3 Ways to Insure Your Home-Based Business

3 Ways to Insure Your Home-Based BusinessListen up, especially if you run a business from your home: About 60% of home-based businesses lack adequate coverage, according to a survey from the Independent Insurance Agents & Brokers of America. Don’t be part of that 60%.

Here’s why it matters. What if a deliveryman slips and falls on your front step while delivering parts for an order? What a child gets hurt at a home daycare? In either scenario, the business owner could find his or her finances on the line because of a lawsuit. Many home-based business owners leave their livelihoods to chance because they believe their ventures are covered under their home insurance policy – a big misconception. A typical homeowner’s policy, for example, provides only $2,500 coverage for business equipment, which is usually not enough to cover everything a business owner might use. Additionally, the homeowners policy won’t provide any coverage for liability issues associated with the venture.

If you work from home or own a home-based business, keep the following are three basic options for insurance coverage in mind.

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How to Handle Freelancers at Tax Time

This guest post is brought to you by Outright, the simplest way to manage your small business finances online. Sign up today for a less taxing tax time!

You hired a freelancer for some temporary work at your business, but now you’re worried about what the Tax Man requires. After all, you were already so busy you had to get somebody else to come in to write that blog post/add on to your home office /upgrade your computer/etc. How in the world are you going to find the time to do extra taxes?

Luckily for you, they’re actually not that complicated. While they seem like they should be tougher, freelance taxes are simple for the small business owner to deal with. But first, there’s something we should clear up.

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Why Should I Hire an Accountant?

When tax return day arrives, many people may wonder if they could have received more money than what they actually were refunded. This leaves many people left wishing that they had taken the time to hire an accountant before their taxes were due, instead of filing them on their own. And although most of your tax return is self-explanatory and can be done on your own, there are still many things that can be missed out on.

Instead of going about it alone, it certainly pays to consider hiring an accountant to do your taxes. Some of the benefits to hiring an accountant to add a helping hand during tax season include: Continue reading

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Sharing is Caring!

Odd little bits of financial news have a funny way of creeping through the cracks in between dreary market forecasts and predictions of economic apocalypse. If you haven’t heard, Warren Buffett bought $5 Billion worth of shares for Bank of America, and countered claims of being pressured to help out the ailing institution by giving his inspiration for the transaction; his bathwater. The Huffington Post explained his reasoning in their article about the story.

You do not need a heavy chain and padlock to keep your ideas safe.

As this shows, a quick idea in the oddest of places can have dramatic implications for the market. At least when $5 Billion is involved. But Warren Buffett’s willingness to share his inspiration is not something that is seen often, especially in times of economic duress. In fact, quite a few employees, entrepreneurs and freelancers seem to clam up when it comes to ideas. After all, how do you know your colleague isn’t going to steal that idea? Heck, how many wannabe Warren Buffett-s in the making have taken long soaks in the bathtub since this article came out? But without collaboration, ideas have a tendency to fester and die. Having a good sounding board can only help to strengthen an idea and test it against criticism. Continue reading

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