According to the Kaiser Family Foundation (KFF), group health insurance premiums averaged $8,435 for single coverage and $23,968 for family coverage in 2023. Understanding the costs involved in group health insurance is crucial for making informed decisions for any business. When evaluating group health insurance options, employers have to consider key individual costs including premiums,…
Ultimate Guide
Raising Money From Family & Friends To Fund Your Business
If you’re trying to raise money for your business, turning to your friends and family may be a good place to start. Instead of looking to a bank or other lending institution, sourcing funds from friends and family can be more accessible and often allow for better rates and repayment terms. However, lending always comes…
Guide to Part-Time Employee Benefits: Types & How to Set It Up
There aren’t a lot of federal regulations focused on part-time employee benefits, so it’s up to the employer’s discretion what type of benefits they will give their workers. Companies would typically offer the same benefits to part-timers as they would to full-time employees—the most common of which include health insurance, tuition insurance, fringe benefits, and…
Fact Check: Is It Illegal to Not Accept Cash?
The question of whether it is illegal to not accept cash is a relevant and important question for many small businesses. The short answer is—it depends on where you are located. There is no federal law that requires businesses to accept cash, but there are some states that have laws in place that prohibit businesses…
Business Owner’s Policy: BOP Insurance Cost, Coverage & Providers
A business owner’s policy (BOP) is advantageous for small business owners because it brings together general liability, commercial, and business interruption coverage—often for a lower price than if you were to purchase the policies separately. Learn what a BOP policy is, how much it costs, and what coverages it typically includes, as well as top…
Ultimate Guide to Pay Adjustments for Small Business Owners
A pay adjustment is any change made to your employee’s salary. The change can be an increase or decrease in their compensation. It can also be permanent or temporary. Moreover, it can apply to a single employee or to the entire salary structure, where all employees can get an adjustment. There are many reasons why…
A Complete Guide to Consignment Inventory Accounting
Consignment allows businesses to sell goods via third-party sellers without requiring the sellers to pay for the goods upfront. Because consignees are only tasked with selling consigned inventory, ownership remains with the consignor until it is sold to final customers. In exchange, the consignee will get a commission from the sales. In this article, we’ll…
What Is LLC Insurance Coverage & How Much Does It Cost?
Limited liability company (LLC) insurance is a set of policies that LLC owners buy to protect their financial assets. Each policy covers a different type of risk, but the most common ones include general liability and commercial property. The combined policies that make up LLC insurance can cost anywhere from $450 to $1,200 annually, depending…