How are Taxes Impacted by Workers Compensation?

Workers Compensation Taxes

As the 2017 tax season rolls around, WorkersCompensation.com points out a fact that many business owners might not realize: there are scenarios in which Workers Compensation is subject to federal and state taxes.

The website notes that although Workers Compensation payments are tax exempt in most cases, there are instances when this will not be the case. As the nature of Workers Compensation is to replace lost income, most workers will not run into this problem. However, a tax issue may arise when workers are collecting other forms of income alongside Workers Compensation, such as Social Security Disability Insurance (SSDI) payments.

74% of UK Small Businesses Faced Cyber Security Breach in 2015

Cyber Liability Insurance

As large businesses like Yahoo continue to reel from large-scale cyber security breaches, one aspect of the growing specter of cyber crime has gone under-reported: the increasing threat to small businesses.

Writing for the Infosecurity Magazine, Symantec’s Europe, Middle East and Africa (EMEA) Chief Strategist, Sian John, explains why small business owners need to more concerned about growing cyber security threats to their businesses. “The most worrying change small business owners should be aware of is the deliberate switch in strategy on the part of cyber-criminals,” writes John. That change in strategy? A significant focus on small business owners.

Linda McMahon, the SBA Focused on Educating Young Entrepreneurs

McMahon

Although many of President Donald Trump’s cabinet and staff picks have been met with a mixed amount of resistance from Senate Democrats, his pick for the head of the Small Business Administration (SBA), Linda McMahon, proved to be an effective choice. After her successful 81-19 vote for confirmation, the former President and CEO of World Wrestling Entertainment (WWE) McMahon laid out several goals she seeks to accomplish in her role as SBA administrator. Among them is educating young entrepreneurs about money management and helping small businesses feel safer taking on the risks associated with expansion and hiring new employees.

NFIB Finds Small Businesses Optimistic, Planning Expansion

Small Business Optimism

In its January 2017 Index of Small Business Optimism, the National Federation of Independent Business (NFIB) discovered that small business owners are more optimistic than they’ve been in over a decade. This optimism comes alongside early signs of a bullish stock market and wage growth entering into the new year.

NFIB’s monthly jobs report also discovered that this higher optimism going into the new year is coupled by hiring. With 18% of small business owners reporting that they were planning to increase their employment, trends point toward growth for small businesses, and new opportunities for recent college graduates and job changers. Furthermore, 25% of businesses consider it a good time to expand. NFIB notes that this current economic recovery is reminiscent of the 1983 recovery, which, NFIB explains “was followed by years of economic prosperity”.

What’s the Difference Between my General Liability Policy and Certificate of Insurance?

General Liability insurance protects your business from third-party claims of injury and property damage. In many industries, a certificate of insurance (COI) is commonly required by a client before work on a project or new business deal can begin. COIs are common in industries where work is regularly contracted out.

A COI is a one-page document that includes the details of your insurance policy, including coverage limits, a policy number, effective dates, the name of your company, and the name of the insurance company issuing the policy. It basically serves as a verification that you have the insurance you say you do, but in a much more concise manner than the actually policy document. COIs can be issued for a variety of policies such as umbrella insurance and workers compensation insurance, depending on your industry and the job at hand.

Holiday Party Planning & Insurance: Key Risks

Holidays

It’s that time of year again: holiday party season. Holiday parties offer coworkers the opportunity to socialize, network, and celebrate the year’s accomplishments. While there’s nothing wrong with having fun, companies should be aware that there are a number of very serious risks surrounding company parties and events.

SlipShare Q&A: Customer Insurance Journeys

Client Q&A With Homer Logistics

Hearing and sharing customer stories is an important part of what we do at CoverWallet. It helps us be our best, and highlights why continue innovating to make it simple for small business owners to manage their insurance.

We also think it’s important for entrepreneurs to get a better understanding of the insurance difficulties other business have faced, and how these challenges were overcome.

When we met Paul Norton, founder of SlipShare, we knew we needed to share and tell his story. He was gracious enough to sit down with us and walk us through his journey.

CoverWallet Raises $7.8 Million, Adds Jim Ermilio as President of Insurance

CoverWallet is excited to announce today that we’ve receive $7.8 million in funding in a Series A round led by Union Square Ventures. To date, we’ve raised $9.5 million.

In addition to Union Square Ventures, Index Ventures and previous investors Highland Capital Partners, Two Sigma Ventures, and Founder Collective participated in the Series A round. We’re also welcoming John Buttrick of Union Square Ventures to the board, who has previously led investments in startups reinventing financial services industries, such as Lending Club, SigFig, and RealtyShares.

D&O and Other Management Liability Risks for Non-Profits

Non-Profits + InsuranceNon-profit organizations are a major sector in the business community. There are more than 1.5 million such organizations in the U.S., and the sector accounts for almost 10 percent of all salaries and wages paid in the country, according to The Nonprofit Almanac.

Non-profits face a number of unique legal and financial risks. For example, many non-profits depend on volunteers to carry out their work. But traditional business insurance policies typically only cover paid employees, leaving a coverage gap that must be addressed.

These unique risks have led to a number of policies that are specialized for the non-profit sector. Unfortunately, many organizations still don’t understand the risks they face and the best way to mitigate them.

Coffee Shops: Key Risks & Insurance Tips

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Few business ventures are more rewarding than a well-run restaurant or coffee shop. The development from hopeful idea to fully-fleshed reality rests on the your ability to please customers while working long hours to grow your brand. For restaurant owners, there’s little more satisfying than to have your brand both recognized and appreciated in your community. Yet that kind of success takes hard work and an extensive amount of management to get there. From hiring and managing employees to staying abreast of food shipments, expiration dates, important purchases, marketing, and regularly updated menu items, restaurant and coffee shop owners must constantly juggle a seemingly impossible number of important tasks. At the heart of all of these, however, is the struggle to mitigate the risks involved, making insurance a necessary part of doing business.