Semi-truck insurance, also called owner-operator or commercial truck insurance, is a blanket term for a collection of policies for truck drivers. Many of these policies cover truckers’ legal liabilities in different situations, such as hauling cargo or nonbusiness driving. Owner-operators can expect to pay anywhere from $3,000 to $16,000 per year for truck insurance. Whatever…
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What Is a C Corporation: Tax Treatment, Liability & More
A C corporation (C-corp) is a business structure typically used by larger companies or those seeking funds from investors. Many business owners who opt to organize as a C-corp do it because they are required to; for instance, if they have over 100 shareholders. Other owners choose it to attract investors, such as those who…
What Is a Qualified Personal Service Corporation? Definition & Examples
A personal service corporation (PSC) is a type of C corporation (C-corp) where the owners provide service personally to people or groups. A qualified PSC is where employees providing substantially all the professional services own at least 95% of the stock. These services can be in various professional business fields, like accounting, law, counseling, and…
What Is Tap to Pay & How Does It Work?
Tap to pay is a wireless method of making payments by tapping or waving a credit or debit card or a payment device (i.e., smartphone/smartwatch) near a contactless-enabled terminal. Contactless payment uses near-field communication (NFC) technology to transfer data between the card or device and the terminal. Square was one of the first payment processors…
Employee Suspension: Ultimate Guide for Small Businesses
Employee suspension is a disciplinary action taken against an employee who may have engaged in serious misconduct or policy violations. It serves as a temporary measure to separate an employee from their work environment following wrongdoing. The suspended employee is removed from their position and prohibited from accessing company premises or engaging in work-related activities….
What Are General Liability Insurance Class Codes in Business Insurance?
General liability insurance class codes, or classification codes, are numbers that insurers use to classify a business’ industry risk based on the primary type of work it performs. Insurance companies also use general liability class codes to determine the premium, offer the correct type of coverage, and decide on any exclusions, if necessary. How General…
Ultimate Guide to Compa Ratio: What It Is & How to Calculate It
Compa ratio, also called compa-ratio, is short for compensation ratio and is a formula (Current salary/market average * 100) used to assess the competitiveness of an employee’s pay. A compa ratio of 100 indicates you’re paying an employee their full market value. Determining the compa ratio for all of your employees allows you to know…
17 Employee Training Methods (+ Free Plan Template)
Employee training is essential for developing skills, increasing efficiency, and, ultimately, boosting productivity. Choosing the right employee training method for your small business will depend on the type of training needed and the learning style of each employee. The top training methods for employees include: Apprenticeship Blended Learning Case Studies Collaborative Learning Cross-training e-Learning /…