small business Archives - Melendez Insurance

How to Set Up a Home-Based Business Office

There’s no denying that home-based businesses are on the rise. Right now, it’s estimated that there are 38 million home-based businesses that generate $427 billion a year in the United States. Perhaps you already have an idea for a home-based business—and maybe you’ve even thought through the risks as well as logistics like buying business insurance. If so, you’re probably focused on one of the more enjoyable aspects of your new enterprise: setting up your home- based business office. Whether you have a spacious wing of your house or simply one end of your kitchen table, it’s your space. Not sure where to start? Then read on to get some tips to set up your home-based business office. Supplies for your home-based business Set a budget and stick to it. Chances are you don’t have an abundance of funds if you’re just starting out. That’s why it’s important to create a budget and commit to it.… Read More

Large Losses Are a Threat to Every Business

Many trends in today’s business world are exciting and encouraging. Unfortunately, the number of lawsuits and high-dollar awards in liability cases are not one of those positive trends. Here are a few recent news headlines from around the country: Pennsylvania hotel sued for concussion from shower slip. Fatal two-truck accident case in New York results in $3.97 million settlement. Virginia victims get settlement checks (about $9 million) over toxic drywall. There’s no way to prevent lawsuits like these entirely, but you can manage the impact. A business catastrophe liability policy serves as financial protection, or a cushion, against a legal judgment for a covered loss, beyond the limits of your underlying insurance policies. A business catastrophe liability policy functions in a similar fashion to a personal catastrophe liability policy. Personal catastrophe liability —commonly known as “umbrella” – coverage can provide an extra layer of liability protection over and above your auto and homeowners policies in the event that a covered claim is made against you (or a covered family member).… Read More

Five Common Tax Breaks for Business Owners

Many people today are enjoying the benefits of being their own boss and running their own company. According to the U.S. Census, there are currently more than 5 million companies with fewer than 20 people actively operating in this country. Whether you freelance or you have created a company that employs others, you can take advantage of a variety of tax deductions on your business income. Owners of large corporations have accountants and tax experts working for them, but many small-business owners and freelancers cannot afford that added expense. If you complete your tax returns on your own each year, make sure that you are aware of the tax deductions you can use to save. Some of the most common business deductions are listed below. Home office According to Entrepreneur Magazine, approximately 52 percent of all businesses in America are operated out of the business owners’ homes. The home office deduction, therefore, is one that may be useful to many.… Read More

How to Organize Your Important Paperwork, Once and For All

The Ultimate Guide to Organizing Your Important Paperwork First things first: Invest in a good shredder. Identity thieves have been known to comb through trash (gross) to find bits and pieces of your discarded personal information. Shred any documents with personal information in them so they don’t get the opportunity. Invest in a sturdy safe deposit box. On the other end of the spectrum, there are records you want to hold on to forever–so buy something solid to keep them protected from theft, water damage or fire. Also keep an inventory of what’s in there, and review it once a year. Establish a trusted system, and stick to it. What good is an organization binge if the papers will just pile up in another week because you don’t know where to put them? Find what works for you–a bill box, a filing cabinet, a desk drawer–and stick to it. Think about going digital.… Read More

Eight Tips to Help Avoid Costly Slips, Trips & Falls

No one wants to see employees hurt on the job, especially if an accident was preventable. Unfortunately, slips, trips and falls can be major and costly accidents in the workplace. Nearly 20 percent of the workers’ compensation claims filed last year were due to slips and falls. About one-third missed work for a significant time because of their injuries, which can increase the cost of claims dramatically. With a proper safety plan in place, you could avoid accidents or reduce the severity of accidents, decrease an injured employees’ time away from work and avoid productivity drops. You could also keep your costs in check. What are the common causes of slips, trips, falls? Slips, trips and falls can occur on a variety of walking surfaces as well as on ramps and stairways. Some of the major hazards associated with these accidents can include: Slippery, broken or uneven surfaces Inadequate spill cleanup Poor drainage Weather conditions Loose rugs or wrinkled carpet Clutter, poor lighting or obstructed views 8-question checklist for evaluating floor safety So are the floors at your business safe?… Read More

Can Your Business Afford to Lose $3,000 a Day?

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The recent storms that swept across the country shut many businesses down for days on end. Downtime like that can cost your business big bucks: The Symantec 2011 SMB Disaster Preparedness Survey revealed that disasters cost inoperable small businesses an average of $3,000 a day. Most people would never consider opening a business without coverage for things like fires and weather events. But many small business owners don’t think about how they would manage if a fire or other disaster made their building temporarily unusable. A business that has to close down completely while the premises are being repaired may lose out to competitors—or even end up going out of business. The good news is that you can protect your business with business interruption insurance. Business interruption insurance covers the revenue you would have earned (based on your financial records) had the disaster not occurred. The policy also covers continuing operating expenses (like electricity) that continue even though business activities have come to a temporary halt.… Read More

The 5 Biggest Financial Threats to Your Small Business

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Running a business is about balance. You have to balance your weaknesses with greater strengths. You have to balance your team with talented candidates in many different disciplines. You have to balance threats with opportunities, or at least proactive measures to reduce those threats. Threats to your business can come in many forms, from conceptual failures to real physical consequences. Some of the most dangerous threats are financial threats, which can escalate your costs, stifle your revenue growth, or in some other way compromise your profitability. As you grow and develop your business, be sure to avoid these five major financial threats. 1. Losing a Major Client Once you get your business up and running, you’ll probably have a handful of major clients or a major segment of your audience that you rely on for the majority of your revenue. The Pareto principle applies here for most businesses—approximately 80% of your business (or revenue) will come from 20% of your customers.… Read More

America’s Best-Kept Secret About Business Insurance

The vast majority of successful business owners enjoy that status by working hard and making smart decisions. One of the best decisions any company can make is finding experienced, qualified people for key positions. One position that can greatly impact any business investment’s chance of success is its insurance agent. Do you want an agent who works for your business, or the insurance company? To protect your investment and future, purchasing from a quality business insurance company is imperative for the long-term success of your business. As a business owner, however, it can be difficult to know what actually constitutes a “quality” company, given the variety of options available to you. This article will serve as a primer to help guide you in the right direction. Captive Versus Independent There are two primary types of insurance agents who will handle your business insurance needs. Understanding the differences between the two will help you determine which one is best suited for your business and your needs.… Read More

What You Need in Restaurant Insurance

As a restaurant owner, what you need in restaurant insurance probably includes coverage for your building, your business personal property, the personal property of others in your care, liability and employee on-the-job injuries. And that is probably just the beginning since restaurants face some pretty unique risks. Below are some common industry risks that can help you think about what you need in restaurant insurance. Not every insurer or policy offers coverage for each one, so it’s important to have an idea of what you really need in restaurant insurance when you’re shopping for coverage. This is a chart of what you need in restaurant insurance.

A few of the other coverages that restaurant owners often need include coverage for property damage related to an off-premises utility failure; employee dishonesty and theft; sewer and drain backup; and dish and glass breakage. As you can see, restaurant insurance is important—and complex. To get some peace of mind about your coverage, it’s important to speak with an insurance professional.… Read More

Video: What You Need in Business Insurance

Whether you’re the owner of a small home-based business or the owner of a company, you face unique risks as a business owner. That’s why it’s so important to have the right coverage and to find a trusted insurance agent who will help you close any potential coverage gaps. Watch the video above to learn about which coverages you need in business insurance. Also keep in mind that certain changes and situations should prompt you to review your business insurance policy.… Read More