We’ve Got Your IT Business Covered With Technology Insurance

As an accountant or CPA, you may have considered opening your own accounting firm. Luckily, the Bureau of Labor Statistics predicts your profession will continue to enjoy a high demand in the next decade. That means you have a good chance to succeed as an employee, employer, or self-employed professional.

Starting your own firm will give you a chance to build a great company from scratch, take more control over your income and working life, and introduce your innovative ideas to clients.

What to Consider Before Starting Your Own Accounting Firm

If the idea of working for yourself appeals to you, take a moment to consider these tips before you get started with your venture:

Are You Ready for Self-Employment?

An Accounting Today article recounted the story of a self-employed accountant who had begun his business two decades ago and never looked back. While he remained happy with his choice, he watched some of his peers struggle with a similar course of action.

He used this experience to suggest some questions that you might ask yourself before you decide which course to take:

• What’s your main motivation to work for yourself?
• Can you stay focused without a boss?
• Do you have a specialty that can offer you a competitive advantage against larger firms?
• Can you handle risk and absorb startup costs?

If you have a good reason to venture out alone, are self-motivated, believe you can offer something better and different to clients, and have realistic expectations about your income potential in the early days, you will have a good chance to succeed.

Develop Your Business Plan

You need to create a business plan to force yourself to think about your business goals, what you hope to achieve, and how you attend to achieve it. If you hope to attract funding or other business partners, you need to have a professionally crafted business plan to establish your legitimacy.

If you’ve always worked for an employer, you may not have experience developing business plans. You can use our Small Business Plan Worksheet to help you get started.

Consider All of the Costs

Once you consider the costs of starting your own business, you may decide to adjust your tactics. If your employer maintains a fancy office downtown and employs both accountants and support people, you may decide you can’t afford that sort of investment right away. That’s fine because you can begin your accounting firm in a home office or even in a co-working space.  These days, you can even work remotely for small business clients, so you may not even have to be located in the same city, but you may need to invest in the right software and technology to get started.

If you don’t already have a few clients to prime the pump, you may also need to invest in marketing. Some accountants begin prospecting for their own clients on the side while they are still employed by another company. That way, they know they will already have income when they decide to cut the strings and begin their full-time journey into self-employment.

Don’t Forget About Insurance for Your Accounting Firm

As an employee, your employer may have picked up the bill for your professional liability insurance, worker’s compensation, and even cyber insurance. As a solo accountant or new business owner, you should take time to learn about risk management. Most small businesses and startups rely on insurance to protect them against unanticipated threats.

If you plan to hire employees, you may also need to buy insurance to cover them if they work in your office, or to protect them if they travel to visit clients. You may not have considered such coverage as commercial car insurance or employment liability before, but you can bet that your current employer has.

If you depended upon such company benefits as life insurance, health insurance, and a retirement plan, you may need to replace them on your own as well.

Before you begin your new accounting firm, speak with an insurance agent with experience covering small firms like yours. These professionals should help you by suggesting affordable coverage that can protect your company against unexpected hazards. Otherwise, one disgruntled employee, car accident, or computer virus can threaten all of your hard work.

When’s the Best Time to Start Your Own Accounting Firm?

Most people who have already started their own accounting firms would suggest having some savings or other funding to cover your first few months in operations before you can start collecting regular receipts.

If you already have clients lined up, they can offer you additional security. Otherwise, you are free to start enjoying the control and freedom of owning your own business. Just don’t forget to manage unforeseen hazards by speaking with an insurance professional.

For many business owners, especially those just starting out or beginning to actively grow their company, the day-to-day tasks that keep things running smoothly can also be a huge time suck. From managing payroll to arranging work schedules for employees, it’s easy to let things slip through the cracks if you’re not careful.

That’s where services like Paycor come in handy.

Paycor offers cloud-based solutions to help business owners manage payroll, recruiting and hiring, onboarding, tax compliance, and so much more. They even have an app that allows you and your employees to access all of their integrated services, making it easy to keep everyone on the same page and up to date.

Watch our latest video to get the scoop on Paycor from our friend Dan Embon:

For more information about the services Paycor provides, visit their website!

One of the most important conversations that you, as a financial planner, can have with your clients is about risk—how much they feel comfortable with and how they can protect themselves against it.

When it comes to your own business, you need to protect yourself against risk, too.

As a financial planner, you face a difficult challenge. It’s impossible to accurately predict the success of an investment, given the financial market’s volatile nature. If a downturn in the market leads to a client losing their money, the SEC allows you to be sued.

CFPs face more than just professional liability; you may also be responsible for property damage or workplace injuries. And then there’s basic business risks to consider.

With all the responsibilities that lie on your shoulders, choosing the right insurance is essential. Here are the five types of insurance that every financial planner needs to protect themselves and their business.

1. General Liability

As a finance professional, you may think that the chances of incurring a general liability claim are small—and you’re probably right. But just one costly lawsuit can destroy all that you’ve worked so hard for. It pays to cover your bases, and general liability insurance does just that.

This type of insurance offers protection in the unlikely event that a client or an employee claims that you or someone else at your business caused them bodily harm or damaged their property. For instance, what if a client slipped on an unmarked wet floor and was injured or broke their computer in a fall? In the case of such a situation, general liability insurance would offer protection against costs such as legal fees or potential settlements.

2. E&O Insurance

You know exactly how important it is to cross every t and dot every i, but you’re human, and sometimes even careful humans make mistakes.

In the finance industry, even small mistakes can have costly results. Errors and omissions insurance, also known as professional liability or E&O insurance, offers protection if a client believes that your mistake cause them to suffer a loss.

Claims that might call for E&O coverage may include:

• Professional negligence
• Failure to provide a promised service
• Incomplete or sub-par work
• Mistakes or oversights
• Breach of fiduciary duty
• Wrongful acts

E&O insurance may cover costs related to legal defense, judgments, and settlements. No matter how careful you are, mistakes happen or a client may file a baseless claim. Either way, E&O insurance protects your business against such claims.

3. Cyber Liability

In today’s world, we rely on computers and digital technology more than ever—and cybercrime is more prevalent than ever. If your clients’ sensitive financial and personal data is breached or mishandled, your firm may be responsible for legal fees, reparations, and settlements. You’ll also have to notify your clients that their data has been compromised, comply with regulations, and offer credit-monitoring services. Often, you’ll also need to invest in PR to ensure that your firm’s reputation isn’t sullied.

Even small business owners need to protect themselves, as hackers don’t care about the size of a company; in fact, some may target smaller firms, assuming they don’t have elaborate cyber security measures in place. As a financial planner, you work with sensitive client information, such as social security numbers, bank account numbers, and credit card information, making your firm an attractive target.

Cyber liability insurance protects your firm against costly data breaches and other cyberattacks, and will help you recover once a breach has taken place.

4. Commercial Property Insurance

Whether you own or rent your property, you must protect your physical assets. Threats such as theft, fire, and certain types of weather damage add up quickly, compounding any losses you suffer when property damages affect your ability to do business.

Commercial property insurance protects your business against threats that are outside of your control, such as theft of your computers and other office equipment, clean-up after a fire, or damage from a wind storm.

In some cases, property insurance also offers coverage to employees working offsite using your equipment; for instance, if you travel to a client’s office and take an office laptop with you. Depending on the specific threats in your area, you may also want to consider additional property damage coverage for issues such as flood or earthquake damage that aren’t always included in standard policies.

5. Umbrella Policy

If you value peace of mind, consider an umbrella policy. If your firm is involved in a high-dollar lawsuit, an umbrella policy will add coverage above and beyond your general liability and other policies. Also known as excess liability insurance, umbrella policies kick in if a claim exceeds your existing coverage limits.

Imagine your business is involved in a costly lawsuit, and the court finds your firm liable for damages far above the limits of your policy. Unless you have an umbrella policy, you’ll be liable for that money out of your own pocket. Umbrella coverage offers an extra layer of protection and peace of mind.

As a parent, adding your teenager to your auto insurance policy is a scary milestone. Not only is it nerve-racking to send your child out there on the road alone, the increase in your premiums can be downright terrifying!

Before you add your teen to your auto insurance policy, make sure you understand the ins and outs of the process, including how you can save a little money on coverage.

The Average Cost of Adding Teen Drivers to Your Policy

Putting your teen on your existing car insurance policy will run an average of $621, or around 44% of the current cost of your car insurance policy—and that’s the minimum amount. While that may seem like a substantial increase, it’s considerably less than getting your teen driver a policy of their own, which may cost more than $2,000 per year.

In some states or with some insurance companies, adding a teenage boy to your car insurance policy can be more expensive than adding a teenage girl due to the higher incidence of reckless driving or drinking and driving in males under the age of 25. Make sure to talk with your insurance agent before adding your teen to your policy in order to better understand your coverage needs.

Note that you should add your teen to your insurance policy as soon as they have a driver’s license. While you’ll need to check with your insurance company about covering your teen when they have a learner’s permit—some won’t require that addition until your teen is officially a licensed driver—you should be careful to follow any rules and regulations put in place by your insurance company.

How to Save when Adding Teens to Your Car Insurance Policy

Let’s face it: Adding a teenager to your auto insurance policy is an expensive proposition, and you’d like to save money on it, if at all possible. Some of these strategies will make it easier on your wallet when your teen gets their license.

Have Your Teen Take Driver’s Ed

This class is still offered in most schools. If your teen’s school doesn’t offer it, look online to find a local location for those classes. Many insurance providers will offer a discount on insurance for a teen who has been through the driver’s ed class.

Encourage Good Grades

Teens who are responsible with their schoolwork are more likely to be responsible in other areas of their lives, and car insurance companies reward that behavior. Many companies will offer discounts for teens whose grades are a “B” average or above.

Choose an Inexpensive First Car

Teens are more likely to get into accidents than adults, and insuring an expensive SUV or flashy sports car is going to add up fast. Instead, choose an inexpensive car that will be less likely to raise your insurance bill.

Teach and Encourage Safe Driving Skills

Adding a teenager to your insurance policy is expensive. Adding several tickets or a wreck to your record, on the other hand, will send it skyrocketing quickly. Take the time to be sure that your teen is a safe, competent driver before allowing them on the road alone.

Drop Your Teen’s Mileage

Teens who drive infrequently—only to a closely-located school or workplace and back, for example—will often find themselves paying less for insurance than teens who are frequently on the road. You should also let your insurer know when your teen goes off to college, especially if they aren’t taking a car with them.

Safety Tips for Teen Drivers

You’re doing your best to teach your teen to drive safely, but these simple tips will help make it easier to ensure safe driving and keep your insurance premiums as low as possible once your teen starts driving.

• Keep cell phones off and in an inaccessible location when driving. This will help decrease distractions.
• Wait until you know your teen is ready before allowing passengers in the car. Passengers are one of the biggest causes of distractions and/or reckless driving, especially in teenage boys.
• Practice defensive driving. Defensive driving can go a long way toward preventing accidents on the road.
• Always let your teen know they can call you to come get them from a bad situation, whether they’ve mistakenly had too much to drink (hint: anything to drink, even accidentally, is enough reason to stay off the road!) or the current weather conditions are making them uncomfortable.
• Remind your teen not to engage in distracted driving. Changing the radio, eating, or even adjusting the heat and air can all be done when the car is not in motion.

Letting your teenage driver on the road may be terrifying, but it doesn’t have to break your wallet, either. If you have a new teenage driver that you need to add to your insurance policy, contact us today to learn how we can help make that process easier.

Real estate brokers deal with people more often than most professionals do, so they face a number of unique risks. As such, they may need even more insurance coverage, such as errors and omissions (E&O) insurance.

Often, one of the first items many businesses cut when dealing with a tight budget is insurance. But this can be a major mistake considering the litigious environment of today’s world. If you’re a real estate broker, you need to know about E&O insurance and how it can protect you.

Here are some of the primary benefits of having E&O insurance, along with what this type of insurance covers and does not cover.

What Is E&O Insurance?

This specific insurance coverage—also referred to as professional liability insurance—gives businesses providing professional services protection against negligence claims or lawsuits for failing to carry out their specialized duties.

How It Benefits You as a Real Estate Broker

It protects you from lawsuits — The most important reason for having E&O insurance is to reduce the likelihood for potential lawsuits. For real estate brokers who are dealing with lawsuits, this kind of insurance policy protects them from financial losses as a result of suits that were filed because of problems with their real estate work. The coverage applies not only to sales associates, but it also covers the real estate companies they represent.

It offers coverage when you change firms — Consider how there are some insurance firms that offer no protection for independent contractors, although they say they’ll cover you as long as you stay with their company. But if you change real estate firms, you’ll lose your protection regarding issues with older real estate transactions.

What It Covers and Does Not Cover

E&O insurance provides coverage for:

• Expenses related to your legal defense — E&O insurance covers the costs involved in proving a case.
• All of your employees — This includes W-2 employees as well as 1099 subcontractors.
• Personal injury coverage against claims such as libel, slander, and invasion of privacy.
• Worldwide coverage when a suit is brought into the United States.
• You can buy optional coverage for allegations of copyright infringement and intellectual property infringement.

On the other hand, E&O insurance does not provide coverage for matters such as property damage or bodily injury, employment issues, false advertising, patents and trade secrets, illegal or fraudulent acts, and other services.

Factors Affecting Cost

The cost of E&O insurance largely depends on the specific terms of a policy. Also, just as any other type of insurance policy, the cost can depend on particular risk factors.

For example, if your business is risky, you’ll probably pay more. Other factors affecting cost can include those such as:

• The size of a company or the number of agents working there
• The location of a firm — Consider how the cost can be more for a New York City firm than for one located in a small town.
• Whether you’ve had prior lawsuits
• A company’s practices regarding risk management
• How well your contracts are written
• lf your employees have been trained properly

Considerations and Warnings

• In addition to covering an attorney’s fees, E&O insurance pays for arbitration or mediation costs, copying and filing expenses, charges for expert witnesses, and costs involved in settling a claim.
• Consider how small and mid-size real estate firms handle most of the US’s real estate transactions and have to deal with the same issues as larger companies. Unfortunately, smaller companies generally don’t have permanent legal personnel as larger firms do, meaning they’re left to face legal problems alone.
• Some of the typical legal pitfalls that can confront real estate brokers include legal error, misrepresentation, mistakes in zoning interpretation, giving bad advice, undetected sewage or septic problems, undetected pest damage, and other problems.
• Contrary to what you may think, as a real estate broker, the greatest threat to your earnings is not your competition or a decrease in commission. Instead, your biggest financial danger is the possibility of being sued.

Because you’re even more susceptible to lawsuits than most professionals, it’s critical you have the right insurance policy. Failing to have the correct coverage can lead to financial loss, besides damage your reputation as a professional.

Dr. Arpan Nandra loves to make people smile—and as a dentist, she loves to keep those smiles bright and healthy! To pursue this passion, she opened her own dental practice, Serenity Dental Care, in Edison, NJ almost 11 years ago and has been serving the local community ever since.

“Passion” is a key word when it comes to Dr. Nandra. It’s what drives her to keep growing and improving her business. And from the very beginning, InsureYourCompany.com has been there to support Serenity Dental Care with great coverage and sound advice so Dr. Nandra never has to sweat the small stuff.

Check out our Small Business Spotlight on Serenity Dental Care to learn more!

If you are in the Edison area and would like to schedule an appointment with Dr. Nandra, visit serenitydentalcare.net today!

As a new parent, life insurance may be one of the last things on your mind. You’re young, you’re healthy, and purchasing that critical insurance seems like an unnecessary expense—especially added to the financial demands of a new family member.

All the same, whether you’re a young new parent or you waited until later in life to have your first child, there are several key benefits to purchasing life insurance now.

The Benefits of Buying Young

When you’re young and healthy, you expect to live a long time and enjoy your family—and that’s what life insurance companies expect, too. As a result, insurance for younger individuals is often much less expensive than insurance for older individuals.

For each decade that you wait to acquire life insurance, the cost of your monthly premiums will increase substantially. By locking it in now, you can enjoy lower premiums throughout the lifespan of your policy, allowing you to experience those cost savings as your family ages.

Protecting Your Family

When you have a young child, protecting your family becomes paramount. The increased expenses that go along with having a new baby can be difficult for a two-income family to manage, much less a family that has unexpectedly been reduced by a member.

If something happened to you, how would your family survive financially? Does your spouse currently have a job, or have they chosen to stay at home to raise your new baby?

Even if you’re relatively certain that your family could survive on your spouse’s income, purchasing life insurance helps cover things like:

• End-of-life medical expenses, especially if you are seriously ill or severely injured for some time preceding your death
• Funeral and burial costs
• A financial cushion that will allow your spouse to get their feet back under them before they have to dive into being the family’s sole provider

No one likes to imagine that the worst will happen—and when you have a small child, you plan on living a lifetime with them. Unfortunately, things don’t always work out that way, but offering your family the protection of life insurance can provide all of you with peace of mind.

Life Insurance for Stay-at-Home Parents

If one member of your partnership is staying at home with the baby, they might not be contributing financially to the family’s income—but they are still contributing! Take a quick look at the cost of daycare in your area and realize that regardless of any income-based contribution to the family, the stay-at-home spouse is contributing that much to your monthly finances by helping avoid those costs.

Consider a life insurance policy for your stay-at-home spouse that will allow you, in the unfortunate event of their death, to pay for daycare until your child is ready to start kindergarten. It can also help take care of funeral expenses, burial expenses, and any medical bills that might be incurred.

When evaluating the amount of a stay-at-home parent’s life insurance policy, it’s also important to consider any side income that they might be contributing to the family. That “play money” could be sorely missed if your spouse is no longer there to provide it.

Deciding What Coverage You Need

If you’re on the fence about the type of life insurance coverage that’s right for you and your family, take the time to consult a professional and discuss the coverage that will allow you to provide for your family in the event if your untimely death.

When you contact InsureYourHome.com, we’ll work with you to find a policy that will offer financial benefits for your family if something happens to you, on a budget that you can afford—even with the added expense of a new baby in the house.

FOR IMMEDIATE RELEASE

Manalapan, NJ — March 1, 2018 — The employee benefits division at InsureYourCompany.com has been recognized as a top broker of 2017 by UnitedHealthcare’s Asian Initiatives team.

“This is a company honor,” said Alan Levenson, the founder and managing director of InsureYourCompany.com. The New Jersey-based insurance agency was founded in 2001 and offers a wide range of commercial and personal insurance products to clients nationwide.

Under the direction of Gauri Gupta, the employee benefits division provides customized healthcare solutions and exceptional customer service to InsureYourCompany.com’s growing base of small business clients. The recognition as top broker acknowledges the team’s in-depth knowledge of Oxford and UnitedHealthcare’s diverse range of products and services.

For more information about the employee benefits division or to get a free insurance quote, please contact Gauri Gupta at gauri@insureyourcompany.com or (888) 242-4675 ext. 2008.