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Best In-Class Business Insurance for Technology Firms & IT Consultants
You’re finally starting your business, woo-hoo! You have your brand, your team, your finances, and your location, everything’s great. But wait, before you can do any business, you must have your state and federal legal obligations taken care of, have you done that? If this sounds foreign to you or you just don’t know where to start, InsureYourCompany.com can help you better understand the insurance side of protecting your business while staying compliant with your state and local laws.
There are external and internal business compliance requirements that you will need to meet. External requirements will involve filing paperwork and paying state and federal taxes, while internal requirements will be kept inside for your own files and record keeping. If you decide to one day sell your business, you may need to have those records available.
Corporations have some really strict requirements which are why certain things need to be done regularly when running a business. Some helpful things to adopt would be:
An LLC doesn’t have such strict requirements, however, they are advised to:
Some businesses have limited internal requirements while others have no internal requirements at all. Not a good idea, consider looking into some internal requirements. If you don’t know where to start, InsureYourCompany.com can help you with that.
Based on your business structure and the state that your business is in, your annual filing requirements may fluctuate.
Here are a few common requirements to watch for:
Beyond paying federal taxes and complying with the Affordable Care Act, most businesses will not have to worry about all the other federal requirements. So be certain to meet each of your federal obligations for your business inclusive of employer and income taxes.
Businesses with 50 plus employees must report to the IRS that they provide health coverage as required by the Affordable Care Act. Keep any federal licenses, permits, or certificates for your business up to date.
Not all business activities need to be regulated, so they don’t require filing. However, you need to be sure to stay compliant with all the laws for your state and business type such as:
It is detrimental to the success of your business to maintain your licenses, your permits, and the recertification that you get from your local state, city, or county, and renewal requirements will vary.
Depending on the type of business you have, here are some resources that you will need to register your business with:
InsureYourCompany.com is your one-stop for all that’s business insurance-related. We understand your business needs as a business owner because we’re business owners. Contact us today, our team of insurance experts is here and ready to help you get and stay small business compliant. In the meantime, visit our blog over here.
Small business owners are quickly learning that they need proper documentation to guarantee the success of their business. One document that most business owners tend to overlook is the certificate of insurance (COI).
Understand that the COI is a vital document for all organizations that use outside contractors and vendors. However, most business owners are still unclear about why they need to show their certificate of insurance. In this article, we will take a comprehensive look at COIs, and why you might be asked to show them.
A Certificate of Insurance is a document that proves your business has an operational insurance policy. It includes; the expiration date of the coverage, the limits of the insurance, and the type of insurance. You get the COI from an insurance company, thus verifying that your business is covered.
Regardless of the type of industry, there are several reasons why you might need to show your certificate of insurance. Below is a quick look at some of these reasons.
Most customers will need to make sure you have the proper insurance coverage. In doing this, these customers can rest assured that they are not liable in the event of a claim. Understand that we are living in times when everyone is looking to protect their financial interest. Customers are merely looking to avoid the headaches that come with insurance claims.
If you need to bid on a job at any state or municipality agency, you have to show your certificate of insurance. Municipality or state agencies will only give tasks to compliant companies. The first step to ensuring that your company is compliant with state and federal law is by having the proper insurance policies in place. It is impossible to bid on any municipality or state job without a certificate of insurance.
All businesses will need to sign a contract at some point in time. However, did you know that your business cannot sign a binding agreement without the COI? According to the law, only compliant establishments can sign a legally binding contract. Having a certificate of insurance will ensure that any signed contract within your organization is legally binding.
You will need to show your certificate of insurance when obtaining any professional license or certification. Understand that these documentations demonstrate a business’s commitment towards continuous learning, upholding industry standards, and superior professionalism.
Your insurance provider will always give you a certificate of insurance. If you recently purchased insurance, you probably have the certificate. However, if you didn’t get the COI, contact your insurance provider.
You can see that the COI is a vital document for any business establishment. The good news is that your insurance provider will always provide it for free. Ensure that your business is compliant by having all the right insurance policies in your establishment.
Finally, understand that you should always have your Certificate of Insurance with you; do not wait until a client asks for it. It could be the difference between losing and keeping a client.
Do you need help securing the proper insurance coverage for your business? At InsureYourCompany.com, we will help you employ all the right strategies to avoid loss of business or legal issues. Ensure you contact us today to speak to a licensed professional with years of experience in the insurance industry. It is time you started focusing on the growth of your enterprise.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
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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