Top 3 Reasons To Hire an Accountant To Do Your Taxes

Tax season is just around the corner, which means many people will be once again deciding whether to hire an accountant or go it alone. While it is a very personal decision, you may choose to hire an accountant based on one of these three reasons.

You Need Help

Although many people feel they should be able to do their own taxes, it doesn’t mean they have to try. Tax law is complex and the stakes are high, so hiring an accountant might make the most sense, even for seemingly simple returns. In addition, you have the added peace of mind knowing there are accountant legal liability standards that professional accountants are held to by law.

You Own a Business

Business owners have complex tax needs that often require a professional to properly sort out properly. A trusted accountant may also find ways to reduce your tax burden through deductions and special programs or incentives.

You’re Having Tax Trouble

If you’re already under audit or having some issue with the IRS, hiring a professional may be your best bet to get through it unscathed. Even if you believe you’ve done nothing wrong, it helps to have an expert in your corner fighting on your behalf.

Hiring a professional accountant isn’t right for every situation, but it is the preferred choice for many based on these particular considerations.

The Advantages of Having Big Rig Insurance

There are around half a million accidents involving trucks every year in America.  If you own a trucking business, it is vital that you properly protect yourself and your company. Luckily, purchasing big rig insurance can help cover you in case something goes wrong.

What is Covered By Big Rig Insurance?

Big rig insurance policies can vary depending on the provider but there are a few things that are generally covered across the board. First, there is liability coverage, which plays a central part in just about every trucking insurance plan.  Liability coverage can be broken down into two categories called bodily injury liability and property damage liability.

Bodily injury liability coverage applies to situations where someone is injured in a crash you were responsible for. It covers legal expenses, medical bills, and potential settlement costs.

The other big part of liability coverage is property damage liability coverage.  This type of insurance applies to the property of others. If you get in an accident and damage something such as a vehicle, a building, or a sign, this type of coverage will have your back.

If you have additional insurance needs, there are likely options available. Some types of coverage that are often purchased in addition to liability coverage are personal injury protection, physical damage insurance, and cargo insurance.

It is vital that you properly protect yourself and your business. Purchasing a good big rig insurance plan can make all the difference!

How Guaranteed Replacement Cost Works in Homeowners Insurance

When you bought a home, you undoubtedly purchased insurance to protect that investment. Most homeowner’s policies are similar in how they calculate coverage amounts, what types of events and damages are covered or excluded, and how they shield owners against liability. However, there are some things you need to watch out for, especially if it has been a while since your purchase. One of those is the use of guaranteed replacement cost in insurance and how it can help you recover after a catastrophic loss.

What Is Guaranteed Replacement Cost?

A homeowner’s policy limits can be based on several factors: The purchase price, market value, mortgage value and replacement cost are common valuation methods. However, if a structure is completely destroyed, the actual cost to rebuild may go beyond those stated limits. Increased demand for supplies and labor after a major disaster are perfect examples of what can drive construction costs up. This may leave you with a gap between what your policy will pay and what it will cost to rebuild. Guaranteed replacement cost enhances a policy to fill that gap.

What Benefits Does It Provide?

In addition to paying above policy limits, there are a few other advantages to guaranteed replacement costs endorsements. For example, it covers updates to bring your home into compliance with building codes that have been enacted since your home was built. It is also generally more affordable than directly increasing coverage limits.

Guaranteed replacement cost is one tool that homeowners can use to protect their investment. Talk to your agent about whether it is a good choice for your policy.

Reduce Your Risk of Injury or Property Damage When Loading Your Truck

Truckers take risks every day on the road. Highway accidents can happen, cargo can be lost and any other number of unique risks can occur. Liabilities don’t just start when you hit the highway, however. They begin when loading and unloading the cargo.

Tips for Smart Loading and Unloading

When you load or unload a truck, you need to stay mindful of any gaps or drops in the ground. You need to know where to step, in order not to fall with the cargo.

  • Perform a maintenance check
  • Stay alert
  • Secure all goods
  • Inspect cargo

Machines can malfunction. If you are using a forklift or any other heavy equipment, have maintenance performed ahead of time to ensure that there are no malfunctions during operation. Stay on the lookout for any hazards to the truck or those loading and unloading cargo. Potholes, debris or unstable platforms can lead to accidents.

Extra Protection for Truckers

Even if you perfect your loading and unloading trucks technique and do everything possible to mitigate the risk of an accident, there is always a chance that an accident could happen while lifting and loading cargo. If it does, occupational insurance coverage and cargo insurance can protect employees and cargo.

The more thorough you are, the less likely you are to have an accident while loading or unloading the truck. Keep yourself and your cargo safe by following safe loading tips.

Why You Should Consider Purchasing Yacht Insurance

When you are planning a day on the water with your yacht, the last thing you want to think about is something potentially going wrong.  Unfortunately, incidents do happen and it is really important to be prepared for the worst.  If you own a yacht and you live in California, you should consider CA yacht insurance.

What is Protected Under a Typical Yacht Insurance Policy?

Yacht insurance provides protection that falls under two categories.  The first is physical damage.  This part of the policy covers your boat, its machinery, its sails, and any other equipment on board. If any of these things are damaged by an incident like an accident or a rough storm, this part of the insurance will prevent you from having to cover the damages out of pocket.

The other part of the policy covers liability.  This refers to legal obligations that can occur with third parties.  It applies when you cause damage to someone else’s property with your boat or injure/kill someone with your boat.  For example, let’s say you get into an accident with another boat and you seriously injure someone on that boat.  This person could sue you but the liability part of your yacht insurance will cover the legal costs.

Owning a yacht has many upsides but is not without risk.  Make sure you are protected and purchase yacht insurance today.

What Does Builders Liability Insurance Cover?

Builder’s liability insurance is a unique form of insurance for the construction industry, but it’s not a replacement for your traditional general liability policy. That policy is still needed to protect your workers and equipment while you’re on the job. Instead of replacing that policy, builders liability insurance policy coverages are typically written to provide additional protection only needed by construction businesses.

Protect Temporary Structures and Fixtures

Often, you need to erect temporary sheds and other facilities for your operation on-site to complete a project. That includes additional scaffolding structures to provide worker access to the entire superstructure as it goes up. Your builders liability policy protects you from losses when those structures are damaged and from expenses related to liabilities those structures create. It also covers fixtures and pieces of the building that are prefabricated and later installed in place, like the light fixtures you buy from suppliers.

Long-Term Building Protection

As you work, you also need protection from damage to the building you’re working on, especially when it’s a renovation project and your operations have the potential to cause damage or disruption to the surroundings while you work. It’s also important for new construction, but the risk profile is a little different. To get a policy that fits your project well, you need to work with a carrier that really understands the construction industry.

What Does Warehouse Insurance Cover?

People not familiar with its day-to-day operations often mistakenly think the only function of a warehouse is to store goods. In the same way, some warehouse operators also have a narrow view of what warehouse insurance has to offer them. The truth is that coverage can be just as diverse as the many jobs that happen inside.

Warehouse Contents

Protected under any warehouse insurance policy is the contents of the building, whether owned by you or a client. . Examples of possessions covered include the following:

  • Machinery such as forklifts and golf carts
  • Computers and other electronics
  • Hand trucks
  • Fixtures and equipment
  • Valuable papers and software

Liability

Liability insurance protects you from claims of personal injury or loss of property. This coverage is especially important when housing items that do not belong to you, or when employing multiple workers. It usually covers costs associated with the following claims:

  • Employee dishonesty, including theft and forgery
  • Personal injury by the general public while on the premises
  • Goods transported by third parties
  • Property inside trucks owned by you

Be sure that your warehouse insurance is adequate to protect the many aspects of your business. Your insurance agent can evaluate your existing policy and help you expand it into areas that may need additional coverage.

Liability Insurance for Professional Service Providers

No business is immune to potential liability claims. Liability lawsuits can occur in every type of business. Deciding which liability insurance will best protect you if you are sued by a client or third party can be difficult. Errors and omissions insurance is the general term for liability coverage for professionals. Business owners that provide some type of professional service to the public are better served with liability insurance that is tailored to their particular risks.

What Liability Coverage Is Right for Professional Service Providers?

Any company claiming to have knowledge that sets it apart from the general public is subject to potential liability. If a client sues for potential malpractice or other errors, the legal fees can be devastating. Miscellaneous professional liability coverage is designed to fit the unique needs and risks that your business faces. MPL insurance protects many professional service providers, including:

  • Stock brokers
  • Financial consultants
  • Accountants
  • Realtors
  • Attorneys
  • Physicians

When selecting an insurance agent, make sure they are knowledgeable in the current market climate, as well as the types of risks you face.

No business owner wants unhappy clients to make allegations against their company, but without proper coverage you may face insurmountable legal fees and settlements. Speak with your insurance agent to help you find the best coverage for your business.

2 Key Differences Between Umbrella and Excess Liability Insurance

Businesses use commercial insurance to minimize risk and protect their assets, which can be sizeable. Two common options to ensure you have sufficient coverage are umbrella policies and excess liability insurance. Both extend the coverage limits on your existing policy. If you are concerned about claim amounts, they can provide additional benefits when necessary. However, there are some key differences between the two that you should know about before making a decision. On researching umbrella vs excess liability insurance, these two things stand out the most.

1. Additional Coverages

If you are happy with what is covered by your existing policy and only want to extend the value, then excess liability is a great option> however, if you want to expand coverage beyond your basic liability policy, then an umbrella policy may better serve your needs. It can provide additional and expanded coverage to existing policies without changing them.

2. Policy Specific Coverage

Another notable difference is where the new limits are applied. Umbrella coverage is not policy specific; it can extend the limits on several different types of other policies at the same time. Excess liability coverage, on the other hand, will only raise limits on a specific policy. If you want to have more than one policy impacted, you will need to purchase excess liability protections for each of them.

The best way to protect your business is with appropriate risk management strategies. The right insurance coverage can play a valuable role in those plans.

Which Commercial Insurance Is Best for Your Small Business?

A small business owner has so many risks to consider. The insurance policy you choose must cover your property, employees, clients and the business itself from disasters and unwanted claims. Because there are so many potential risks, it makes sense to purchase a comprehensive package to protect your investment.

How To Select the Best Commercial Insurance Package

No two businesses are alike, so you must evaluate the risks inherent in your business. It’s critical to discuss the options in detail with your insurance agent to ensure you develop the best plan. A commercial package insurance policy that considers several kinds of liability will be more cost-effective than buying a separate policy for each type of coverage. CPP insurance can include the following coverages, depending on your needs:

         General liability – Coverage will help cover legal fees and settlements from third-party claims.

         Commercial building, including contents – This policy will help you rebuild after your building is damaged.

         Breakdown of equipment

         Interruption of business operations

         Additional property located off-site

Employee injuries and employment-related claims aren’t covered under a commercial package policy, so talk with your agent about what other coverage should be considered.

Having a comprehensive insurance package can protect your investment in the event of unexpected claims. Without proper protection, it could be difficult to recover from devastating circumstances.