Do You Have Adequate Commercial Coverage if An Employee Gets into an Auto Accident While Working?

Business owners in Cypress, TX may not be aware of the complexities that are involved in commercial and company auto insurance policies that provide coverage to employees if they get into an accident on company time. Even if they are driving their own car, if an employee is involved in a car accident while performing company business, the firm can be held liable for any damages or injuries that are caused. InsureUS is here to help our customers in the greater Cypress, TX area get the comprehensive insurance that they need to protect their business interests.

If, for example, your secretary goes to the bank to make a company deposit in her own vehicle, the company can still be held responsible in the event of an accident. The insurance policy of the involved vehicle will take the primary position, and if the policy is not adequate to cover the costs of the accident, the business’ insurance will be next in line to pay.

Also, it is important to add all employees to the employer’s auto policy, for both company-owned vehicles, leased vehicles, and any auto that is rented for use in company business. These simple and straightforward steps can safeguard the financial health of your company in the event of an unforeseen accident. Does this all sound complicated? It doesn’t have to be! The professional and highly-trained staff and agents at InsureUS are here to help! 

If you are a business owner in the greater Cypress area and have questions about your commercial insurance, stop by and see us! Our helpful and knowledgeable agents can help to ensure that you have all of the commercial and vehicle coverage that you need to protect your company.

How keeping a house book can help your family

Anyone that has dealt with the death of a loved one has likely had to endure the stress and uncertainty of how to proceed with getting their affairs in order. According to The Simple Dollar, taking the time to assemble a house book will answer a lot of specific questions about how a person would like things to be handled as well as arming the caretaker with all of the information they will need to get it done. It will include a master record of any and all assets and outstanding obligations that a person might have along with instructions on how to access them.

First, take an inventory of any accounts open in your name including everything from retirement savings to the library card. The most critical items on this list are 401(k)s, IRAs, Roth IRAs, and any annuity or other long-term income vehicles that have a beneficiary or can be transferred. Write down anything required to access those accounts such as numbers and passwords and, when possible, have a copy of any signed contracts, membership identification, or statements. Clearly indicate any relevant websites or secondary authentication that might be needed to login to the accounts online or transfer ownership.

Next, collect any legal documents and insurance information that family will need to present to the estate lawyer or probate court if there are any legal snags. This will include a copy of your will along with any documents relating to trusts if there are any. The most common type of insurance to be concerned with for the deceased is the life policy, and those beneficiaries will need to be explicitly indicated along with contact information for how to receive the funds. Along with basic life, there might also be a burial policy in place that has prepaid for those arrangements.

Third, consider all of the valuable assets in the house or safe that will be left to loved ones and collect any relevant serial numbers, combinations, and locations so that they can be easily found. If the items are a bit obscure, such as a comic book collection, it might also be a good idea to leave a few instructions on the best way to liquidate the valuables.

Lastly, consider the fact that loved ones will be going through this record during a time of grief.  Leaving behind personal notes of wisdom and reassurance will likely be appreciated and timely. In any event, loved ones will undoubtedly be much better prepared to deal with the details of a passing with a house book at hand.

Buying your first house

Buying a new house is easy: Dive into some websites. Pick a house you like. Press “Add to Cart” and 10 minutes later you’re picking new furniture.
…Nah. Doesn’t work that way.

Like all pivotal decisions in life, the fun part is rarely the most important.

The best way to buy a home is to start answering the dull questions first.

Start by building a basic financial profile about yourself: First, pull your credit report and get your credit score. You can do this at freecreditreport.com or at other sites, such as creditkarma.com. If your score is under 620, you’ve got some work to do on your credit. Start by making absolutely sure every account is paid on time, every time, not one day late. During your credit building period, make sure you don’t apply for loans on cars or anything else. Do everything you can to pay off any loans or credit cards you may have.
With a credit score of at least 620 in hand, start gathering documents that show how much money you make and what your expenses are. You’ll need pay stubs and a list of your bills.
You will also need cash.

A good rule to remember: The more cash you have, the better the terms of any deal you make. You’ll have more flexibility and loans will cost you less, especially if you also have a high credit score.
But how much is enough? Down payments vary depending on the type of loan. With an FHA loan, for example, you might need no more than 3.5 percent of the selling price. But you’ll also need some cash available for closing costs — maybe up to 2.5 percent or more.

One of the best places to start the process is with a lender. Gather your financial information and chat with your bank or credit union to find out how much house you could possibly afford. They will tell you how much cash you will need. Once you have the cash, get a pre-approval from your lender. Then the fun part begins. Visit some websites and find your best home.

Good idea: Start small with a home, buying one that is easy to afford with a short mortgage. Then, add some elbow grease to fix it up to increase its value, while paying off the mortgage. Soon, you’ll have value in the house and you can sell with more money to put down on your next house. This is the way wealth is built over time.

How to cope with small business burn out

Entrepreneurs often have no problem jumping head first into their business, working long hours, and keeping things running through sheer force of will. Unfortunately, even small business owners with the highest levels of willpower and determination will reach a point at which they feel stuck or burnt out. Instead of letting these circumstances keep them down, Forbes magazine suggests using a few specific strategies to help get through the rut.

In the beginning, merely acknowledging the feeling of being stuck is critical to moving forward with solutions. It can be tempting for owners with incredible perseverance to want to hunker down and keep fighting rather than look under the hood to see what’s causing the problem. They should, in fact, be asking themselves a lot of questions about how they got into the current state of affairs.

Fear is an emotion often tied to entrepreneurs because they are usually creating their own story as they go and the need to get everything right all the time can be overwhelming. In these cases, admitting that failure is not only okay, but also a necessary part of many businesses’ success can be a powerful release.

Once the stuck feeling has been acknowledged and probed for answers, it is often a good idea to take a break and attempt to find a new perspective. Exercise can help clear the mind and let the brain wander a little. This is productive for coming up with solutions to problems in the background while helping to recharge the physical body at the same time.

While each piece of advice up until this point is something that a business owner can do on their own, it is essential for them to remember that they don’t have to do everything alone. Reaching out to a business coach, mentor, peer, or even just a friend can lend a great feeling of support during a stressful period.

Corporate experience aids small business owners

Many entrepreneurs are in a hurry to get away from corporate life to start their own small business, but Inc. Magazine uses two ex-Goldman Sachs employees to explain that many of these same people will benefit greatly from their time at a large company. Rather than starting a business right out of college, or even during school, the exposure to a successful company’s people and processes will help provide a benchmark for solo success. Having a name that people recognize on a resume, meanwhile, might mean the difference between being funded or failing to launch in the future.

Large companies were once small businesses themselves, and the culture that formed the backbone of the initial startup was likely a significant reason for their success. Innovation and work ethic can all be a direct result of the culture of a business, and even if a potential entrepreneur doesn’t agree with the current state of affairs, it will be a point of reference from which to deviate.

Part of that company’s culture will have had something to do with performance, and it is likely that there are many incredibly talented people working in a large business that have accomplished great things during their careers. Not everyone wants to make it on their own, and these kinds of companies also draw bright young talent each year after college. Having these individuals as peers and mentors should not be discounted and provides a healthy dose of competitive spirit for the young up and comers.

A great culture of performance, armed with talented people, will drive systems to help secure the success of a large business well into the future and these processes are found within training programs, logistics, human resources, and every other part of running a vast enterprise. Having systems and processes are crucial if a business is going to scale past the initial stages and it is easy to lack appreciation and knowledge of this without seeing it firsthand.