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What insurances should we carry at the very minimum to protect the company?

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.

What are retirement plans for small business owners?

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.

Does Business Liability Insurance Protect the Business Owner ?

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.

What are the adv/dis of a “Strategic Alliance”?

Strategic alliances can vary from simple joint marketing agreements to full-fledged joint ventures. We do not know the specifics of your plans but typically strategic alliances are formed for the purpose of collaborating on new technology or product development…

How do I know if and what type of liability insurance is needed for my business?

Essentially every business needs some amount of property, liability, and vehicle insurance depending upon the business activities and other factors. Business insurance is generally based on the business activities and risks and not whether, for example, it is home-based or located in an outside office.

What is Workers Compensation Insurance?

Workers’ compensation is a no-fault system designed to provide benefits to employees injured as a result of their employment activities and to limit the liability of employers. Because it is a no-fault system, the employee does not need to prove negligence on the part of the employer to establish liability.

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