Author: Team Gild

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Insurance

The Highlights of Remote or Hybrid Small Business:

As your business grows, so do its risks, making it crucial to ensure your business insurance fundamentals are solid. While your risk advisors may have mentioned business insurance and you’ve purchased policies, has anyone ever broken down the basics in plain language? Below are key policies every business should review and consider based on its specific needs. So, your remote or hybrid small business is prepared for the next step without missing a beat.

General Liability Insurance

Compared to other types of insurance, general liability insurance is the most familiar to business owners. General liability is a foundational policy and the minimum any business should consider. As its name suggests, this insurance coverage provides general protection against the common risks that nearly any business may encounter when engaging with the public and their clients. This type of coverage typically focuses around the risks and expenses related to the bodily injuries and property damage of others.

Business Owner’s Insurance

If your business is like most and has a remote or hybrid footprint, it has additional risk factors, especially when it:

  • Employs multiple people, especially across state lines
  • Has invested in computers and other business equipment for those employees
  • Owns the building the business operates in

Owners of these more complex businesses may be wise to pursue coverage that mitigates this wider risk. In fact, many general liability policies lack the property protections that your business needs. 
These businesses might consider a business owner’s policy, commonly referred to as a “BOP.” A BOP is a combination coverage. It provides general liability policy offerings, with additional property protections. The additional property protections in a BOP mainly focus on protecting your business’ property, moving beyond the typical coverage of a general liability policy.

Worker’s Compensation Insurance

At this point, you’ve taken the time to understand the coverage required to protect both others and your business property. You may now be asking how your employees or even your LLC’s members will be covered.

This brings us to worker’s compensation insurance. Workers’ compensation insurance provides benefits to your employees if an injury or illness occurs in the course of employment. 

You might also wonder whether worker’s compensation insurance is required by law. Unsurprisingly, the answer is, “It depends.”

The world of worker’s compensation is a vast array of state regulatory requirements which trigger based on several factors, such as your company’s legal structure, number of employees, and industry. Like any other state compliance requirements, worker’s compensation rules (and your business’s situation) are subject to change. 

Despite the inherent complexity of worker’s compensation laws, businesses should always at least consider coverage, even if the only people working for your business are LLC members. 

Ultimately, the law may not require your business to purchase this type of insurance. But, you should actively analyze your compliance risks and obligations.

Professional Liability Insurance

Finally, if the expertise and skill of you and your employees is your business, you may want to consider professional liability coverage, otherwise known as an E&O policy. Professional liability coverage protects you against the specialized exposures of the services provided by your business.

Professional liability insurance protects you and your business against claims of errors, omissions, or misrepresentation. A professional liability policy may provide protections not only in drastic scenarios, such as lawsuits arising out allegations of discriminatory behavior, but also, from the risks of errors associated with the administration of grant monies or endowments.

The coverages outlined above are just the highlights of business insurance. Your particular company may need additional other insurance options to protect your day-to-day operations and safeguard you from catastrophic risks.

Take care of your business insurance needs by booking time with a Gild Agent or receiving a digital quote!

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Business

Banish The One Size Fits All Mentality In Your Business with Tailored Solutions:

As a beauty or barbering professional, a one size fits all mentality would hardly lead to a successful business. Your customers are diverse in texture, color, curl pattern, and density. Each is unique! For your business to succeed and to foster trust with your clients, you would never offer the same services, in the same manner, to each and every client. Tailored solutions are a necessity!

Now ask yourself, are you using that same personalization mentality to run your business?

Oftentimes, the role of business owner succumbs to a one size fits all mentality. It is just easier. The efforts of providing services as a stylist or barbering professional leaves little time or energy to develop a personalized approach to your business’ operations. 

One of the common areas where personalization falls victim to a one size fits all mentality is business insurance. This is certainly due to the common misconception that the sole purpose of this type of insurance is to protect against emergencies. This leads business owners to purchasing the cheapest or most convenient policy. Because, in their minds, it is highly unlikely for a disaster to occur, so expending effort or dedicating time to searching for business insurance is not worth it.

Though business insurance can be there when the worst happens. It is also so much more than a guardian from tragedy. Like premium and tailored color, your business’ insurance should be personalized to your business’ operations, minimizing the risk of damage and ensuring long-lasting outcomes. Your clients deserve premium results and so does your business!

It’s time to start moving away from the one size fits all mentality and find your tailored solutions. Check out Gild Insurance to learn more. Also, check out our blog regarding the most common small business questions.

Categories
Insurance

The Insurance Essentials of a Bookkeeping Business

Whether you are just starting out with a new business or have been doing this for years, small business ownership can be overwhelming. This can be especially true when searching to find insurance policies that suit your business. The good news is that business insurance doesn’t need to be complicated. Today, we will discuss the insurance essentials of a bookkeeping business.

General Liability Policy

General liability is perhaps the business insurance coverage that people are most familiar with. It is a foundational policy, the minimum any practice should consider. Essentially, general liability insurance is just what it sounds like. It provides general protection against common business risks when engaging with the public and clients. This type of policy mainly focuses on the risks and expenses related to the bodily injuries and property damage of others.

While more and more businesses transition to the all-digital remote operating realm, accounting is one of those industries where in-person interactions are still prevalent. Many accounting firms are still conducting business in physical locations. Though, it tends to be more hybrid in nature these days. And if your business is one of them, general liability is a coverage you definitely should consider.

Perhaps you’re sitting in your company’s office at this very moment. Maybe you are looking around and thinking that an accident would be impossible. What’s the likelihood that any of your clients would be injured? Or their property damaged, during their annual in-person tax review? But take a closer look. Any loose rugs in the office? Dim lighting? Any snow being tracked inside? What’s the average age of your clients? Accidents can—and will—happen. You certainly do not want to be caught without insurance when they do. 

Business Owner’s Policy

The next insurance essentials of a bookkeeping business is a business owner’s policy, commonly referred to as a “BOP”. A BOP is a combination coverage. It provides general liability policy offerings, with additional property protections. 

Simply put. . .

General Liability + Property Liability = BOP

The additional property protections in a BOP mainly focuses on protecting your business’ property, moving beyond a general liability policy, which typically focuses on the property of others. For accounting practices, a BOP becomes important when one considers the office furniture, business equipment, and commercial property holdings of the business. If your practice has invested in these types of items, then a BOP, rather than a general liability policy, may be more appropriate for your business.

Another unique feature of a BOP is business income interruption offerings. In the chance that your practice has to temporarily close its doors due to a covered cause outlined in your policy, such as a fire, business income protections will help cover your business’ operating expenses like payroll and monthly bills, as well as, assist in replacing lost income.

So naturally, the question now becomes, does my business need a general liability policy or a BOP? Because truly, you should start with one of them. Remember, general liability is the floor. . the foundational policy. . .the minimum level of coverage for your business. 

But, a general liability policy may not be enough coverage for your business’ day-to-day operations. Your practice may be ready to upgrade to a BOP if it employs multiple people, has invested in computers and other business equipment for those employees, or owns the building it operates out of. If your risks are broader, then so too should be your policy selection.

Professional Liability Policy

After you’ve selected a policy to cover your everyday business exposures, as outlined above, it’s time to address those risks inherent to tax preparation, bookkeeping, and accounting professions themselves. Professional liability insurance, also referred to as errors and omissions insurance or E&O insurance, protects you and your practice against claims of inaccuracy, omissions, or misrepresentation. When the expertise and skill of you and your employees is your business, an E&O policy should be highly considered. 

A professional liability policy may provide protections not only in drastic scenarios, such as lawsuits arising out of mathematical errors, but also, from the risks of client dissatisfaction, namely, issues surrounding missed deadlines or inaccurate projections. To believe that you or anyone in your practice is impervious to mistakes is wishful thinking. Even if you, or someone on your team, makes an unintentional mistake, it doesn’t change the fact that your clients may have the right to sue you for damages they incurred.

Factors In Pricing

First, the size of your company plays a role in determining what these insurance premiums will cost. It’s seemingly straightforward: the more people you have working for you, the more business generated, and therefore, the more risk exposures, whether professional or physical, are created.

Also, the physical location of your practice and the types of services performed are also important factors. As you might have guessed, firms located in coastal cities like San Diego or Boston likely cost more to insure than firms residing further inland. As for services, if your practice provides tax advice for companies on the S&P 500, with their numerous regulatory requirements, rather than servicing small business owners or private citizens, the risk exposures and the likelihood of claims, increases.

In addition, your business’s history of claims may have an effect on your premium costs.  Let’s use car insurance as an example. If a person has a history of auto accidents, that person should expect to pay higher premiums because auto insurance providers classify them as high-risk. If your business has a history of lawsuits, you can expect a similar scenario for the pricing on your business insurance.

At the same time, if you want to have the most comprehensive insurance impossible with higher limits, you will pay more. Again, from an insurance provider’s standpoint, it’s seemingly straightforward: the greater the potential for them having to pay out large sums of monies, the higher your cost will be. 

What Do I Do Next?

We have explained the insurance essentials of a bookkeeping business. Now, you are ready to start shopping for an insurance policy. But finding the right one is almost as tricky as buying a new home. There are so many companies to choose from that the deciding factor often comes down to sheer exhaustion rather than settling on a company that is the best fit. The good news is that this doesn’t need to be your experience. 

Insurance may not be the most exciting topic (and that’s coming from people who work in the industry), but at the very least, finding the right insurance can be a more pleasant experience. Head to our site and meet Gildber (that’s our adorable husky digital assistant). He’ll help get you started with personalized information that you can then use to take your business to the next level. If want additional information other than the insurance essentials of a bookkeeping business, head on over to the Gild Insurance site.

We’ll see you there!

Sources: 

  1. Boop, Gregory. “Do I Have to Buy Workers Compensation Insurance?” The Balance Small Business. The Balance Small Business, December 19, 2019. https://www.thebalancesmb.com/how-does-workers-compensation-operate-in-my-state-462786#:~:text=Texas%20and%20Oklahoma,are%20obligated%20to%20buy%20insurance.).
  2. “Safety Topics”, National Safety Council, Accessed August 5, 2022. https://www.nsc.org/work-safety/safety-topics/slips-trips-falls
  3. “Business Owners Playbook”, The Hartford, Accessed, August 5, 2022. https://www.thehartford.com/sites/playbook/smallbusiness/files/DemystifyingInsurance.pdf
  4. Frankenfield, Jake. “Errors and Omissions Insurance (E&O).” Investopedia. Investopedia, June 29, 2022. https://www.investopedia.com/terms/e/errors-omissions-insurance.asp.
  5. “Professional Liability Insurance | the Hartford.” Accessed August 5, 2022. https://www.thehartford.com/professional-liability-insurance.
  6. “General Liability For Accountants.” Accessed August 5, 2022. https://www.hiscox.com/small-business-insurance/professional-business-insurance/accountant-insurance
  7. “What Is a Businessowners Policy (BOP).” Nationwide. Accessed August 5, 2022. https://www.nationwide.com/lc/resources/small-business/articles/what-is-a-business-owners-policy. 
Categories
Trends

The Benefits of Dogs for Small Business Owners

National Dog Day is August 26!

Many of us would agree that working from home has had its ups and downs. One undeniably positive improvement has been the ability to hang out with our pets all day long. Sure, they can be needy sometimes (we’re looking at you, french bulldogs). To celebrate National Dog Day, we thought we’d take a moment to recognize the most popular pet of them all: dogs. (No offense intended to any other species out there, but we’re just stating facts here.) We want to share with you the benefits of dogs for small business owners and tell you a little bit about our main man, Gildber The Husky.  

The Health Benefits of Dogs for Small Business Owners

Physical Benefits 

Dogs are cute, loyal, good with children, and just plain fun. Aside from that, dog owners benefit from numerous physical and mental health benefits. For one, as any dog owner can tell you, dogs are great exercise. Even if your dog isn’t particularly active, they’ll still keep you moving with feeding times, bathroom walks, and chasing toys tossed across the living room, making sure you don’t spend too much time lounging on the sofa.

Did you know that a study conducted by Circulation: Cardiovascular Quality and Outcomes, a journal of the American Heart Association (AHA), found that dog ownership was associated with longer life expectancy among those with previous heart conditions? For heart attack survivors who live alone, it increased their risk of survival by a whopping 33% compared to those who did not have a dog. 

Additionally, the AHA also found that many people who own dogs report having lower blood pressure. In 2013 they even stated that owning a dog is “a reasonable strategy for reducing heart risk.” Whether this is due to the increased physical activity that comes with owning a dog or the fact that our furry pals provide therapeutic and calming effects to their owners isn’t entirely clear, though. 

In general, doggie parents tend to have fewer trips to the hospital, suffer from fewer incidences of minor seasonal illnesses such as cold and hay fever, and are more able to cope with stressful events, helping them to avoid anxiety-related illnesses.

Emotional Benefits

The most obvious thing to mention here is that dogs bring a sense of companionship to people. This applies both to people who live alone and those who live with others. Researchers have studied the canine-human bond for generations, yet it remains not fully understood. Still, no one can deny the unique connection shared between humans and dogs, unlike any seen with other pets or animal species.”

Besides that, dogs also help to introduce structure into our lives. This can be especially helpful for both the very young and the very old who have not yet established, or lost, a normal life routine. How? Dogs have, for the most part, regular eating habits, regular bathroom habits, and regular sleeping habits. Think about it, have you ever looked at your dog sleeping on the sofa and thought to yourself that you should head to bed yourself?

And, of course, dogs help to relieve stress. It’s common for universities and colleges to set up a puppy room during finals week to help ease the suffering of overstressed college students. Students who interact with the dogs on campus report feeling less stressed and more capable of taking on the wave of exams and final essays they have in the coming weeks. Imagine, along comes a husky… a really cute husky… let’s call him Gildber. Would you be able to remain angry while petting Gildber? Yeah… we didn’t think so. 

Speaking of Which, Have You Met Him? 

This is Gildber, our resident husky, small business insurance wiz, and your go-to guide for navigating the complex and ever-changing world of small business insurance.

At Gild Insurance, we believe that finding the right insurance fit shouldn’t be a burden. It should be a positive experience, something that puts your mind at ease and makes you confident that you and your business are covered in the event that something unfortunate happens. 

That’s why the spotlight shines on Gildber. We think he just has this certain way about him that perfectly exudes what we’re trying to accomplish here. He’s fun, quirky, and cute, but also smart, practical, and full of knowledge from all of us here at Gild. He’s the quintessential example of what makes us different and what makes us better. 

We know that the key to success in today’s world is a balance of technology backed by a personal touch (hence, why we have Gildber). The nature of our digital business model means that you get greater access to the latest innovations. No longer do you, —as a small business, solopreneur, or freelancer—have to feel like you are the last priority. With Gild Insurance, you get the latest, first.

To learn more and to get started on your own personal insurance journey, why don’t you head over here and get to know Gildber a little better? Trust us; he’s not like some of those other company mascots that are all style and no substance. He really knows his *ahem* stuff, and you can count on him to take care of you and provide options that fit your business. (Oh, and by the way, give him a scratch behind the ears—he really likes that!)

Categories
News

The Gild Insurance Mascot

Welcome! At Gild, we believe that teamwork is at the heart of every successful venture. No team is complete without a mascot to rally behind. A mascot is more than just a symbol; it’s the embodiment of a team’s spirit, values, and personality. It serves to unite, inspire, and foster a sense of pride, loyalty, and connection. When we discussed what could best represent the spirit of Gild Insurance, a working dog was suggested as our mascot. It immediately clicked. What better representation of dedication, resilience, and hard work?

With that in mind, we’d like to formally introduce you to Gildber, the Gild Insurance Mascot!

Our mascot, Gildber, isn’t just a figurehead. He embodies the very qualities we strive to uphold in our work every day. Like a loyal working dog, Gildber symbolizes the diligence and unwavering commitment we offer to our clients—small business owners, freelancers, and solopreneurs. We know the challenges that come with running your own business, and we understand the grit and determination it takes to stay the course, which is why we wanted a mascot that personifies these qualities.

If you haven’t noticed, we take pride in our work at Gild. We don’t just see ourselves as an insurance provider; we see ourselves as partners in your journey to success. Deeply believing in the independent, entrepreneurial spirit that drives so many of our clients, and we are continually inspired by the courage it takes to step out on your own and pursue your vision. Starting and growing a business isn’t for the faint of heart, and that’s why we are here—to provide the support, protection, and tools necessary for your business to thrive.

Gildber is more than just a cute face. He’s a reminder of the core values that define Gild Insurance—hard work, loyalty, and a commitment to helping you protect the business you’ve worked so hard to build. Whether you’re just starting out or looking to scale, Gild Insurance is here to ensure that you have the tailored coverage you need.

An homage not only to those enterprising individuals embracing their independent spirit, but also, to everyone that has their backs. Gildber and the entire Gild Community is here to remind you that independence is not a solitary endeavor. We got you.