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Time management is critical to success in life. While the actions involved in time management may vary, the premise remains the same. Like many hired professionals worldwide, you realize that scheduling is a skill that can be learned before it can be effectively used. Now it’s time to apply it to your job as a software developer.
Time management in software design has two components. One of those is coding, and the other is project management. Time management in proactive coding is a highly personal topic since every developer’s routines and preferences vary.
Two panels in one webcomic depict a programmer seated at a computer, elbows on a table, arms bolstered, hands folded, chin lying on hands. I’m stumped.” The second panel: similar picture, but the text reads “My code works.” I’m stumped.” Despite this, since computers are mathematical and quantitative units, programming is a blend of science, art, and mysticism. While most code change reactions are logical and predictable, this isn’t always the case. So poor time management and job planning may easily lead to missed deadlines.
Poor time management may lead to scope creep, missed deadlines, and even budget overruns. Many workplace tasks are shared, so developers and other experts collaborate to offer a great product to the customer. So time management influences not only your productivity but also other workers’ operating processes and achievements.
Time management in projects has three forms: stakeholder objectives, critical route, and critical chain.
Stakeholder demand management is the most complex and costly component of project management. In this view, time management includes both the time required per item and the connections between them.
Before moving on to the second kind of time management, scope change must be considered. Managing time involves anticipating and accounting for unforeseen customer demands, ranging from new feature development to amending or revoking preexisting clarifications.
Once all tasks are identified, the project manager will graphically map their dependencies to show the sequence of finish-to-start connections. The task supervisor tells the developers when to execute tasks.
This is the minimum period required to complete the project. It ignores all critical path elements, therefore it ignores any project timeline acceleration strategies (such as crashing and fast-tracking). If just one developer handles all duties and other tasks are not on the critical path since they can be developed separately, the project will take longer than expected.
The critical chain is a more complex (and genuine) version of the critical route. It is a “resource-leveled critical route” because it is generated by adding availability and scalability restrictions to the critical path.
Suppose a developer is required for half of the project’s components. Because of the employee’s particular abilities, if one of the critical-path modules pops up when they’re on leave, the project manager must add a lead time to that module once they resume. Likewise, fast-tracking two of these modules is not conceivable if they are the only programmer on the project capable of finishing them. As a result, the critical chain is nearly always longer than the critical route, and is perhaps the clearest illustration of the macro significance of time management in the field of administration.
Time management is critical in software development since it impacts the result of the project. These time management methods can help you be more efficient and effective as a software developer. In addition to the individual time management, selecting the correct technology for software development task management is critical, preferably with flexibility and accuracy in budgeting and reporting.
Software engineers must understand the project execution process. A project manager should explain the project’s procedure, which is often identical. Establishing your development habit may save you time and make the customer pleased since the project is on schedule. But don’t become too used to a routine. Every project is unique, therefore expect the assignment to be different from past projects. Also, be flexible.
Before starting a project, make a plan. If you haven’t previously been given the overview on paper, don’t attempt to recall it. Documenting time spent on each project – or component of a project if it has several facets – helps evaluate developer productivity. Documentation helps employees and management understand how long they worked on an assignment. Documentation also aids future programmers who may complete the job. In this case, providing written documentation and information on critical components of the project saves time that would otherwise be spent researching or delving through code.
Every worker is in charge of building or managing somebody else inside the company. Your productivity will impact other members of the team of developers, regardless of your function. Accounting for your achievements and failures helps you and your team learn how to approach future initiatives, which ultimately improves the company’s perspective.
Communication is important in every job because it keeps team members informed. Your work may influence another expert’s work. Collaboration time management includes holding staff meetings to assess who other members are in respect to your progress. It lets others know what ought to be prioritized, whether additional personnel are needed for a project, and so forth.
Software engineers are urged to complete important components first. Rather than doing the tiny jobs ahead of time, designate time to finish the primary piece so your client sees constant development. Prioritizing may help you save time and keep your project on track.
Every businessperson should be aware of their time spent on various duties. Keeping track of the time it takes to complete business tasks benefits both you and the other team members. Time management is an essential skill that can constantly be improved. By following the above advice, you and your team may be more productive and provide a project that your customer will adore.
Choose a firm like Code Authority that hires experts with time management abilities if you require a team of software engineers for your business. These talents affect the quality and timeliness of your project. Contact us to handle your insurance so you can focus on managing your business!
Business insurance is meant to protect your business (and often yourself). There are many types of insurance products available for businesses to ensure that you are properly covered. With the wide range of coverage options available, it can be difficult to know what is right for your company. Some businesses need more coverage than others depending on operations and revenue.
It is no different for software engineers. Software engineers perform many services and often deal with sensitive information. Because of that, they require insurance to address their specific needs.
Every insurance policy has important terms that can affect your business. To discuss what insurance programs are right for your company, contact us today. We will be glad to talk to you about your business, all the services that you offer, and how we can make sure that your business is properly insured.
Today, many businesses rely heavily on technology to drive day-to-day operations. While innovation has made many of our procedures more streamlined, technology failures and security breaches are growing areas of concern.
Technology failures and security breaches cause substantial financial burdens, and businesses may look to hold technology providers who are designing and maintaining their systems responsibly. Unfortunately, traditional liability policies do not cover such losses, which is why we provide Technology Errors and Omissions Insurance.
Sometimes called Professional Liability Insurance, Technology Errors, and Omissions Insurance offers protection for mistakes your company makes in the course of providing computer consulting services.
Computer consultants are IT professionals with proven experience in specific areas of Information Technology. They handle the hardware, configuration, and programming of tech solutions.
Computer consultants may also propose computer hardware, technology, or software that matches clients’ needs. Even with top-notch programmers on your side, mistakes do happen which can result in data breaches or system failures.
Weathering a cyber event can be expensive. Small businesses spend an average of $995,430 to stabilize after an attack. If a security breach is due to an error by your IT consulting firm, you might be responsible for the loss. Investing in the right insurance policy could help them evade the burden.
In addition, many small businesses are not equipped to properly handle a data breach. That means outside consultants must be brought in at a substantial cost. The right insurance product can help offset the expense associated with cleaning after a covered cyber security event.
Even if your and your company did nothing wrong, a client can still bring a claim against you for negligence if they suffer a security breach. Errors and Omissions insurance can help pay for the defense of a claim, even if it is baseless.
Most customers require that computer consultants have Tech E&O Insurance because of the risks discussed above. It assures potential customers that there is a financial backstop if something goes wrong. In most cases, your Certificate of Insurance will be proof of coverage.
InsureYourCompany.com offers the right coverage for Computer Consultants and their businesses. Contact us to learn more about our Errors and Omissions Insurance for small businesses.
A company is only as good as the people who make it run. Primarily, this is the employees. Getting good employees isn’t as simple as just wanting them, though. There are, however, several simple things you can do to improve the quality of applicants to your company as well as your hiring process to make this happen. Here are four tips for hiring the best employees for your business.
You can easily increase the quality of applications received by your organization by raising your base pay for employees. Higher pay incentives more people to apply, giving you a greater pool of talent to select from. It also encourages people who might have otherwise passed you up due to low wages to take another look. Employees who are financially stable and well-compensated tend to feel valued and perform better.
Employer-sponsored benefits can go a long way towards attracting talent. Health insurance, vision, and dental benefits, and vacation policies are often just as important as salary to job seekers. A generous employer-sponsored health plan is often a top draw. In addition to attracting talent, employees with access to good benefits are more likely to stay healthy, thereby reducing the missed time from work.
When reviewing applications, one way to ensure that only the talent and qualifications of an individual are being evaluated is to hide the names on applications. Several studies, including one jointly from Ryerson University and the University of Toronto, have shown that biases both implicit and explicit can negatively affect applicants during the hiring process depending on the origin of their names. No one should lose out on a job because of this and your company shouldn’t lose out on a valuable employee because of something so inconsequential. As such, hiding names during at least the end of an initial review of applications can help boost your headcount and make your business more inclusive.
There will always be some degree of personal feelings that go into who to hire but ensuring some base objectivity factors into things is an important goal. That’s why creating a formal scoring system for applicants is a helpful tool for a hiring manager. Formal scoring helps to improve the quality of evaluation someone does with applications, allowing a manager to compare against the scoring rubric rather than whatever they think will work best at the given time. Assign certain “point values” to things like certifications, relevant experience, and the like, then see how applicants stack up against one another once you go through. Often, there will need to be deeper analysis on top of this, but it’s a good tool for helping narrow the field during a first pass and structure the hiring process.
Sometimes, the qualifications of an employee can overshadow what they’re being hired for. That’s why it’s necessary to keep perspective on the job you want your applicants to do once they’re hired. A Harvard grad with a law degree might be impressive, but it’s probably not relevant to the job at hand unless you’re a law office. That isn’t to say there might not be other reasons to hire this candidate, but those other reasons should be the focus at this time. On occasion, it may even be best to hire someone less experienced on paper if those experiences make them better suited for the job than someone with a more formal education.
Hiring isn’t a simple process. With so many considerations to make, try using these four tips to ensure that you end up with the best employees once it’s time to clock out.
Attracting great employees is only part of building a great company; you’ll also need insurance to fit your company’s needs. It’s hard to overstate how important good insurance can be for a small business, so don’t cut corners. Get in touch with us at InsureYourCompany.com to see what kind of solutions we can offer you in all areas of coverage.
Thanksgiving last year was rough, to say the least. While I won’t get into the specifics of how hard this holiday was for the entire planet, I will say it was especially difficult to plan one of the most family-oriented holidays of the year. Just getting a few people from different households in the same room was an almost impossible task as Covid cases and deaths were skyrocketing and there seemed to be no answer in sight. But there was one positive last year, at least in New Jersey- The weather cooperated with us and it was about 60 degrees on Thanksgiving. It was like someone out there was making sure a select few people who are normally huddled indoors around a fireplace or inside with the heat on were protected and able to have an outdoor celebration. My family normally has a large gathering of over 20 extended family members. Last year 3 of us were separated 6 feet apart outdoors, zooming with most of the other family members from across the country on a tablet. Sometimes, things just work out, even in the roughest of times.
We’ve come a long way and have gotten through a grueling and traumatic year filled with adversity. There were so many hardships for so many people across the world. But there were also upsides. We spent a lot of time together with family. Maybe too much family time? We got to work from home. We realized that not all meetings need to be in person and sometimes zoom suffices. There have been ups and downs but something I am grateful for this year is that things have gotten better for many, and that shouldn’t be taken for granted.
So, this year many people will be meeting in person and there’s a good chance the people you’re with are going to ask you the age-old question, “What are you thankful for this year?” This always is kind of nerve-racking for me. There’s so much to say, and sometimes, everyone is secretly competing for the funniest response or the most sincere and sweet thing to say about their significant other. Needless to say, it can be stressful. But if I have to think about it as a personal question and not a performative one, I’d say there’s a lot to be thankful for. Aside from personal things in my life, I am thankful we have the opportunity to interact with each other again. For getting to hug our loved ones without fear. For smiles, we can see from the grocery store clerks. For frontline workers, who have gone unnoticed in the past year after things got a little better, but steadily continued working hard. Also teachers. A round of applause for them. I am especially thankful for our clients who have paid their insurance bills during the pandemic and remained loyal customers. But when it comes down to it, as the talented singer Lorde once said, “Spend all the evenings you can with the people who raised you, ‘Cause all the times they will change, it’ll all come around”. Times have changed, and it all has come around. So this Thanksgiving season, look forward to the future. Get excited about future vacations, concerts, beach days to come, and winter wonderland around the corner. But don’t forget to spend time with the ones you love. Don’t forget to appreciate your dog and play with him at a park once in a while. Be thankful for the difficult yet important lessons we’ve learned since 2020.
While we’re celebrating with family, let’s also remember to take care of ourselves this season. Making sure that we feel safe and good and that we are prioritizing the things that make us happy. I think a lesson that hit home for so many this year was “life is short- do what you love.” And no, Thanksgiving isn’t traditionally a time for resolutions, but given the chance to reflect, I’d say that taking care of ourselves and our loved ones (and not only bubble baths, crystals, and manifestations) is really what matters. My Grandpa always used to say, “If you don’t have your health, you don’t have anything”. Taking care of your health means a lot of things. Sometimes it means tending to your mental health by distancing yourself from that relative that cracks obnoxious jokes each year or spending extra time with your grandparents. Or could be as simple as making sure you take your vitamins and medications if you take any. Sports, activities, eating in moderation – while these aren’t tenets of Thanksgiving are other aspects of health to be grateful for this year.
So, all in all, I hope you have a great Thanksgiving holiday. I hope your holiday is enjoyable and just the right amount of overwhelming. I know some people don’t like to say they “hope” for things. I think hope is a positive thing. Without hope, there are no thoughts of the future. So, in that vein, I hope you have a peaceful and meaningful holiday. Eat some good food (don’t forget a few veggies) and go for a walk the next day. And never forget how lucky we are all to be here this year. HAPPY THANKSGIVING!
It’s been a while, but do you remember bumping into colleagues in the office hallway, chatting about weekend plans or an ongoing big project? The COVID-19 pandemic has altered every aspect of our work and life. It has caused a rapid shift to full-time remote work for many workers. Many companies are adopting working from home as a new addition to their job offerings. This has resulted in both employers and employees seeking alternative work arrangements. The trend of companies going remote is here to stay, and it’s drastically changing the way employees interact with the rest of the team and their managers.
Maintaining a smooth run of daily operations is the number one priority for most companies. During this time, work teams need to know their work expectations, coordinate work, and even balance work-life. So, how are coworkers communicating and creating ideas?
Companies are setting up regular check-ins at predictable weekly times to connect with remote coworkers. It gives employees a space to raise concerns and questions that they may have with each other and with management. Check-ins are done in a group setting, presenting an opportunity for employees to connect and catch up with one another to build mutual knowledge.
When there are projects that require more collaboration, video calls are used instead of emails. The opportunity for immediate clarification and sharing screens provides team members with the visual cues needed to reduce any misunderstandings.
While some people are auditory learners, a monthly all-hands helps them digest information about the company direction; others learn better and remember more information by reading or visually seeing progress. A monthly company newsletter helps repeat and reinforce the company direction, key priorities, and progress that the company is collectively making towards those goals.
Newsletters help keep the company direction top of mind with employees as they work through their day-to-day activities. Company newsletters are also an excellent opportunity to repeat and highlight the company’s core values.
The many short conversations you’re used to having in-person still need to happen, but in a new medium. Messaging system gives employees a way to communicate quickly and efficiently while not putting additional strain on their inboxes. Supplementing your existing communication channels with group chats and instant messages, you enable your team to stay on the same page even when they’re not in the same ZIP code. Staff members are even able to come up and share new ideas.
Managing customer communication and details through spreadsheets and email can be chaotic, leading to time wastage, inadequacies, and errors. CRM software improves communication when coworkers need to team up to close deals. CRM software is designed according to company size and preferences.
Project Management Software allows handling complex projects with complex timelines. Keeps track of deadlines, allocates tasks, gets regular updates on task completion, and keeps clients informed on project progress. The software helps work-from-home employees manage their time correctly, take adequate breaks, and allows team managers to know the hours of work each employee puts in daily. The software helps recognize workers who are having difficulties with their tasks and even automate timesheet invoicing.
Workplaces offer some structure around the workday, even under the most autonomous arrangements. Employees arrive at a similar location with their colleagues and direct reports, attend meetings and events, take breaks for lunch and network, return to their desks for tasks and projects, and depart the shared location to travel home. However, this varies widely across industries and companies.
These communication methods help colleagues feel connected and maintain a level of productivity without the ‘real-life’ social environment of a workplace. Establishing a good communication norm creates an effective, remote working team. Contact our team at InsureYourCompany.com to get an insurance quote to make sure your business’s most important assets are protected.
Life is full of uncertainties and accidents can happen at any time. A personal umbrella policy can provide an extra layer of coverage to protect what matters most.
You can add umbrella insurance to an underlying homeowner’s, auto, or boat insurance policy. It generally covers injuries, property damage, and certain lawsuits or liability against you.
The umbrella policy can extend the underlying policy’s liability limits, giving you added liability protection against liability lawsuits. It can also fill in gaps in coverage that might be left by standard insurance policies. Purchasing a higher limits on one or more policies can be expensive and still leave gaps in coverage. A single umbrella policy can help extend your liability protection and fill some of those gaps.
Nearly everyone can benefit from the protection of an umbrella insurance policy. If you engage in any of these activities or have any of these circumstances, you could possibly benefit from the extra liability protection of an umbrella insurance policy:
These are only a few examples of situations where umbrella insurance can be useful. The takeaway is this– any activity that puts you or the members of your household at greater risk of a liability lawsuit may be a sign that umbrella insurance is right for you.
Suppose someone trips and falls at your home and is injured. Your homeowner’s insurance policy has a liability limit of $250,000. The person who visited your home was injured severely and decided to sue you to pay for the expensive medical treatment required. You go to court, and the jury awards the injured party $500,000. You only have $250,000 of liability coverage with your homeowner’s insurance, so the umbrella policy will pay the remaining $250,000,
Without the umbrella coverage in this instance, you would be liable for the extra $250,000 your homeowner’s policy did not cover. Umbrella insurance could potentially save you from financial ruin and losing your home and belongings in a liability lawsuit.
The cost of umbrella insurance depends on several factors; where you live, how much coverage you need, and how much risk the insurance company considers you to be. The Insurance Information Institute estimates to cost of a personal umbrella insurance policy to range from $150 to $300 per year for $1 million in extra protection – a relatively small premium for increased protection
Not every type of injury or damage is covered by personal umbrella insurance. Here are some things that are typically excluded from coverage:
To be purchase umbrella insurance, you must first have an underlying policy to add liability coverage to it, such as a homeowner’s or auto policy. However, there are a few insurers who offer a standalone umbrella policy.
Life is full of uncertainties. Personal umbrella insurance can give you peace of mind knowing you have the extra liability insurance coverage you need. Contact us for a customized personal umbrella insurance quote today.
Nearly every state requires employers to carry worker’s compensation insurance. Failure to carry the appropriate insurance can result in fines and expose the business to claims from an injured employee.
Worker’s comp insurance exists because workplace injuries happen. In most cases, workers’ compensation is the “exclusive remedy” available to an injured worker. If an employee is injured, payment for their care, treatment a percentage of lost wages is guaranteed. In exchange, the employee gives up the right to sue their employer for negligence. This system ensures prompt payment of medical bills and lost salary without delays or legal proceedings. Employees can return to work more quickly and employers can operate without the threat of lawsuits.
Worker’s compensation laws have been in place in various US states since the late 1800s. But the original idea seems to have come from German Chancellor Otto von Bismarck. According to the US Social Security office, von Bismarck is also responsible for the building blocks of social care for the elderly, which we now recognize as Medicare and Social Security income.
In the US, no federal law requires that employers maintain worker’s comp insurance, but most states require it. Pricing is usually based on the location of the employee, their occupation, and the company’s claim history. As you might expect, rates for office workers is lower than for roofers.
Traditionally, our nation’s most dangerous jobs include:
Generally, worker’s comp is more expensive for businesses in these sectors. Still, a workplace injury can occur at any job! Hospital staff can slip and fall over extension cords, biology teachers can accidentally slice open their hands, even a banker could step on a freshly waxed floor and find themselves calling in a worker’s compensation claim. Accidents do happen!
If you have employees, you are usually required to carry workers’ compensation insurance. There are a few exceptions, such as for single-member LLCs or in the few locations where it is not mandatory. However, even if not required by law, workers’ compensation insurance might be required by a contract you have with a client.
Most employees who experience a workplace injury will receive medical care and, in some cases, ongoing payments to compensate for long-term disabilities. Injuries can be acute, like a slip and fall injury, or can occur over time, as is the case with a repetitive stress injury like carpal tunnel syndrome.
Generally, injuries that happen on the commute to or from work are not covered. But if an employee is on company time when the accident occurs the injury is typically covered.
There are a few gray areas, such as when an employee is on a break or running a personal errand in connection with their work duties. You’ll want to speak with an experienced insurance agent for more information on when coverage applies.
An employer can comply with state regulations to provide workers’ comp coverage in two ways. Most organizations choose to purchase WCI through a private insurance company. Large organizations and government employers sometimes prefer to self-insure. In that case, they would keep significant funds on hand to pay for employee medical care and wages after a workplace injury.
It is important to understand who is and is not covered by your worker’s compensation insurance. Often, certain members of a company, such as an owner, are excluded. Contact your broker for an overview of how workers’ compensation insurance works and how you can protect yourself, your employees, and your business.
Here at InsureYourCompany.com, we’re proud to offer WCI for New Jersey businesses of many types and sizes. We work with various carriers and can help you with all your business insurance needs like group health insurance, general liability, professional liability insurance, employee benefits, umbrella insurance, and more. Contact us to learn more about worker’s compensation insurance today.
When you buy homeowner’s insurance, your biggest question should always be “what does it cover?” After all, nobody needs their insurance until they REALLY need their insurance. At that point, there’s no time to make necessary changes. You’re not even allowed because a claim already happened! You can only adapt for the future. So, taking the time now, with a licensed insurance agent, to figure out what you need and under which circumstances coverage will apply can save you a lot of confusion and suffering.
Before we dive into claims scenarios, let’s talk about the major parts of the homeowner’s policy.
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Dwelling coverage provides coverage up to a certain amount to replace as much as the entire home if a catastrophe occurs. The coverage amount should be based on what it would take to rebuild the entire structure from the ground up using materials of the same like, kind, or quality. Therefore, over-insuring your home will not result in better material or bigger square footage, just a higher annual premium. However, under-insuring your home could leave you short in the event of a large loss. Dwelling coverage also includes detached structures, such as sheds. This coverage is almost always set at 10% (but can be increased) of what the house itself is insured for.
Home is where the heart is, but when you’ve seen some or all your worldly possessions stolen or destroyed, you just want everything to go back to the way it was. Consider all your appliances, clothes, furniture, electronics, jewelry, etc. It adds up! Personal property coverage is based on what you feel your possessions are worth, however in a standard homeowner’s policy that amount usually cannot be less than 70-75% of the dwelling coverage. A good rule to remember is to keep all receipts for the items you know need to be replaced. If you don’t have receipts, dated pictures showing the items in the home can usually act as proof as well.
Loss of use coverage is either a set dollar amount or an unlimited amount for a set period of time that will provide money for housing, clothing, essentials, food, etc. if there is a claim that displaces you from your home.
Liability can protect you financially from lawsuits or other people’s medical bills if someone is hurt in your home. As a homeowner, you may be responsible for unfortunate consequences, even if they are accidents. An injured party guest hurt or a pedestrian who trips on your part of the sidewalk can result in a claim Liability coverage is a set limit for which an insurance company will pay if you are held responsible for someone else’s medical bills or if you are being sued.
Medical payments to others is a smaller limit of liability, payable for smaller medical claims, typically $1,000 – $10,000. This coverage applies to smaller injuries without regard to fault. Injuries that exceed this limit may be covered under the liability part of your policy, but typically only if you are at fault for their injury.,.
These are the five biggest elements of a homeowner’s policy where the majority of claims will fall under.
Yes, your homeowner’s insurance will provide coverage for this acquaintance’s x-rays, treatments, and other medical bills related to this incident. If it exceeds the threshold set for medical payments to others, it may still be covered under the larger liability coverage.
No, unfortunately, this is not going to be covered. The broken plate, the food cleanup, and any damage done to the kitchen will have to be handled out of pocket by you. Why? Because insurance does not provide coverage for things done intentionally and without using common sense. While your teenager might never have thought the plate would explode, they still intentionally created an unsafe condition. Insurance is for unforeseen catastrophes, not incidents such as this.
Yes, this falls under vandalism (spray paint) and malicious mischief (eggs/toilet paper). What’s the difference? Malicious mischief is, in simple, the intent to cause trouble or an inconvenience without doing lasting harm. Eggs can be power washed off and toilet paper can be taken down. However, spray paint falls under vandalism because its damage is longer lasting. It might not come off easily or completely, resulting in the house needing to be repainted. Either way, a standard homeowner’s policy will respond to this claim.
Claims happen all the time. But the more you understand your policy and your coverage, the better you can tailor your policy to fit your needs. And that’s important to us at InsureYourHome.com. We help others with their insurance whether we’re the agent or not. Why? Because we’re not looking at you as a customer we’re trying to get something from. You’re a human being with a family, a life, and responsibilities. One of our responsibilities is to make sure you have the peace of mind to take care of the more important stuff. And the best way to do that is with the assistance of a licensed insurance agent. If you want your policy reviewed and explained to you, contact us at info@insureyourcompany.com or 888-242-4675!
**this blog is for educational purposes only and coverage depends on the actual policy wording**
One of the many reasons people start their businesses is to provide a better lifestyle for their families. Most business owners are both financially and professionally risk-takers by nature. Although entrepreneurs need to spend most of their time preparing for the rewarding business meetings and elevator speeches, only a handful give equal importance to the concerned families & start to think about life insurance.
A business owner must plan for contingencies, especially when there is a family to look after. For an entrepreneur, the entire business setup is like their baby and needs protective backing of its own. This is where life insurance policies come into the mix.
Life insurance for a business owner is desirable because it is a protected asset in case of bankruptcy. So, why is life insurance important for business owners?
A life insurance policy is often the cornerstone of a business’s succession plan. When a company uses life insurance as the funding vehicle of a buy-sell agreement, the death benefits purchase a deceased partner’s share of the business from their estate.
This can help reduce conflict between all parties involved and allow the company to keep running smoothly. When used to fund a one-way buy-sell agreement, the chosen successor can also use the policy’s accumulated cash value as a source of funding to purchase the company at the owner’s retirement.
When an insurance company issues a policy, they do so because it is determined that the policy owner will incur a financial loss when the insured passes away. A business owner may incur a financial loss if a key employee dies. Insurance companies generally let business owners have an insurable interest in their employees.
This gives business owners a unique way to use business life insurance as an employee benefit. Instead of paying an “employer match” into a 401k plan, employers may open life insurance policies on their employees. The business owner receives a tax benefit for paying the insurance premium.
If your family relies on your income, they’ll need money to care for themselves after you’re gone. The death benefit can cover your salary and your other contributions to the household, like childcare. When you’re trying to decide how much life insurance you need to replace your income, think of all of your debts and expenses.
A business owner who has a life insurance policy can borrow against the accumulated cash value for various work-related purposes. Life insurance enjoys favorable tax treatment. Cash value withdrawals are treated on a first-in-first-out (FIFO) basis. Therefore, cash value withdrawals up to the total premiums paid are generally income-tax-free.
If a business owner or executive who is very important to the business dies, the company will receive the death benefit of the key person. The tax-free benefit can be used in a variety of ways. It can help make up for company sales as well as lost earnings. The life insurance death benefit can provide liquidity quickly so the business can provide ongoing financial demands.
It can help with estate planning and the management and distribution of your assets. Passing on an estate can involve numerous issues, depending on your circumstances and the amount of investment at hand. What if there are multiple heirs to an estate, but properties aren’t that easily split up? In instances like this, life insurance in an estate plan can fill the gap and equalize an estate inheritance among heirs.
Business owners need insurance for similar reasons: income replacement and to protect the future of the company. Make sure you have the right policies to cover all of the people who depend on you. If you want to make sure that your new business is protected, contact us today. We will be glad to talk to you about your options to make sure that you and your business are protected.
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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.
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