Small Business Story: Milli Miracle Stands Up To Price Competition and Liability

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Melissa Hall, The Family Institute at Northwestern University

Small Business: Milli Miracle LLC

Milli Miracle

I’m in love with Milli Miracle LLC! Not just because it’s local and the products are hand made; but because of the types of products offered and their quality. Milli Miracle LLC is a luxury vegan bath-and-body and wellness company. It’s focus is on providing healthy products, nutritious recipes and tips for managing stress. As phenomenal and professional as Milli Miracle is, there are some risks I believe the company may face.

Tips to Reduce the Cost of Workers Compensation

Workers Compensation Costs

Workers compensation insurance is compulsory in all but a handful of states. However, you can reduce the potentially costly burden of this by taking steps to lower your premium. Here is our guide to preventing injuries and handling claims to minimize costs to your business.

Create a safety program

The best way to reduce compensation costs is to prevent accidents happening in the first place. You can’t eliminate the risk of worker injuries completely, but a safety program will help you identify and eliminate hazards, improve work safety procedures and ensure all staff are properly trained in health and safety.

Tip: Small and medium-sized businesses can get a free consultation from the Occupational Safety & Health Administration (OSHA).

Home-Based Small Business Challenges with Insurance & Regulation

Home Business

More and more businesses today are home-based. According to the US Small Business Administration, more than half of recent small businesses are run from home. It’s a convenient and cost-effective way of running certain types of businesses and can be a great way to start out. Corporate giants such as Apple, Ford and Hershey’s all started out as home-run enterprises.

As a budding entrepreneur, it can be hard to pay for office space immediately so starting from home might be the logical option. However, there are often restrictions on businesses operating from residential premises, especially if you live in a condominium association (condo). Here’s what you need to know about common regulations regarding home businesses, and what you can do as a business owner to reduce your risk.

Small Business Story: Creekside Fitness & Health Stands up to the Competition

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Samantha Ettinger, Slippery Rock University

Small Business: Creekside Fitness and Health Center

spinning business gym

Imagine a place where you feel accepted, useful, and valued highly. It has an atmosphere of friendly peace, and is clean, reputable, and very spacious. Now, imagine that this place is filled with treadmills, weight sets, and spinning bicycles, and has pleasant, quiet music playing in the background. The people inside the place are sweating, out of breath, and working tirelessly, but they are happy.

Small Business Story: Orono Station’s Declining Traffic as Infrastructure Develops

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Richard Beck, George Fox University

Small Business: Orono Station

Orono Station Small Business

What is my favorite small business? It would have to the Orono Station. This is a local gas station in the town of Long Lake directly east of where I live. This gas station is set on a highway that used to serve 50,000 cars a day. This highway is now known as “Old Twelve,” but used to be Interstate Highway 12. Due to traffic, a bypass lane was built just south of Old Twelve, which took 45,000 cars a day away from Long Lake commuter traffic. This bypass is a beautiful highway but has caused many traffic fatalities, so much so that a median barrier was installed in the fall of 2016, which has proven immensely helpful. It has also dramatically decreased the commuter traffic through Long Lake.

How to Protect Your Business When Switching Professional Liability Insurers

coverage gap

As a small business owner, you have a long list of responsibilities to your company. Choosing the right business insurance to protect your assets is one of the most important items on that list. It makes sense to review your insurance options on a yearly basis. While it is easy to switch certain policies like commercial property, it is not as simple when it comes to your professional liability insurance.

Why is it Risky?

Most insurers offer professional liability insurance on a claims-made policy. For a claims-made policy to provide coverage for a specific claim, the claim has to occur and be reported to the insurance carrier during the policy term. Claims-made policies also include a retro date on the declarations page which defines the beginning date of when claims can occur. When you renew coverage continuously with one insurer, the retro date is usually the first date of the original policy.

Small Business Story: Aikyum Solar Faces Business Interruption, Loss of Key Man, & Other Risks

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Kate Harker, California Polytechnic State University, San Luis Obispo

Small Business: Aikyum Solar

Aikyum_Solar Business

Due to their friendly customer service and environmentally-friendly services, my favorite small business is Aikyum Solar. They face the risks of losing a key employee, experiencing a natural disaster, changes in laws favoring solar panels, and increased material costs.

Top 10 Business Insurance Providers in the U.S.

Business Insurance Carriers

The NAIC and S&P Global Market Intelligence released the top ten commercial insurance providers in the United States, highlighting those companies which own the largest share of the business insurance market based upon direct premiums written. Direct premiums include the total amount of policy premiums collected and do not calculate any transfer of premiums to reinsurers. Below is a breakdown of each commercial insurance company that made the list.

New York Horsemen Negotiate Workers Compensation Insurance

Horsemen Workers Compensation

Thoroughbred horse owners and trainers in New York have finally found a solution to the rising costs of workers’ compensation with regards to coverage for jockeys and other riders. The new state budget in Albany now allows the New York Jockey Injury Compensation Fund to negotiate directly with insurers to cover a wider range of workers in the industry. Previously, only jockeys had been covered.

An industry group estimates workers’ compensation costs came to 11% of payroll for jockeys, exercise riders, and apprentice jockeys five years ago. Today, this figure has reached 25% in order to provide coverage for injuries on and off the tracks. This is clearly a major cost to keep under control.

Small Business Story: Anna’s Place NOLA

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Miki N. Onwudinjo, Tulane University Law School

Small Business: Anna’s Place NOLA

Small Business Story

I love working with kids! It pains me that the education and childcare industries are often over-looked or brushed aside when budget cuts are made and essential programs are eliminated. One of my favorite local businesses is a small non-profit organization in the heart of New Orleans, Louisiana; Anna’s Place NOLA. During my first month at Tulane University Law School, I met a representative from Anna’s Place. Her nervous but subtly determined gaze was darting all around the main quad in search of meaningful eye contact. I was perusing the many tables looking for an opportunity to give back to anyone in need. The lady smiled when my interest lingered on her bare table. I quickly scanned its contents and silently read the brightly-designed brochures. We exchanged pleasantries and she hit me with a plea I could not deny. “We need more student volunteers of color.”