An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Your business’s rate is determined by looking at your workers’ comp claims history and potential for future injuries. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range between 0.75 and 1.25. How the…
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California Paid Sick Leave Law
Without a doubt, COVID-19 has impacted every state and how most employers respond to and support employees’ needs in relation to virus-induced illness. The State of California’s Department of Industrial Relations keeps its website updated on all the latest changes to laws that impact employers and employees alike relating to COVID-19. The state resource offers…
4 Types of Multifamily Financing: Rates, Terms & Qualifications
Real estate investors use multifamily financing to purchase or refinance both smaller multiunit properties with two-to-four units and large apartment buildings with five or more units. Multifamily loans are great for both first-time investors and seasoned professionals. Rates are generally between 4.5% to 12% with terms up to 35 years. If you’re looking for a…
Workers’ Comp Claims: What Are Employers’ Responsibilities?
Business owners often assume that buying insurance is the extent of their workers’ compensation obligations, but that’s just the beginning of what they must do. In workers’ comp claims, employers’ responsibilities include several state-mandated actions they must perform. Many of these steps, however, have the added benefit of protecting their businesses. Employer Responsibilities Before a…
Home Office Tax Deduction: What It Is, the Formula & How to Qualify
If you work from a home office, you may qualify for a tax deduction. For example, if you use 15% of your home as an office, you can write off up to 15% of your household bills like utilities, insurance, and general repairs. It is easy to qualify for the deduction, but you need to…
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…
Do Balance Transfers Affect Your Credit Score?
While balance transfers between existing credit cards typically won’t affect your credit, opening a new account can hurt your credit score. When you open a new account, the average age of your credit history will decrease and your issuer will run a hard credit check, making your credit score fall in the short term. However,…
Is It Illegal to Use a Business Credit Card for Personal Use?
While it’s not illegal to use a business credit card to cover personal expenses, this can cause confusion when it comes to tracking your business-related expenses. Business credit cards are best used to help separate your business and personal finances and maximize rewards for your company’s purchases. However, there are some advantages to using business…
Sales Roles: The 4 Most Important Types of Salespeople
Different types of businesses require different types of sales roles to meet their revenue goals. This is because each type of salesperson handles different aspects of the customer journey and relationships, and requires varying skills, experiences, personalities, and preferences in order to be successful in a sales environment. The main types of salespeople a successful…
Commercial Real Estate Loan Rates 2020
Commercial real estate loan rates remain at near all time lows, making now a great time for small business owners to purchase or refinance commercial property. A variety of different lenders make commercial real estate loans. This article covers how commercial real estate loan rates work and the interest rates that different types of lenders…
What Does Workers’ Compensation Insurance Cover?
Most business owners know that workers’ compensation covers employees when they’re injured on the job. However, they may not know that most policies also pay their legal fees if an employee decides to sue for their injuries. Understanding workers’ compensation coverage can come in handy should you ever have to file a claim. Key Highlights:…
What Is a Farm-to-Table Restaurant?
Farm-to-table is a food philosophy and social movement that encourages sourcing food directly from local farms and then serving those ingredients in their freshest state. Farm-to-table restaurants purchase supplies from farms within a certain radius around their location, which, depending on the density of nearby farms, may range from 50 to 200 miles. Farm-to-table is…