So if you are thinking about opening your own business, be aware of the different types of property and casualty insurance you might need before opening up shop!

Most small businesses need insurance. It is imperative that you research and become aware of the types of insurance you need before welcoming clients into your commercial property or sending sales representatives out into the field to sell your product. Different types of commercial property and casualty insurance include:

Workers’ Compensation

Workers’ compensation is insurance that covers the cost of medical care and compensation for income lost by employees because of an occupational injury or disease that occurred while at work. Different states have different worker’s compensation laws.

  • In the state of Tennessee, all employers “in the construction business or trades (construction service providers) that have one or more employees unless they are specifically exempted,” must provide worker’s compensation to their employees.
  • Effective March 1, 2011, owners of construction businesses are also required to carry workers’ compensation coverage on themselves or be listed on the Exemption Registry.
  • Every other employer in the state of Tennessee that has five or more employees must secure workers’ compensation insurance coverage for their employees either by purchasing a policy from an insurance carrier or by qualifying as a self-insured employer with the Department of Commerce and Insurance.
  • Employers in the coal mining industry must secure coverage if they have one employee. Family members, part-time employees, and corporate officers are included when determining the number of employees if they meet the definition of employee.” (1)

Business Owner’s Policy

A business owner’s policy combines property and general liability insurance coverage into one single policy. By purchasing this coverage together, business owners are typically able to achieve more competitive rates.

Commercial Auto

Commercial auto insurance encompasses liability and physical damage insurance for company-owned vehicles. It also includes company coverage of vehicles used for company business but owned by employees.

Excess Insurance

A commercial excess insurance policy provides additional coverage for liability claims exceeding financial limit specifications.

Umbrella Policy

An umbrella policy provides additional liability coverage for claims exceeding the financial limits of general liability, auto, business or employer’s liability insurance policies.

Additional commercial coverage options include:
  • Directors and Officers Insurance
  • Errors and Omissions Insurance
  • Fire and Flood Insurance
  • Product Liability Insurance

For further information regarding commercial property and casualty insurance, please contact Christin Sylar of Phoenix Insurance at (423) 892-6046. If you are considering opening your own business, she is fully licensed and qualified to advise you on what you need to get started.

 

  1. www.tn.gov

Holiday Lighting with Elite Property Maintenance in Chattanooga, TN

With Halloween passed and Thanksgiving quickly approaching, Christmas is just around the corner. The holidays are such a busy time of the year, it is typical to end up with a very long to-do list of all the tasks that need completion. For most homeowners, hanging up Christmas lights is one of the larger tasks appearing on this list.

When it comes to hanging Christmas lights, it is easy to think this is a simple task. Yet, as most homeowners experience each year, hanging Christmas lights is not so simple. Whether one is dealing with light bulb issues, bad weather, or the lack of proper tools and equipment, something always seems to extend the project longer than expected.

Having an issue with a string of lights? No worries. The Elite Property Maintenance team has extensive experience with installing lights and will promptly find a solution to any challenges that may arise. Hiring a service like Elite Property Maintenance to hang one’s holiday lights means that clients can be one hundred percent confident that the lights will be hung and cords are hidden. Furthermore, the finished product will look exactly the way clients envision it.

Elite Property Maintenance offers a fully comprehensive package; from designing a beautiful display, providing the lights, professional installation, removal at the end of the season, and storage during the off-season. Included in the package is comprehensive-no questions asked-replacement or repair of any lights that malfunction during the holiday season.

This year, let a professional put those pesky Christmas lights up for you! Elite Property Maintenance ensures a quality job done in a timely manner. With professional Christmas light installation, one does not need to worry about fitting this time-consuming task in your busy schedule, climbing any ladders, or battling burned-out light bulbs. Instead, simply call Elite Property Maintenance and get a free quotation! Doing so will make one’s house the envy of the neighborhood.

Whether a potential client has additional questions or wants to discuss the details of having Christmas lights professionally hung, Elite Property Maintenance is here to answer all questions. Call 423-541-2008 today to speak directly with an Elite team member or get more information online at eliteholidaylighting.com.

With Gentry and Associates, CPA

For business owners, keeping accurate books is paramount.  Making mistakes adds up, especially if those mistakes lead to an audit or bankruptcy. With thirty percent of small businesses failing within two years because of expenses outweighing profits, it is more important than ever to keep accurate books. Hiring a CPA to perform bookkeeping tasks is not without cost, but it can save a lot of money in the long run.

Even the most seasoned business owners make bookkeeping mistakes when they lack the proper experience. Mistakes encompass data entry errors, missing entries, double entries, and confusion regarding types of expenses. A trained bookkeeper with a keen eye is less likely to make such mistakes.

Part of a bookkeeper’s role is to pay bills, maintain a budget and accurately invoice with timeliness. It’s easy to fall behind on paying and accounts receivable when one is running their own business. No more late fees and getting paid on time are just some advantages to an outsourced bookkeeper.

When business owners hire a bookkeeper, they can then direct their time and efforts elsewhere. Bookkeeping is a task that is important, detailed, and, optimally, distraction-free. Hiring a CPA as your bookkeeper allows business owners to focus on their business and not worry about the books.

Depending on the size and complexity of the business, a bookkeeper can be full-time, part-time, temporary, or contracted. Each choice comes with its own benefits. Whether a company is comprised of one individual or many, outsourcing this important task is often the best alternative. Doing so permits the bookkeeper an element of objectivity often necessary for the successful completion of bookkeeping tasks. Also, adjusting bookkeeping to a company’s needs is an important factor in saving a company money and can be more easily achieved in this manner.

With a bookkeeper, it is easier to assess where a company stands financially. Overall financial assessments display where money should be dispersed, allocated or saved.  A bookkeeper can simplify and explain confusion and concepts.

Outsourcing a company’s bookkeeping provides many benefits with a great deal of flexibility. For accurate, stress-free bookkeeping in the greater Chattanooga area, contact Gentry and Associates for more information at (423) 648-6240, or find out more online at gentrycpa.com.

Why Are Gutters Important?

By Chatt Town Guttering in Chattanooga, TN.

Understanding why gutters are important can ultimately save homeowners thousands of dollars. This is because gutters prevent costly damages to one’s home. While gutters may not represent the most glamorous topic, they are, nevertheless, a very important aspect of homeownership.

The primary purpose of gutters is to move water away from the base of the house. Rainwater can cause various degrees of damage, and even those that are severe. A lack of gutters or improperly installed gutters can cause leaks in basements. Rainwater can also penetrate the slab or foundation to create extremely costly repairs. The average foundation repair starts at ten thousand dollars. Rainwater also erodes the soil around houses, causing destruction to landscaping. Without gutters, rainwater can also wreak destruction on a home’s surface. For instance, when rainwater pummels the ground, dirt splashes back onto the home itself, contributing to a dirty, unkempt look.

The problems do not only stay outside, either. Without the protection gutters provide, rainwater could fall in the tiny cracks and crevices of the windows. The water can also work its way into the walls where mold and mildew could start to grow. The water damage may even be visible inside of the home, creating unsightly brown water stains on the walls. If the exterior is painted, extensive water damage may cause the paint to peel and the siding could harbor mold. All of these damages will require a more costly repair than the proper installation of gutters. It is just as important to protect the outside of the house as it is to protect the inside.

For more information about how gutters can benefit your home, please call Chatt Town Guttering at (423) 877-7147, or find them online at www.chatttownguttering.com.