You’ve quit your job and finally started your small business, that’s good. Your health insurance is about to run out, that’s not good. While you’re getting things off there ground, here are a few things to do to keep you and your family covered while your new business gets off the ground.
For most new small business owners a family health insurance policy is recommended
That is unless you’re a single small business owner in which case an individual health insurance policy would be best. Until you have some employees, you’re not really considered a small business. While insurance companies still view you as ‘self-employed’ a group policy will be nearly impossible to obtain. Don’t fret though; temporary policies are available for you if you feel you may be adding employees in the near future.
Good news for small business owners purchasing temporary health insurance plans
Temporary plans aren’t as bad as you might think. A typical policy should cost less than $120 a month. That’s probably more than you were paying for insurance before you started out on your own, but it gets better. Your premiums should be tax deductible. Just as long as you do enough business and rack up some taxes, your temporary policy expenses should be negligible.
When you have some employees your small business health insurance premiums may still be tax deductible
Alright, now things are rolling along and you’ve taken on a couple employees, or you’ve put your wife and mother-in-law to work. Whatever the case you should now be eligible for group insurance. Although it varies from one business to another you and your new employees may be able to deduct their premiums from their taxes.
You may also be able to enjoy further savings if you consistently pay your annual premium up front. Like most services, health insurance providers like to be paid in full. They like so much that they usually offer discounts for customers that pay up an entire year in advance.
In addition to paying up front, you can also save a buck by carrying a higher deductible. Insurance companies are expert statisticians. They know full well that if they sell you a policy with a low deductible in exchange for a higher premium they’ll stand a better chance of profiting. What you should know is that unless you’re extremely accident prone, higher deductibles are much less expensive in the long run.
Association Health insurance Plans and your small business
The health care business is changing rapidly and if you’re smart it could mean better coverage and lower costs to you. By the time you read this article state legislation regarding Association Health Insurance Plans will have changed depending on where you live but at the moment, small business employees and owners can often take advantage of the same savings as large companies that employ thousands. By joining an association related to your small business you can purchase coverage as a large company might. By spreading liability over thousands instead of just a few, insurance companies are able to offer much lower rates to associations.
Business Interruption Insurance Basics
Three things need to happen in order for a business interruption insurance policy to take effect
Homeowners Insurance for Home Business Operators
Usually when you think of homeowners insurance natural disaster comes to mind. To the home business operator, a good homeowner’s policy could mean protection from an unnecessary law suit. Here’s a guide to what homeowner’s insurance covers and how it applies to you small business.
Find a Tax Preparer for Your Small Business
Finding a professional to prepare and to file your taxes is a relatively simple process. Here are the basic steps.
