Anyone who is in business knows the importance of insurance. When something unexpected happens, having business insurance may be the difference between the continuity of your business or its failure. Unfortunately, a lot of businesses are not covered and this is very dangerous. Stats from Next insurance show that 44 percent of small businesses here in the States are not insured. Businesses need to be insured. When you purchase the right insurance, you will protect your business and its assets against damage and legal issues.
Business insurance operates the same way as personal insurance. It protects your business from financial, legal, and other claims in case of accidents, disasters, lawsuits, and other unexpected occurrences. Here some of the most common and important business insurances you should consider.
Workers compensation insurance
By law, this is one type of insurance you cannot afford to avoid. States require most employers to carry out worker’s compensation insurance in case employees get hurt in line with their work. Failure to get the right type and amount of coverage can result in fines and even criminal penalties. If an employee experiences a work-related injury, this cover will be able to cater for medical expenses and also pay them a portion of their wages as they recover.
This is another type of insurance required by the government. It covers your employees in case of job loss or termination. You will have a tax burden that depends on the number of employees you have and your employee turnover. Employees can calculate and make tax payments but it can be easier to let human resource software do the calculations.
This is a type of insurance that provides guaranteed payments to employees at a percentage of their income in case they are unable to work due to illness or injury. Unlike the worker’s compensation, the illness or injury doesn’t have to be work-related. States such as California, New York, New Jersey, Hawaii, and Rhode Island require employers to provide some level of short term disability insurance.
General Liability Insurance
This is another important type of insurance business should have, although its not a requirement. General liability insurance protects a business if a third party such as a vendor, client, or customer gets injured from your business’s property, services, or products. It will cover physical injuries on business property, It will also cover property damage to another individual or business while carrying out your work a well as advertising injuries.
Commercial property insurance
This type of insurance covers business inventory, equipment, and office space as well as other property against damage or loss. Commercial property insurance is a must-have for many types of businesses, especially those running on brick and mortar. It is a type of insurance that will cover many incidents including theft, vandalism, fires, and weather-related damages.
You may also consider other types of insurance including professional liability insurance, product liability insurance, employment practices liability insurance among others.
Would you want to manage more clients in less time? Let’s say you have a sizable number of clients for your small business. Managing these clients seems to work seamlessly when you are small. However, as your business grows, so does the burden of financial and administrative tasks. To manage high standards of client service when your client numbers are increasing, you need to be better organized with automation. Automated billing is used by many companies and helps to free up time and energy when you need to complete invoice work.
Here are the top reasons why the right billing software can simplify your invoicing so that you can focus on growing your business.
Keeping costs down
Automated billing will help in keeping costs down with unlimited invoicing. Some accounting solutions will charge you every time you process paperwork for a client. This is added stress and unnecessary cost you would not want to incur. With the right billing solution. it will foster your growth and not put limitations on you. Solutions that support unlimited invoicing will let you grow without worrying about the constraints presented by bad accounting systems.
Save time and get paid faster
You should never have your resources sapped by your billing cycle, especially if you have customers who need to be billed regularly. Your focus is to serve clients well and impress potential new ones. Recurring bills will put this process into autopilot so that you won’t have time wasted trying to get paid for your work. The billing software you choose should be able to regularly send out scheduled invoices, review all invoices before they go about, and manage payments seamlessly.
Avoid late payments
With automated billing, you will be able to stay on top of late payments with the use of automated reminders. Tracking down late payments can be a huge financial as well as emotional burden. It can even get more difficult as you take on more clients. You can never risk not receiving payments, and at the same time, you want to have the best relationship with your clients. The first step is to ensure you get paid on time and the only way to ensure such happens is to make use of automated payments. Automated late payment reminders present a professional way to remind your clients of their obligation.
Automated tax calculations
With an automated accounting system, a lot of burdens associated with calculating tax will be taken away. You need to have a system that simplifies and automates tax on your invoices so that you don’t miscalculate tax. Ensure you look for a solution that allows you to calculate different taxes at different rates, more so if you are operating across different tax jurisdictions. With the use of a multi-currency billing system, you will also get paid in any currency. This is especially good if you have clients across the globe. Most of these systems have open APIs to allow integration with other systems and present clients with an option to transact online.