3 Types of Insurance Your Business Needs

Running a business comes with many of the same risks individuals need insurance for, but also adds additional insurance needs unique to business ownership. These are three of the types of business insurance you may need to purchase for your business. 

1. Workers’ Compensation 

If an employee gets injured while performing work for you, their medical bills, lost wages and other injury-related expenses will probably be covered by workers’ compensation laws. Most businesses are required by law to purchase workers’ compensation insurance Maitland FL, but even if it is not required, it is a good idea to have it. Even employees in low-risk work environments, such as offices, can experience slip and fall or repetitive motion injures that your business may be liable for. 

2. Property 

Whether you own your buildings or lease them, you will need property insurance to protect you from property damage caused by fires, storms, water, theft and other perils. While some types of water damage are covered by standard property insurance, flooding caused by hurricanes and other storms usually is not. You may need a separate flood policy if you are located in a high-risk area. Other perils, such as earthquakes, may also be excluded. If you are at a high-risk for excluded perils, you may need to seek specialty insurance for those risks.

3. Commercial Auto

Businesses are usually liable for damage caused by their employees when operating company vehicles while working. Additionally, you may wish to purchase comprehensive coverage that will cover damage done to your vehicles in an accident. Employees who drive their own vehicles are usually covered by their own insurance; however, you may need to purchase coverage for employees who use their own vehicles to deliver goods or services. 

Accidents and disasters can create substantial financial risks for business owners. These three types of insurance can help protect you against these risks. 

A Few Things You Need To Consider Before Buying an Investment Property

For centuries, real estate has been an excellent way to invest money and grow wealth. Some of the wealthiest members of our societies made their fortunes by investing in real estate. If you are considering following their example and buying an investment property, there are several things you need to consider before signing the paperwork.

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Do You Have Enough Saved Up?

Evaluating your finances is the first thing to do when determining if you are ready to move into property investment. Buying an investment property is different than buying a primary residence. For one, you must have a 20% down payment because mortgage insurance is not available for investment properties. You should also make sure that you have enough money readily available to cover any problems you may encounter before you begin to get rent payments. If you don’t think you do, you should make a savings plan.

Who Will Be Managing the Property?

It’s also important to consider the day to day running of the property. If you are not sure about being a landlord, you should investigate rental management Tacoma WA. Rental managers can do the hard work of property management for a fee and are worth hiring if you feel like you won’t have the time to devote to being a landlord.

What’s the Right Location?

When researching where to buy an investment property, you should think about who your prospective tenant is and what they are looking for. Maybe you live in a university town and want to rent to students. You should look for properties that are close to campus and near shops and restaurants that appeal to students. Do you want to rent your property to a family? Then you should consider homes close to good schools.

If you feel like you have the right answers to these questions, you are probably ready to buy your first investment property. The next step is to contact a local realtor and start visiting properties. You are on your way to investing your money and getting great returns.

3 Reasons To File for a Patent

Creating something is special. It’s a personal idea brought to reality. The light bulb that went off doesn’t belong to anyone else. That spark is a chance to grow and prosper from ingenuity, time and effort. That shouldn’t be taken too lightly. People lock up valuables in a safe. Inventors should take care to protect the concept and product too. By working with a patent attorney Plano TX to file the right paperwork, creators could obtain the following three benefits.

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1. Narrow the Competition

The market is fierce. Companies constantly seek ways to beat out each other, upping revenue and taking out the competitors. There is no love or humbleness in business. Merchandise that stands out as new, more efficient or superior is likely to squeeze out those in the field. The patent keeps others from acquiring the same edge, leaving your idea to stand out longer. Without it, the concept may spread faster, making the newness obsolete.

2. Increase the Profit Margin

Supply and demand is real. When no other venue has the same feature or quality, the supplier can raise the price. The higher it goes, the more profit is gained. The patent’s ability to ward off competition, then, permits you to charge more for your creation.

3. Protect Your Property

Places may be cutthroat. If you pitch your product to investors, they can choose to give you money or not. If they walk away and you have no patent, then those very people might be able to take the same capital to then run with the idea, owing you nothing. The patent prevents this from happening.

Obtaining a patent is a security measure. Trust yourself, and be proud of what you’ve made. That means taking extra measures to keep it yours. Work with professionals to get the most out of your hard work and maintain the rights to your ideas.