Business interruption insurance coverage

If you run a small business then you will require quite a few different types of insurance to keep your company going. This includes anything from business interruption coverage, employee benefits programs, fiduciary 401ks, and workers compensation insurance coverage. The best way to navigate the complicated plan tiers and forms is to hire a financial advisor before you even start looking. Here are a few facts that you should know about the types of plans you will need, particularly if you are worried about the cost of health care reform.

1. Regardless of the size of the business or the nature of the company, the 401k is one of the most popular retirement plans available. The reasons for this popularity are many, but one of the main draws is that most 401k plans have the capacity to follow the employee when they are employed elsewhere.

2. Depending on the program that you choose for your business, a portion of the contribution to a 401k plan of your employees may need to be matched the company. A financial advisor will be able to help you find out what is best for both you and your employees.

3. Did you know that there is actually a maximum 401k contribution limit that applies to all employee and employer 401k contributions in a calendar year? This is put in place because of the fact that 401ks have the ability to gain interest.

4. Employee benefits are considered various non wage compensations provided to employees in addition to their normal wages or salaries. These come in the form of the cost of health care reform fees, various types of health insurance, and sometimes even stock in the company.

5. The purpose of employee benefits are to increase the economic security of staff members. By providing them with benefits like affordable healthcare, you are able to increase employee retention and you also have the ability to help ensure that the employee and their family are happy and healthy. Access to healthcare can also help avoid extended absences because your employees will have access to better preventative care.