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Category Archives: Blog


13 Types of Insurance For The Small Business Owner

small_business_owners_imageIf you are a small business owner, insurance is something you will eventually need to address. It can be stressful to think about the additional costs involved in getting your business up and running. However, every business owner should have some basic type of business insurance in order to safeguard your business and your livelihood.

Yes, insurance is expensive, and at times you might feel like your cash may be better spent elsewhere – but having coverage for your business is always a good investment.

Here are 13 types of insurance for a small business owner.

  1.  General Liability Insurance: Every business, even if home-based, needs to have liability insurance.  The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
  2.  Property Insurance:  If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.  You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
  3.  Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
  4.  Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions.  If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.  Many times the non-owned can be added to the BOP policy.
  5.  Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees.  Penalties for non-compliance can be very stiff.
  6.  Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services.  Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..
  7.  Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
  8.  Data Breach:  If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information.  If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.
  9.  Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
  10.  Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.
  11.  Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
  12.  Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision.
  13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.

Apple Breaks Into Mobile Payments

applepay_applewatchSmartphone makers have been trying to replace our wallets with digital pay methods for several years. While the trend has yet to widely catch on outside of the tech sphere, Apple (so often the bridge between the super geeky and super chic) believes that they may be able to change that.

On Tuesday, Apple announced it would soon be offering its own version of the mobile wallet, dubbed Apple Pay. Apple claims to have already established relationships with three major credit card companies, and retail giants like Target and McDonald’s – meaning soon you’ll be paying for your Number 3 with your iPhone or Apple Watch.

Use Technology To Be a Better Manager

better managerIt’s no secret that here at Newtek, the only thing we respect as much as small business owners is the power of technology. Technology has transformed the business landscape, creating more efficient solutions, better business practices, and an open line of communication between businesses and their customers. If you’re not using technology to be a better business owner, here are some good places to begin.

 
Project Management Software
If your business is project-heavy and includes multiple team members, management software will greatly improve productivity and efficiency. These programs will help conquer time-consuming obligations such as scheduling, generating reports, process tracking, and budget management among much more. Project management software also allows you to store all information related to a project in one, easily assessable location.

Small Business Loan Basics

bank-loan-1940x900_30167Securing a loan for your business is an intimidating process; it requires patience, time, and a great deal of documentation to complete. However, with proper planning, you’ll find that grueling loan process is definitely something you can handle. It’s all about preparation.

The first step is to get organized, neatly gather required documents, and mentally prepare to answer questions about your business. If you can illustrate to potential lenders that you are confident in your business, fiscally responsible, and can provide a solid plan – securing a loan will be easier than you think.

Overcoming “Lonely at the Top” Syndrome

lonely at the topMost small business owners are ready and willing to take on the many tasks involved in running a successful enterprise—from devising a budget to hiring staff and planning both short-term and long-range strategy. It’s what they’ve aspired to do since setting out on their own.

But the role of entrepreneur/owner/CEO is a double-edged sword. No one’s telling you how to run your business, but on the other hand, no one else can take responsibility if and when things go wrong. More importantly, as the person in charge, you should steer clear of expressing your doubts about the business with your employees, since they look to you for round-the-clock leadership and inspiration.

Grow Your Business

Grow Your BusinessBeing an entrepreneur takes guts. It doesn’t matter if you’re setting out on your own for the first time or have been maintaining your business for many years – successfully managing a business is a scary but exhilarating undertaking. Everyone’s experience is unique, but it’s rarely easy. It’s even more difficult to begin on the high-risk journey of growing your business.

Here are some tips on how to make sailing a little smoother.

Data Security Procedures to Implement Immediately

cyber-data-securityIt’s not just the big boys like Target that are at risk of a data breach. For every high-profile case, there are hundred of data breaches experienced by small businesses across the country.

Fortunately, there a many simple things small business owners can do to protect their sensitive customer data and their own business information.

Doing the following quick fixes will go a long way to reduce the likelihood of your organization falling victim to a data breach:

Best Time Tracking Apps

clocksEver feel like you don’t have a good handle on time? Most of us have only a vague idea of how much time we spend (waste) on personal and professional tasks each day. Luckily for people like us, there are plenty of internet-based services devoted to helping us stay on task. After all, there’s no shame in seeking a little digital assistance.

Here are some of our favorites:

  • Chrometa – This smart time tracker captures your activities without you having to click start or stop. It automatically records your software usage, like time spent on Facebook, or the length of time spent working on a spreadsheet. (Desktop, Android, Apple)

The Facebook Color Change Scam Is Back

don't like FBNO – you cannot change the color of Facebook. Well… you can (at your own risk), but that app you just downloaded, it’s a scam.

Cheetah Mobile, security software researcher and provider, was the first to confirm the reemergence of the hack. The scam appears as a Facebook app that can be shared or posted on the News Feed. So far, more than 10,000 people have been tricked into downloading the malware, according to the Cheetah Mobile Security blog post.

Google to Boost Encrypted Websites in Search Rankings

google encryptionGoogle is using its massive reach and power for good as the search engine pressures websites to better protect the people using their services. The move involves a change in Google’s formula for determining search result rankings. Websites that automatically encrypt their services will now be ranked higher in Google’s recommendation system. The goal is to pressure web developers to adopt technology that defends against hackers breaking into websites and stealing users’ sensitive information.

Edward Snowden’s revelations shined a light on the gaping security holes in unencrypted websites. Encryption makes it more difficult for hackers and the NSA alike to grab unsuspecting user’s personal data transmitted over unsecured Wi-Fi networks. You can spot an encrypted website by the telling “https” in the URL.





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