During these scary times it becomes imperative to save your business and your employees money on healthcare, and just finding an adequate health plan for your business is half the battle! When you are a small business owner you may become a bit overwhelmed with the choices that you have when it comes to health insurance plans for your business, but all you really have to know from the get-go is: Does my business need a Fully-Insured Healthcare Policy, or a Self-Funded Healthcare Plan?
The most famous one of the two categories of insurance would be Fully-Insured plans. These types of plans follow a simple path: You pay a premium to an insurance provider and have all insurance liabilities go through them. This arrangement does insulate your business from claims that can cost a lot and might be a little more simple to set-up, but it can cost more than other alternatives—which brings us to our next category: Self-Funded Plans!
Self-Funded plan are usually the other category that businesses fall into having, and 
these are usually cheaper than a fully-insured plan—and I should add: Cheaper while within optimal conditions! If your Self-Funded plan has a lot of claims and high administrative overhead it might be more than a Fully-Insured plan, but in the end a Self-Funded plan usually comes out to be cheaper! There also is another incentive to keep in mind if you are open to having a Self-Funded plan: they are exempt from most state premium taxes!
It is worth it to take a look at both with your insurance agent and see if your business would benefit from either! If you have a smaller business that might fall under the thresholds to get one of these plans there are alternatives as well! Help your business and your employees by having the best insurance plan for your needs, and at the best price!
In today’s constantly changing environment we are starting to see that in business: Cash is king. With businesses closing due to severe economic pressure, we are all starting to see that having a reserve of cash is one of the best things to have today! If you own a business and are feeling the crunch, here are a couple Commercial Insurance-related tips that can help you keep afloat:
might not even be an option! If your business is feeling the money-pinch right now, feel free to give your agent a call to see what kind of money you can save!
If you have a liquor license for your business you know that you are in a highly regulated space that has a ton of rules and is much different than if you just ran a place that sold only T-shirts and shoes! You know that there are a certain set of rules and guidelines that you must keep track of to retain your license—and due to this a common liability insurance plan definitely wouldn’t cut it!
St. Patrick’s Day by getting Liquor Liability coverage! You can’t control what your customers do when they leave and are intoxicated—just be sure to speak with your insurance agent in order to cover your Pub or Restaurant from any harm with good insurance coverage!
Even good businesses have all kinds of bad days, and to protect against those bad days you need to look into being fully insured to weather any storm. A lot of businesses don’t go under only for a lack of customers, but due to accidents and other mishaps that causes business to slow to a halt!
hacker looking for your customer’s credit card information, a man slipping on a rug to cause a claim, or an employee getting sick from something on the job—it is always best to be prepared for the worst so you can keep going, and make it to the coveted 44% of business that make it past 10 years!
Better business Bureau ®