When the chips are down in the business world companies have to manage legal risks a little better, especially considering that they are teetering on going out of business as it is and one lawsuit could put them over the edge. Even if they win the lawsuit the legal costs are simply not affordable during this recession. Worse, lawyers are trying very hard to come up with lawsuits right now to stay in business themselves, so they are willing to take questionable cases as long as they are getting paid to do so.
And unfortunately, we live in a “sue happy” litigious society and some folks that are failing are looking to filing a lawsuit to blame someone else or enforce a bad contract provision to save themselves. Yes, we have too many laws and too many lawyers and it’s outrageous. Nevertheless, there is one lawyer you need to hire to get your risk management in order. You may wish to look into an LLC for your company and to protect your personal assets. If you have not done that yet, well right now would indeed be a smart time to consider it.
Setting up an LLC for your small business is a wise idea, but there are reasons why you may need a “C-Corp” instead. You need to seek professional legal advice to figure out what is best for your situation and make sure the paper work is done correctly and filed appropriately so your LLC is legitimate. Perhaps this is something you’ll think about in 2009 to dodge those ever present legal landmines.
Source by Lance Winslow
Liability insurance for commercial operations can be extremely complicated. Let’s face it – insurance in general can be complicated. Most insurance companies do their best to “dumb down” the content on their websites, but many users become suspicious of material that seems too easy to be sound or too good to be true. Liability insurance is a very serious thing, so it’s important to know how to navigate the complicated terrain without losing your shirt.
So what is the secret to commercial and business liability insurance? The secret, to be sure, is not in the fine print. Rather, the secret is in knowing exactly how to get the right kind of coverage for your particular business operation. There are many different types of commercial insurance liability protection. Professional liability coverage, product liability coverage, employment liability coverage, and more. The question for you is “Which type of coverage will be best for me and my business?”
Unfortunately, many business owners do not ask this important question before obtaining liability asset protection and end up with exactly the wrong plan when doomsday arrives. Maybe this doesn’t sound like much of a secret because it’s so simple. Still, the truth is many people will continue making this mistake if they don’t do their homework. Without proper liability insurance, you could stand to lose a significant amount of your business assets. Unfortunately, this sort of thing happens more than insurance companies would like to admit.
It’s important to remember that the insurer is running a business – not a daycare. Their job is not to be sure that you have everything you need. Their job is to offer you the best protection possible at a rate that is profitable for them. That’s really all there is to it. Even so, most insurance companies work very hard to create a public image that evokes security, protection, and an almost familial kind of bond with you. Your insurance agent may be a nice guy or gal, but he or she may not be a liability expert for business issues. At the end of the day, it’s up to you to be sure you are getting the kind of coverage you need to avoid a tragedy.
Accidents happen in the business world every day. That’s a simple fact of life. What are you going to do to prepare yourself for that day? I would highly recommend starting by researching this issue further to get as many details as possible to find out what arrangement is best for you.
Source by Jason Clegg
Human resource departments are changing and growing. More companies are implementing the use of these departments to encourage more in-house promotion and to reduce the risks many employers face when hiring staff. From minimizing liability concerns to improving hiring, these professionals have their fingers on the pulse of the organization. However, it is also the job of these professionals to monitor human resource trends and to ensure the company is keeping up with others in their industry. This could define any company’s success.
Many employers have gone through a difficult time period where they are faced with the inability to pay high salaries. Many have trimmed back payrolls just to keep the doors open. Are employee raises and overall compensation coming back? There is evidence in many human resource departments that employee salaries are increasing.
Benefits Are Changing
Another big thing that’s happening in many human resource departments is the change in benefits. Employers are now required to provide some employees with health insurance through the new health care laws. However, many employers are taking other steps to fill the needs of staff. This includes things like the following:
• The implementation of wellness programs is growing rapidly. These programs encourage employees to meet health goals, stay physically fit and to keep educated on health topics. The program’s goal is to reduce factors that increase health insurance premiums.
• Safety programs are also becoming more common place. Many human resource departments are implementing programs to encourage workforce safety. When you implement these programs, the goal is to see an improvement in the number of work place injuries and accidents.
There is no doubt that many employers are still finding it hard to turn the corner on the economic downturn. However, employers are fully aware of their current hiring needs. If the employer wants to grow in the future, hiring the very best talent is a big deal. That means employers are more selective about who they hire.
When it comes to human resource trends, expect to see salaries inch up in the next few years. At the same time, you can expect to see more programs and opportunities for employee growth and development. For those in this industry, it is critical to maintain these programs, though. Not doing so could mean that your employees could find work in other places, especially if they are highly in demand or very skilled.
Source by Todd B Bavol
Healthcare costs are rising every year. In 2007, the basic costs associated with healthcare increased by 6.9 percent which is double the rate of inflation in United States. On average, a US citizen would spend around $7500 per year on medical expenses. These expenditures coupled with inefficient administration of healthcare facilities around the nation has resulted in the US government spending 16 percent of its budget on healthcare related issues.
Most experts agree that unlike the developed counties in Europe and Canada the US healthcare system is fraught with poor administration, lack of management and subsequent fraudulent transactions. Such inefficiencies directly affect the related health costs that have to come on the expense of general public. That’s not it! The total expenditures and the associated costs are expected to claim one fifth of the 2008 GDP budget. This is a whopping 20 percent increase from 2007. In numerical figures this increase represents 4.2 Trillion dollars from the tax payer’s pocket.
Comparison with other developed nations
If the numbers doesn’t look staggering than consider the fact that recent healthcare spending is four times the defense expenditures of the nation. Such an anomaly looks more daunting when we consider the equation that Uncle Sam is spending an entire arsenal on war on terror. Still, the healthcare costs far exceed any other public sector spending. For those who still debate that healthcare situation has been inflated by the media, they should realize that nearly 47 million Americans are still uninsured. What would happen if America had to cover their expenses, too? Compare this with other developed countries that provide free healthcare for their entire population. According to the Organization of Economic development the healthcare costs in similar economies like France, Germany, Canada and Switzerland is less than 10 percent of the GDP. Such figures clearly dictate that Congress has to drastic measures in order to get out of the recent healthcare crisis.
Source by Everson Ferriola
If you are just getting started in business, or want to expand, then small business administration loans could be an ideal solution for you. These loans can make it a lot easier for you to get funding from banks, due to the fact that banks are guaranteed to be repaid at least a portion of the loan amount should you ever default on your payments.
Your business experience is also going to come into your success with a loan application. Potential lenders will always want to see that you have the relevant experience to put the money to good use, improving your business and ultimately making a profit and paying your loan back. If you don’t yet have proof of this experience, you could always guarantee the loan with certain assets.
If you are looking to apply for this kind of loan then you will probably need to have a good credit score. Showing this on your application means that you will be seen as a trustworthy person to lend money to. However, if your credit score isn’t perfect then you may still be able to get approved for a loan. Just make sure that you have a solid business plan and can demonstrate the reasons why your business will be successful.
Small business administration loans can be a great way for you to get started in your business plans. Most lenders will want to help you out wherever they can, but only if you have all of these points in order to show that you are a good candidate for a loan.
Source by Matthew Rawlings