General liability insurance, also known as business liability insurance, covers businesses for financial losses due to third-party claims of bodily injury, reputational injury, or property damage to others. It’s an essential liability coverage for all businesses, given that all businesses are exposed to these types of risks. If you’re looking for general liability insurance for…
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General Liability vs Professional Liability Insurance: Which Is Right For You?
The primary difference between general liability and professional liability insurance has to do with which claims are covered under each one. General liability pays for claims arising from injuries, both physical and advertising, as well as property damage to others. Professional liability insurance, also known as errors and omissions (E&O) or malpractice insurance, covers financial…
How to Budget a Retail Business in 6 Steps
Creating and sticking to a retail budget are imperative to the success of your store. An organized retail budget will help you predict sales fluctuations, set buying budgets and quantities, understand costs, and prevent overspending. Be prepared for the unexpected that can change or adjust your budget. Trial and error are a part of the…
Staffing Agency Insurance: Cost, Coverage & Providers
Staffing agency insurance is a set of business policies agency owners can purchase to protect their assets. Each policy covers different risks many employment agencies face by paying for the costs associated with them. At a minimum, most agencies need general liability to cover third-party injuries and property damage which costs $400 to $1,000 annually….
Church Insurance: Cost, Coverage & Top Companies
Churches need to protect their assets like any other business. But getting coverage isn’t as simple as asking an agent for church insurance. Rather, you need several policies, each designed for a specific risk. For instance, most churches need general liability in case a congregant suffers an injury. This policy typically costs between $500 to…
Commercial Umbrella Insurance: Cost, Coverage & Providers
Similar to commercial general liability and commercial auto liability insurance, commercial umbrella insurance will cover legal costs, medical bills, damages to other property, judgment-issued payments, and settlements. The difference is that umbrella insurance acts as additional coverage for businesses if they have exhausted the coverage limits on their primary insurance policies. How Commercial Umbrella Insurance…
Certificate of Liability Insurance: What It Is & How to Request One
A certificate of insurance (COI), sometimes called a certificate of liability insurance, is a one-page document that summarizes your coverage and can be used as proof of insurance. The form includes policy details, such as coverage limits and effective dates, so business owners can find and share them easily without revealing other, more private information….
What Is a Surety Bond?
A surety bond is a type of financial coverage that is designed to guarantee the performance of contractual obligations by the contractor who purchases it. A bond is generally required by the owners of the project for the primary contractors to purchase but can also be required by general contractors for subcontractors to purchase. Surety…
Paycheck Protection Program Loans: The Ultimate Guide
Small business owners can borrow up to $10 million to pay for payroll, rent, mortgage interest, and utilities under the newly available Paycheck Protection Program (PPP) loan. The loan is available from any Small Business Administration (SBA)-approved lender as well as through online loan brokers. Loan proceeds used for eligible expenses will be forgiven for…
SBA Loans: What Is an SBA Loan?
When a small business owner needs financing, the first option to come to mind is usually a loan through the Small Business Administration (SBA). While many people are familiar with the term “SBA loan,” they often aren’t clear on what these loans are, or even how to get them. We’ve provided a general overview of…
SBA Form 413: What You Need to Fill Out the SBA Personal Financial Statement
SBA Form 413 is a personal financial statement form used to apply for Small Business Administration (SBA) 7(a) and SBA 504 loans. Your lender will incorporate the personal financial information you report into its analysis of your company’s creditworthiness and repayment ability. To complete SBA Form 413 quickly and easily, have your financial paperwork organized…
SBA Economic Injury Disaster Loans: What You Need to Know
The Small Business Administration (SBA) offers Economic Injury Disaster Loans (EIDLs) during times of economic crisis. The SBA makes these loans directly to small businesses that have been impacted by an economic disaster to save them from failure. These loans often are made in the wake of a physical disaster, like a hurricane, although the…