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3 Way to Cut Cost on Business Insurance

Buying insurance is a necessary expenditure for your business. Some types of insurance – such as commercial auto insurance – may be required by law for you to purchase. Other insurances protect your business, your employees, and your own personal finances should an accident or other damages be incurred against your business.Business Insurance

Not all insurance policies are the same; and not all insurance companies are going to charge you the same rates. In order to save money on your business insurance, you need to review your coverage requirements, find ways to trim any unnecessary insurance costs, and look for the best deals in a variety of places.

Review Your Coverage

If it’s been a while since you examined your current policy, then take the time to carefully do so. Your business insurance needs may have changed since the day you purchased the policy, leaving you either under-insured or overpaying for coverage you don’t need.

  • Request a quote for your insurance needs from several different insurance companies.  If your current provider doesn’t offer the lowest price, show them the competitor’s quote and ask them to match it. Many agencies would rather give you a deal than lose your business altogether.
  • Remember to plan ahead to make sure that your insurance will cover your business today, as well as in the year ahead. If you plan on hiring more employees or adding to your truck fleet, your insurance needs will change.

Trim Excesses

Haggling and playing companies off each other only works so well at reducing your premiums. In order to cut costs even further, you should re-examine your insurance needs, prioritize important items, and trim the excess.

  • Take an inventory of your property and assets and determine their value, or how much it would cost to replace everything new. Now estimate the replacement costs if you replaced all of your equipment with used items. How does that difference in value affect the cost of your insurance premium?
  • One sure-fire way to instantly lower your insurance premiums is to increase your deductible – the amount of replacement costs you have to pay out-of-pocket before your insurance company pays for the rest. Only increase your deductible to the amount you can afford to pay up-front should an emergency occur.
  • Sometimes your liability insurance can be lowered if you install safety improvements on your property. Increasing safety decreases liability risks, so ask if your insurance carrier will lower your premium if you install safety features.

Look for Deals

There are several ways you can obtain special deals on your insurance premiums that can lower your total cost of insurance.

  • If you purchase your commercial auto insurance, property insurance, liability insurance, and other types of coverage all through the same insurer, you may qualify for a better rate than if you source your coverage from several different companies.
  • Purchasing your policies all from the same insurer can also reduce your rates if you officially bundle your insurance coverage in a Business Owners Policy. These pre-packaged policies include many of the insurances that your business needs, and may or may not be customizable (depending on the insurance company).
  • You can source group insurance rates from trade organizations, credit unions, veterans associations, and more. Check your membership details to find out if you qualify for reduced rates.

Whatever kind of policy you choose be sure that it still provides all the coverage your business needs. Adding riders to your insurance to increase your coverage amounts can also increase your premiums, reducing the cost-effectiveness of your so-called deal.

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Business Owners, Stop Getting Overwhelmed!

overwhelmedFor many years we have seen business owners become overwhelmed by chasing agents at insurance renewal dates, being transferred and placed on hold, and spending hours trying to pay employees.

We all know you didn’t start your business to search for the best price on general liability insurance, track down companies that provide Workers’ Compensation, or spend hours using payroll tax tables to punch numbers on a calculator until your fingers are numb.  Stop wasting your precious days attempting to manage your behind the scenes administrative work and get back to doing the things you love; the very things that sparked your initial business desires.

Imagine a world where one phone call unlocks access to a central location specifically designed to manage all of your insurance and payroll needs.  Sound too good to be true? Fortunately WIA Business Solutions has heard your cry and we have LISTENED!

If there is a will, there is a way.  If there is a need, we have you covered!  We are currently involved with many different industries across the nation and continue to expand our products and services to cater towards unique business needs.  We have created our agency to provide a centralized location for all of your behind the scenes business needs.  One call will give you access to all of your insurance and surety bond, Workers’ Compensation, payroll and merchant service needs.  If you do not see the appropriate products or services listed, simply contact our agency so that we can design a package for your unique situation.

Get your time back by managing your business policies in one central location and using our simple, friendly and affordable payroll services.  Soon you’ll have so much time, you’ll wonder how you ever lived without us.

What you don’t know about renters insurance.

According to a 2012 study by the Insurance Information Institute, 31% of renters had renters insurance. Many renters don’t have insurance because they don’t know what it is and why they need it, or because they think they can’t afford it.

Renters Insurance

Renters insurance is just as necessary as homeowners insurance, even though you don’t have a lender forcing you to get it.
So what do you need to learn about renters insurance before you purchase a policy? Here are six renters insurance facts you may not know:

1. You aren’t protected by your landlord’s insurance
Many renters are under the mistaken impression that a landlord’s insurance policy will protect them in case of a flood or fire. In fact, your landlord’s insurance policy covers only his property and possessions — generally just the property you’re living in and any appliances or furniture you’re renting along with it. Many landlords make this clear in leases and rental agreements.

There are some times when a landlord could be responsible for reimbursing you for lost items. For instance, if faulty electrical wiring causes a fire that may be the landlord’s fault. In this case, you may have to go through a lengthy court battle to be reimbursed for the items that you lost in the fire.

2. Not all renters insurance policies are the same

Like homeowners insurance, renters insurance policies can vary widely. You can get different levels of coverage, usually from $10,000 to $100,000. Also, some insurance policies will replace the items you’ve lost outright, while others will only give you the cash value of the items at the time they were destroyed. The first option — replacement cost coverage — is much better but also more expensive.

If you do take out a renters insurance policy, be sure that you understand everything that’s involved. Does your policy cover property damaged in a flood or other natural disaster? Does the policy cover the loss of personal items if they’re stolen from your car? Will the policy reimburse living expenses if damage to your rental property requires you to move?

These are all essential questions to ask when choosing your renters insurance policy.

3. It’s cheaper than you think

Many renters avoid renters insurance because they think it will cost a fortune. The truth is that it doesn’t. The National Association of Insurance Commissioners puts the average price of renters insurance around $15-$30 a month. That’s probably less than you spend on coffee or movie tickets. Your renters insurance premium will depend, in large part, on where you live. The renters insurance quote tool from State Farm, for instance, puts the premium for a $40,000-$50,000 policy in Staten Island, N.Y., at $8-$21 per month. A similar policy in the Bronx might cost $10-$27 a month.

4. Premiums depend on a variety of factors

While renters insurance premiums are determined, in large part, by your ZIP code, they’re affected by other factors. How much coverage you need, whether you’re renting a home or apartment, and whether you’re located in a floodplain may all impact your premiums.

Also, your premium will be affected by the type of coverage you require. More comprehensive coverage will obviously cost more. But you can often save by boosting your credit score or getting a multi-policy discount by buying renters insurance from the company where you get your car insurance.

5. Your possessions are worth it

If you’re like many renters with furniture cobbled together from Craigslist and Goodwill, you may think you don’t have anything worth insurance. If we were just talking about your $25 couch, you might be right.

But how much would it cost to replace your computer? Smartphone? Clothes? Shoes? Dishes and kitchen utensils? Books? Hobby items?

When you start adding it all up, most of us have at least $10,000 worth of stuff that we’d need to replace if our entire apartment building burned to the ground. Start cataloging your possessions, and you’ll quickly find that they’re worth insuring, especially because rental insurance is so cheap.

6. Renters insurance protects more than just your stuff
Renters insurance policies don’t just protect your stuff. Renters insurance that comes with liability coverage shields you from paying medical and legal expenses if someone gets hurt in your apartment. If you have a dog, you may need even more liability coverage in case your dog bites someone.

While most of us will never need liability insurance, things can get very expensive, very quickly if you don’t have it when you do need it. A renters insurance policy that includes basic liability coverage shouldn’t cost too much more than one without it, so this is definitely something worth looking into, especially for pet owners.

(Just a note: If you have a breed of dog that’s considered especially aggressive, you may need to pay more for renters insurance, or you may be turned down for coverage.)

Renters insurance, like other types of insurance coverage, doesn’t seem necessary until it becomes necessary. But the fact is that many renters will experience damage from a fire or severe weather, a break-in, or other event while renting. So it’s better to just get renters insurance now than to regret not having it later.

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SBA 10 step guide for new business payroll setup.

Payroll Paperwork

Whether you have one employee or 50, setting up a payroll system not only streamlines your ability to stay on top of your legal and regulatory responsibilities as an employer, but it can also save you time and help protect you from incurring costly Internal Revenue Service (IRS) penalties.

Here are 10 steps to help you set up a payroll system for your small business.

  1. Obtain an Employer Identification Number (EIN). Before hiring employees, you need to get an employment identification number (EIN) from the IRS. The EIN is often referred to as an Employer Tax ID or as Form SS-4. The EIN is necessary for reporting taxes and other documents to the IRS. In addition, the EIN is necessary when reporting information about your employees to state agencies. You can apply for an EIN online or contact the IRS directly.
  2. Check Whether You Need State/Local IDs. Some state/local governments require businesses to obtain ID numbers in order to process taxes.
  3. Independent Contractor or Employee – Know the Difference. Be clear on the distinction between an independent contractor and an employee. In legal terms, the line between the two is not always clear and it affects how you withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment taxes.
  4. Take Care of Employee Paperwork. New employees must fill out Federal Income Tax Withholding Form W-4. Your employee must complete the form and return it to you so that you can withhold the correct federal income tax from their pay.
  5. Decide on a Pay Period. You may already have a manual process for this, but setting up a pay-period (whether monthly or bi-monthly) is sometimes determined by state law with most favoring bi-monthly payments. The IRS also requires that you withhold income tax for that time period even if your employee does not work the full period.
  6. Carefully Document Your Employee Compensation Terms. As you set up payroll, you’ll also want to consider how you handle paid time off (not a legal requirement, but offered by most businesses), how you track employee hours, if and how you pay overtime, and other business variables. Don’t forget that other employee compensation and business deductibles such as health plan premiums and retirement contributions will also need to be deducted from employee paychecks and paid to the appropriate organizations.
  7. Choosing a Payroll System. Payroll administration requires an acute attention to detail and accuracy, so it’s worth doing some research to understand your options. Start by asking fellow business owners which method they use and if they have any tips for setting up and administering payroll. Typically, your options for managing payroll include in-house or outsourced options. However, regardless of the option you choose, you — as the employer — are responsible for reporting and paying of all payroll taxes.
  8. Running Payroll. Once you have all your forms and information collated, you can start running payroll. Depending on which payroll system you choose, you’ll either enter it yourself or give the information to your accountant.
  9. Get Record Keeping Savvy. Federal and some state laws require that employers keep certain records for specified periods of time. For example, W-4 forms (on which employees indicate their tax withholding status) must be kept on file for all active employees and for three years after an employee is terminated. You also need to keep W-2s, copies of filed tax forms, and dates and amounts of all tax deposits.
  10. Report Payroll Taxes. There are several payroll tax reports that you are required to submit to the appropriate authorities on either a quarterly or annual basis. If you are in any way confused about your obligations, take a look at the IRS’s Employer’s Tax Guide, which provides some very clear guidance on all federal tax filing requirements. Visit your state tax agency for specific tax filing requirements for employers.


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