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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The Best Insurance Type for Your Small Business

By Katherine Wood, HomeownersInsurance.com

Unexpected events, even seemingly minor ones, could hit your small business much harder than you expect. That’s why you need to protect your hard work by purchasing the right type and amount of insurance. For a new small business owner, the insurance landscape can be difficult to navigate.

Here’s a guide to the basic requirements and other options available for safeguarding your successes.

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Business Basics: Professional Corporations

Welcome to our weekly business basics post! This week we decided to explore a specialized legal entity called a professional corporation (PC). Now most of those who know a little bit about corporate law probably know that there are two, main types of corporations – S-Corps, and C-Corps. But in addition to these, there are a few other specialized structures that are important to keep under the belt of a small business, like the professional corporation.

So what is a professional corporation?
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5 Emergencies That Business Owners Should Prepare For

Owning a business often seems like jumping from one crisis to another, but there’s a difference between putting out fires around your business and actually fighting a fire in your business. Being prepared for the emergencies that will occasionally rise up can mean the difference between succeeding or failing as a business. As a business owner, it is vital to be ready for some of the most common business emergencies, which can range from physical to financial.

Cash Flow Interruption
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Guest Post: Do You Have Business Liability Insurance?

Business liability insurance isn’t a luxury; it’s a necessity for your business in the event of a potential lawsuit.

Say you’re a physical therapist with your own business. You’re crushin’ it in your biz and then boom! Out of nowhere, one of your old clients sends you a letter and is suing you because he tripped and fell inside your waiting room. Your heart is racing and the last thing you need is to deal with this. Continue reading

How to Avoid the Dreaded Lawsuit

Lawsuits are an unwelcome guest in any household not to mention in any business; no one wants to be sued! Unfortunately, lawsuits surrounding the workplace are on the rise. Compensation issues, discrimination complaints as well as wrongful termination suits were all in abundance in 2010. For example, in 2010 wage and hour lawsuits under the Fair Labor Standards Act jumped dramatically, adding 700 more cases than in 2009 totaling 6,800 lawsuits.

Other areas contributing to an increased number of lawsuits are disability and leave of absence claims. Requests for disability accommodation as well as for a leave of absence are on a dramatic upswing. Employers are now seeing work-related injury claims stemming from physical or emotional ailments that don’t stem from the job but affect it. Denial of such claims can lead to a lawsuit under the Fair Labor Standards Act. The issue appears to be finding a balance between what legal right the employee has versus what legal right the employer has; the two rights often overlap. Continue reading

2 Thumbs Up: How Small Businesses Can Shield Their Online Image From Bad Reviews

So it has happened; a company is suing Google for libel.

The Ballymascanlon House Hotel in Ireland is angry that Google’s auto-complete function immediately links the hotel with receivership, which is when another party holds some assets until the business’s debts are repaid. In other words, the Hotel is being perceived as in some sort of financial trouble, which isn’t the case according to the hotel. Representatives from Ballymascanlon have said this has hurt their business and demanded it be removed.

Google didn’t change it, as the auto-complete feature simply shows what Google users most often search for, and so the Hotel moved to litigate. Of course, the entire case Ballymascanlon is building is silly and will no doubt be thrown out, but it does show the impact online perception has on a business. The hotel has a 1,200-year-old history, and a lawsuit over something Google has little control over is now completely overshadowing it. Continue reading

Five Ways to Keep Your Business Out of Court

Starting a business is fun and exciting for most entrepreneurs. However this feeling of euphoria will quickly retreat if your business is sued. The court room is the obvious enemy of the small business owner. However, fear not! By following these five simple rules you can avoid facing the courtroom so you can focus on the success of your business.

1. Be very cognizant of your business image. Owners and employees should avoid making any public announcements or conducting any business that might be considered questionable. Avoid things such as making slanderous statements or having unnecessary contact with customers. This includes limiting possible conflicts of interest. Situations such as these can damage the integrity of your business and land you in legal turmoil. To avoid legal action, do the job your business was created to do in a professional and neutral manner. Continue reading