While we can offer general business advice on insurance issues and you can research insurance requirements yourself, we recommend that you discuss the fact that your business vehicles will be parked at your employees’ homes at night in order to clarify the proper insurance policies, policy content, and recommended coverage limits for your operations with a qualified business insurance agent.
Several factors influence liability (general, professional, product, etc), property, vehicle, workers’ compensation, and other insurance and bond coverage types, amounts, and premiums, including the types of services, amount of company and/or owner assets, the amount of business sales, number of employees, customer contract requirements, and professional licensing requirements.
In terms of qualified retirement plans that incorporate an IRA, a SEP-IRA or SEP plan offers the greatest tax benefits to small business owners, but small business owners and their employees have a variety of retirement plan options. For example, there are several different types of IRAs: Traditional IRA, Roth IRA, Education IRA (EDIRA), now called Education Savings Accounts, SEP-IRA, SARSEP-IRA, and SIMPLE-IRA.
There are different types of business liability insurance policies: General, Professional, etc. Generally speaking, the potential direct personal liability of a business owner in a business lawsuit varies based on the facts and circumstances. Also, business owners can be named personally in business lawsuits whether factual or frivolous.