Health Savings Accounts For Your Small Business

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the […]

How Much Insurance Does Your Nonprofit Need To Mitigate Risk?

A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your nonprofit experience a fire, major theft or other calamity, you’ll be glad you have the coverage. Of course, you may also be required by your state, certain funders, lenders and your own bylaws to carry adequate insurance. […]

More Time: FASB Delays Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes amid the COVID-19 pandemic. Need for change After 12 years of work, the FASB issued Accounting Standards Update […]

The Tax Implications Of Employer-Provided Life Insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything […]

How to make workers’ comp costs less costly

Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]

When to consider builder’s risk insurance

In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]

Why it’s worth going above and beyond OSHA compliance

Every contractor is aware of the importance of complying with safety rules set forth by the Occupational Safety and Health Administration (OSHA). There are heavy penalties and fines associated with noncompliance. And most construction businesses take steps to at least meet the minimum qualifications. But why be satisfied with the bare minimum? There are several […]