Protecting your business is good business. Having the right insurance can be the difference between surviving a calamity and losing everything. Many business owners have learned the hard way that a lawsuit, theft, accident or natural disaster can wreak havoc on their companies.
Business Owner’s Policy
Often referred to as BOP, a business owner’s policy rolls multiple types of insurance into a single policy. Usually this is at a lower cost than buying each type of insurance individually. A business owner’s policy might include business property, business interruption and general liability coverage.
This coverage helps protect your company if someone is injured at your place of business. I also covers if injuries or damage result from the use of your products or services. It can help shield your business from situations that could be perceived as negligence. Most general liability policies cover financial obligations such as medical costs, as well as legal defense expenses and settlement awards if your business is sued.
Also known as errors and omissions insurance, this type of insurance helps protect your company from claims that its malpractice or negligence damaged a client or other third party.
This insurance covers loss and damage to leased or owned company property resulting from a variety of events, such as fire, wind or vandalism. An “all risks” business property policy covers loss and damage from a range of sources, while a “named peril” policy specifies the types of hazards it covers.
Customers and employees trust you to store their information. From billing information to social security numbers. If someone stole that data, how would that impact your business?
For every time a company like Target gets hacked there are dozens of smaller companies that suffer data breaches.
Cyber liability insurance can cover you for the expenses you incur from a data breach.
Expenses such as…
Fixing the breach
Loss of income
Notifying your customers
This type of policy protects your business against damage to an owned or leased vehicle that you or your employees use for business purposes. It also provides coverage if a third party claims bodily injury or property damage related to an auto accident.
Business Interruption Insurance
This policy guards against the effects that come from unexpected events and natural disasters that might otherwise cause your company to temporarily relocate or close. It helps businesses maintain cash flow while they replace equipment and repair physical damage to their facilities. It typically provides reimbursement for up to a year of lost revenue.
This type of insurance fills any gaps left by the insurance that your company carries. For example, if your general liability policy has a coverage limit, an umbrella policy will cover losses that exceed this amount. It can also provide protection in areas excluded by other policies. The premium for an umbrella policy may be lower if you purchase it from the same insurer who provides your other policies.
What does success look like to you? This may be a difficult question to answer for most, however with a little focus the answer can be found. For some success means a new house or car, but for others it means the ability to spend more time with family or friends. However, one looks at success there are important tips to remember to avoid losing sight of what’s really important.
These 8 success clues come from business and life coach Tim Braheem with Performance Experts:
In order to have what you want, start by wanting what you have.
What you focus on, you bring closer ,because when you focus on gratitude you are calling abundance into your life.
It’s impossible to be a victim when you’re in gratitude.
It’s your relationship TO the journey, not the destination that will determine success.
Get clear on the experiences that fill your soul and give yourself those experiences often.
Be careful not to sacrifice your EXPERIENCE for the symbol.
The symbol is NEVER a bad thing. It’s our RELATIONSHIP to the symbol that causes our imbalance and suffering.
Beware of competing intentions.
Symbols vs. Experience
Ask yourself the question “What Do I Want?”. For the most part, people can list all kinds of things they want. Cars, houses, money, and toys of all sorts frequently come up. Relationships, kids, travel, adventure, and good health also make the most frequently cited list.
From here, spend a little time in reflection on the question, “Why do I want those things?” “What do I hope will be true if I have the (job, money, house, etc)?” A slightly more refined question would be, “what experience am I looking for”- if I only had the right car, house, money, etc, what would I then be experiencing?”
Once you find the proper balance of the things you desire and the experiences you yearn for the more things will seemingly fall into place.
Greg Schowe with United Country Real Estate- Commercial joins Doug and Tammie in the studio to help shed some light on the 1031 Tax Deferred Exchange opportunity for investors.
The payment of income or capital gain tax on the sale of property can be voluntary thanks to Section 1031 of the Internal Revenue Code which is one of the most underutilized sections of the tax code. Maybe for the laymen better understood as a 1031 Rollover. Basically the gain is rolled over to a new property. There are an unlimited number of times an individual can successfully rollover gain and postpone tax. The ultimate goal is to make this tax disappear by one of two ways:
1. Sellers may successfully rollover gain and ultimately move into one of their investment properties and declare it to be their primary residence. Provided they are married and have held the property for five years, reside in the property for a minimum of two years, they can exempt $500,000.00 in taxes upon the ultimate sale.
2. Capital gains taxes are eliminated upon the death of the property owner. Heirs receive a step up in basis on the date of death.
Below are some simple points to master to have a clear understanding of the rules pertaining to 1031 exchanges.
Listen in as Doug and Tammie Haldeman along with Tom Terbrock discuss the top 10 tips for time management.
1. Never envisioning or thinking about tomorrow.
2. Not planning ahead.
3. Starting their day late.
4. Focusing on doing the wrong thing.
5. Getting distracted along the way.
6. Going through each day without aims, targets and goals.
7. Not having a to-do list.
8. No rest and all work.
9. Being too free and not moving forward.
10. Being a perfectionist. Continue reading “Top 10 Tips For Time Management”
And you thought buying or selling a home was scary. Either one can be, of course, but there’s nothing like doing both at once to foster a flurry of “what ifs.”
What if I buy a new house, but my old one doesn’t sell?
What if I sell my old house, but can’t find a new one?
And what if I try to do both at once and end up going completely crazy in the process?
Don’t worry, you won’t, as long as you take the time to think things through. Depending on your particular situation, it may make more sense to buy first, then sell — or just the opposite. Below are some factors to consider. To learn more be sure to tune in this Sunday at 4 pm on FM NewsTalk 97.1 The Doug Haldeman Show.
Listen in with Doug as he interviews, Nick Baur with Equity Missouri to discuss an organization designated for business investors called Southside Investment Club.
They meet on the 2nd Thursday of every month and focus on all things related to
Real Estate, and Real Estate Investing: from Real Estate Education to Networking
with local agents, investors and service vendors. Our Real Estate Professionals
Happy Hour is normally on the 3rd Friday of the Month.
The attendee’s for SSIC are the seasoned investor, to the first time investor
looking for education and to get their feet wet; PLUS service vendors throughout
the Real Estate Industry! All skill levels and experience levels are welcome. The
caliber of person that is attracted to this type of event is really SSIC’s