Owning a Business - 360 Degrees of Financial Literacy

Business Owner Succession Planning

Mon, 12 Mar 2012 12:02:48 EDT

Every successful business owner must eventually face the question: What will happen to my business when I become disabled, retire, or die? Sooner or later, you will generally need to identify someone to transfer your ownership interest to family members, co-owners, key employees, or an outside party. Without a succession plan, the business may need to be liquidated.

What kind of insurance coverage do I need for my small business?

Fri, 22 Jul 2011 02:37:20 EDT

What kind of insurance coverage do I need for my small business?

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Understanding Your Business Owners Policy

Fri, 22 Jul 2011 02:35:48 EDT

If you're a business owner, it's important that you understand your business owners insurance policy. Its Declarations Page holds important information, including the limits of insurance for your buildings (Coverage A) and business personal property (Coverage B), liability coverage, and any optional coverage and conditions that apply. Be aware of the out-of-pocket deductible you'll pay if there's a loss, and consult an insurance agent to help you understand the exclusions listed in the policy. For protection beyond the basic policy, there are optional coverages you can purchase.

Professional Liability Coverage

Fri, 22 Jul 2011 01:44:28 EDT

If you are (or hold yourself to be) an expert, professional liability coverage should be part of your business insurance plan. Known by several other names, this type of coverage protects you and your business if you're sued and found liable. The high cost of defending your business in a lawsuit is another reason to carry this insurance. Two main types of coverage are available, and both are concerned with the term or time period your policy is in force. Ask your peers or research this coverage with your association or trade group.

Income Tax Tips: Business Insurance

Fri, 22 Jul 2011 01:42:54 EDT

As a business owner, you probably use several forms of insurance to protect your business, but do you know what you can deduct and how to handle reimbursements? Besides certain business expenses, you may be able to deduct insurance premiums paid for various coverages. If your business suffers a loss, your insurance may reimburse you only partially (or not at all), but you might be eligible for tax relief. A self-employed business owner can deduct most ordinary and necessary business expenses against business income. For more help, consult a tax professional.

I own a business. Are there any creative ways I can use life insurance in my business?

Fri, 22 Jul 2011 01:41:59 EDT

I own a business. Are there any creative ways I can use life insurance in my business?

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How can I determine what my business is worth for estate and gift tax purposes?

Fri, 22 Jul 2011 01:39:41 EDT

How can I determine what my business is worth for estate and gift tax purposes?

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Comparison of LLCs, LLPs, and Professional Corporations

Fri, 22 Jul 2011 01:37:18 EDT

Commercial General Liability (CGL)

Fri, 22 Jul 2011 01:37:07 EDT

A commercial general liability policy insures your business against general liability exposures. The type of business insured (sole proprietorship or corporation) determines who can be covered. However, the insured parties are not covered for personal liability, only for liability claims and damages related to activities or services performed for the business. Since not every liability risk is covered, you may want to purchase coverage for one or more of the items excluded by your policy.

Business Liability Insurance Basics

Fri, 22 Jul 2011 01:35:43 EDT

Your business needs protection in many areas--bodily injury and property damage, faulty products, improper or negligent workmanship, and claims from employees, to name only a few. Commercial general liability insurance (a third-party insurance) offers protection against bodily injury and property damage claims, and pays damages to those who file claims; no payments are made to the business or owner. A commercial umbrella policy will supplement your coverage and liability limits. Employer's liability insurance protects against employee injury or employee suits.