Finding the right business insurance can be extremely complex as there are more options available than for personal insurance. This is when the small business owner definitely needs to consult with a professional licensed insurance agency. Only once there is knowledge of what is to offer, will it be possible to compare small business insurance.
Some insurance companies offer a commercial package, and this can include coverage for property as well as for limited liability. By combining these two, it is possible for premium rates to be reduced. Some plans can also include fire insurance, commercial vehicle coverage, as well as cover for boilers and machinery, and business interruption.
With these commercial packages, it is rare that workman’s compensation, health and disability, or professional liabilities are covered. These different areas will require separate policies. Professional liability would be required when a business is sued, and the owners would need to engage lawyers or doctors depending on the claim that is made.
The obligation of a small business with regards to healthcare insurance
Changes in legislation regarding healthcare also have implications for small businesses, which need to know what their options are regarding insurance for their employees. Under the Affordable Care Act (also known as Obamacare) a business is only obliged to offer healthcare insurance if it employs more than 100 staff. If a company employs less than this number, there are no tax penalties should healthcare not be provided. However, for small business owners there are incentives to assist employees with healthcare. For example, if an employer has 25 or fewer employees, and if the average annual wage of an employee is less than $50,000, they may be eligible for a tax credit towards the insurance premiums. That tax credit will increase if the employer pays 50% or more of the employees’ health premiums. Overall, it’s important for any small business to investigate what is available and what plans are best for their needs.
Comparing insurance plans
If a business decides that it wants to offer employee healthcare coverage, it will be important to compare small business insurance plans and choose the best one. The starting point will be to know exactly what the needs of the employees are, and this might require consultation with them. Healthcare insurance has many different plans: these include basic medical plans, as well as dental and vision insurance. Putting together a plan of exactly what is required is the first step; the second step would be to get multiple quotations from various insurance companies before making a decision to purchase.
Small businesses need to navigate a range of available insurance plans. EINSURANCE will be able to assist with advice on plans on offer and a chance to compare small business insurance quotations.
