General liability insurance is a fundamental business policy covering risks inherent in most operations, namely harm to third parties. Many insurers write general liability on standardized forms, making coverage similar across carriers. Understanding standard general liability insurance coverage can help you manage risks and identify other necessary policies. Most business owners get general liability insurance…
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The Current Ratio: Formula, What It Is & How to Calculate It
The current ratio—sometimes called the working capital ratio—measures whether a company’s current assets are sufficient to cover its current liabilities. A higher number indicates better short-term financial health, and a ratio of 1-to-1 or better indicates a company has enough current assets to cover its short-term liabilities without selling fixed assets. How the Current Ratio…
What Is Incorporation in Business & How It Works
Incorporation is the process of registering a business as a corporation. Incorporation can be done through your state’s official business registration website or an online legal service. Typically, the cost to incorporate a business is anywhere from $50 to more than $5,000 for larger corporations that require the assistance of an attorney. How Incorporation Works…
What Are the Most Common Real Estate Continuing Education Requirements?
Real estate continuing education (CE) requirements vary by state but must be completed in every state as part of real estate license renewal and usually range between 12 to 30 hours in a two- to four-year renewal period. While professionals can complete coursework in-person, most states also accept online certifications through a state-approved school. How…
Quick Ratio: Formula, What It Is, and How to Calculate It
The quick ratio, also known as acid test ratio, measures whether a company’s current assets are sufficient to cover its current liabilities. A quick ratio of one-to-one or higher indicates that a company can meet its current obligations without selling fixed assets or inventory, indicating positive short-term financial health. How the Quick Ratio Works The…
New Jersey Workers’ Compensation Insurance: Top Providers, Rules & More
Workers’ compensation insurance pays for employees’ medical expenses and lost income when they experience a work-related injury or occupational illness. Most states require workers’ comp by law. New Jersey requires all employers with one or more employees to carry workers’ compensation, and they typically pay at $1.45 per $100 of payroll. New Jersey Workers’ Compensation…
Ohio Workers’ Compensation Insurance: Rules and Coverage
Workers’ compensation insurance pays medical expenses and lost wages when employees are injured during work. In Ohio, workers’ compensation insurance can only be purchased through the Bureau of Workers’ Compensation, not through private insurers. Rates vary based on, payroll job descriptions and claims history, but there is a $120 application fee. Even though Ohio is…
Lead Generation by Industry
Industry-specific lead generation is the different strategies for cultivating qualified leads for a company based on their specific type of business. Every company will have varying degrees of success generating leads with different strategies based on the products and services they sell and where their prospects spend the majority of their time. As you generate…
I-9 Form: Definition, Requirements & How to Complete
The I-9 form is a Department of Homeland Security (DHS) document used to verify a person’s eligibility to work in the U.S. Workers provide identification such as a Social Security card and driver’s license or passport. The employer then verifies these documents to confirm the employee’s work eligibility. Both complete and sign the form. How…
SBA Loan Requirements & Qualifications 2020
Small Business Administration (SBA) loan requirements determine your eligibility to qualify for funding and are focused on the characteristics of you and your business. Borrowers need to have excellent credit and strong financials that demonstrate their ability to repay the loan. Other SBA loan qualifications include having adequate collateral and providing a personal guarantee. If…
Days Payable Outstanding (DPO): Formula, Examples & Calculation
Days payable outstanding (DPO) measures the number of average days from when a company purchases inventory and materials until the supplier is paid. The DPO calculation divides average accounts payable by annual cost of goods sold times 365 days. A higher DPO indicates that the company is taking longer to pay its suppliers. Accounting software…
What Is a Tip Out? Restaurant Tipping Methods
In restaurant lingo, “tip out” is a practice where staff members who receive tips distribute a portion of those tips to other co-workers who are involved in the chain-of-service to customers. Typically, this means that servers and bartenders give a portion of their tips to bussers, runners, and sometimes kitchen staff. How Tip Out Works…