from state to state and personal injury lawyer can guide you better for making your claim. There are other injuries as well like slip and fall injury. If you have fallen due to an icy sideway or unaligned staircase then you can push this kind of claim in court. This also depends on the local laws that whether the owner liability laws allow you to take this kind of claim to court or not.

Another type of personal claim is related to work injuries. These injuries can be categorized as construction site, machine injuries and a few other types. You can file an injury claim with the help of an injury lawyer against your employer. You just need to know that the lawyer that you are hiring has some previous experience of dealing in similar kinds of cases. There are some injuries lawyers that are more comfortable in handling only catastrophic injuries and accidental injuries while some are more expert in work injuries. You can get an idea from their past experience. Look carefully before hiring your lawyer and make sure you win your claim.

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Types of Businesses – Definition of Business Types

A man is known by the company he organizes. – Ambrose Bierce

[Types of Businesses] – Owning your own business is a major part of having great economic success in a capitalistic society. There are many types of businesses to choose from so one of the first decisions you’ll make is the type of business to open. There are several options to explore for the structure of your business. This article will give you the definition of three of the most popular business types. These types of businesses are: (1) Sole Proprietorship, (2) Corporation, and (3) Limited Liability Company.

(1) Sole Proprietorship – individual ownership and operation of a business.

A sole proprietorship is not a separate organization and does not have any formal requirements for formation. The individual simply begins doing business. Most sole proprietorships are small businesses, and initially their business capital needs are small. Typically, the individual provides the funds. In order to get financing, a sole proprietor takes personal financial risk. The income of the business is the income of the sole proprietor and is reported on the individual’s income tax return. The proprietor is the manager of the business. The business can be transferred only if the owner allows it.

(2) Corporation – any entity formed by statue that has rights of a legal person along with limited liability for its shareholder owners.

Formal public filing is required to form a corporation. A corporation may use short-term financing or debt and equity financing. Limited liability for shareholders is one of the advantages of corporate organization. Corporations have the tax consequences of double taxation. Many shareholders may own a corporation but the board of directors controls the operations. Shareholders have the opportunity to express their views at the annual meeting by electing directors who represent their interests. A corporation can be dissolved voluntarily or involuntarily.

(3) Limited Liability Company – newer form of business organization in which liability is limited except for conduct that is illegal.

An LLC is formed by filing the articles of organization with a centralized state agency. Members of an LLC make capital contributions in much the same way as partners make capital contributions. Members of an LLC have limited liability; the most they can lose is their capital contributions. The LLC does not pay taxes; income and losses are passed through to the members to be reported on their individual returns. Members of an LLC adopt an operating agreement that specifies the voting rights, withdrawal rights and issues. A member’s LLC interest is personal property and is transferrable. Most LLC statues provide that the LLC dissolves upon the withdrawal, death, or expulsion of a member.

The definition of these business types is just the beginning of understanding how to fully utilize each structure. Because there are several types of businesses it is important to know the advantage and disadvantage of each. The type of business you organize will determine a lot about how you reduce liability, protect your assets and …