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What is

What Is Stop Gap Coverage? Coverage & Common Exclusions

If your business is in a monopolistic state then stop gap insurance is a crucial policy that provides liability protection to an employer when an employee gets injured on the job.

By January 21, 2025 | Insurance, What is

Stop gap insurance is a policy to protect a business owner’s liability if their employee sues because of a workplace injury. Most workers’ compensation policies include employer liability insurance automatically. However, some policies don’t have this protection. The four monopolistic states—Ohio, North Dakota, Washington, and Wyoming—do not include employer liability in the workers’ comp policies….

What Is Marketing Automation? A Small Business Guide

By January 20, 2025 | Marketing, What is

Marketing automation is the use of software to set up routines to automatically create, deliver, and measure the results of repetitive marketing tasks. It allows businesses to manage their marketing more efficiently across multiple channels, such as email, social media, websites, and ads. For example, you can use marketing automation to automatically send a welcome…

What Is a Nonprofit Organization?

By January 20, 2025 | Business Law, What is

A nonprofit organization operates with the primary purpose of serving the needs of a social or public cause. Profits earned by the organization are typically invested back into the organization, rather than being distributed to shareholders. Examples of nonprofit organizations include hospitals, religious organizations, charities, universities, homeless shelters, soup kitchens, and more. Nonprofit organizations carry…

What Is a Microloan? A Beginner’s Guide

By January 20, 2025 | Financing, What is

A microloan is a small loan that’s made to a business owner, usually carrying qualification requirements that are more flexible than most traditional loan programs. As a result, it can be a good option for businesses that have bad credit or weak finances. Microloans often have short repayment terms of no more than five to…

Restaurant Tip Pooling: Ultimate Guide (+ Free Template)

Before implementing tip pooling in your restaurant, it’s important to completely understand what’s involved. Learn more about the practice, including applicable laws.

By January 20, 2025 | Free Resources, Restaurants, What is

Tip pooling is when a portion or all of the tip money collected in a day is redistributed among tip-eligible employees, either evenly or by a set percentage. This practice can increase morale and is a great option for some restaurants. However, it’s important to implement correctly, as there are laws—like those forbidding management participation—that…

Current SBA Loan Rates for January 2025

By January 16, 2025 | Financing, What is

Small Business Administration (SBA) loans are still one of the more affordable financing options that offer favorable rates and terms to qualified borrowers. SBA loan interest rates are reviewed periodically and can vary depending on the type of SBA loan, the lender, and the required business qualifications. While these rates have been trending upward over…

What Is Employee Retention?

By January 15, 2025 | Human Resources, What is

Employee retention is how well a company keeps its employees over time. You can measure your employee retention by dividing how many employees you have in your company at the end of a period by how many employees you had at the start. Effective employee retention initiatives are critical to successful employee management by improving…

What Is Human Resource Outsourcing (HRO)? Types & When to Consider

Outsourcing HR tasks and functions can take the burden off small business owners and businesses with very small HR departments. A third-party provider can handle anything from recruiting to payroll to employee benefits administration.

By January 14, 2025 | Human Resources, What is

Human Resource Outsourcing (HRO): Definition and Types Human resource outsourcing (HRO) is the act of hiring a third-party provider to handle your human resources administrative tasks and functions. These can include HR administration, benefits management, payroll processing, recruitment, and more. Some common types of outsourcing that fall under the main umbrella of HRO include: Professional…