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  • Writer's pictureMartina Riccio

Insurances a small business should have

When starting a business, there is a lot to consider, many what-ifs, especially from a financial perspective! As a business owner and entrepreneur, you already know how much hard work is required to establish your business and achieve success. In addition to that, there is a whole set of planning issues to consider, such as insurances.

Why are they so significant to your business? Business insurance protects you from unexpected expenses and accidents. You can surely find solutions to cover any risk. You won't need all of them, but it is a key factor to your success to guarantee coverage according to your company's needs and features.

Life insurance for small business

Life insurance is a substantial financial foundation, a tool suitable for all-size businesses. Companies can use life insurances as a valuable benefit to attract talents and building loyalty among their employees. Indeed, life insurances for small businesses is a great resource to protect companies and employees' families, providing financial support you would've otherwise provided.

While there's no replacing a person, this "protection" allows families and companies to still be in reach of their goals. A business owner can offer life insurance on a group basis to all employees as a benefit. Some entrepreneurs also use life insurance as a guarantee for a loan. In particular, loans backed by the U.S. Small Business Administration (SBA) need life insurance for entrepreneurs in most cases.

Health insurance for small business

Under the Employer Mandate, the Affordable Care Act requires all employers with more than 50 employees to offer health insurance. Health insurance plays an important role in your growth plan as a business owner, and it would be better if you dealt with it with the support of financial professionals.

Health insurance is also essential for a team: if you fail in offering good benefits, you risk losing employees you depend on to the competitors, in addition to risking financial consequences. Finding health insurance for your business is on your to-do list? We know the administrative burden is heavy but be aware: it's essential to comply with these requirements to keep your business growing.

Disability insurance for small business

Disability insurance for small businesses is not always a government requirement. However, companies that operate in Hawaii, California, Rhode Island, New York, or New Jersey must provide employees with short-term disability insurance.

If a disease or injury keeps someone from working for a long period, disability insurance renders financial assistance to repay a part of lost income. Here are four principal types of disability insurance: short-term disability (STD), long-term disability (LTD), Social Security disability insurance (SSDI), and workers' compensation.

Are you wondering what's best for your company? Making the right choice means considering your company's unique makeup, company size, and location market conditions. The trick part is that what's best for one company isn't necessarily best for another!

That's why professional guidance is recommended: with an expert dealing with this area of your business, you'll be able to commit yourself to your professional or entrepreneurial activity.

At Vicky Q We are invested in your goals. Contact us to get all the info you need on our services and decide to empower your financial journey at its highest possibilities.

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