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The Main Types of Business Insurance: A Detailed Guide

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The Main Types of Business Insurance

Every year, more than 627,000 new businesses open in hundreds of different industries. Though they all provide different services, they all need to protect their operation from unexpected losses and expenses.

The best way to do that is by buying the right types of business insurance. And there are dozens of different types of coverage to choose from.

If you’re not sure where to start or what policies are best for your company, it’s easy to feel overwhelmed. Here are a few business insurance policies that almost every business needs.

General Liability Insurance

As a business owner, you’re responsible for everything that happens on your company’s property. This means if a client or customer gets injured or their property gets damaged while they’re on-site, you could be liable for the damages.

General liability insurance helps cover those costs. Even better, the plans can help cover legal fees if the injured party sues your business.

All you have to do is file a claim with your insurance agent. Your policy will give you protection up to the coverage limit as long as you pay the deductible. This will help reduce your out-of-pocket costs if anyone gets hurt and can make staying in business easier.

Property Insurance

No matter what type of business you run, you’ll have property that you need to protect. This could be products you’re selling, the physical building you use for your company, and even the computers you rely on each day.

Property insurance will help protect those items. If your building gets vandalized, broken into, or otherwise damaged, your insurance will help cover the cost of the repairs.

Your policy may even cover the full cost of replacement equipment depending on the size of your policy. The best thing you can do is discuss your needs with your insurance agent. They’ll be able to help you decide how much coverage you truly need to help you stay covered through any commercial insurance claims you file.

Workers’ Compensation Coverage

If you have employees, you’re required to do everything you can to keep them safe at work. Unfortunately, accidents can and will happen.

If your employees get injured on the job, you must be able to offer them workers’ compensation coverage to help pay for their medical treatments. Investing in workers’ compensation insurance is the best way to provide your team with the protection they need.

Should an employee get injured on the job, all you’ll have to do is initiate a workers’ compensation claim with your insurance provider. The insurance will take care of their medical expenses and can even provide them with a portion of their regular income while they recover.

Commercial Auto Insurance

If you plan on using a vehicle for work-related reasons, your personal auto insurance coverage won’t be enough to protect you on the road. Worse, your insurance agency may revoke coverage if they find out that you’re using your personal car for work.

You’ll need to invest in commercial auto insurance for every car you plan on using. This way, you won’t have to worry about violating the terms of your personal insurance coverage.

The coverage won’t just protect you as the vehicle owner. It will also protect any authorized driver using the vehicle for work.

Business Interruption Insurance

No matter how much you plan for disasters and prepare for unexpected problems, you can’t prevent them from happening. If your business has to shut down for any length of time, either due to damage to your building or the surrounding area, how would you keep up with expenses?

You and your team won’t be able to work and keep the business running when the doors aren’t open.

Business interruption insurance can help. The coverage provides funds to help you pay your employees and stay on top of routine expenses and payments until you’re able to open back up.

Umbrella Insurance

Sometimes, your general liability insurance policy won’t be large enough to cover your expenses during a lawsuit. That’s where umbrella insurance can help. This type of business insurance supplements your general liability policy.

If the cost of a settlement or legal expenses are higher than your coverage limits on your general liability policy, umbrella coverage will pick up the difference.

Keep in mind that some businesses may not need this coverage. It’s best for companies that worry about liability claims or those that work in potentially hazardous industries.

Professional Liability Insurance

Professional liability coverage is a type of small business insurance that protects companies that provide products or services to customers. If your customers get injured as a result of your products services, the policy will help pay for the damages.

The best way to decide if you need professional liability business insurance is to speak with your insurance agent. They’ll assess your company’s unique risk factors to help identify the potential liability risks you face.

Disability Insurance

Disability insurance policies help protect your employees if they’re injured and unable to work for an extended period of time. It’s similar to workers’ compensation, but the coverage extends to all types of injuries, not just those that happen on the job.

The policy is available in both long-term and short-term options. But most businesses only offer short-term coverage. This gives employees a portion of their paycheck for a set number of months while they recover.

Invest in These Types of Business Insurance

Investing in the right types of business insurance is the best way to protect your company and your employees. Keep in mind that every company’s insurance needs will be different.

Speak to your insurance agent and discuss your concerns. They’ll be able to tell you what types of coverage will help your business most.

Not sure what to look for in an insurance agency or the policies themselves? Check out our latest posts for tips on finding an insurance provider you can trust.

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How to Make a Personal Budget That Works for You

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How to Make a Personal Budget That Works for You

You know how a budget is supposed to work in general, but how can you make sure that it works for you? Here are some tips that will help you personalize your personal budget:

Find Your Budgeting Style

There’s no single way to make a budget. You can do it the old-fashioned way, using a piece of graph paper and a pencil to write down your calculations. You can use a software program like Microsoft Excel or Apple Numbers to make a digital version. Or you can download one of the best budgeting apps on your smartphone and carry your financial guide with you everywhere.

You should also think about how you want to store your funds. Do you want to have it all in one bank account? Do you want to spread it throughout multiple bank accounts? Or would you rather try the envelope budgeting method and only use cash? Go with the option that feels right for you.

Make Adjustments

If you notice that something isn’t working, don’t stick with it. Make adjustments. Your budget isn’t set in stone. So, when you see that you’re not setting aside enough for groceries or that you’re leaving way too much for transportation, change those limits. Keep doing this until it feels like the right fit.

Have Back-Up Plans

Your personal budget will not miraculously change your finances in a week or two. It will take time to build up any savings from it. That’s completely normal. Don’t get frustrated if you don’t see the results right away.

If you’re worried about getting the rug pulled from under you with an emergency expense, you should set up some small back-up plans for yourself. Keep your credit card balance well below the limit so that you could use it to cover an emergency when you don’t have enough savings. You can also go to a website like CreditFresh and apply for a personal line of credit to help you during emergencies. With this option, you could request a withdrawal from your approved credit limit and may have those funds deposited in your bank account within a day. You can handle the problem quickly and move on.

Allow for Some Fun

A budget doesn’t have to be punishing. One of the biggest reasons why budgets fail is that users often leave themselves no room for fun expenses — just responsibilities. It’s unrealistic and unpleasant, and it’ll push you to give up on your goals.

Being financially responsible doesn’t mean that you can never enjoy what you’ve earned. Acknowledge some of the things that make you happy in your budget:

  • Do you like going out for walks and grabbing yourself a coffee-to-go at the local café?
  • Do you like subscribing to streaming services to watch your favorite shows?
  • Do you like splurging on the expensive chocolates at the store?
  • Do you like buying a new book once a month?

These are all perfectly fine reasons to spend!

Of course, you don’t want to encourage yourself to spend everything you have on entertainment and impulse purchases. You can find a happy compromise between restriction and over-indulgence.

There’s no one-size-fits-all approach with budgets. You have to make sure that the financial tool fits your wants and needs. That’s how you can guarantee that it’ll work.

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How to establish a commercial cleaning business?

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A new company of any kind can be daunting. A good idea for a company is just the beginning. All the required logistics must then be taken care of. Fortunately, you don’t have too many items to do or money to invest in getting started when you start cleaning. This thing is one of this business’ main advantages. Let’s see what you need to do to officialize things and launch your new company.

1. Buy a franchise

First of all, you have to decide whether you want to be self-employed or part of a franchise. The costs associated with purchasing a franchise are. In general, the initial down payment is in the requirement, and you then have to pay ongoing fees, which can be a percentage of your earnings. These charges are nothing. You get the value of being an already proven and recognized member of a brand in https://g.co/kgs/syuaEc .

Any other disadvantages are to be seen as part of a franchise, however. In certain situations, you may have to work from a retail site, which significantly increases your business’s overhead. If you buy a franchise, you also give up power because you have to manage the enterprise. It also means that someday, after it is very lucrative, you can’t sell your company.

If you want to purchase into a franchise, you can find all of the following things. So, as we keep discussing the steps to start your company, we assume you have chosen rather than as part of a franchise to work independently.

2. LEGAL ENTITY Pick

The next step is to determine which legal entity your company will be. There are three critical options for classifying the company legally. The following are:

Single ownership or partnership: this choice would allow you to become autonomous and save you from registering with your government or reporting to it. However, the higher degree of freedom presents a greater degree of danger. You or your partner are directly liable or will issue your business experiences for any debts.

Limited liability Corporation LLC (Limited Liability Company): An LLC is an intermediate option between a single company, a company, or a company. It does provide some immunity to your responsibility, but https://g.co/kgs/mTbRse  also involves members paying self-employment taxes, but not to the same extent as a company. Receiving an LLC can cost you between $40 and $500, depending on the state in which you live.

Company: This choice transforms the company into a fully independent entity. The safeguarding of your personal properties ensures that both you and your business can be taxed. This choice also requires you to adhere to more rules and pay more attention to sophisticated record keeping. It is not usually a common choice for small enterprises.

3. COME UP WITH A NAME

But don’t overthrow it too much; the name of your company is essential. Make sure that the title shows consumers exactly what you are doing. The trick can be in doing by a single character like Carla’s Commercial Cleaning Services. Make sure that there are no other firms with the name or similar names you like. All may be puzzled about Kara’s Commercial Cleaning Co when customers want to see you online. There are many ways to register the company name officially. The way you do it depends on your company’s https://g.co/kgs/eAPxkV legal body.

4. PLEASE AND BUSINESS BANK

Regardless of the legal entity you choose for your new company, you need to construct your business bank accounts to keep expenses and income separate. You are letting customers know that they are willing to pay directly online or paychecks to your company legitimizes your business while asking customers themselves to pay you does just the opposite. Know the conditions before you open your company’s bank account. The most perfect conditions apply to corporate bank accounts, but these do not apply to you if you are a company, sole ownership, or partnership.

5. CONSIDER PURCHASING INSURANCE

 Insurance protecting you from possible misfortunes or injuries. For example, if an employee damages something that is of value in a customer’s building unintentionally, a liability policy will cover the cost of repair or replacement of the object.

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How Can We Save Money By Using Chinese Take Out Boxes

China has its cultural values and its old history. They are amongst the oldest civilizations and they still have very different and unique ways of everything.

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Chinese Takeout boxes, Chinese Takeout box, Chinese Takeout packaging, wholesale Chinese Takeout boxes, Chinese Takeout boxes wholesale, custom Chinese Takeout boxes, custom Chinese Takeout box,

China has its cultural values and its old history. They are amongst the oldest civilizations and they still have very different and unique ways of everything. Chinese are very creative and their creativity can be seen in their products too. One of their packaging product is chinese take out boxes and these boxes have their separate fan place due to their benefits and creative looks. These boxes were called oyster pail when they were invented because they were made to contain oysters first. Oysters were in plentiful quantity, cheap, and more popular amongst Chinese at that time. These boxes or oyster pails were cheap and made up of paperboard so they got huge success and their market got high in demand. After that oysters got expensive due to their shortage and these boxes were used as holding honey.

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The Rise In The Takeaway Food

After World War II restaurants got the attention of people and prepared food and take away prepared food concepts came into the market. Before it, there was no concept like that and people buy only fresh groceries and prepare their food at home. Restaurants were there but the concept of taking away freshly prepared food was not there, one of the reasons was, there was no such packaging material in which people can take away their hot and fresh food. These boxes were the right thing for this problem and people liked these boxes due to their benefits.

Chinese food is also favorite food all around the world due to its taste, looks, and inexpensiveness. Likewise their culture, their food is also different and unique from world, one of their most famous dishes is noodles and this is creative food made from dough and soup. Chinese started selling it around the world due to its demand and they started to take away in these Chinese take out boxes due its no leakage and many other properties.

What Are The Advantages Of Using Chinese Takeout Boxes?

These boxes are much smarter than other boxes in the market and this is because these boxes have more advantages over others. These boxes are inexpensive and readily available around the world and if they have the same price as other boxes in the market still they have more advantages over other boxes. They are made easily and their origami-like structure looks beautiful. These are made up of paperboard and anyone can make it, you just need to know the right cutting and folding techniques. It does not need any type of adhesives to make it stick together like other boxes. These boxes can hold moist dishes like noodles, egg foo young, sauced dishes and even soup is served in these boxes nowadays and no other box can do that.

These Chinese take out boxes can hold hot dishes and they remain fresh and hot due to their self-insulating properties. These boxes also allow steam to get away due to its construction. These boxes have a self-locking mechanism and these boxes come with their solid wire handle to carry, you don’t need any other thing to carry it. These boxes are stronger than others in the market and durable. These boxes come with plastic or wax coating from the inside and it makes it leakage proof. You don’t need any other plate or thing to pour food outside to eat, you can eat directly from the container by using chopsticks only and some Chinese restaurants give chopsticks too with a takeout box.

The Eco-Friendly Material

These boxes can be recycled, again and again, they are no damage to the environment or Earth. It is also an advantage that these boxes can be stored in the refrigerator to store food or these can be used in microwave ovens to warm the food, but you need to be cautious to separate its wire handle before using it in the microwave oven. These boxes can be stored easily in stacks because they fit inside one another and they don’t need much separate space for every box. These all pros make them unique from other boxes in the market.

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These Boxes Have A Wide Variety Of Usage Among The Restaurants

Likewise these Chinese take out packaging material’s vast advantages, their uses are also vast. Almost every Chinese restaurant around the world uses these boxes for its cuisines. These boxes are accepted by all around the world happily due to their benefits and these boxes made their place in the hearts of people. These boxes are not only used by Chinese restaurants only but, these Chinese take out boxes are widely used by other restaurants too, even small shops or carts of fries use these boxes with some customizations. The whole world is using it and still, these boxes are the symbol of Chinese culture, and these boxes are used in movies too as a symbolic part. These boxes have a very sleek and beautiful design and these boxes are also used as a gift and they look pretty good and sign of novelty as a gift.

Chinese Takeout boxes, Chinese Takeout box, Chinese Takeout packaging, wholesale Chinese Takeout boxes, Chinese Takeout boxes wholesale, custom Chinese Takeout boxes, custom Chinese Takeout box,

Chinese take out boxes was a kind of revolution to the packaging industry due to their vast benefits and solution to some major problems. The world is evolving day by day and getting solutions for the problems we are getting in our daily chores. These boxes were also big problem solvers in the form of packaging of food. Chinese history and its unique culture had given so much to the world with its creativity and there will be more solutions we hope to come from their creativity and thinking out of the box.

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All about Insurance: Business vs. Personal

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Some Quick Tips For Saving Money On Your Instant Auto Insurance No Down Payment Quote

What are the Differences? Why would you need it?

Sure, you have heard all about why it is important to have insurance for some things, but have you ever really stopped to think about what each means? If not, no worries, we are here to give you the scoop on personal vs. business insurance, so you can choose the best one for your needs.

Business Insurance

In short, business insurance helps protect and insure goods, services and workers at a company or business. Did a worker suffer an injury on the job? Did an earthquake damage your office space? If you have problems under the umbrella of business and work, business insurance may be right for you or your organization.

Personal Insurance

Insurance of a personal nature is to help you when life happens. Unexpected events, like loss, injury and death, can create personal and financial strain. Want money and protection in case something goes wrong? Look into an insurance policy to cover personal needs and be prepared for things you never want to happen.

Examples

Looking for examples of each type? See below.

business insurance & risk management

  • Property Insurance: This provides financial reimbursement to landlords or businesses with a loss of income or property damage or loss is assessed. Coverage also includes building and equipment inventory, personal property, business interruptions, weather events, boiler damage and more.
  • General Liability: Protect your business or organization from claims against you. It can help when claims are falsely made by a third party, as well as bodily harm, damage to property, injury, damage to rental property, medical payments and many other categories.

Strategies are also offered when it comes to worker’s compensation employer liability and professional liability errors and or omissions. Get in touch if you would like more information.

personal insurance

  • Auto Insurance: Helps protect you when accidents on the road happen. Get coverage for theft, hit-and-runs, injuries and accidents. It is safe and easy to protect yourself now. You can also get collision coverage, which means your vehicle will be insured even if another car damages it.
  • Homeowners Insurance: Providing protection against risks (such as theft, robbery, bodily injuries, fires and natural disasters), while not legally required, homeowners insurance is needed by lenders before they finance a home purchase. Consider options because without it, much like auto insurance, you will likely need to pay hefty out-of-pocket costs.
  • Renters Insurance: This covers damage to your valuables and pets, as well as liabilities for injuries. The average cost of renters insurance is under $20 a month, so a small investment now could save you big bucks if something were to occur down the road.
  • Condo Insurance: Protecting you in your individual unit, this can protect you and family members against any litigation that may come as a result of revealing injuries. It can also help protect any alternations or personal belongings.
  • Life Insurance: Protect your family when an untimely death occurs. You can rest knowing that your finances and assets are secure, and that nothing has to change just because someone is no longer in the picture. As options need to be regularly reviewed, we can assist.

Learn more about our additional personal insurance offerings.

What we can do

No matter what your needs, chances are we have a helpful solution for you. We can protect your business’ assets from financial liability and also protect your and your family, because you never know when you might need personal or business insurance & risk management help. Contact us!

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What is Project Portfolio Management?

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Project portfolio management (PPM) is an organizational-wide undertaking to help companies understand their overall capacity for taking on new projects and improve the project management process for existing projects. It provides companies with a consolidated view of all their ongoing operations in their projects and their resources, different analyses, and capacity of teams. A project portfolio is often run by project managers, which is a big responsibility. This is why a PMP certification is extremely important for those who want to manage portfolios because it trains project managers with the skills necessary to do the same. 

This article discusses project portfolio management’s meaning, the reasons it is so important, the different processes of project portfolio management, and its benefits.

What is Project Portfolio Management?

Any organization has multiple ongoing projects taking place at any given point in time. Project managers are responsible for running their projects, but it creates a need for an overall, consolidated view of all existing projects. This is what the core concept of project portfolio management is. It provides companies with a big picture view of their projects and the value each one of them generates. 

Business executives know which project manager is handling which projects with the help of the project portfolio. Project managers know which team member is working on which tasks and have easy access to them in the project’s duration. Team members can effectively communicate with each other in the duration of their project with a project portfolio management platform. Stakeholders can also use the project portfolio to keep track of the projects and provide feedback more efficiently.

When organizations have a clear view of their existing and ongoing projects, it becomes a lot easier for business executives to make decisions on taking on any more projects. They have a clear idea of what resources are being used where, which teams are working on which projects, each professional’s capacity to take on any new projects, the value being generated from each project, and more. The importance of effective project portfolio management is discussed below.

Why is Project Portfolio Management important?

A PMP certification can help project managers reach the next stage of project management, project portfolio management. A project manager can work with business executives to create a project portfolio of all existing projects in the organization. This way, the entire organization becomes more transparent as well.

A stable project portfolio management platform makes it easier for business leaders and executives to identify newer and potential projects for their company in the future. They can also authorize new projects to project managers more efficiently because they know exactly how each project is faring and how the resources have been allotted. Project portfolio management also gives organizations a way to make sure that all the projects they have undertaken are aligned with the organization’s overall goals and strategies.

Project portfolio management also provides companies and project managers a way of bridging the gap between overall business strategy and its implementation in each project. The project portfolio manager ensures that all the business objectives and quality standards are being met with each project that gets completed in the company. Project portfolios also provide an objective view of all projects, so there are no personal bias chances.

Project portfolio management also helps companies and project managers stay focused on the big picture in the organization. It also becomes a lot easier to manage projects for the organization because the project portfolio management platform provides governance into all ongoing projects in the company. The main steps and processes involved in project portfolio management are discussed below.

Project Portfolio Management Process

Five main steps help portfolio managers create a structured, strategic, and effective project portfolio management process. These steps need to be implemented across the organization to ensure its success. The portfolio manager also needs to make sure that all the new projects coming into the company follow these pointers.

Creating a full account of all existing projects to create a strategy

The first step to a successful project portfolio management process is to keep an accurate account of all the projects that have been completed and are underway in the organization. This list should also include a list of potential projects for the organization. These projects need to be categorized and segregated to create a full analysis based on their overall goals. This way, it becomes a lot easier to create a strategy to select and manage all future projects.

Analysis of the current project portfolio

The second step in the portfolio management process is to analyze all existing and future projects. The analysis should include an evaluation of each project. This analysis should have all the project milestones, the project’s ROI, allocation of resources, and more. This step should also include the risk appetite and management of each project in the company to help ascertain the organization’s overall risk.

Alignment of projects with business objectives

The portfolio needs to be balanced with the company to meet its business objectives. The projects’ distribution should be done in a way that ensures that the different types of projects meet the organization’s different goals. This can be done with the help of an alignment analysis.

Project management with portfolio management

The analysis should showcase the changes that need to be made to projects to ensure better alignment and outcome. The changes need to be completed and implemented in all the necessary projects in the organization. If projects duplicate, they should be combined to improve efficiency and save resources. If resources need to be reallocated, they should go to different projects and more. These changes will then be tested in the final step to understanding if they are working in the organization’s favor or not.

Test the project portfolio management process

The final step involves testing the implemented changes in the organization. There is no guarantee that the portfolio management process will immediately yield positive results because all organizations and teams operate differently. This is why portfolio managers need to continually test their processes and adapt to the changes whenever they may seem necessary. Constant evaluation and reevaluation are vital to the success of a project portfolio.

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