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Best In-Class Business Insurance for Technology Firms & IT Consultants
It’s no secret that small businesses are passionate about their clients and performing to the highest ability. InsureYourCompany.com believes that these small businesses deserve recognition. This is why we have created our Small Business Spotlight.
Our Small Business Spotlight is where we highlight up-and-coming businesses in New Jersey. We get to sit down with the owners and discuss the things they have been learning since they started out, their highs and lows, the advice they would give to others wanting to start a business, and what has helped make them successful. We also really want to highlight organizations that aren’t just successful but are also doing amazing things for their community.
Our Small Business Spotlight is special as it gives InsureYourCompany.com the chance to help other organizations succeed while promoting them to new potential clientele. Each owner has an incredibly unique and compelling story to share as illustrated in our previous Business Spotlight interviews. We have been lucky enough to have the opportunity to speak with organizations across New Jersey, such as a non-profit soap company, a self-started bakery, to a flourishing law firm. Each of those interviews has had beneficial stories and lessons to share with other potential business owners, who may have been too afraid to start or doubting their ability. The stories of each of these organizations are inspiring and teach others how they can go from an idea to a reality.
Are you ready to have your story told? Fill out the form below to find out how we can help.
Dental insurance: many employees consider it a key part of the package when they’re looking at employee benefits for a new job, but, as an employer, you might still be on the fence about whether you need to offer it to your employees. If you’ve been putting off a decision about dental insurance for your employees, consider these key reasons to offer your employees dental insurance.
Poor dental health can cause a number of other health problems. Cancer, heart disease, and diabetes all have links to poor oral health. When your employees’ overall health deteriorates, especially with severe health problems that could cause them long-term difficulty, they become more likely to miss work and less likely to fully engage when they are at work. Offering dental insurance, on the other hand, often makes dental care more affordable, which in turn will increase the odds that your employees will maintain overall good oral health.
When your employees have dental problems, they may be extremely distracted by pain or discomfort. Tooth pain can leave even your most reliable employee struggling to pay attention throughout most of the day or, missing work due to the discomfort and the need for immediate care. When you offer dental insurance, your employees are more likely to take care of routine dental care before their issues become more serious. Employees with dental insurance are much more likely to make those preventative appointments and connect with their dentists when needed, rather than putting off dental care until there is a serious problem. As a result, they may miss less work or have a lower likelihood of distraction. You may even see a serious increase in productivity when you start offering dental benefits and that can lead to significant overall savings for your company, even after your pay for dental benefits.
Simply smiling can cause an increase in overall happiness and smiling can actually make your employees healthier. In some cases, the act of smiling can actually trick the brain into believing that the person is happy, even when they might be struggling with stress and other problems. Not only that, smiling employees can create a happier environment for both your employees and your customers. Unfortunately, customers with poor oral health are less likely to smile. Employees who are embarrassed by their smiles may be more likely to deliver closed-lipped smiles that reflect little real joy and as a result, they may fail to experience the happiness benefits that go along with a real, genuine smile.
Dental insurance is a relatively low-cost way to let your employees know that you care about them. Today’s employees are more conscious than ever of the need for health insurance, dental insurance, and vision insurance: the keys to keeping themselves healthy and successful. When you, as an employer, offer those key benefits, you let your employees know that you genuinely care about them and are willing to go the extra mile for them. As a result, you may find that you have happier, more loyal employees, less overall turnover, and a better connection to your entire staff.
Are you ready to choose dental benefits, health insurance, or other key insurance for your employees and your company? We can help you find the right insurance for your budget and your employees’ needs. Contact us today to learn more about how we can help connect you with the insurance you need.
Today we’re going to talk about fraudulent inducement.
Your business is working really well and you’re making some money and all of a sudden your HR or accounting person comes to you and says, “Hey we’re not getting any invoices from XYZ company.” And you go jeez that’s strange, XYZ company is always on time. And you reach out to XYZ company and they say sure we’ve been paying you on time. In fact, we received an email from your person telling us to change banks. And you’re going, we didn’t change banks! And then you do a little bit more investigation and you’re really confused. So what happened? Well, you might have been hacked. Somebody might have gotten a hold of some email strings that you’ve been sending to clients. And lo and behold, your clients have received an email telling them to change bank accounts. But you didn’t change bank accounts. And now you’re getting worried. Because now your clients are starting to send your invoices somewhere else. So, what happens? Well, unless you have some sort of coverage for that, you’re out of luck. And major league, you’re out of luck. That’s called fraudulent inducement.
Workers’ Compensation is insurance, required by law, to protect an employee so there are benefits in case they get hurt. Workers’ Compensation also provides something called Employer’s Liability to protect you as the employer in case the employee sues you because they got injured or hurt on the job.
At the end of the policy term, usually a year, the carrier requests an audit where they can get your payroll information from the previous year and charge you accordingly. The insurance carrier performs an audit because they want to make sure that you are paying no more or no less than you should be paying for Workers’ Compensation.
You can prepare your business for an audit by making sure you have the payroll records and the appropriate 941 reports available for the carrier when requested. You can also ask the carrier to put you on what they call a “pay-go” system or a payroll or a pay-as-you-go system- where, as you file your payroll you can then go to the carrier and submit the information to the insurance company and they will charge you each payroll period instead of the monthly or quarterly that you might be paying now.
You’re usually going to get a letter or email or a call from the insurance company at the end of the policy year, usually 30 days after, and the letter they send says, the year is over we’d like to do an audit and they can enclose an audit form which you can easily complete. Send the last four quarter 941 reports with the payroll information they ask for, and that’s the audit. It can be done online also, many times the insurance company will send an auditor to your location and they will request the same thing. Payroll reports, federal 941’s, state 941’s.
So, those three items, payroll records, 941 from the federal government, which is the quarterly report, and a quarterly report from the states where your employees work, those are the things that you need to complete the audit.
After the audit is performed, the insurance company will send you an audit endorsement on your Workers’ Compensation policy. That audit endorsement will have the details of the audit. So you’re going to get in the mail either a letter saying WOOHOO we owe you money, or OH MY GOD you owe us money. Or you know what, the audit came out exactly as anticipated. So those are the three things that can happen. Nothing, you owe money, or they owe you money.
So the best way to make sure that your audit is going to be good, meaning it’s right on or they owe you money, is if you do consistent hiring, notify the insurance company that you have new employees. All we need to know is the annual payroll that you’re paying the employees and what state they’re working in. So keeping your insurance company and your insurance agent informed as to your payroll will eliminate a lot of the issues companies have with worker’s compensation.
Are you an employer with employees working in New York State? If so, you need New York Disability Insurance for your employees. Disability insurance provides cash benefits to a worker who is disabled by an injury outside of work or who can’t work due to pregnancy. It’s different from Workers’ Compensation, which covers on-the-job injuries.
It’s important to make sure you maintain disability insurance coverage because the penalties for not having it can be high. Depending on the number of eligible employees you need coverage for, it can be very affordable (less than $100 per year for some businesses).
You are required to have New York disability insurance if you are an employer with employees in New York State who have worked for at least 30 days in one calendar year. There are some specific industries and situations where employers are not required to maintain disability coverage, including:
If you work with independent contractors before you assume you don’t have to provide coverage for them, make sure that they meet the requirements of an independent contractor. Otherwise, a judge could determine that they are actually employees who should have been covered. If you are not sure if your employee is an independent contractor, keep in mind that an independent contractor has their own company, controls when and how they perform work for you, and performs work for different businesses under specific contracts.
Employers have a few different options for obtaining disability insurance. You can choose a commercial insurance plan from any company authorized to provide disability insurance or a plan offered by the New York State Insurance Fund.
Some employers opt to get approval for self-insurance, maintaining the necessary funds for covering disability claims on their own and keeping a security deposit on file with the Workers’ Compensation Board.
Employers can use payroll deductions to offset some of the costs of providing disability benefits. You may choose whether or not you want to collect employee contributions.
The Workers’ Compensation Board determines whether employers are required to have disability insurance and levies penalties for noncompliant companies.
According to the New York State Workers Compensation Board, penalties include:
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.” “…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.”
“…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
Given the reasonable costs of maintaining disability insurance coverage and the seriousness of the penalties, it makes financial sense to determine whether you are required to have coverage, choose a plan that works for you, and make sure to keep your coverage up-to-date.
At InsureYourCompany.com, we can help you navigate the requirements of New York State Disability Insurance and work to get you the affordable coverage you need. Don’t risk serious penalties by ignoring this requirement – contact us and get covered today.
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If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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