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.”

Alabama’s Workers Compensation Act Ruled Unconstitutional

Alabama Small Business

The Workers’ Compensation Act in Alabama was recently ruled unconstitutional by one of the State’s circuit judges, Pat Ballard from the Jefferson County. According to Judge Ballard, a weekly compensation cap of $220 and the 15% cap on fees for legal services are unlawful.

Two faulty provisions led to the entire bill being declared illegitimate, and you may think it has been dumped into the trash can. Well, not that fast. The Act has been offered 120 days; enough time for the Alabama Legislature to rectify the flaws.

So what can be the outcome of the revised bill? What could small businesses expect after the 120 days deadline? It turns out, there could be quite a lot to hope for.

Faster and easier than ever before – CoverWallet broadens payment options and online functionality

CoverWallet Digital Payment

We’re so excited to announce an expansion of our digital capabilities. While we’re certainly fans of our team of expert advisors, you can now do more than ever without even needing to hop on the phone:

  • Payments (NEW!): All our customers can now make payments online 24/7, through credit card or ACH, and have flexibility in how they cover their premium. And now, payments can be made at once, quarterly, or even monthly.
  • Quote & Purchase: Covering more industries than ever before, CoverWallet gives you the option to get a quote online in minutes, at any time. Holding a phone to try to get someone on the other line to help you is going to be a thing of the past.
  • Certificates of Insurance & Proof of Insurance: Unlimited free COIs and proof of insurance are available immediately in your CoverWallet account. Oh, you hadn’t tried that amazing functionality yet? It just takes a moment, go on, we’ll wait here.

Managing Accounts Receivable Risk as a Small Business Owner

Small Business Owner Accounting

One of the most critical elements of successfully running a small business is effective cash flow management. Your ability to cover day-to-day expenses and plan ahead for long-term growth hinge on whether you have a steady stream of cash coming in.

How you manage your accounts receivable has a direct impact on your cash flow. Analyzing your accounts receivable, and taking steps to minimize any risk associated with invoicing is essential for maintaining a healthy bottom line.

What Is Accounts Receivable?

Accounts receivable or AR refers to money that’s owed to your business—almost like an “IOU”. When a customer or client makes a purchase from your business but doesn’t pay for it right away, it becomes an account receivable. This is the opposite of accounts payable, which is money your business owes to vendors or service providers.

Accounts receivable are listed as current assets on your balance sheet. Depending on the payment terms you’ve established with your customer, accounts receivable may be due within 15 to 90 days.

Small Business Story: St. Louis Braid Co.’s Challenges & Facing 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: Charles Goltermann, Western Michigan University, Cooley Law School

Small Business: St. Louis Braid Co.

braidroom

In 1929, St. Louis Braid Co. was founded as an American-made shoelace factory in bustling downtown St. Louis, MO. For fifty years, and just blocks from the Arch, 2035 Lucas Ave was home to hundreds of hard working blue collar Americans, who spent their days churning out high quality shoelaces and shoe care related products.